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U.S. payrolls surged by 261,000 in October, better than expected as hiring remains strong [CNBC]
Although the number was better than expected, it still marked the slowest pace of job gains since December 2020…. Average hourly earnings grew 4.7% from a year ago and 0.4% for the month, indicating that wage growth is still likely to serve as a price pressure as worker pay is still well short of the rate of inflation.

Hyperinflation could cause worst economic crisis since WWII, Elliott Management warns [N.Y. Post]
Elliott Management, led by famed billionaire investor Paul Singer, warned clients that extreme conditions present in the current economic landscape have “made possible a set of outcomes that would be at or beyond the boundaries of the entire post-WWII period,” according to a letter obtained and published Wednesday by The Financial Times…. While hyperinflation is not inevitable, Elliott said it would cause “global societal collapse and civil or international strife” if it does occur.

Trader Arrested in Ibiza Awaits FX Case That’s Dividing Wall Street [Bloomberg]
“It’s fair game if there’s risk behind it,” said Joseph Pach, a former head of currency trading at a Bank of New York Mellon Corp. subsidiary who now runs San Francisco-based trading firm Corcovado Investment Advisors. “If a trader wished to influence the market, they do so by taking on risk that could backfire, with potentially dire consequences,” he said….
Pach’s view is echoed by multiple traders across Wall Street, including those who have overseen currency businesses at banks and hedge funds…. One compared it to defending free speech: I don’t like what you’re doing but I’ll back your right to do it.

Italy's Monte dei Paschi says cash call 96.3% covered [Reuters via Yahoo!]
Concerns about tapping markets against the backdrop of the Ukraine war, record inflation and an impending economic slump had risked derailing Monte dei Paschi's (MPS) seventh cash call in 14 years….
Underwriters led by global coordinators Bank of America , Citigroup, Credit Suisse and Mediobanca will be left holding 93 million euros in shares, MPS said.
MPS has agreed to pay 125 million euros in fees to underwriters, a much higher than normal figure….

The $300 Million Sneaker King Comes Undone [WSJ]
Early last year, Mr. Malekzadeh collected orders for about 600,000 pairs of Air Jordan 11 Cool Grey sneakers months before they hit stores, netting over $70 million, according to prosecutors. He priced the sneakers between $115 and $200 a pair, cheaper than their expected retail price of around $225, prosecutors said.
Mr. Malekzadeh was able to get only 6,000 pairs.

Penthouse on Billionaires’ Row in New York City Sells for $72 Million [WSJ]
The full-floor unit is just over 5,000 square feet with three bedrooms and a roughly 312-square-foot terrace, according to the building’s offering plan…. The buyer also paid $3 million for a smaller unit in the building.



Opening Bell: 9.7.18

Elon gets high on a podcast; Opioid heir patents addiction cure; Paul Singer kicking at Hyundai; and more!

paul singer

Opening Bell: 5.9.17

Paul Singer is going HAM; ex-Nomura bond trader was not always entirely truthful; something is rotten in the state of Denmark; and more.

paul singer

Opening Bell: 4.20.17

Paul Singer put on blast for "legendary" partying; Goldman ditches the dollar trade; a drive-through weed dispensary; and more.


Opening Bell: 6.9.20

Stocks surge; millennials > Druckenmiller; Macy’s survives; Paul Singer counsels patience; and more!

paul singer

Opening Bell: 8.21.17

Paul Singer upstages Warren Buffett; Goldman looking for commodities traders who can actually make money; Carl Icahn's DC misadventures; seriously, don't look at your phone while driving; and more.

paul singer

Opening Bell: 9.21.21

The Ackmanaissance in song; Coinbase capitulates; banks battle Basel; Paul Singer makes money; and more!


Opening Bell: 7.7.20

A bit bumpy; Paul Singer’s hungry; successful business to work with unsuccessful one; John Varley forgets sometimes; and more!


Opening Bell: 5.13.20

More money, (for) more (pandemic) problems; more negative oil prices; more power to Paul Singer; more steps for Tesla; more strip club bailouts; and more generally!