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Today's Top Stories

  • Falling shipping rates indicate a global recession may be on the horizon
  • Google CEO calls for 20% productivity growth amid poor macroeconomic field
  • Tether grows its lead over USDC after Circle faces continuous struggles

Econ Bytes

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Falling Shipping Rates- A Sign That Global Recession May Be Coming

 

As global trade volumes continue to fall amid shrinking demand for goods, freight rates are dropping even further. In fact, analysts predict the cost of moving major raw materials will decline about 20% to 30% for the year before recovering a bit in 2024. Why is this important? Well, stagnating global trade growth is a key sign of economic downturn. Both lockdowns in China and the war in Ukraine have contributed to the slowdown, but rising inflationary pressures can't be ignored as a prime cause. The bright side to all of this is that global supply chain pressures continue to ease- although the future is anything but certain.

 

Tech Bytes

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Google CEO Sundar Pichai Aims for 20% Productivity Gain

 

Uncertainty over the current macroeconomic climate is leading Google's CEO Sundar Pichai to strive for greater productivity with fewer resources. While admitting the tech giant has been "slower" to make decisions after its growth, Pichai stresses hiring can be focused to prioritize critical processes. The ultimate goal is to make Google "20% more productive." Pichai notes this will require certain areas that currently require three decision makers to come down to one or two. Make no mistake, Google is not the only company calling for a trimming: Apple, Microsoft, and Snapchat have all announced layoffs or a slowdown in hiring.

 

Notable Decliners

  • UiPath (PATH) -11.2%

 

 

 

Earnings

  • Monday: N/A
  • Tuesday: N/A
  • Wednesday: Gamestop, NIO
  • Thursday: DocuSign, Zscaler
  • Friday: Kroger 

Crypto Bytes

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Tether’s Lead Over USDC Hits $16 Billion

 

Circle's USD stablecoin looked like it had the momentum to overtake Tether, its biggest competitor. But, the gap between the two stablecoins has since grown, and Tether has reclaimed any lost gains in terms of market cap. Just this past month, Tether has begun reducing commercial paper in its treasury and allowing users to redeem it for cash. In addition to its strategic silence over Tornado Cash's sanctions, Tether has avoided many of the headwinds faced by Circle. For those unaware, Binance announced this past weekend it will convert user balances of USDC into its own stablecoin, and Circle is still facing an uncertain future with its long-awaited merger. Regardless of what happens, keep an eye on these two stablecoins.

 

Notable Gainers

  • Helium (HNT) +46.32%
  • Terra Classic  (LUNC) +27.27%
  • EOS (EOS) +19.25%
  • Curve DAO Token (CRV) +12.37%
  • TerraClassicUSD (USTC) +10.70%

rareliquid

 
 

Disclosure: This newsletter is meant for informational purposes only and is not investment advice. Please consult with your investment, tax, or legal advisor before making any investment decisions.

 

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