Weekly Market Update - 21 November 2022

Chinese Optimism

A bullish consensus for Chinese shares is emerging on Wall Street. New-found optimism around President Xi Jinping’s policy shifts, from relaxing Covid controls to easing real estate woes, is prompting the likes of Morgan Stanley and JPMorgan to move away from long-held bearish views. One glitch, however, could come after China reported its first Covid death in months, sparking fears of fresh restrictions. Meanwhile, Asian stocks are set for a mixed start to the week after small gains on Wall Street Friday. Markets this week will be looking to minutes of the most recent US Federal Reserve policy meeting for more clues on the course of interest-rate hikes.

Source: Bloomberg

FTX Collapse

Sam Bankman-Fried’s bankrupt crypto empire owes its 50 biggest unsecured creditors a total of $3.1 billion, new court papers show. Ten of the customers, whose, identities were redacted, have claims of more than $100 million each. The collapse of 30-year-old Bankman-Fried’s FTX empire has fueled a spike in outflows across global crypto exchanges. Moves to reassure markets about their stability are having little effect on jittery users, who keep pulling funds from the venues. Digital-age bank runs have crippled not only FTX but a growing list of businesses with colorful names, from BlockFi to Genesis.

Source: Bloomberg

Flying Solo

Airlines and regulators are pushing to have just one pilot in the cockpit of passenger jets instead of two, in a bid to lower costs and ease pressure from crew shortages. Over 40 countries have asked the United Nations body that sets aviation standards to help make single-pilot flights a safe reality. But the plan doesn’t sit well with pilots themselves, let alone passengers who fear the safety implications of an event like a pilot collapsing at the controls.

Source: Bloomberg