The US labor market is showing signs of slowing down. The latest report revealed that job openings decreased to 8.8 million in July
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2023-08-30 | Sign Up | View Online | Advertise
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Markets & Economy
US job openings fall to lowest since March 2021 as labor market softens (3 min read)

The US labor market is showing signs of slowing down. The latest report revealed that job openings decreased to 8.8 million in July, down from 9.16 million in June. The quits rate, which is often used to reflect worker confidence, also dropped. Despite the string of positive economic data over the past months, the latest consumer confidence reading also fell. This slowdown could impact the Fed's upcoming decisions and the equity markets reacted by rising on the expectation that the Fed will maintain current interest rates without further hikes.
What’s going on with China’s economic slowdown? (15 min read)

This article is an interview with a Chinese Economic expert on the current challenges in China, which include stalled real estate, deflation, decreased foreign investment and exports, and high youth unemployment. One of the main drivers for this is the country's investment-heavy economic model as a significant part of investments are unproductive, contributing to a debt that's around 300% of its economic output. However, fixing it may require shifting from an investment-led model to consumption, which could be politically and socially complicated.
Business & Stocks
OpenAI launches a version of ChatGPT for businesses (2 min read)

OpenAI has launched a new service called ChatGPT Enterprise, which is a version of its popular ChatGPT tool for businesses. Some of the early customers include Block, Estee Lauder, and PwC. One of the key features of this version is that it provides better security and privacy for data leakage, which was a concern for some companies to adopt ChatGPT even when many others are using it for various tasks. Surprisingly, Microsoft rolled out a similar service called Bing Chat Enterprise last month despite being a large investor backing OpenAI.
US regional banks face another hit as regulators force them to raise debt levels (4 min read)

US regulators are planning to introduce new requirements for regional banks to issue debt and enhance their "living wills" to protect against potential failures. Banks with at least $100 billion in assets would need to hold a layer of long-term debt to absorb losses in the event of a government seizure. This is a response to the regional banking crisis that occurred in March that caused three institutions to collapse and weaken others. Although the new rule could increase funding costs for regional banks, they will have three years to comply.
Funds & ETFs
First US-listed bitcoin ETF could be coming soon as court rules in favor of Grayscale over SEC (3 min read)

The District of Columbia Court of Appeals has ruled in favor of Grayscale in a lawsuit against the SEC, allowing bitcoin ETFs to move forward. Grayscale's Bitcoin Trust application to convert into an ETF was initially denied by the SEC. This decision could impact other companies, like BlackRock and Fidelity, who seek to create spot bitcoin ETFs. The ruling led to a surge in major cryptocurrencies and Coinbase's stock. Approval on multiple spot bitcoin ETFs in the US, which seems more likely now, could foster more institutional adoption of cryptocurrencies. 
KraneShares’ New ETF Bets Big on China Despite Sagging Economy (2 min read)

KraneShares just launched a new emerging market ETF, but it's interesting because it heavily invests in China markets. This is a bit contrarian since China's economy has been facing challenges lately. The new ETF called KraneShares Dynamic Emerging Markets Strategy (KEM) combines two other ETFs - one focused on China stocks (KALL) and the other on emerging market stocks outside of China (KEMX). Even though China's economy is still struggling, KEM seems to be betting on its recovery, going against the current trend.
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