In this week’s recap, global markets rebound after 4 weeks in hopes that inflation data means the peak has been reached and that the omicron variant is less dangerous than expected. IMF and 10 countries simulate cyberattacks on global financial system. 330 SPAR stores shut down, switch to cash after the cyberattack.
U.S. Labor Department on Friday: U.S. consumer prices surged +6.8% in the year leading into November & +0.8% last month alone, the highest rate since 1982, as the economy overwhelmed struggling supply chains. Growing shortages in commodities & goods as well as enormous unsustainable deficit spending by the federal government, is further fueling inflation.
Shares of Tesla plunged under the key $1000 level this week after a report that the company was being probed by the U.S. SEC, over claims about defects on its solar panels. Shares rebounded slightly later in the week, but fell -6% on Thursday & were headed lower Friday, as it seems Musk sold 934,091 more Tesla shares, according to the SEC posted Thursday, worth $963.2M. He sold a total of $9.85B in Tesla stock last month, alone. He tweeted he’s thinking of quitting his CEO job, to become an influencer.
The Quebec Maple Syrup Producers (QMSP), “the so-called OPEC of maple syrup”, has released about 22M kg of “reserve” syrup from its emergency supplies. It amounts to about 50% it holds in reserve. It is the 1st time in 3 years that the reserve has been tapped, due to weather. 83M kg of maple syrup was produced globally & 60M kg came from Quebec in 2021. Quebec produces about 33% of the world’s maple syrup.
Nicaragua’s government has broken off diplomatic relations with Taiwan; Italy’s antitrust authority fined Amazon 1.3 billion dollars; price of vegetables in China has risen 30% in one year; Russia plans to deliver another round of missile systems to Turkey; Japanese economy contraction in Q3 was worse than estimated; Olaf Scholz is officially Germany’s new Chancellor; Oil prices rise as Saudi Arabia raises crude prices; Ford expects triple output all-electric Mustang Mach-E SUV.