In this week’s recap, we find two main problems around the world: supply chain issues & rising inflation. Some governments warned their citizens of future blackouts due to the energy crisis that has become widespread in Europe and China. Such a crisis combined with rising food prices forecasts a complicated outlook for the coming years.
U.S. markets ended the week positive, international markets ended mixed for the most part.
The number of Americans filing new claims for unemployment benefits dipped to a 19-month low last week, indicating a tightening labor market, though a shortage of workers could keep the pace of hiring moderated in Oct. Initial claims for state unemployment benefits fell 6K to seasonally adjusted 290K for the week ended Oct. 16, the lowest level since March in 2020, when the nation was in the early stage of the pandemic. The 2nd straight week that claims remained below 300K as employers hold onto workers, in face of a labor shortage.
Elon Musk has regained the title of the world’s richest person as his wealth climbed $60 billion driven by Tesla’s strong performance & a SpaceX stock sale. Tesla’s shares closed at $843.03 per share Friday, up +3% on the day. That takes the automaker’s year-to-date gains to over 22%. That boosted Musk’s net worth to $236B, eclipsing Amazon founder Jeff Bezos’ fortune of $196B. After Tesla’s Elon Musk & Amazon’s Jeff Bezos, LVMH CEO Bernard Arnault & Microsoft co-founder Bill Gates stand at 3rd & 4th positions as the world’s richest individuals, with a net worth of $164B & $130B, respectively. Meanwhile, Berkshire Hathaway boss Warren Buffett sits at number 10, with a net worth of $103B.
International Monetary Fund slashes its 2021 economic growth forecast for Asia; trade ministers G7 wealthy nations reached agreement meeting in London Friday, agreed on principles govern cross-border data use & digital trade; actor Alec Baldwin accidentally fired a live bullet while filming a movie, killing one person; winter is hitting the northern hemisphere harder and harder; Trump’s social network shares rise.