US GDP shrank by 0.6% in Q2

Following a quarterly decline of 1.6% in Q1, the US economy shrank by an annualized 0.6% in Q2 2022. This matches the second estimate and proves the US had, in fact, entered a recession. US stock indices continue to dive lower.

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EU inflation eases to 10%

The annual inflation rate in the Euro Area decreased back to 10% from a record high of 10.6% in October. The result exceeded market expectations by 10.4%, finally declining after several increases.

Australia’s inflation decreases to 6.9%

Australia’s annual inflation rate fell to 6.9% in October 2022. It decreased from September’s record high of 7.3% and fell short of expectations of 7.4% due to a lower increase in food prices.

Spain’s inflation slides lower 📉

Spain’s annual inflation fell to 6.8% in November 2022, moving further away from July’s 38-year high of 10.8%. Inflation remained below market expectations at 7.4%. The slowdown in the inflation rate was mainly led by declines in the cost of fuel and electricity.

Zimbabwe’s inflation “eases” 👀

In November, Zimbabwe’s annual inflation “eased” for the third month in a row, going from 268.8% to 255%. Since August of this year, inflation has been going down because of tighter monetary policies put in place by the government and authorities.

PBC lowered RRR by 25 bps

On November 25th, the People’s Bank of China decreased the reserve requirement ratio for financial institutions by 25bps. At 11%, the RRR for large banks is at its lowest level since 2007. This step will release around US$70 billion in long-term liquidity to shore up the economy.

ECB continues to fight high inflation 🔥

The European Central Bank agreed that the ECB should continue tightening monetary policy to tackle high inflation levels. The ECB officials said inflation is still far too high, and they are ready to lift interest rates even if it causes a slight recession. However, they are also prepared to pause the rate hikes in case of a prolonged recession.

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Indonesia plans to launch digital rupiah

Indonesia is about to launch its own central bank digital currency (CBDC) in 2023. Bank Indonesia has said that the first phases of CBDC will be for business-to-business transactions and that retail transactions will be added later.

EU inflation eases to 10%

The annual inflation rate in the Euro Area decreased back to 10% from a record high of 10.6% in October. The result exceeded market expectations by 10.4%, finally declining after several increases.

WTI oil moves higher 📈

WTI crude oil increased toward $80 after a decline in US crude inventory by 8 million barrels last week. An upcoming OPEC+ meeting sparked fears of further output restrictions, as OPEC+ is supposed to meet on Dec. 4th to decide on output strategy. Rumors that the cartel will reduce output further in response to market weakness are gaining momentum.

Australia’s inflation decreases to 6.9%

Australia’s annual inflation rate fell to 6.9% in October 2022. It decreased from September’s record high of 7.3% and fell short of expectations of 7.4% due to a lower increase in food prices.

Phantom expands its reach

One of the largest Solana-based wallets Phantom is expanding to other blockchains. The wallet will expand to Polygon and Ethereum, threatning the market leader Metamask. Phantom reportedly now has more than 3 million users.

India starts the test of digital rupee

The Reserve Bank of India will start testing its central bank digital currency (CBDC) on December 1st. The testing will run in Mumbai, New Delhi, Bengaluru and Bhubaneswar. Some of the major banks, such as the State Bank of India, ICICI Bank, Yes Bank, and IDFC First Bank, will participate.

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More than 215 million people can officially pay with crypto
BTC
2.43%

More than 215 million people can officially pay with crypto

While Brazil has allowed cryptocurrencies as a form of payment, they haven't been accepted as legal tender just yet.

Rolls-Royce successfully tests its hydrogen jet engine

Rolls-Royce and easyJet have achieved a new aviation milestone with the world's first hydrogen-fuelled modern jet engine.
A good day for oil, not so good for stocks and dollar
EURUSD
-0.1%

A good day for oil, not so good for stocks and dollar

Markets saw oil gain second day in a row caused by OPEC+ speculations. Stocks were mostly down as production may halt again in China.

Hibbett dumps after horrific earnings

A massive decline for the stock price amid worsening fundamental situation.