💡Quote of the week
Elon Musk's 6 rules for insane productivity:
- Avoid large meetings
- Leave a meeting if you’re not contributing
- Forget the chain of command
- Be clear, not clever
- Ditch frequent meetings
- Use common sense
⭐Gold pulls back after reaching a 3-month peak. The gold price fell 0.4% to $1,766.03 on Thursday, pressured by a strong U.S. dollar, as better-than-expected U.S. retail sales data dampened hopes of a smaller rate hike.
Data showed U.S. retail sales rose more than expected in October, suggesting consumer spending could support the economy and renewed expectations that the Fed will keep hiking rates.
The gold price hit a three-month peak on Tuesday on fears of an escalation of the Ukraine crisis, after media reports said two people were killed by a Russian missile strike in Poland.
💡Will gold be a good investment in 2023? Read our SPOTLIGHT to find out.
🇬🇧 U.K. inflation hits 41-year high. The country’s inflation accelerated to 11.1% in October, exceeding expectations as food, transport, and energy prices continued to put pressure on households and businesses. (CNBC)
“In October 2022, households are paying, on average, 88.9% more for their electricity, gas, and other fuels than they were paying a year ago,” the Office of National Statistics said.
Earlier this month, the Bank of England raised interest rates by 75 basis points in an effort to contain rising inflation.
💡Read our SPOTLIGHT to learn why inflation in Europe is rising - and what you can do to protect yourself.
🇪🇺 European stocks down. In anticipation of U.K. budget news and the path of central-bank policy, European stocks gave up early gains to trade lower on Thursday. (Bloomberg)
The Stoxx 600 Index was down 0.3% yesterday after snapping its longest winning streak in a month. The biggest decliners were mining and telecom stocks, while the biggest gainers were food and beverage.
😟 Confidence shaken. Last week's FTX collapse sent the crypto universe reeling, prompting questions about Crypto.com, a rival exchange that’s taken a similarly flashy approach to marketing and celebrity endorsements. CEO Kris Marszalek says there’s nothing to worry about. (CNBC)
Like FTX, which filed for bankruptcy protection last week, Crypto.com is a privately held company, based outside the U.S., that provides a variety of services related to cryptocurrency trading and storage.
💡Is gold a better investment than crypto? Here’s what you need to know.
🛢️ Oil falls as geopolitical tensions ease. In early Asian trade on Thursday, oil prices fell for the second day as geopolitical tensions eased, and growing Covid-19 cases in China raised demand concerns. (CNBC)
“Crude oil fell after NATO cleared Russia’s missile attack on Poland, while demand concerns [are] back to trader’s focus amid ongoing China’s Covid curbs and gloomy global economic outlooks,” said Tina Teng, an analyst at CMC Markets.
📸 Image of the week
🇨🇳 🇹🇼 What would Europe do if China invaded Taiwan? Most likely, participate in export controls, financial sanctions, and investment bans to wreck China’s prosperity. (Bloomberg Opinion)
“While European nations deal with the economic fallout from a war in Ukraine, Washington is warning them to brace for the economic catastrophe that could result from a war over Taiwan. US diplomats are reportedly telling their transatlantic counterparts that the global economy would suffer a hit of $2.5 trillion per year from a Chinese blockade of the island, while a full-on invasion would cause immensely more commercial carnage,” Bloomberg’s Hal Brands writes.
What else is happening
🇺🇸 Trump is running for president again. Former President Donald Trump officially launched a 2024 presidential campaign. Trump’s announcement comes as some fellow Republicans blame him for the party's lackluster performance in last week's midterm elections. (CNBC)
“We are a nation in decline. We are a failing nation for millions of Americans. I will ensure Joe Biden does not receive four more years,” Trump said in a speech at his private Florida club.
🛑 You’re fired. Amazon reportedly plans to lay off about 10,000 employees in corporate and technology roles starting this week. (The New York Times)
The cuts would be the largest in the company’s history, affecting Amazon's devices organization, retail division, and human resources. Last week, Mark Zuckerberg said Meta would lay off more than 11,000 employees for the first time in the social media giant’s history.
🚀 To the moon. After lifting off from Florida early on Wednesday, Nasa's Artemis 1, the most powerful space rocket in history, is finally on course for the moon. (The Guardian)
“On behalf of all the men and women across our great nation who have worked to bring this hardware together to make this day possible, and for the Artemis generation, this is for you,” the launch director, Charlie Blackwell-Thompson said.
👀 A secret under your kitchen floor. In North Yorkshire, England, a couple found 264 gold coins worth more than $800,000 under their kitchen floor while undertaking a new home renovation project. (The New York Post)
Initially, the pair thought they had found an electrical cord six inches below their floorboards, but on closer inspection, it turned out to be a soda can-sized cup filled with coins dated between 1610 and 1727.
See you next week!