BLACK FRIDAY: A Key Indicator 🛍️

As Black Friday nears, affluent Americans are cutting back on their expenditures, raising alarms for an economy that has depended significantly on consumer spending in the US to prevent a recession.

In the three-month period before the vital holiday shopping season, a group of retailers appealing to the upper-middle-class demographic, including brands like Apple, Coach, and Nordstrom, witnessed their most significant sales drop in two years.

Both Best Buy and Lowe’s have lowered their financial forecasts, indicating that shoppers are scaling back on purchasing expensive items, such as home appliances, before the holidays.

Kohl’s has experienced its seventh straight quarter of declining comparable sales, and while its partnership with Sephora has drawn in shoppers, this influx has not translated into increased spending across other departments in the stores. Even with positive results from some retailers, the outcome fell short of investor expectations, resulting in a downturn in the share prices of Abercrombie & Fitch and American Eagle.

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CRYPTO: $115 Million Stolen 💰

Two cryptocurrency platforms linked to the prominent digital entrepreneur Justin Sun have suffered two separate security breaches, with an estimated total theft of around $115 million.

These incidents involved the HTX digital currency exchange, which was formerly identified as Huobi. A recent statement revealed that this exchange lost about $30 million in various cryptocurrencies due to the breach.

The Heco Chain, a blockchain bridge, also fell victim to an attack, as confirmed by HTX.

Justin Sun, who has investments in HTX and is associated with the Heco Chain, has recognized these security breaches.

Blockchain bridges are designed to connect different networks, enabling quick swapping and movement of a range of cryptocurrencies. Nonetheless, these chains have been increasingly targeted by hackers. Market analytics firm CryptoQuant has calculated that the Heco Chain has lost an estimated $85.4 million in cryptocurrencies due to theft.

YIELDS: Nudge Higher 📈

Early Friday, U.S. Treasury yields saw an overall increase as markets resumed trading after the Thanksgiving holiday.

The key 10-year Treasury yield climbed by 5 basis points, reaching 4.465%, distancing itself from the two-month low it had hit prior to the holiday. Meanwhile, the yield on the 2-year note advanced by 3 basis points, settling at 4.94%.

It's important to note that yields and prices have an inverse relationship.

Markets are currently factoring in a 99.5% probability that interest rates will remain within the existing range of 5.25% to 5.5% at the Federal Reserve's final meeting in December.

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• Black Friday deals and flashy displays

Rival Turned Kremlin Foe 🥊

This billionaire created the Facebook of Russia and then became Vladimir Putin’s biggest enemy 

Pavel Durov first came into the limelight with VKontakte (VK), Russia's largest social network, akin to Facebook. Under his leadership, VK flourished but also brought him into direct conflict with the Russian government. Durov's staunch refusal to bow to government pressures for user data and content censorship put him at odds with the powers that be.

The tension reached its peak in 2014 when his house was raided by authorities. Durov alleged that VK was forcibly taken over by allies of President Putin, leading to his ouster from the company he had built. Facing mounting pressure from the Russian government, Durov made a drastic decision – he left Russia and went to Buffalo, New York.

In the wake of this tumultuous period, Durov, along with his brother, channeled their experiences and expertise into creating Telegram. This new venture was more than just a messaging app; it was a statement for privacy and freedom of speech, born out of the adversity Durov faced in Russia. Telegram was designed with a focus on secure, fast, and encrypted communication, directly countering the surveillance and censorship issues Durov encountered in Russia.

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📊 Cities Where Inflation is Highest

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