Business Update – October 26, 2022
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.
Stock markets start the week strong
All three major indexes were up on Monday – a welcome change from the volatile conditions of recent months. Investors seem optimistic as we await earnings calls, with numbers from big tech firms expected later this week.
Goldman Sachs fears “accidental recession”
Goldman Sachs is asking the Fed to take it easy with further rate hikes, saying they’ve already made good progress to slow inflation.
JPMorgan president in favor of further rate increases
On the other side of the argument, JPMorgan President Daniel Pinto believes that we haven’t reached the market bottom yet, and believes that a short recession may be the price we have to pay in order to beat inflation.
Rishi Sunak calls for stability and unity
It’s official – Rishi Sunak will be the next Prime Minister of the United Kingdom. Liz Truss’ replacement is asking for the people of the UK to pull together as they face a time of “profound economic challenge”.
Tesla stock slips following price cuts in China
Tesla shares slipped as much as 7% on Monday, and landed at 1% lower at market close, after the EV maker cut the price of its Model 3 and Model Y vehicles in China.
Twitter deal inches closer
Speaking of Elon Musk, he has until 5 p.m. ET on Friday to close his $44 billion acquisition of Twitter – or face a trial that was previously delayed to allow both parties to close the deal.
Housing prices predicted to drop in 2023
In some potentially good news for those in the market for a home, housing prices are predicted to drop by as much as 20% next year. The bad news, however, is that mortgage rates are still at an all-time high, so buying power could be reduced.
401(k) limit increase for 2023
The Internal Revenue Service announced that the amount individuals can contribute to their 401(k) plans in 2023 has increased to $22,500, up from $20,500 for 2022. Details can be found here.
Markets react to Xi Jinping’s third term
Despite stronger-than-usual GDP performance from China, markets in Hong Kong closed at their lowest point since the 2008 global financial crisis. Foreign investors dumped Chinese equities and the yuan due to feelings of unease over the political situation in China.
How to maximize your Social Security increase
The Motley Fool outlines three ways retirees can make the most of their upcoming 8.7% Social Security increase. Read their tips here.
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