Wednesday, July 28

MI Exclusive

Brazil coffee, Brazil frost, Brazil weather, Coffee futures, Coffee prices, Commodities, commodity, commodity futures, Commodity Prices, Markets, MI Exclusive

Coffee prices surge to 6-year high as extreme cold threatens Brazil’s crops

Christopher Jue/Getty Images Extreme frost in Brazil's coffee-growing region is set to harm next year's crop, sending prices of coffee to a six-year high.Futures for arabica beans jumped to $2.08 a pound Tuesday, the highest level in New York since 2014, according to the Wall Street Journal.Exacerbating the price surge is the fact that the frost is the second major weather shock to hit farms in Brazil, the world's largest coffee producer. This spring, the region's rainy season hardly saw any rain during one of its worst droughts in almost a century. The drought hurt the 2021 crop and dropped the coffee supply output in Brazil as plants withered.Now, traders are spooked that the frost will harm the 2022 coffee harvest, and have pushed coffee futures up 30% in July. José Ma...
Alameda research, Bitcoin, bitcoin as payment, crypto, FTX Exchange, Markets, MI Exclusive, Sam Bankman-Fried

​​29-year old billionaire Sam Bankman-Fried says he got into crypto just to trade-but 2 things quickly made him realize the long-term potential of digital money

Sam Bankman-Fried, founder of FTX and Alameda Research FTX 29-year old crypto billionaire Sam Bankman-Fried told CNBC on Tuesday he initially entered into the industry without a firm stance on the future of digital assets. "I honestly first got into crypto without knowing what I would think of crypto. I got into it because there was good trading there," said Bankman-Fried. The founder of crypto trading firm Alameda Research and crypto derivatives exchange FTX didn't think about crypto's long-term role in the world until he had to send an international wire transfer. After dealing with the cumbersome process he began to realize that current payment rails "are not very good," and can often take months to settle. "I think anyone who's tried to send an international wire tran...
autonomous driving, batteries, clean energy, Electric Vehicles, Elon Musk, FSD, Manufacturing, Markets, MI Exclusive, Q2 earnings, Tesla

Elon Musk knocked Apple, bemoaned the microchip shortage, and touted self-driving cars on Tesla’s Q2 earnings call. Here are the 12 best quotes.

Elon Musk. Michele Tantussi/Reuters Elon Musk discussed microchips, manufacturing, and self-driving cars on Tesla's Q2 earnings call. The Tesla CEO slammed Apple and encouraged more people to work in manufacturing. Musk doesn't plan to feature on every Tesla earnings call in the future. See more stories on Insider's business page. Elon Musk trumpeted the rich potential of self-driving cars, bemoaned the microchip shortage, and underscored the challenges of manufacturing at scale during Tesla's second-quarter earnings call this week.The Tesla CEO also criticized Apple, urged people to pursue careers in manufacturing, and suggested he might skip future earnings calls.Here are Musk's 12 best quotes from the earnings call, lightly edited and condensed for clarity:1. "The chip supply ...
China, coronavirus, COVID-19, Markets, MI Exclusive, Stock Market Today, Stocks, Stocks 2021, stocks and the economy, ukmarketwrap

US stock futures dip as investors eye Big Tech earnings, while Asian equities slide on escalating Chinese clampdowns

Bryan R. Smith / AFP via Getty Images Global stock markets traded lower on Tuesday as investors moved into wait-and-see mode. Alibaba and Meituan shares slide in Hong Kong, on worries about China's regulatory crackdowns. The US rise in COVID-19 cases could prompt the Fed to stick to its pace of asset purchases, a strategist said. Sign up here for our daily newsletter, 10 Things Before the Opening Bell. US stocks looked poised to open slightly lower on Tuesday as investors focus on earnings reports from major technology companies, while Asian equities slid on concerns about China's clampdowns on key industry sectors.Futures on the Dow Jones, S&P 500, and Nasdaq fell as much as 0.4%, suggesting the indexes will trade lower when markets open later in the day.Tesla reported earnings ...
Amazon, Bitcoin, bitcoin as payment, crypto, Crypto assets, Markets, MI Exclusive, Tech, Tech Insider

Amazon rejects speculation about bitcoin payment plans as untrue, but says it’s still exploring crypto

AP Photo/Elaine Thompson Amazon dismissed a report specifying its plans to accept bitcoin and to issue its own token. Speculation around plans for crypto payments by the end of 2021 is not true, the online retailer said Tuesday. But it is looking into crypto developments and what this could mean for Amazon shoppers, it said. Sign up here for our daily newsletter, 10 Things Before the Opening Bell. Amazon on Tuesday rejected a report that it plans to accept bitcoin payments by the end of 2021, dismissing the widespread speculation around the details of its approach to digital currencies as untrue.Chatter around the US online retail giant's crypto intentions was sparked by CityAM's report on Monday, which cited an Amazon insider as its source. The insider said Amazon is working tow...
Economy, Fed, Federal Reserve, inflation, Inflation debate, Inflation Expectations, inflation fears, inflation gauge, inflation outlook, inflation risk, Jerome Powell, Markets, MI Exclusive, Mohamed El-Erian, New cars, semiconductor chips, semiconductor shortage, Used cars

There is a fundamental misunderstanding of inflation and its spread throughout sectors of the economy proves it is not isolated or transitory, Mohamed El-Erian says

Mohamed El-Erian. Rob Kim/Getty Images Mohamed El-Erian said there is a fundamental misunderstanding of inflation because few people have lived through it. "I always laugh when people say, oh, it's isolated, it's transitory," El-Erian told CNBC on Monday. He also disagreed with the Federal Reserve's view that inflation is transitory. Sign up here for our daily newsletter, 10 Things Before the Opening Bell Economist Mohamed El-Erian in an interview Monday took aim at assessments of inflation that describe rising prices as "transitory," stating that there is a fundamental misunderstanding of what inflation is and how it is already spreading throughout the economy. "I always laugh when people say, oh, it's isolated, it's transitory," Allianz's chief economic adviser told CNBC. "I th...
Amazon, Apple, Dow Jones Industrial Average, Economy, Facebook, federal reserve meeting, Markets, MI Exclusive, Nasdaq Composite, s&p 500, stock market news, stock markets today, Stocks, stocks Monday, Tech stocks, Tesla

US stocks log record highs as investors look to Big Tech to sustain earnings growth

Brendan McDermid/Reuters Dow industrials push further beyond 35,000 in Monday's record-setting highs for stocks. Tesla and Facebook earnings are among those on deck for this week's earnings wave. The Federal Reserve will start its two-day meeting on Tuesday. See more stories on Insider's business page. Stocks finished at record highs Monday as investors set their sights on earnings reports from major technology companies and appeared to set aside concerns about economic recovery in the face of rising coronavirus cases. The Dow Jones Industrial Average pushed further above 35,000 after crossing that threshold for the first time on Friday. Stocks overcame losses earlier in Monday's session to build on record highs notched Friday, capping a rebound from a rout last week. Stocks have...
Bitcoin, bitcoin short squeeze, crypto, crypto trading, liquidation, Markets, MI Exclusive, short squeeze

Nearly $900 million in crypto shorts were squeezed in a single day as bitcoin surged into the $40,000 region

Bitcoin Nurphoto / Getty Images $883 million worth of crypto short positions were liquidated in a 24-hour span amid bitcoin's rally towards $40,000.Data from Bybt.com compiled by The Block notes that short positions on bitcoin accounted for 81% of the squeeze, with $720 million liquidated. Most of the crypto short liquidations happened late Sunday night as bitcoin's price spiked 10% to break the $39,000 level for the first time in six weeks. Ryan Todd, research analyst at The Block, told Insider that given bitcoin's historically high price relative to past cycles, this liquidation event posted one of the largest total magnitudes of losses in dollar terms for traders who were positioned short bitcoin with margin and futures products. "We've seen this in the past when bitc...
Bitcoin, bitcoin rally, Coinbase, crypto, Markets, MI Exclusive, VanEck

Coinbase spikes 10% as bitcoin rallies back towards $40,000

Coinbase Global watch as their listing is displayed on the Nasdaq MarketSite at Times Square in New York on April 14, 2021. REUTERS/Shannon Stapleton Shares in Coinbase leapt as much as 9.9% on Monday, propelled by a sudden bitcoin rally that has seen the cryptocurrency flirt with the $40,000 threshold. Monday's highs, of around $247, are still substantially down from Coinbase's initial listing range. The VanEck Digital Transformation ETF shot up 11%. Sign up here for our daily newsletter, 10 Things Before the Opening Bell. Shares in Coinbase popped as much as 9.9% on Monday, propelled by a sudden bitcoin rally that has seen the cryptocurrency flirt with the $40,000 threshold.Since the company's April debut, the stock has gradually trended down from a high of $429 on the first da...
EV cars, Lucid Air car, Lucid Motors, Lucid Motors stock, Lucid Motors stock price, Markets, MI Exclusive, Mover, stock market, stock market 2021, Tesla, Trading

Lucid Motors spikes 11% in public debut as CEO says it’s well-positioned to compete with Tesla

Lucid Motors plans to go public in a $24 billion tie-up with a SPAC MediaNews Group/Bay Area News via Getty Images Lucid Motors surged as much as 11% in its public debut on Monday, having completed its SPAC merger with Churchill Capital on Friday.Lucid is seen as a Tesla competitor with its high-end luxury electric vehicles, and CEO Peter Rawlinson told CNBC on Monday that it is well positioned to compete with the undisputed leader.Rawlinson pointed out that the $4.4 billion it raised in its SPAC merger pales in comparison to the $300 million Tesla raised when it went public in 2010, putting Lucid in an "enviable position" relative to Tesla's early days. "That's a resounding difference," Rawlinson said, adding that its fundraising puts Lucid in a "great position for strategic gro...