📈 Is A Cryptocurrency Rally Bubbling?

Good morning. US stock futures dipped in Monday morning trading as investors increasingly bet that the Federal Reserve will stay put at its policy meeting this month and start cutting rates next year.

💰 Bitcoin is having a moment

📝 Our report: It looks like Bitcoin is back on a bull run, as the world’s largest cryptocurrency hit $40,000 for the first time since May 2022. The digital asset has been enjoying a rebound on expectations of interest-rate reductions and greater demand from exchange-traded funds  

 🔑 Key points:

• Bitcoin has jumped by over 143% in 2023, rebounding from a collapse in the crypto sector that took place almost two years ago.

• The digital-asset industry is also awaiting the outcome of applications from the likes of BlackRock to roll out the first US spot Bitcoin ETFs.

• Bitcoin’s rebound from the 2022 crypto crash has weathered a US crackdown that put Sam Bankman-Fried behind bars for fraud at FTX and handed top crypto exchange Binance and its founder Changpeng Zhao rap sheets and big fines.

💡 So what: A rebound in Bitcoin holds multifaceted importance as it serves as a barometer for investor confidence and overall market sentiment within the cryptocurrency space. Positive price movements not only signal renewed interest and participation in Bitcoin but also contribute to a broader narrative of acceptance and adoption as a legitimate asset class.

Monday - No Major Economics News

Tuesday - No Major Economic News

Wednesday - US Trade Deficit

Thursday - Consumer Credit

Friday - Consumer Sentiment, US Unemployment Rate

 📈 John Bogle shares his timeless investing principles!

🚙 Uber joins the S&P 500

💡 Understanding the difference between wants and needs

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🤖 OpenAI delays launch of “GPT Store”

WHAT: OpenAI's GPT store is pulling a “fashionably late” entrance, with the grand opening pushed to next year. The company said in an email to people who signed up for its GPT Builder that “unexpected things have been keeping us busy,” which pushed back the GPT store’s rollout. OpenAI said it had planned to release the store in December, which itself is slightly later than originally promised.

WHY: OpenAI has been in the process of reorganizing its leadership following the turmoil of the past few weeks. The company confirmed that Sam Altman was back as CEO, with Mira Murati now in place as CTO and Greg Brockman as President. It also announced the formation of a new initial board, which includes representation from Microsoft — its biggest investor — as a non-voting observer.

✈️ Aviation consolidation

WHAT: Alaska Airlines is going tropical with a $1.9 billion splurge to nab Hawaiian Airlines, debt included. The companies said they would keep Honolulu as a key hub and that they're “committed to maintaining and growing union-represented workforce” in Hawaii. They also said the combination would triple the destinations that can be reached within one stop in North America for travelers via Hawaii.

WHY: The deal has been approved by the boards of both companies, but it still needs an OK from the shareholders of Hawaiian Holdings. It will also need the blessing of U.S. regulators, which have shown resistance to more consolidation within the airline industry out of fear it could lead to higher fares.

💸 EU-South America trade deal stumbles over French President’s environmental concerns

WHAT: The EU-South America trade deal just hit a speed bump, courtesy of French President Emmanuel Macron. Apparently, the environmental goodies the EU snagged aren't up to snuff for him. Macron's not a fan of potential Mercosur imports, calling their carbon footprint "disgusting" at the COP28 climate conference.

WHY: The EU-Mercosur pact would create an integrated market of 780 million consumers, making it the largest in the European bloc’s history and one of the world’s biggest free trade pacts. The deal would also pull the two regions closer amid a broader global competition for influence in which China and Russia have sought to make inroads in resource-rich nations across the Americas.

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