Your Weekly Financial Roundup Issue No. 2

Here’s the latest news on the world, tech, and economy.

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Your Financial News Roundup

October 26, 2022


  1. 1. World: Rishi Sunak is the new U.K. prime minister, succeeding Liz Truss, who now holds the record for the position’s shortest tenure. Over the weekend, climate activists threw mashed potatoes on a $110M Monet painting in the latest wave of food demonstration protests. Meanwhile, the U.S. midterm elections will take place in 2 weeks and Chinese President Xi Jinping was granted a 3rd term, solidifying his vision for a more equitable and stronger China.
  2. 2. Tech: As NFT trading loses steam, creators are set to lose royalties from NFT resales. Biotech startup, Loyal, led by founder and CEO, Celine Halioua, is developing products to extend the healthspan and lifespan of dogs.
  3. 3. Economy: Time is running out for you to purchase I-bonds at its current rate of 9.62%. The heart of earnings season is underway, with 1/3rd of S&P 500 companies reporting earnings this week. Despite ongoing FUD (fear, uncertainty, and doubt), U.S. GDP reports for the 3rd quarter may be better than expected.


🇬🇧 UK’s New Prime Minister Underway: After a mere 6 weeks in office, former U.K. prime minister, Liz Truss, has stepped down from the position and was succeeded by former chancellor, Rishi Sunak, on Tuesday, October 25. At 42, Sunak makes history as the country’s youngest prime minister in over 200 years and as the first Hindu and Asian PM. “The challenges we face now are even greater. But the opportunities – if we make the right choice – are phenomenal,” said Sunak in a recent Twitter post. (Source)

🎨 Mashed Potato Attack on $110M Monet Painting: Following in the footsteps of the Just Stop Oil protesters who threw tomato soup at Vincent van Gogh’s iconic Sunflowers painting recently, climate activists from Letzte Generation threw mashed potatoes at Claude Monet’s Meules, or Haystacks, over the weekend. After gluing their hands to the wall, the protesters gave their message, “People are starving, people are freezing, people are dying…We are in a climate catastrophe, and all you are afraid of is tomato soup or mashed potatoes on a painting.” This latest wave of demonstrations came just as the former U.K. PM Liz Truss’ government lifted a ban on fracking and backed the opening of licenses for oil and gas operations in the North Sea. (Source)

mashed potato attack

🗳 U.S. Midterm Elections: The 2022 U.S. midterm elections are scheduled to take place roughly 2 weeks from now on Tuesday, November 8. All 435 seats in the House of Representatives are up for reelection, as well as 34/100 seats in the Senate and 39 governors’ races. High-profile issues that both sides will need to navigate include: abortion rights, the economy, gun control, student loan forgiveness, the Russia-Ukraine war, and President Joe Biden’s performance thus far. (Source).

🇨🇳 Xi Jinping Scoring Another 5-Year Term: Chinese President Xi Jinping was granted a 3rd 5-year term by the Community Party Congress. In recent years, Xi has consolidated his power by becoming head of the party and military while creating a cult of personality. The Congress validated Xi’s power play by endorsing his short list for top roles. Senior leaders, including Premier Li Keqiang and Vice Premier Wang Yang were forced out due to their frosty relationships with Xi. Close allies of Xi saw promotions, such as Li Qiang, who was elevated to Premier from Shanghai party secretary. Xi’s shakeup of senior leaders tightens his inner circle and walls him off from alternative viewpoints — surrounding him with people committed to his vision of a strong and equitable China. (Source)


💰 NFT Creators Set to Lose Resale Royalties: An emerging trend in the NFT world is the ending of creator royalties from NFT resales on the secondary market. Set by the NFT’s creator, the royalty amount is a percentage of an NFT’s selling price and usually hovers around 5-15% The advent of resale royalties was unique to NFTs and put power directly into artists’ hands. Now, multiple NFT platforms, including Sudoswap and Magic Eden, are making royalties optional, thus giving buyers a discount. This change comes in the face of declining NFT trading due to the larger financial market downturn. There are worries that eliminating resale income could disincentive engagement from project founders and their communities. But, Magic Eden co-founder Zuoxun Yin claims that the average NFT creator makes 92% of their revenue from the initial sale and 8% from resale royalties — indicating this trend might not hurt creators as much as anticipated. (Source)


🐶 Anti-Aging Elixir for Dogs (And Eventually Humans): For thousands of years, people have been searching for a solution to slow down aging and achieve eternal youth. Founder and CEOCeline Halioua, is pioneering innovations in this space through her biotech startup, Loyal, which focuses on extending the healthspan and lifespan of dogs. With a team approaching 70 strong, Halioua is making headways via conducting studies on dogs to understand the markers of aging and prepping for clinical trials of two medications. Her goal: “appearing onstage one day with a healthy Great Dane that is 15 years old, almost twice the breed’s usual age—and thus persuading people to see aging science not as a realm of weird ideas and thinkers but as a conventional branch of biotech.” (Source)


📈 Last Chance to Buy I-Bonds at 9.62%: There are 2 days left to buy into the US government’s inflation-protected I-bonds and lock in a 9.62% return for the next 6 months. An I-bond is a type of government bond that is seen as a safe investment as its return (interest rate) keeps pace with inflation so there is no chance of losing its value. Plus, you only pay federal tax on your interest as I-bonds are not eligible for state or local taxes. The interest rate is expected to fall to 6.47% on November 1st, creating a time crunch to buy in at the current rate. You can purchase up to $10,000 in electronic bonds each year and cash in up to $5,000 of your tax refund to buy paper bonds too. (Source)

📶 Busy Earnings Season Ahead: 165 S&P companies are slated to report earnings this week. With talks of a looming recession ahead, sky-high inflation, and an aggressive Fed tightening cycle, investors are navigating the stock markets with caution. In particular, investors are paying close attention to the tech sector, with tech giants, Apple, Alphabet (Google’s parent company), Meta, Amazon, and Microsoft, all reporting. While Big Tech has long been touted as safe bets, doubts about their performance are growing amid recent announcements of org-wide layoffs and slowing demands for digital ads, smartphones, and e-commerce. Other notable firms with earnings reports lined up include Boeing, General Electric, 3M, Coca-Cola, Intel, Kraft Heinz, McDonald’s, Exxon, and Chevron. (Source)

stock exchange

🤞🏽3rd Quarter US GDP Could Be Better Than Expected: While most people haven’t noticed, it’s expected that the US economy grew this last quarter — reversing the downward trend of the first half of the year. The effects of inflation and rate increases have continued to take center stage, plunging consumer confidence to low levels despite strong spending, low unemployment (3.5%), and a resilient job market. Contributors to a better GDP include reduced imports and the resolution of COVID-induced supply chain issues, but these factors have not readily affected Americans’ daily lives. The next GDP report comes out Thursday and will strongly affect voter sentiment for the midterm elections, where inflation and the economy are top of mind. (Source)

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