Morning Download 

Personal finance + economics + markets

Together with Incogni

Good morning investors! Fear is still driving the US market. There isn’t just political tension but also the risk of another hike.

🇮🇳 Fun fact: Apple is worth more than the entire GDP of India.

Today we cover:

• Mortgage rates go higher (again)

• Earnings season is here

• Cheapest and most expensive metro areas in the US

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📊 Economy and News 

U.S. Mortgage rates hit 23 year high

Mortgage rates are now at 7.57%: The 30-year fixed-rate mortgage averaged 7.57% in the week ending October 12, up from 7.49% the week before.

What does it mean? Homes are now even more expensive to own. The last time rates were this high was in December 2000.

It is believed that rates will continue to be high for the next two quarters, at least, which will mean the real estate market is stuck since no one wants to move.

More people now have $100 million

The world now has twice as many people with a net worth of at least $100 million than 20 years ago. However, the growth is expected to slow down now that interest rates are going higher. Most of today’s centi-millionaires got rich by starting companies or helping fund startups. However, some also made their fortune in cryptocurrency. For now, the US is still at the number one position with the highest number of centi-millionaires. The country is home to 38% of the global population worth $100 million or more. Here’s a list of the top three countries:

• U.S.: 10,660

• China: 2,358

• Germany: 1,050

Strikes will continue

Negotiations between actors' union and Hollywood studios have come to a halt. Actors want more money but studios are not willing to meet their demands. SAG-AFTRA — the union representing about 160,000 actors — has been on strike since July 14.

However, it isn’t the only major group not working these days. The UAW strike is also ongoing, which has just expanded, now hitting Ford's largest factory in Kentucky, which builds some of Ford’s most important vehicles, including the heavy duty version of its F Series pickup, as well as its full-size SUVs.

Global hits:

• The war is putting more pressure on social media platforms.

• Asian market close high with South Korea stocks jumping due to Samsung.

• Microsoft in $29bn back taxes dispute in the US.

📈 Stocks

S&P 500 4,349.61 (-0.62%)
DJIA 33,641.13 (-0.51%)
NASDAQ 13,574.22 (-0.63%)
VIX 16.69 (3.73%)
* Prices as of October 12th, 20:45 PM UTC

Earnings season is here

The benchmark S&P 500 index has slid roughly 5% from its most recent peak in late July, and now all eyes are on earnings to push stocks higher.

CNN thinks this earnings season could help stabilize the shaky market rally. However, Barron's doesn't expect a soaring stock market as a result, and we agree with them. There’s too much going on in the world now.

Analysts expect aggregate sales for companies in the S&P 500 SPX to be about 1.7% higher than they were last year. This is slow growth, thus we don't expect the markets to be much changed, especially in today's scenario (increasing rates and geopolitical tension).

The good thing is that Wall Street knows this too. Aggregate estimates for per-share earnings at S&P 500 companies have fallen about 0.1% in the past month.

So far, however, reports have been encouraging. Eighteen out of 21 companies have beaten EPS estimates.

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🔐 Crypto

Bitcoin $26,735.40 (+0.2%)
Ethereum $1,533.97 (-1.7%)
Total market cap $1.08 (-0.6%)
* Prices as of October 12th, 20:45 PM UTC

FTX thief cashes out millions during Bankman-Fried trial

After sleeping for nine months, a man or woman who stole over $470 million in digital coins when FTX crashed is now said to be trying to move the funds and convert then to fiat. Experts say that about $20m of the stolen stash is being laundered every day.

It is still now known how the thief - or thieves - pulled it off but some people believe that insiders must have been involved.

Authorities have been able to track only a fragment of the amount; however, they still couldn’t reach the person behind as it can be very difficult to track digital currencies. Nonetheless, some of the stolen Bitcoin successfully laundered last year has been traced to a wallet known to be used by Russian-linked criminal groups.

💵 Personal Finance

The cheapest and most expensive metro areas in the US for a single family rental

Single-family rentals are expensive and prices are expected to remain high as more and more Americans choose to rent due to high mortgage rates.

A report from national real estate brokerage HouseCanary analyzed single-family detached listings and identified the most expensive and most affordable metro areas to rent in.

Most expensive metro areas:

• Los Angeles, Long Beach, and Anaheim, California: $4,984

• San Diego; Carlsbad, California: $4,862

• Naples, Immokalee, and Marco Island, Florida: $4,821

• Bridgeport, Stamford, and Norwalk, Connecticut: $4,750

• San Jose, Sunnyvale, and Santa Clara, California: $4,629

Most affordable metro areas:

• Little Rock, North Little Rock, and Conway, Arkansas: $1,267

• Montgomery, Alabama: $1,394

• Birmingham and Hoover, Alabama: $1,441

• Louisville and Jefferson County: $1,492

• Cleveland and Elyria, Ohio: $1,506

Due to such huge differences, about 40% of Americans are planning to move this year. However, there are some hidden costs that one has to consider.

You will not only have to pay your agent but also to the moving company. Plus, it costs money to find a new job. Moving might be more suitable for people who already have a job in the new city or who work remotely.

If you’re planning to move to a new city then do some research and know possible issues you may face when moving to a different city, state, or country. The video below does a good of explaining some common issues people face when moving:

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Nothing in this newsletter is financial advice. Always do your own research and think for yourself.