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May 15: Crypto Luna Massacre, Baby Formula Shortage, Switzerland prepared Nuclear War (Recap ep175)

In this week’s Recap, Marcello talks about the aftermath of the collapse in prices of the Crypto Luna; There is a Baby formula shortage in the U.S.; Switzerland is preparing in case of nuclear attacks.

U.S. consumer sentiment slumped to its lowest level in nearly 11 years in early May it was reported this week, as worries about inflation persisted, but household spending remains underpinned by a strong labor market & massive savings, which may well keep the economy expanding for the short term.
In the largest market selloff in years continuing Monday, w/U.S. stock indexes sliding to new lows for 2022. Markets have finally been shaken this year by a flood of investor worries. Inflation running at its fastest pace in decades, eating into corporate profits & putting consumer spending under pressure, causing economic growth to slow.
According to Elon Musk, the Twitter deal is temporarily on hold pending details supporting the calculation that spam/fake accounts do actually represent less than -5% of users. The headline sent shares of Twitter (TWTR) into a tailspin, collapsing 25% at 1 point to around $34, with the stock still trading violently. Shares were down nearly -11% at $40.00 a share, right before the U.S. market opened. The market cap is now at $34.45B, down over $10B from Musk’s purchase price of $54.20.
European natural gas prices jumped +6.4% Wednesday after Ukraine’s state-owned grid operator suspended Russian flows through a key entry point. Gas TSO of Ukraine on Tuesday announced force majeure, the 1st declaration of its kind since Russia invaded Ukraine on Feb. 24. It said it will not accept flows through its Sokhranivka entry point, which delivers Russian gas to Europe, from Wednesday.
The price of Bitcoin fell another -5% early Wednesday morning EST in the U.S. to $29,453.40, to an 11-month low, as the selloff in U.S. stocks continued, although some stability was seen across global markets.
Finland’s President & Prime Minister both announced Thursday that they support an application for NATO membership, setting in motion a process that will culminate in the alliance’s 9th enlargement since its founding in 1949. Finland’s membership in NATO would more than double the length of the alliance’s borders with Russia. Sweden is expected to make an announcement on applying to NATO on Sunday.

Tesla has suspended most production at its Shanghai factory; U.S. inflation cooled off slightly in April; Ferdinand Marcos Jr is the new president of the Philippines; India banned wheat exports; Oil giant Saudi Aramco surpassed Apple as the world’s most valuable firm.

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