TSMC ups its Arizona chipmaking investment to $40 billion (3 min read)
TSMC increased its investment from $12 billion to $40 billion to build a second semiconductor factory in Arizona. This will be one of the largest foreign direct investments in the history of the US. The new factory will manufacture 3-nanometer chips, their most advanced technology. TSMC’s plan to expand their facilities came as tension escalates between the US and China over advanced chips, with President Biden recently adding import restrictions to Chinese firms.
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BuzzFeed to cut 12% of its workforce (1 min read)
BuzzFeed announced plans to reduce its workforce by 12%, which is about 180 employees. The company said the reason for the layoffs is because of the ongoing economic challenges. BuzzFeed CEO said he believes the downturn will extend well into 2023 and the company must adapt by readjusting their cost structure. Shares of BuzzFeed, which went public just a year ago, hit a new low of $1.06 on Tuesday after the news.
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Here’s what America’s top CEOs are saying about a possible recession in 2023 (5 min read)
Corporate Americas is preparing for a slowdown in consumer spending and a potential recession in the coming year. Rising interest rates, inflation, and geopolitical concerns are among the reasons why the companies have taken a conservative approach. CEOs of JP Morgan, GM, Walmart, United Airlines, and Union Pacific shared their market outlook for 2023 and how it can affect their respective industry. More on their views are available in the article.
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Australia central bank raises rates to 10-year high, says more needed (4 min read)
Australia raised interest rates by another 0.25% on Tuesday. The key rate is now at 3.1%, the highest in the last decade. Australia’s central bank said more hikes will be necessary to cool inflation and expects a terminal rate of 3.85% to be sufficient. Out of the central banks of the 10 most traded currencies, Australia had the fourth biggest year to date change in interest rates, just behind the US, Canada, and New Zealand.
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A Few Overlooked ETF Launches for Your Portfolio (5 min read)
Out of the 395 ETF launched in the US this year, some stand out more than the others because of the innovative strategy that it offers. Some interesting ETF launches include the NightShares 2000 ETF (NIWM) and the VanEck Digital India ETF (DGIN). NIWN provides the “night effect'' by tracking stock movements outside of trading hours. DGIN has a niche focus on the technology field in India. More compelling ETFs launched this year are available in the article.
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China ETFs Surge as COVID-19 Restrictions Eased (3 min read)
Investors in China focused ETFs are finally getting some relief after the massive beat-down last year. During the month of November, most China-focused ETF are up in the double digits. The surge was driven by further easing on the country’s strict Covid policies which raised more hopes of reopening coming soon. This article highlighted the top five best performing China ETFs in the last month with returns between 28% and 54%.
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That's it for today! You can reply to this email if you have any comments or feedback.
Thanks,
Thomas
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