Weekly Market Update - 27 November 2023

Back Again

Sam Altman will return to lead OpenAI less than five days after he was ousted in a chaotic clash with the board of one of the world’s most valuable startups. Altman is coming back as CEO with a new board, including former US Treasury Secretary Larry Summers. His return marks a victory for Microsoft and its CEO Satya Nadella, who had publicly supported Altman.

Source: Bloomberg

Lithium

Lithium extended an almost month-long run of declines, taking its drop this year to 75%, as a supply glut forces prices lower and automakers rethink their EV strategies. Chinese prices of lithium carbonate, a semi-processed form of the metal, fell 2.3% on Thursday, and are down 20% so far this month. The last time they posted a daily gain was on Oct. 25. Spodumene, the lithium-bearing rock mined in Australia, has more than halved in 2023.

Source: Bloomberg

US House Prices

Sales of previously owned US homes fell by the most in nearly a year in October, highlighting the toll of elevated mortgage rates and still-high prices. Still, supply stayed tight; it would take just 3.6 months to sell all the properties on the market at the current pace. The lack of inventory is keeping homes expensive, with the median selling price climbing 3.4% from a year earlier to $391,800, the highest for any October in data back to 1999.

Source: Bloomberg

Previous
Previous

Weekly Market Update - 4 December 2023

Next
Next

Weekly Market Update - 20 November 2023