Sony to Buy ‘Halo’ Creator Bungie

• 3 min read
Sony to Buy ‘Halo’ Creator Bungie

MARKET MOVERS

  • Russia-Ukraine tensions drive global wheat prices higher. The threat of war between Russia and Ukraine is rattling international grain markets, driving wheat prices higher on both sides of the Atlantic and leaving traders girding for more volatility ahead. The two nations combined account for 29% of global wheat exports, according to data from the U.S. Agriculture Department.

  • Oil on track for 15% monthly rise as Ukraine worries persist. Mounting concerns over Russia-Ukraine tensions continued to boost supply risk premia for energy products. The only short-term solution for balancing the supply-short oil market will therefore need to come from OPEC+, and steered by Saudi Arabia, the producer with the largest spare capacity. OPEC+ is set to meet this week. Read more here.

  • Demand for extended stay properties shows no sign of fading. Extended stay fills a huge need. Many circumstances come up where you don’t want a year lease, furnishing a place is impractical, but you need weeks or months. Property owners like extended stay hotels because they offer profit margins of about 50% of revenue or nearly double the industry as a whole. The hotels enjoy these margins in large part because of limited staff.

  • Amazon Go stores will soon start popping up in suburban areas. The suburban version of Amazon Go will be bigger -- around 6,000 square feet versus the 2,000-square-foot locations found in cities. Previously, Go stores were limited to city centers. The goal is to target customers who are working remotely. The great thing about Amazon Go stores is that they're cashier-less.

WHAT TO WATCH

  • Sony to buy video game maker Bungie in a $3.6 billion deal. Bungie is the developer behind the multiplayer shooter games Destiny and Halo. Bungie will continue to operate independently within Sony, according to a statement. Technology companies are increasingly interested in gaming as they look to expand audiences and prepare for future iterations of virtual and augmented reality devices. Read more here.

  • World’s largest wealth fund warns that ‘permanent’ inflation will hit returns. Nicolai Tangen runs Norway’s $1.3tn oil fund. He told the Financial Times that permanent inflation means investors face years of low returns. Tangen said he thought inflation could be stronger than what’s generally expected. He points to high demand, the number of people leaving the workforce, and lingering disruption in supply chains. Source(0:44)

  • BTC and NFTs are the play during this crypto downtrend, says BowTied Bull. You’re looking at BTC being the best large-cap since everyone on Crypto Twitter says it’s ETH or LINK. As more volatility hits, people will start with BTC before moving to more degen coins. And then buying some NFTs to offset potential declines in ETH prices.  Read more here.

  • Tech stocks could sink 8% more, UBS says. The Nasdaq Composite —a proxy for the U.S. tech sector— is down more than 13% so far this year, putting it firmly in correction territory. The fact that the benchmark index ended last week flat belies the intense volatility seen in the market. Faced with high inflation, the Fed has signaled that it will soon raise interest rates and, later, reduce its balance sheet, removing liquidity from markets.

  • Entain will invest more than $130 million to compete in the metaverse. The company is launching Ennovate, an innovation lab aimed at developing immersive sports and entertainment experiences in the metaverse. They plan to fund start-ups and develop applications for nonfungible tokens, virtual reality, and augmented reality. Ennovate is expected to launch in March in London. Read more here.

  • Crypto juggernaut FTX raises another $400 million with an eye to M&A. FTX plans to expand this year and the funds will likely go toward mergers and acquisitions, said Sam Bankman-Fried, the chief executive officer. Interesting areas to target include payments businesses, NFT-centric firms, and the metaverse, he said.
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