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Nov 9, 20224 min read

FTX, Binance, crypto crash / De Santis on the up / U.S med terms no big wave either way / CPI



  • Crypto’s tumbled again after Binance chief CZ Zhao surprised that market with a move to take over Bankman-Fried's FTX.com, which Zhao said was seeing a significant liquidity crunch. Some linked the jitters to a Zhao tweet that the letter of intent was nonbinding…. BTC slumped nearly 20%, and just about every other coin was hit. The potential takeover comes after a bitter feud between the two founders. SBF's net worth shrank to about $1 billion from $15.6 billion a day earlier, just a few days ago..."FTX is fine," Sam Bankman-Fried tweeted. But it wasn’t

  • Trump Warns Freshly Re-elected Governor DeSantis Against Running for President In 2024: 'He Could Hurt Himself Badly'. Donald Trump expected to emerge from mid-terms as kingmaker.... Looks more likely that he’s been a drag on Republican hopes. Interesting to see if that affects his supposed “major announcement” next week. Or even if it happens. De Santis the new leader IMHO... which retires Trump - Yesterday Trump was rated by the betting markets as having a 60% chance of securing the WH2024 Republican nomination. That's now dropped to below 40%

  • Goldman: We cut our 2023 S&P 500 EPS growth forecast to 0% as weak 3Q margins presage a headwind next year

  • The German government plans to increase net debt issuance to €45bn in 2023, up from initial estimates of €17bn. A headline worth 1 basis point on the Bund….no wonder Weidmann wasn’t happy and quiet a short while ago

  • In France, all large parking lots now have to be covered by solar panels

  • TSLA -lots of bearish chatters – see charts below H&S etc

  • One of China’s inflation gauges drops for the first time since 2020. Tencent, ByteDance, Alibaba founders see fortunes plunge as China billionaire list loses nearly 300 members

  • French carmaker Renault is separating into five businesses. It’s partnering with China’s Geely to work on gas engines and hybrid tech, Google to develop software, and chipmaker Qualcomm to develop its new EV unit

  • Germany blocks the sale of Elmos Semiconductor's facility to a Chinese firm, a sign of growing concern about Chinese access to strategic assets

 
Markets :

  • SPX500 3600/3900 still - awaiting med-terms confirmation, gridlock now a bad thing for markets - keeps the extremes out of the picture, left or right, keep large promises and spending at bay and thus helps talks of peak inflation, peak usd, peak worries etc

  • USD holding where it should, 145JPY, below 1.0075 EURO and AUDUSD 0.6525 etc

  • BTC and crypto's not exactly the inflation hedge they were meant to be

  • GOLD higher on crashing crypto and slightly softer USD (chart - long-term break out?)


 

https://www.cnbc.com/2022/11/09/one-of-chinas-inflation-gauges-drops-for-the-first-time-since-2020.html One of China’s inflation gauges drops for the first time since 2020




https://twitter.com/Schuldensuehner/status/1590239630133465088 FTX Token now down 92% from ATH rocked by the collapse of FTX Empire & the drama over potential acquisition of FTX by Binance. FTX was a huge player. According to CoinGecko, FTX was the 4th-largest crypto exchange by volume

so much of it is reminiscent of the GFC, credit unwind..

https://qz.com/binance-goes-to-war-on-ftx-tokens-then-sweeps-in-to-bu-1849756069 Binance goes to war on FTX tokens, then sweeps in to buy all of FTX

Two crypto titans clashed and made up in the most sensational way


https://www.scmp.com/business/china-business/article/3198853/tencent-bytedance-alibaba-founders-see-fortunes-plunge-china-billionaire-list-loses-nearly-300 Tencent, ByteDance, Alibaba founders see fortunes plunge as China billionaire list loses nearly 300 members

The number of billionaires on the annual Hurun China Rich List falls to 1,305, while their overall wealth declines by 18 per cent to US$3.5 trillion

Nongfu Spring founder Zhong Shanshan tops the list for the second year, while Hong Kong tycoon Li Ka-shing surpasses Pony Ma and Jack Ma


https://www.fxstreet.com/news/here-is-what-you-need-to-know-about-disney-dis-stock-202211090701 DIS - On Tuesday, Disney reported that its profit and major revenue divisions for the fiscal fourth quarter fell short of projections. The company also cautioned that the high growth in streaming for its Disney+ platform might slow down going forward.


https://twitter.com/KobeissiLetter Layoffs This Month (% of Workers) :

1. Twitter: 50%

2. Cameo: 25%

3. Robinhood: 23%

4. Intel: 20%

5. Snapchat: 20%

6. Coinbase: 18%

7. Opendoor: 18%

8. Stripe: 14%

9. Lyft: 13%

10. Shopify: 10%

11. Meta: “Thousands”

12. Apple: Hiring Freeze

13. Amazon: Hiring Freeze


https://electrek.co/2022/11/08/france-require-parking-lots-be-covered-in-solar-panels/ In France, all large parking lots now have to be covered by solar panels


https://twitter.com/PeterLBrandt/status/1589655299480506370 Lots of chatter about TSLA – so here are a few charts H&S etc


https://www.cnbc.com/2022/11/08/renault-and-google-team-up-to-develop-a-software-defined-vehicle.html Renault and Google team up to develop a ‘software defined’ vehicle


Chinese iPhone plant still under strict COVID curbs despite lift of lockdown http://reut.rs/3tg1Tww


Mainland Chinese investors have been net buyers of Hong Kong stocks every single day since late September. https://bloomberg.com/news/articles/2022-11-09/china-investors-snap-up-hong-kong-tech-stocks-in-buying-spree?srnd=premium-asia





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