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Good Morning Everyone!
Especially those who know that accidentally committing fraud. Is still fraud.
MARKET UPDATE
Month of November finished strong on after Powell’s speech
S&P 500 +3.1%
Nasdaq +4.4%
S&P 500 is now back to its 200-day moving average
Did Powell say anything new? NO
However, the 2-year yield dropped slightly from 4.5% to 4.3% (see chart below)
Market now expects:
Dec 2022 50 basis point hike to 4.25% to 4.5%
Feb 2023 50 basis point hike to 4.75% to 5.0%
Then Pause
Q4 2022 shaping up to be a strong quarter (returns in local currency)
S&P 500 Nasdaq TSX
October 2022 +8.1% +3.9% +5.6%
November 2022 +5.4% +4.4% +5.3%
2-month return +13.5% +8.3% +10.9%
US$ 105 3-month low as Powell slows hiking
Crude 82.80 +2.9%
Next week
Russian oil price cap either way Russia oil will continue to reach the market
OPEC+ meeting roll over of the current policy expected
China
Re-opening play trend continues (see China ETF chart below)
Beijing will allow some virus-infected people to isolate at home
Earnings
Salesforce -5%, co-CEO Taylor stepping down, guided lower
Synopsys +9%
Snowflake -4%, Q4 guide +49-50% vs. street mid 50%
Splunk +4%, beat and raise
Dollar General -6%
Kroger +3%
Under the Radar
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CRYPTO UPDATE
Crypto is leading VC investment in 2022
Despite all the noise largest investments in emerging technologies going into Web3 and DeFi
Flows outpace Fintech and Biotech
Related – Animoca Brands to launch $2 billion fund
“Animoca Capital”
Will invest in metaverse businesses
Already leading investor in metaverse, blockchain-gaming, and NFTs
SBF x NYT Dealbook in one meme:
SBF x NYT Dealbook in one thread:
MEME OF THE DAY
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