Spending like drunken sailors

*past 24-hour performance

đź“° Market Headlines

  • Modest Gains: Yesterday saw modest gains across all the major US indices off the back of optimism among investors that the Fed won’t raise rates again in 2023.

  • Drunken Sailors: US credit debt hit an all-time high last quarter, rising to $1.08 trillion. (The Street)

  • Flying Dutchman: ABN Amro Bank trimmed its cost guidance for 2023 and posted better-than-expected net profit for the third quarter, helped by higher other income and an impairment release. (WSJ)

  • EV Delays: American automakers are delaying their electric vehicle (EV) spending as demand begins to slow. (NYT)

  • EVs Booming: China’s EV industry is crushing it, says Standard Charter’s CEO. “Electric vehicles and everything around sustainability and renewable power technology. In those areas, China’s absolutely booming.” (CNBC)

  • Home Hacks: Mortgage servicing provider Mr. Cooper Group shut down multiple systems after it determined it was experiencing a cyberattack. It’s the third-largest mortgage servicer in the US with more than 4.3 million customers. (CD)

  • All that Glitters: Gold prices moved little in Asian trade on Wednesday but were nursing steep losses over the past two sessions as hawkish comments from Federal Reserve officials saw traders reconsider expectations. (Investing.com)

  • Just Sue It: Nike is suing New Balance and Sketchers for patent infringement. The shoemaker claims the other companies stole its "Flyknit technology," which they say is "the most groundbreaking sneaker innovation in over 40 years." (Fox Biz)

  • Wine Wipeout: Poor weather around the world is likely to cause global wine production to drop to a six-decade low this year. (BBC)

  • Shipwrecked: OpenSea’s co-lead investor, Coatue Management, marked down its investment from $120 million to $13 million, valuing the NFT marketplace at $1.4 billion. (CT)

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đź’Ž Wealth Watch

Majoring in computer science isn't the road to the promised land of money and job security after all: CS majors were hot a few years ago, but now supply has outstripped demand. Read more »

Goldman Sachs says utilities and consumer staples stocks are set to outperform as the presidential election approaches: Going by the history books, it’s not going to be a vintage year. In the 12 months heading into an election, since 1932, the S&P 500 has averaged a return of 7%, below the 9% average return seen in non-election years. The bank recommends you look at Sempra ($SRE) and Mondelez International ($MDLZ) Read more »

How America could face a wave of foreclosures: The Fed released its quarterly household debt and credit report, and it’s still rosy. But “homeowners who bought over the past two years in some markets where home prices have dropped and who skimped on the down-payment could fall into trouble if they lose their jobs for long enough.” Read more »

🗳️ Outside the Box

  • As the price of olive oil soars, chainsaw-wielding thieves target the Mediterranean’s century-old trees (AP)

  • Christie's sold a rare blue diamond for over $40m (BBC)

  • A technique called flash joule heating can convert plastic waste, even unsorted and unwashed, into clean hydrogen and valuable graphene. (OilPrice.com)

đź’ˇ Daily Trend

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That’s all for today. Did we miss anything? Smash reply to let us know.

Cheers,

Wyatt

Notes

Please read this disclaimer. The authors of Alt Assets, Inc. are not attorneys, investment advisers, accountants, tax professionals or financial advisers and any of the content should not be taken as professional advice. They are self-taught accredited investors, sharing information, research, entertainment and lessons learned based solely on their own experience and circumstances. Individual results may vary. The published content is unique, based on certain assumptions and market conditions at the time of publishing, and is intended to serve solely as research, not financial advice. For entertainment purposes only. Not investment advice. Alts I LLC (the “Fund”) is an affiliate of Alt Assets, Inc. and the Fund has conducted a private placement offering under Rule 506(c) of Regulation D of the Securities Act of 1933, as amended. The Fund may invest in one, several, or all of the alternative asset classes that Alt Assets, Inc. publishes content about on its site. Any of the Fund’s investments that have positive designations on the Alt Assets, Inc. site are purely coincidental, as the Fund is actively managed and guided by its own investment parameters, as summarized in the relevant private placement memorandum. Alternative investing involves a high degree of risk, including complete loss of principal and is not suitable for all investors. Past performance does not guarantee future results. The newsletter may contain affiliate links, meaning that Alts.co and its associated entities may receive compensation for referring customers to the noted companies. We recommend seeking the advice of a financial professional before you make any investment in an alternative asset class or any associated entities, and we accept no liability whatsoever for any loss or damage you may incur.

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