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- 👜 Meta Birkin < Hermes Birkin
👜 Meta Birkin < Hermes Birkin
Orange Juice. Eggs. Virtual Bags.
🌞Ohayo🌞
Good morning! Here are some ways you can contribute to the earthquake fallout in Syria+Turkey
Let’s dive in 🤿
Digital Assets⚡️
Several countries are making headway on crypto regulation. How South Korea, India, and Italy are thinking about cryptocurrency laws. (CB)
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Hermès wins lawsuit over MetaBirkin NFTs (BBG)
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Technology 🦾
Googles shares stabilized in premarket trading after falling 7% Wednesday. The company showcased its chat AI after rival Microsoft said it would use ChatGPT in its Bing search engine. The market reacted negatively to perceived errors by Google's Bard AI (WSJ)
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Uber reported a record $8.6B in quarterly revenue, with CEO Dara Khosrowshahi saying it was the company's strongest quarter ever. That record represents a 49% jump on the year and was made possible by 131M customers hailing 2.1B rides — up from 1.7B a year earlier (NYT)
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Banking 🏧
Goldman is shrinking Marcus, its consumer-banking business. But it is doubling down on GreenSky, a home-improvement lender it bought last year. (WSJ)🧿 Goldman has misstepped a few times with their consumer businesses (Marcus, Ayco, Apple Card). These mistakes aren't unique to Goldman. Other major investment banks are trying to win/save their retail businesses as well.
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First Abu Dhabi Bank is pressing ahead with a potential offer for Standard Chartered, seeking to become a global financial powerhouse. (BBG)🧿Middle-eastern oil producers have been seeking to own more of global banking infrastructure and have even floated the idea of building a new currency to replace the dollar in oil trading. We expect this trend to continue as UAE, Saudi Arabia and others bargain with other consumers and producers to own more of the global money-infrastructure pie.
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Trends 🍊
OJ is expensive. Florida orange growers are harvesting their smallest crop in nearly 90 years, the result of an ill-timed freeze, two hurricanes and citrus disease. Short supplies have lifted frozen concentrate orange-juice futures to near records. (WSJ)
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Markets 💹
Corporate bonds have bounced back after a horrible 2022, reflecting traders’ improving conviction that businesses will withstand any coming economic downturn with limited stress. (WSJ)
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Money managers have cut $300 of bearish bets robbing the market of demand just as the Federal Reserve warns its inflation-fighting battle is far from over. (BBG)
Meme Digestif ☕️
Chart of the day: State of the Union Edition
