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Cash, Nicotine, and Energy
π What moves the world?
GM, here are the stories moving money this morning.
Let's jump in π€ΎββοΈπ³οΈ
BUSINESS π΅
Marlboroβs parent company switched vaping sides. Altria plans to acquire e-cigarette maker NJOY for $2.75 billion, after its $12.8 billion investment in Juul blew up. (QZ)
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MARKETS πΉ
Mortgages hit fresh highs (6.09%) in the US (WSJ)
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BIG PICTURE π
Saudi Arabia deposited $5B in Turkey's central bank (RT)
π§Ώ Autonomous Note: The network of non-dollar banking continues to grow.
For years Russia, China, Saudi Arabia, Iran, North Korea, Turkey, Venezuela and other sanctioned or blacklisted countries have built an informal banking network using commodities and currencies to trade, aid, or invest in each other. The next phase would be to formalize this network.
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A natural gas buyers club may be coming to Europe. The EU plans to create a cartel to start making joint purchases in April in a bid to limit energy costs. The first contracts may be signed around June with the US, Middle East and Africa. (BBG)
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TRENDS β¨
Boomer's drive spending with a 8.7% cost of living increase from Social Security (AX)
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DIGITAL ASSETS β‘οΈ
π§Ώ Autonomous Note: As the bankruptcy and asset recovery efforts continue on the FTX/Alameda side we expect these lawsuits and asset network entanglements to continue.
------fin------
Chart Du Jour π¨π»βπ³
Meme Digestif βοΈ
Ad I saw on Reddit yesterday. The internet continues to get weirder and weirder.
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Have a wonderful day everyone! π