In today’s recap, Marcello talks about the new record cold temperatures in a century for Sweden, reaching up to -48.8ºC or -56ºF; The SEC has finally approved the first Bitcoin ETF after a “false tweet” leaked on their official X account; The US debt has reached a level in which the government needs to pay $100B dollars per month in interest only. This is a big warning to the comming months.
Savage winter weather hit much of the U.S. on Tuesday & was forecast to continue through the week in many areas, with forecasters predicting heavy rains up to 3 inches & high winds in the east & several feet of snow for parts of the Pacific NW. High winds & tornadoes ripped through parts of the South with at least three deaths attributed to weather. Tornadoes caused heavy damage in parts of the Florida Panhandle. Storms had taken out power for over 418K homes & businesses in 12 states on Tuesday. Snow will continue on Wed. in the Midwest & Great Lakes region, large portions of which saw blizzard conditions this week.
Voters in Taiwan swept the ruling Democratic Progressive Party’s (DPP) presidential candidate Lai Ching-te into power on Saturday in an definitive rejection of China’s warnings not to vote for him in an election that the Chinese framed as a choice between war & peace. Current Vice President Lai’s DPP, which supports Taiwan’s separate identity & rejects China’s territorial claims, was seeking a 3rd term, unprecedented under Taiwan’s current electoral system.
Shares of the Texas based electric vehicle maker Tesla fell 3.67% on Friday at $218.89, following price cuts on the Model 3 & Model Y in China. The firm also said on Thursday that it will temporarily halt production at its factory in Germany, over supply chain constraints stemming from attacks in the Red Sea. The stock is down -12.83% in the past 3 months & -11.91% in 2024, but remains up +78.83% y/y, with a market cap of $722.31B.
On Tuesday in Ecuador, gunmen with explosives stormed a TV station on-air during a wave of violence around the nation that prompted President Daniel Noboa to name 22 gangs as terrorist organizations, to now be hunted by the military. Police eventually rescued the TV staff & arrested the 13 men who burst into the studio during a live broadcast with long-range guns, grenades & dynamite, according to witnesses in the coastal city of Guayaquil. Elsewhere in Ecuador, at least 7 police officers were kidnapped & there were several explosions.
U.S. banking giants are expected to report lower profits for Q4, after they put money aside to cover non-performing loans, while also paying more to depositors. German automakers like Mercedes-Benz & Volkswagen have warned in recent months that EV sales are not developing as quickly as expected