In this week’s economic update, we delve into the latest developments in the job market, the evolving perspective on cryptocurrencies, updates from the financial sector, and a noteworthy credit-card policy change. Let’s explore these topics in detail.
1. Job Growth Moderates Amid Higher Borrowing Rates:
According to the Associated Press, US employers experienced a slowdown in hiring during October, adding 150,000 jobs. While this figure is a decline from September’s robust gain of 297,000 jobs, it indicates ongoing hiring intentions and overall economic stability. The lower job growth, coupled with a slowdown in wage increases, could potentially influence the Federal Reserve’s decision on further rate hikes.
2. Tech Industry Shifts Focus Away from Cryptocurrencies:
A recent article in The New York Times highlights that despite the trial involving Sam Bankman-Fried and the notable involvement of Silicon Valley insiders in FTX, the tech community seems relatively indifferent. There appears to be a shift away from the fervent obsession with cryptocurrencies, web3, blockchain, DeFi, NFTs, and other crypto-related buzzwords that once defined the cutting edge. While these concepts may regain attention in the future, for now, they have fallen out of favor and are considered less relevant.
3. Macquarie Announces Declining Profits and Buyback Plan:
Macquarie, Australia’s largest investment bank and asset manager, reported a decline in net profit for the first half of the fiscal year, dipping to A$1.42 billion from A$2.31 billion in the previous year. As a response, Macquarie has unveiled plans for a potential A$2 billion buyback program, reflecting the company’s confidence in its long-term prospects.
4. Block Shares Surge Following Strong Earnings and Buyback:
Leading up to Block’s recent earnings announcement, the company had been largely focused on strategic priorities, according to co-founder Jack Dorsey. However, the silence was broken when Block revealed an impressive earnings beat and the initiation of a $1 billion stock buyback program. This positive news contributed to a surge in Block shares.
5. Caxton Hedge Fund Recovers Losses Amid Bond Rout:
Caxton Global Investments, a macro hedge fund with a focus on profiting from economic events, reportedly achieved a positive monthly performance of about 2% in October. Sources reveal that the fund has experienced around a negative 2% performance year-to-date, but has made progress in clawing back losses from earlier this year.
6. Citi Implements Paperless Billing Policy:
Citigroup has introduced a policy requiring credit cardholders to enroll in paperless billing to maintain access to their accounts online. Although customers can later switch back to paper statements and retain digital access, this policy is raising discussions about the boundaries set by federal laws mandating mailed paper statements. The implications of this move continue to be evaluated by attorneys and consumer advocates.
The post “Economic Highlights: Job Growth Slows, Tech Branches Out, and Financial Updates” first appeared on the European News Global.
European News Global 