Goldman, Citi ready Trading Desks for new wave of Carbon deals
As the carbon offset market gets a new lease on life from the COP28 climate summit in Dubai, bankers from Wall Street and the City of London are positioning themselves to get a chunk of the dealmaking they say is coming.
Banks that have been building up carbon trading and finance desks include Goldman Sachs Group, Citigroup, JPMorgan Chase and Barclays.
Source: Bloomberg
BREAKING >>> bitcoin prices just fell over 5% in a matter of minutes, hitting as low as $41,500
After its eight straight green week, Bitcoin is finally taking a breather. The decline comes at a time of low volume and liquidity. Source: Kobeissi Letter
Big tech has notched over $200B in profits in 2023 so far
To see how massive they are, this comparison of their market caps vs. the private tech sector (unicorn valuations) makes it quite clear. Source: CB Insight
A chart for the history books
Source: Michel Arouet, BofA
Bloomberg Commodity Index drops to 2-year low as investors grow increasingly nervous about demand
Source: HolgerZ, Bloomberg
Is bitcoin the most resilient asset class of all time?
Despite an unprecedented number of setbacks (Collapse of FTX, a $2 trillion bear market, over 500 lawsuits and regulation cases, multiple crypto lender bankruptcies, Binance fined a record $4.3 billion by US regulators, increased calls for regulation around the globe, etc.), Bitcoin prices hit $43,000 for the first time since April 2022, up 180% since November 2022. Bitcoin is now up ~45% in 6 weeks since speculation of Bitcoin ETF approvals began. Over the last year Bitcoin has added a massive $470 BILLION of market cap. The entire crypto market has added $750 billion of market cap since November 2022. Source: The Kobeissi Letter
Latest Bianco research presentation highlights Big Tech risk:
The current top 5 companies by market cap make up ~26% of the S&P 500, The last time the top 5 had a greater concentration in the S&P 500 was 1964 w/AT&T, GM, Exxon, IBM, Texaco. Source: HolgerZ
Gold hit record high 2'135.39/oz in early trading hours
Gold surged to a new all-time high as growing expectations for US rate cuts early next year. This latest leg of gold's rally has been turbocharged by comments on Friday from Fed Chair Jerome Powell. Precious metal's strength has been underpinned buy other factors as purchases by governments and central banks as well as geopolitical uncertainty.
