Amazon plans to lay off about 10,000 employees (2 min read)
Amazon plans on laying off about 10,000 employees in corporate and technology divisions starting this week. It is the largest cut that Amazon has ever made. The company has been focusing on cost-cutting as they face slowing sales and a gloomy global economy. Their market cap recently fell below $1 trillion and sparked sell-off for days after reporting Q3 earnings below estimates and forecasted weaker sales in Q4 ahead of the holiday season.
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Bed Bath & Beyond issue shares to pay off some debt (2 min read)
Bed Bath & Beyond announced on Monday that they will issue shares to some of its bondholders in exchange to pay off a portion of their $1 billion debt load. The news on diluting the company’s stock sent their shares 5% lower to a new 52-week low. Shares of Bed Bath & Beyond have declined more than 74% this year mostly due to slowdown in sales while accumulating debts, leadership shakeups, and the aftermath of a meme-stock frenzy.
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OPEC cuts oil demand growth forecast again (3 min read)
OPEC has further cut its forecast for global oil demand in 2022 and 2023 after trimming it several times this year. The oil demand in 2022 will be 100,000 barrels less per day than the previous forecast and expects to continue to decline next year. OPEC said the revised forecast was due to rising economic challenges including high inflation and interest rates. The global oil supply was shown to have outpaced the total oil demand by 200,000 barrels per day in Q2 and Q3 this year after being in a deficit in Q1.
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Fed vice chair hints at slower pace of rate hikes (2 min read)
The Fed Vice Chair said the recent inflation data was reassuring and will probably be appropriate to move to a slower pace of rate hikes soon. The latest inflation data showed it was lower than expected but still well above the Fed’s 2% target. Although the result seemed positive, some Fed officials were not as encouraged by the data. They pointed out that it's too soon to decide because it was just a month of data and the only piece of positive information.
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Everything You Need to Know about an ETF (8 min read)
This is a guide published by ETF.com recently that explains how an ETF works in detail. It covers a range of areas from the basics such as what is an ETF and their main features, to something more advanced like the creation/redemption process and the different types of ETF structures. It also answers some of the common questions related to the fees, dividends, risks, and tax associated with ETF investing.
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Investors See FTX Collapse as Opportunity (2 min read)
Digital asset investment products had one of the largest inflows last week of about $42 million. It came amid the crypto sell-off triggered by the collapse of crypto exchange FTX which may suggest that investors saw the price decline as an opportunity. Majority of the inflows were from US, Canada, and Brazil with the primary focus on Bitcoin related investment products. More on the inflows breakdown by asset classes, products, and providers are available in this article.
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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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