In today’s recap, Marcello talks about a recent video from NYC Emergency Management that shares important steps for New Yorkers to follow in case a nuclear attack occurs; rent in New York skyrockets; and inflation keeps rising to new levels.
Founders of bankrupt crypto hedge fund 3AC have gone missing, as investors try to recoup assets. Lawyers representing 3AC’s creditors say the location of Zhu Su& Kyle Davies are currently unknown. The court filing from Friday also alleges that the founders have not begun to cooperate with the liquidation process in any meaningful manner.
U.S. homebuyers are canceling deals at the highest rate since the start of the Covid-19 pandemic. The share of sale agreements on existing homes canceled in June was just under 15% of all homes that went under contract. That is the highest share since early 2020, when homebuying paused immediately, but briefly. Cancellations were nearly 11% 1 year ago. Higher mortgage rates & surging inflation are causing many potential homebuyers to reconsider their purchases.
Investment banker Goldman Sachs reduced its near-term price forecasts for copper in anticipation of a sharp slump in consumer spending & industrial activity as Europe’s energy crisis deepens. Goldman’s analysts were most bullish on commodities & warned that copper in particular could become 1 of the tightest markets ever seen. But investors are selling it in droves & prices are -40% below bank’s expectations, Goldman is warning that the slump could still have much further to run.
The Labor Department reported on Thursday: U.S. producer prices increased more than expected in June, amid rising costs for energy products. The producer price index (PPI) climbed +1.1% last month, after rising +0.9% in May. In the 12 months through June, the PPI increased +11.3% after advancing +10.9% in May.
Heathrow, the U.K.’s busiest airport, like others across Europe, is struggling to cope as demand rebounds after the pandemic; Sri Lankan President Gotabaya Rajapaksa fled to the Maldives Wednesday; Ukraine reported on Wednesday that a deal to resume grain exports blocked by Russia appeared close; Number of Americans filing new claims for unemployment benefits rose for a 2nd consecutive week.