In this week’s Recap, Marcello shows us how the U.S. stock markets have seen over $2 trillion wiped out in just six days, a loss equivalent to the entire GDP of Canada. With growing recession fears sparked by the latest jobs report, stocks have taken their worst hit since March 2023. Meanwhile, Tesla’s stock has surged nearly 5%, as the company prepares to expand its Full Self-Driving technology to China and Europe, pending regulatory approval. There are also some concerns rising in California, there might be an earthquake coming.
U.S. stock markets were far lower on Friday, in the worst trading week since March 2023, after the latest jobs report had investors increasingly concerned over possibility of recession. Concerns that AI demand won’t live up to lofty priced-in expectations hit tech shares. Anxiety about the economy has shaken markets again this week, sending the benchmark 10-year Treasury yield to its lowest level of the year, during a volatile trading day.
Crude prices fell further Friday to its lowest level since June 2023, in the worst week in nearly a year. Saudi Arabia’s state-run oil company has cut its October pricing for its Arab Light crude oil for Asian buyers, according to the new price list. Saudi Aramco has cut its Arab Light crude oil by $0.70. Saudi Aramco has also lowered the price of Arab Light to Europe & the U.S. As an economic slowdown is impacting ever more of the global economy, it is likely oil demand will be impacted as well.
Elon Musk’s satellite broadband firm, Starlink, on Tuesday stated that it is complying with Brazil’s top court order to block access to social media platform X in the country, a day after informing the country’s regulator it wouldn’t obey the order. Starlink had emerged as a fresh battleground between Musk & Brazil, as top court judge Alexandre de Moraes ordered the freeze of the company’s accounts for possible use to pay fines owed by X, which is also owned by Musk.
Colombia’s government on Friday reached a deal with truckers to suspend a protest over a rise in diesel prices, after road blockades threatened to cause food & fuel shortages in the biggest cities. The deal came after the government backed down from its plan to increase the price of diesel by 1,904 pesos ($0.45 ) per gallon starting this month, instead agreeing to a rise of just 800 pesos in 2 equal increments during the rest of the year.
Rancho Palos Verdes, a coastal community in the Los Angeles area,is a geological ticking time bomb. The affluent city sits atop steep cliffs overlooking spectacular views of the Pacific Ocean that, for 100’s of years, have been slowly shifting & giving way. Now, that movement is accelerating. Whereas the ground slid downward 8 inches annually in years past, it has lurched 13 inches per week in some places, between July & August. The resulting landslides have ripped apart seaside mansions, buckled roads & forced the utility provider to cut electricity to nearly 250 homes, to avoid the possibility of fires. This week the governor of California declared a state of emergency for the community.
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