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The Kremlin blames Ukrainian spies for a car bomb that killed Daria Dugina, the daughter of Russian political ideologue and close Putin confidant Alexander Dugin.
China unexpectedly lowered key interest rates for the second time in a week. This surprise move is likely a desperate attempt to stimulate the country's stagnant economy and failing property market.
An analysis by Morgan Stanley Chief Cross-Asset Strategist Andrew Sheets found that holding cash is more attractive than stocks. Accelerated quantitative tightening—reduction in the Fed's balance sheet—will deteriorate the appeal of riskier assets in favor of treasury bonds.
Refinitiv reported that $4.1 billion in junk bonds were sold in the U.S. this past week, marking the highest issuance level since early June. S&P Global Rating expects 3.5% of junk bond issuers to default on their debt in the next 12 months, and ICE Data Services found that 6% of junk bonds—roughly worth $90 billion—are in distress (defined as yielding at least ten percentage points more than treasuries).
AMC dropped 38% after offering new APE preferred share class
BBBY dropped over 12% after it was reported that the company's suppliers stopped shipments due to outstanding bills. The dumping of shares by investor Ryan Cohen also contributed to the decline.
Ford promised to appeal a $1.7 billion class-action verdict that connects the automaker to a pickup truck crash that killed a couple in Georgia, USA. CEO Jim Farley said that Ford "continue[s] to be hampered by recalls and consumer-satisfaction actions" in an earnings call last month.
National Association of Home Builders Chief Economist Robert Dietz declared a housing recession as costs rise and home affordability declines due to supply chain issues and high federal interest rates.
Leaked documents revealed that FTX made $1.02 billion in 2021. If true, this means that the revenue from Sam Bankman-Fried's crypto exchange spiked 1,000% from $89 million at the year's start.
Binance CEO Chanpeng "CZ" Zhao allegedly subtweeted Bankman-Fried for trader's orders getting stuck on FTX in a rare bout of online drama between crypto founders.
Asset management firm Invesco launched a $30 million Metaverse Fund. The fund will be actively managed to invest in seven key areas, including blockchains, hardware, operating systems, and artificial intelligence and will charge investors a 0.75% management fee.
Erdogan and Putin are getting cozier and cozier. Turkey doubled Russian oil imports this year compared to last year, as per Refinitiv Eikon data, and remains one of the only countries not to sanction Russia in response to its military actions.
Gas shortages may cripple German industries like steelmaking and pharmaceuticals. If the war continues, Germans may have to ration their gas supply if stockpiles don't last the winter.
The firm also gave Neuman $70 million to start a web3 carbon credit platform called Flowcarbon. The connection between Nueman's two companies remains unclear.
Fund-day Monday—Crunchbase reported some major funding this past week in energy and biotech.
Bill Gates's nuclear energy company TerraPower raised $750 million in a funding round led by the South Korean SK Group.
Cambridge, Massachusetts-based biotech Orna Therapeutics mustered $221 million in Series B to develop RNA therapies.
Senda Biosciences, another Cambridge biotech firm developing programmable medicines, got $123 million in a Series C round.