Morning Market Download from Invincible Money

Personal finance + economics + markets

Staying on top of the markets, economics and the global issues that affect your money takes a lot of time and effort. We distill it down to a quick 5 minute read to help you make better money decisions.

EconomyJobless claims increased by 61,000 to 1.87 million for the week ending April 8 (the more recent data), suggesting a softer job market.

Inflation in the U.K. is still near 10% with food prices making up the largest portion. Food prices are up 19.2% over last year, which is the largest rise in 45 years.

NewsThe Biden administration is pushing for legislation that would punish mortgage borrowers with high credit scores to subsidize other borrowers with low scores by charging higher fees are rates. Some experts have called it non-sensical.

Experts are warning this summer may see a lot of travel delays as bookings are up (Delta has already sold 78% of their seats), but airlines have cut back which may cause some service issues.

SpaceX Starship explodes mid-flight during test flight in deliberate detonation. Musk had said previously that it would be a success if it got off the launchpad.

StocksAI continues to heat up as Google has now merged its 2 AI units, Brain and DeepMind, together so they can move more quickly. Google is still playing catch-up after MicroSoft's Chat-GPT became the faster growing software ever.

Bed, Bath and Beyond is likely to file bankruptcy, per the Wall Street Journal.

Meta laying off 21,000 technical jobs in 2 rounds of layoffs. The stock was up on hopes the layoffs will help the company be more profitable.

Tesla cut prices for the 6th time this year! The Model 3 has been cut 11% and the Model Y cut 20%. The cuts are in preparation for EV subsidies going away in the U.S. so they have to become more competitive. Tesla than reported earnings in line with expectations at $0.85 with earnings of $23.33 B.

Whole Foods will lay off several hundred corporate employees.

Cathy Woods said that Tesla stock could hit $2,000 in the next 4 years solely based on the opportunities with its robotaxi service.

CryptoA single sell order of 16,000 BTC on Binance drove the price of BItcoin down under $30,000. Trading volume at other exchanges was about normal.

Coinbase secured a Bermuda license.

The EU has passed the world's first comprehensive crypto regulations, called MiCA (Markets in Crypto Act). The act:

• Seems to reduce the risk to consumers buying crypto assets.

• Requites stablecoins to hold assets enough to provide for all redemptions.

• May hold platforms liable if they lose customers' money.

• Require platforms explain the risks involved.

• Stablecoins may be limited to $220M in transactions per day.

• Firms may be required to disclose their impacts on the environment and their energy consumption.

Taylor Swift was offered $100 M by FTX to sell tickets to her concerts as NFTs. She asked, FTX "Can you tell me that these are not unregistered securities?" Since they could not, Swift opted not to get involved, which turned out to be a brilliant decision.

A high court in Hong Kong deemed crypto property. The IRS has deemed it property for a long time now.

Real World Assets are slowly becoming tokenized on the blockchain. The market is projected to reach $16 Trillion by 2030 per the Boston Consulting Group. Stablescoins have long been tokenized fiat with $1 backing 1 stablecoin. Other tokenized assets include real estate, commodities, stocks, carbon credits and precious metals.

Some leaders in the RWAs are RealT (real estate), MakerDao (various assets), GoldFinch (uncollateralized loans in emerging markets), Swarm Markets (stocks on Polygon).More info here from Binance.

Want me to do a deeper dive into this emerging market and the opportunities? Reply to this email with "RWA."

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It's very difficult to predict when the next recession or stock market crash will come, so many of the best investors don't even try. Instead, look for good companies with the strength to make it through the occasional challenging economic environment. (Mellody Hobson)

Legal StuffNothing in this newsletter is financial advice. Always do your own research and think for yourself.