To The Moon

News and my muse - bank earnings, insider sales from Apple & CRE

• What happens to the de-dollarization of USD should US default on their bonds & treasuries?

• <Business Insider> The move comes as the Big Tech companies reel from the consequences of overhiring. Critics have said that these companies hired people to do "fake work," rather than anything meaningful to the bottom line. 

• <Yahoo Finance> Wonder why the Apple insider sales? 

  Apple Inc.’s personal computer shipments declined by 40.5% in the first quarter, marking a tough start to the year for PC makers still grappling with a glut of unsold inventory.

• <CNBC> Electric vehicle giant BYD announced a new technological system for stabilizing car rides through rugged terrain, sharp turns & shallow water. The shock absorption tech is a feature of the company’s recently launched premium brand Yangwang.

• <CNBC> Outlook for credit access and inflation worsens, NY Fed survey shows

  Consumers are getting more pessimistic about inflation and their access to credit, according to the results of a monthly survey the New York Federal Reserve released Monday.

definition of plutocracy

• Plutocracy is a government controlled exclusively by the wealthy, either directly or indirectly. A plutocracy allows, either openly or by circumstance, only the wealthy to rule.

• <CNBC> Almost a quarter of office-building loans need to be refinanced in the next year at higher rates and lower quality properties where vacancy rates are high are at the greatest risk.

• <BITCOIN> US Bank Lending Drops by Record $105 Billion in Two Weeks, Trillions Moving to Money Market Accounts, Elon Musk Warns ‘Trend Will Accelerate’

• <CNN> Highly classified Pentagon documents leaked online revealed how the US spies on allies & foes alike, deeply rattling US officials, who fear the revelations could jeopardize sensitive sources & compromise important foreign relationships.

• <Yahoo Finance> Independent mortgage banks & mortgage subsidiaries of chartered banks lost an average $301 per loan, largely to the increased cost of financing a loan and decreased housing 

• <Freightwaves> According to data released by Descartes on Tuesday, U.S. imports totaled 1,853,705 twenty-foot equivalent units in March, down 27.5% year on year but up 6.9% from February and up 4.2% from March 2019, pre-COVID. US import has a major YoY drop and there is inventory build-up in the US. This implies that the goods are not sold as quickly as forecast. Suppliers could be forced to sell at discounts.

• Argentina is tackling a severe economic crisis. Government figures show more than 18 million people are unable to cover their basic food needs. Rising inflation and a sluggish economy have left more people homeless.

• <BLS> The Consumer Price Index for All Urban Consumers (CPI-U) rose 0.1% in March on a seasonally

  adjusted basis. Over the last 12 months, the all items index increased 5.0% before seasonal adjustment.

• <CNN> “The main takeaway from Wednesday’s Federal Reserve minutes is that the central bank anticipates a mild recession in late 2023 and that the soft landing window seems to be closing quickly,” - Nancy Davis, Quadratic Capital Management

• Producer Price Index (PPI) has reported a major drop yesterday. 

  PPI precede CPI. There are other reports of excessive inventory on hand. Could this be due to overstocking & demand erosion? More CPI drop to follow?

Growth of China’s dominance

• <CNBC> European funds invested directly in real estate recorded outflows of £172 million ($215.4 million) in February, according to Morningstar Direct data. Some analysts now see real estate stocks falling by 20%-40% by next year.

@TigerStars

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