In this week’s recap, US markets and mostly all international markets ended the week higher. Value (IPO) in US/EU fell 90% this year due to postponing/canceling plans to go public. Globally, the value IPOs has fallen 71%, from $283B to $81B. The number of listings has fallen from 1,237 to 596.
China’s homebuyer mortgage boycott: people stop paying their unfinished construction projects. Chinese property is likely the largest asset class in the world. Things like this, generated chaos in China’s economy, with the banks not allowing to withdraw money from the ATM. Regional banks said people can’t have their money since it’s considered investment products.
Europe experiences a record-breaking heat wave with triple temps fires that destroyed 1,000’s acres, 1000’s firefighters had trouble containing forest fires in France, Spain & Portugal, 1000’s people evacuated in the south of France, +14,000 people fled as fires spread to +27K acres of land. Temps London & S. England hit a record-setting 40° Celsius (104° F) this week, UK issues 1st-ever red warning (national emergency) about exceptional heat. Luton airport closed because the tarmac was melted from the heat.
Dutch CB will find Binance 3.3M Euros ($3.35M) for offering services in the Netherlands, without being registered in the country; Turkey just disclosed the 2nd largest reserves of rare earth metals; India’s seasonal rains curtailed demand in the world’s 3rd-largest energy consumer; Blackstone, the largest US residential & commercial landlord, is preparing $50 billion to buy real estate during the coming crash; Euro-zone inflation hit +8.6% year-on-year in June; Snapchat shares fell -39% Friday, down to under $10.00; Warren Buffett’s Berkshire Hathaway bought another 1.94M shares Occidental Petroleum.