U.S. Inflation Hit a 39-Year High in November [WSJ]
The Labor Department said Friday the consumer-price index—which measures what consumers pay for goods and services—rose 6.8% in November from the same month a year ago. That was the fastest pace since 1982 and the sixth straight month in which inflation topped 5%.
The so-called core price index, which excludes the often-volatile categories of food and energy, climbed 4.9% in November from a year earlier. That was a sharper increase than October’s 4.6% rise, and the highest rate since 1991.
Elon Musk, Other Leaders Sell Stock at Historic Levels as Market Soars, Tax Changes Loom [WSJ]
So far this year, 48 top executives have collected more than $200 million each from stock sales, nearly four times the average number of insiders from 2016 through 2020…. The wave has included super sellers such as cosmetics billionaire Ronald Lauder and Google co-founders Larry Page and Sergey Brin, who have sold shares for the first time in four years or more as the economic recovery fueled strong growth in sales and profit. Other high-profile insiders—including the Walton family, heirs to the Walmart Inc. fortune, and Mark Zuckerberg, chief executive of Facebook parent Meta Platforms Inc. —have accelerated sales and are on track to break recent records for the number of shares they have sold.
JPMorgan Offers Hedge Funds a Way to Dodge Meme-Stock Shocks [Bloomberg]
Around 30 asset managers and quant fund managers have been trying out the “Through the Retail Lens” data offering since September, the bank said…. The screening tool is a dataset on U.S. retail investor trends sold to institutional clients. It provides predicted retail flows, significant buy or sell signals on single stocks, negative or positive sentiment based on the bank’s internal data and scouring of social media forums, such as Reddit or Twitter….
“If you don’t have a clear view of what retail is up to, it feels like you’re driving partially blind,” said JPMorgan’s Chris Berthe, global co-head of cash equities trading, by phone. The lens is also serving as a guide to JPMorgan’s own traders.
Andrea Orcel Wins Case Against Santander Over Botched Hiring [WSJ]
The judge dismissed Santander’s defense that Mr. Orcel’s offer letter wasn’t a contract under Spanish law. Under the ruling, Mr. Orcel’s award includes a €17 million sign-in bonus, €35 million in compensation for long-term incentives he lost at UBS and €10 million for moral and reputational damages…. Now at UniCredit, Mr. Orcel is among Italy’s highest paid executives and could make up to €7.5 million this year….
Credit Suisse Chairman Breaks Swiss Quarantine Rules [WSJ]
Mr. Horta-Osório flew from London to Zurich on Nov. 28, a day after Switzerland imposed a 10-day quarantine on arrivals from the U.K. and several other countries because of the Omicron coronavirus variant. Credit Suisse explored whether the chairman could return to work in the office with negative testing or other measures, a person familiar with the matter said, but the request was declined by health authorities.
Mr. Horta-Osório left Switzerland on Dec. 1 after giving a speech that day by video on the role of leadership in strategy and culture to the Swiss-American Chamber of Commerce. In a statement, Mr. Horta-Osório said he strictly followed quarantine rules while he was in Switzerland and regrets the mistake he made by leaving prematurely.
Manhattan Rents See Record Surge Even With Slow Office Return [Bloomberg]
The median rent jumped 23% from a year earlier to $3,369, according to a report Thursday by appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate. It was the biggest increase in a decade of record-keeping, though the median is still 3.8% below where it was in November 2019, before the pandemic.
Apartment hunters are scouring for whatever deals remain in a market that’s been whittling down a mountain of inventory. Those still largely working from home are growing tired of being far from the city’s cultural institutions and nightlife, even as offices remain sparsely populated.