The effect of the bankruptcy of the crypto asset (virtual currency) exchange FTX is spreading, but in the middle of this, an investor who lives in Oklahoma, USA, has decided to sell the company and former CEO Sam Bankman-Fried.file a lawsuit. It claims FTX used celebrities in its promotions and targeted “inexperienced investors”. Celebrities being sued include National Football League (NFL) player Tom Brady and National Basketball Association (NBA) player Stephen Curry. Here are five news items to keep in mind as you start your day.
The cause is a missile interceptor.
Secretary General of the North Atlantic Treaty Organization (NATO) Stoltenberg said on Thursday that the results of an early investigation into the explosion on Polish territory were:He said the Ukrainian interception was the cause. “According to a preliminary analysis, the likely cause was an interceptor missile launched by Ukraine to defend its territory against a Russian cruise missile attack,” Stoltenberg said at a press conference after meetings with NATO allies in Brussels. Earlier, Polish President Duda said there was no indication that the rockets that landed in his territory were a deliberate Russian attack.
A significant increase
of OctoberUS retail sales rose 1.3% from the previous month, beating market expectations (a 1% increase) and the fastest growth in eight months. It suggests that demand for goods in general is holding up despite the worst economic outlook for decades, with inflation hitting the highest for decades. “Strong October retail data will force the Fed to continue raising rates in the next few meetings,” Bloomberg Economics economists Eliza Winger and Andrew Husby said in the report.
paving the way for a new generation
Steven Schwartzman, CEO of the large US investment company Blackstone, said that former President Trump is aiming to return to the White House.He made it clear that he would not support it. “It is time for the Republican Party to look to a new generation of leaders, one of whom I will endorse in the primary,” Schwartzman, a major contributor to the Republican Party, said in a statement. On Wednesday, Citadel founder Ken Griffin called Trump a “loser” and said he shouldn’t be running for re-election.
Goldman Sachs Group has revised its forecast for the peak level of US policy rates from the previous forecastraised by 0.25 points. This is partly because inflation is likely to remain “uncomfortably high” for the foreseeable future. Bank economists led by Jan Hatzius said in a note to clients on Wednesday that they expect the Fed to raise rates to a range of 5% to 5.25%. The previous forecast was 4.75-5%. The Federal Open Market Committee (FOMC) is expected to raise interest rates by 0.5 percentage points in December and 0.25 percentage points each in February, March and May next year.
A reduction in production due to worsening forecasts
Micron Technology, a major US memory chip company, has reduced the number of DRAM and NAND wafers compared to the June-August quarter (fourth quarter) in order to “respond to the market environment.”The company announced plans to reduce production by around 20%. “The outlook for the market next year has weakened recently,” the company said in a statement on Wednesday. It revealed that DRAM bitloads will need to decrease year over year and NAND bitloads will need to slow down significantly more than the previous forecast. The company is also considering additional cuts in capital investment.
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