📈 Fed's last decision

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Producer Price Index @ 8:30am ET

Fed rate decision @ 2pm ET

The Fast Five → Here’s everything the Fed is expected to do today, new COP28 draft demands swifter fossil fuel transition, Zelenskyy in Washington to discuss Ukraine aid impasse, Biden fires up price wars as inflation cools, and Argentina’s Milei devalues Peso by 54%…

Here’s your 5-min briefing for Wednesday:

BEFORE THE OPEN

MARKETS

• US stocks rose as investors digested November inflation data for clues on the Fed’s next move

• The Nasdaq led indices with a 0.70% gain

• Asian markets were down after China’s annual economic work conference prioritized industrial policy and indicated little desire for large-scale stimulus

• Recent sessions saw the S&P 500 and Dow reaching their highest levels since January 2022.

• Despite anticipation, markets remain uncertain about the timing of rate cuts, with odds of cuts beginning next spring.

• The 10-year Treasury yield sits around 4.2%, down from its October peak.

• Today: The November producer price index data will be closely watched before the Fed’s announcement.

EARNINGS

• What we're watching this week:

  • Today: Adobe 

  • Thursday: Costco

  • Friday: Darden Restaurants

• Full calendar here

NEWS BRIEFING

Here’s Everything the Fed is Expected to Do Today

New COP28 Draft Demands Swifter Fossil Fuel TransitionNew COP28 Draft Demands Swifter Fossil Fuel Transition

• Zelenskyy in Washington to discuss Ukraine aid impasse with Biden (link)

• ‘Too many things unaffordable:’ Biden fires up price wars as inflation cools (link)

• Inflation data in line with expectations at 3.1% year-over-year (link)

  • Here’s the inflation breakdown for November 2023 — in one chart (link)

• Oil holds soft tone on oversupply concerns, markets await Fed (link)

• Argentina’s Milei devalues Peso by 54% (link)

• Japan's business mood hits near 2-year high, keeps BOJ exit in focus (link)

• JPMorgan to outsource $500 billion custody business in Hong Kong, Taiwan (link)

• Hedge fund groups sue US SEC in bid to vacate short-selling rules (link)

• Adani to invest $100 billion over 10 years in green transition (link)

• Goldman trader who was paid $100 million since 2020 to step down (link)

• Netflix posts viewer data on every show, film for first time (link)

• Temu was the most-downloaded iPhone app in the US in 2023 (link)

• Google loses monopoly case to Fortnite maker Epic Games (link)

• Bezos’ Blue Origin aiming to make long-awaited return to launch next week (link)

• Harvard board backs university president after congressional remarks (link)

• Valued at $86B, OpenAI’s latest revenue filing shows how its financials are a mystery (link)

• SBF’s lawyer says his client was the ‘worst’ ever under cross examination (link)

CRYPTO

• KuCoin, one of the world’s largest crypto exchanges, agreed to shut down in New York and pay $22M to settle a lawsuit from the state (link)

• Credit rating firm S&P Global began providing risk assessments of the world’s eight largest stablecoins; Tether and Dai were given bottom marks (link)

BULLISH BITES

🧀 WTF: Doritos thinks we want nacho cheese-flavored booze.

🗝 Members only: A secret WhatsApp group with over 100 CEOs as members comes to light after Sam Altman crisis.

🧳 Get packing: The world’s top city destinations for 2023 revealed.

📊 Spreadsheeting: Some people go to Vegas to gamble. Others go to watch the World Excel Championships.

FEATURED TRADES

American Coastal (NASDAQ: $ACIC) Q3 Update

ACIC is a Florida-based property and casualty insurer focused on the commercial lines market, known for rate increases and a growing book value. The company is active in both commercial and personal lines, though it is looking to divest its personal lines segment to concentrate on its core business.

Ticker: ACIC | Price: $8.56 | Price Target: $22.47 (+163%) | Timeframe: N/A

🏦 Casualty Insurer | 📈 Bullish Idea

Read the full article here. Read time: 7 min

DAILY SHARES

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