"In a dramatic turn of events, the bankrupt cryptocurrency exchange FTX has filed a lawsuit against its founder, Sam Bankman-Fried, and three other former executives, seeking $1 billion in damages. The lawsuit alleges that the defendants engaged in a series of illicit transactions that should be reversed under U.S. bankruptcy law. The move is seen as an attempt to recoup assets for creditors, including thousands of customers who lost access to their funds when FTX suspended withdrawals last year.
Former U.S. Federal Reserve Chairman Ben Bernanke suggested on Thursday that the Federal Reserve is likely to raise interest rates in July, which may be the final hike in the current cycle. Bernanke implied that it seems quite evident that the Fed will increase rates by 25 basis points at its next meeting, and this July increase might be the last one.
"Netflix, the streaming giant, recently reported its quarterly earnings, revealing a 2.7% rise in revenue to $8.2 billion, a figure that fell in line with the company's expectations. However, the increase was primarily attributed to a surge in new subscribers, rather than a significant uptick in advertising revenue.
In the past two years, Goldman Sachs has been Wall Street's most bullish advocate for the energy market. They accurately predicted the epic surge in oil prices in 2022. However, this year's plummet in oil prices caught Goldman off guard, leading to the departure of their star analyst and chief commodity strategist, Jeff Currie.
From September 20 to 22, over ten central banks from major economies, including the Federal Reserve, Bank of England, Bank of Japan, Central Bank of Brazil, and South African Reserve Bank, announced their latest monetary policy decisions. These announcements impacted nearly half of the G20 nations and five of the top ten globally traded currencies.
On September 22, Gu Zhao Ming, Chief Economist of Nomura Research Institute, addressed the Bund Financial Summit, revisiting the concept of a "balance sheet recession."
In light of the ongoing challenges faced by China's stock market, regulators are intensifying their scrutiny on hedge funds and brokerages that employ quantitative trading strategies, according to Reuters. This move comes as public sentiment grows increasingly critical of sectors that can capitalize on stock price declines and market volatility.
On September 21, the Russian government's press office announced on its website that Russia would implement a temporary ban on the export of gasoline and diesel to stabilize its domestic market.
In the policy meeting that concluded on Wednesday, the Federal Reserve opted to keep rates unchanged, maintaining the federal funds rate target range at 5.25%-5.5%, in line with expectations. This marks the highest interest rate level in 22 years.
The U.S. dollar has been on a remarkable journey, marking its ninth consecutive week of gains since July, a trend that has caught the attention of market watchers and investors alike. This consistent upward trajectory has implications not only for the U.S. economy but also for international markets and companies with global exposure.
As oil prices surge, Goldman Sachs, often dubbed the "standard bearer for commodities," has revised its oil price forecast upward. With tightening supply and robust demand, the return of oil prices to triple digits seems imminent.
In a notable display of resilience, Instacart, the grocery delivery giant, made a robust debut on the Nasdaq, with its shares surging by 40%, opening at a commendable $42. This comes after the company's initial public offering (IPO) was priced at $30 a share, valuing the San Francisco-based firm at approximately $10 billion on a fully diluted basis. This valuation, however, was a significant drop from its peak private market valuation of $39 billion during the early days of the Covid pandemic in 2021. The opening price further elevated its valuation to around $14 billion.