• Walmart enters the metaverse. Walmart is entering the metaverse with two experiences, Walmart Land and Walmart’s Universe of Play, in the gaming platform Roblox. The retailer is experimenting with other ways to reach shoppers, including shoppable recipes, live streaming events, and an augmented reality feature for furniture. The company will use Roblox as a testing ground, as it considers other moves in the metaverse and beyond.

  • The British pound recovers after hitting a record low against the Dollar. The British pound tumbled to a record low of $1.0349 against the U.S. dollar early Monday before recovering as traders continued to weigh the impact of the U.K.’s planned package of tax cuts. The pound, which bounced back to around $1.085, was higher against all major currencies into afternoon London trading.

  • Apple begins manufacturing the iPhone 14 in India. Apple on Monday said it is assembling its flagship iPhone 14 in India as the U.S. technology giant looks to shift some production away from China. Apple’s main iPhone assembler, Foxconn, is manufacturing the devices at its Sriperumbudur factory on the outskirts of Chennai. Apple has been manufacturing iPhones in India since 2017 but these were usually older models.

  • Russia’s war in Ukraine to cost the global economy $2.8 trillion, OECD says. Russia’s attack has sparked a surge in energy prices that has weakened household spending and undermined business confidence, particularly in Europe. The conflict has dislocated supply chains, causing shortages of food and other essentials, and shaken markets across the globe. Read more here.

  • Forex impacts can cause layoffs. Public companies are in big trouble if they have international revenue and limited FX hedges. With no foreign exchange hedging contracts and all expenses flat in US Token, they could be losing millions in profit. Having a $100M Revenue line generating 10% profit margins suddenly turns into $3M in profit. Read more here.
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  • BMW expects EV sales to jump 70% next year on strong demand. BMW AG expects global deliveries of its fully-electric vehicles to jump more than 70% next year as demand remains strong, the automaker’s chief financial officer said. EV deliveries are expected to climb to 400,000 in 2023 from an expected 240,000 to 245,000 this year, CFO Nicolas Peter said Monday on a call with reporters.

  • The S&P could fall to the low 3,000s, says a Morgan Stanley strategist. Wilson’s bear case for the S&P 500 is around 3,000, with his base case at 3,400. The strategist said he sees potential for both cases with the soft landing for earnings now less likely. The employment picture can create confusion about the state of the economy, as the labor shortage keeps wages up, which isn’t typically seen during recessionary periods. Read more here.

  • Dan Niles predicts when the S&P 500 might bottom. He expects the index to drop by 30% to 50% from its most recent peak by the end of next year. The long-short equity fund manager said stocks are likely to decline further than the market expects as the Federal Reserve continues to tighten financial conditions, unlike in the past. Niles also warned that bear market rallies are also likely to occur as the S&P 500 falls to 3,600. Read more here.

  • Uranium is the next big trade, says Rick Rule. He says that countries will soon realize that they need a consistent source of energy that is also space efficient. The wind is not always strong and the sun is not always out so the renewable energy from these sources is not consistent. Uranium, on the other hand, only needs one small building to power the whole country of Japan for 5-6 years. Countries can’t simply store natural gas and coal because it requires so much space. Source(20:17)

  • Nvidia’s head start will make it the most essential infrastructure in the space. The expectation for all games in the future is not just ray tracing but a full-on simulation of all particles. Nvidia’s investment in hardware will mean it dominates the era just as it did the rasterized one. And, if we get to a world of metaverses, then Nvidia’s head start on ray-tracing in AI-generated spaces will make it the most essential infrastructure in the space.
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