Markets
University of Michigan consumer survey showed a sharp uptick in 1-Year expected inflation – from 3.3% last month to 4.3%. Trump continued talking tariff. While he did not mention countries, EU said they are willing to cut the 10% tax on car imports from the US, to be more aligned with that of the US, that is, 2.5%. Yields rose, dollar gained, equities fell. $BTC hovered below the $100k line. $Gold continued to ascend, rising 7.7% in the past month.
Headlines
• Newman: Trumpers are souring on Elon Musk
As musk is raids one gov agency after another, Republican shows diminishing support. Everyone wants to get healthier and slimmer, but diet control and working out isn’t fun.
• Meta prepares for layoffs on Monday -internal memo
Notice will be rolling out Monday next week. Meanwhile, Meta will continue to hire more ML engineers.
• Trump says US Steel will get investment from Nippon Steel, instead of being bought by it
Ishiba says Japanese technology will be provided to US Steel.
• Treasuries Retain Losses as Jobs Report Leaves Fed Path Intact
The policy-sensitive 2YR Treasuries rose 7bps to 4.29%.
• Tesla stock posts weekly loss as slump in China deliveries caps volatile week
$TSLA rose 125% from late-October to mid-December, and fell 25% from then till now. Deliveries of Model 3 and Y made in China fell 32.6% from December.
• Oil Posts Third Weekly Drop as Trump Tariffs Hit Demand Outlook
Oil price fell 5% in the last 30days, despite heightened tariffs looming over the commodity, due to fears of slowed economic activity worldwide.
• Trump Says He Discussed LNG Exports With Japan’s Ishiba
Trumps says Japan will import more LNG from the US, work on a joint venture on an Alaskan energy project.
• SEC Says Game Service Roblox Part of ‘Active Investigation’
The video game company is under probe.
• Six million people could die from HIV and AIDS if US funding stops, UN agency warns
• BofA to buy $9 billion residential mortgage loan from Canada’s TD, source says
Toronto-Dominion Bank
• S&P 500 Dividend Aristocrats welcomes Erie Indemnity, Eversource Energy, FactSet Research Systems
The index, rebalanced to 69 constituents, tracks companies that raised dividends for at least 25 consecutive years.
• Trump stops Biden’s daily intelligence briefings
• L’Oreal looks to U.S. ‘land of opportunity’ as China disappoints
