Newsletter Aug 23, 2023

Quick Six

S&P downgrades five US banks, cuts recession projection
S&P Global Ratings cut the credit ratings of five U.S. banks on Tuesday -- the second notable downgrade of leading U.S. banks in as many weeks. In a note provided to International Business Times by S&P Global Inc., the credit ratings provider cut the ratings of five banks, which already had a "negative outlook." According to financial data released by the Federal Reserve in March, the five receiving downgrades are among the 50 largest commercial banks in the U.S. in terms total consolidated assets.
THE FIVE BANKS AND WHY THEY WERE DOWNGRADED

US home sales continue to cool amid high mortgage rates
Sales of homes in the U.S. ticked down in July, according to industry data released Tuesday, as elevated mortgage rates and limited housing supply held buyers back. The housing market in the world's biggest economy has been reeling as interest rates climbed, making home owners reluctant to put their properties up for sale -- having earlier locked in lower rates on their mortgages.
SEE THE LATEST DATA IMPACTING THE HOUSING MARKET

British chip-making champion Arm files to go public in US
British chip designing giant Arm has launched the process for a public stock listing in New York, in what could be the biggest US share offering in years. The firm, which is owned by Japan's Soft-Bank, is a world leader in designing chips that are used in smart-phones across the world and aims to be a major player in AI.
WHAT ANALYSTS ARE PREDICTING FOR ARM'S VALUATION

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Markets

DJIA	34,288.83	-0.51%
S&P 500	4,387.55	-0.28%
Nasdaq Composite	13,505.87	0.06%
Japan: Nikkei 225	31,856.71	0.92%
UK: FTSE 100	7,270.76	0.18%
Crude Oil Futures	80.25	-0.58%
Gold Futures	1,926.40	0.18%
Yen	145.86	-0.01%
Euro	1.08	0.01%
* As of market close

Trump surrender overshadows GOP debate

Donald Trump plans to surrender to authorities in Georgia on Thursday -- the day before the first Republican primary debate. The ex-president confirmed that he would turn himself in the day after the debate in Milwaukee. The runaway favorite for the Republican nomination is accused of leading a "criminal enterprise" to cling to power after his 2020 election defeat to Joe Biden. The criminal case if one of four targeting him as he makes his bid to return to the White House.

TRUMP APPEARANCE STEALS OXYGEN FROM GOP DEBATE

UPS workers ratify contract to avert strike

The Teamsters announced Tuesday that UPS workers overwhelmingly voted to ratify a new labor contract, officially ending the risk of an economically harmful strike. Workers voted 86.3% in favor of the five-year contract, which was agreed between UPS and Teamsters representatives following hard-fought negotiations that had raised the possibility of a crippling strike involving 340,000 workers. The new contract includes hefty wage increases and other key concessions.

SEE THE DETAILS OF THE DEAL THAT PREVENTED UPS STRIKE

Inappropriate kiss spoils Spain's celebration

Spanish Prime Minister Pedro Sanchez on Tuesday blasted as "insufficient" the apology given by Spain's football federation (RFEF) chief for kissing star player Jennifer Hermoso on the lips after Spain won the Women's World Cup. RFEF chief Luis Rubiales, 45, kissed Hermoso as he handed the Spanish team their gold medals after they beat England 1-0 in the final on Sunday in Sydney, provoking outrage in Spain. He kissed other players on the cheek or embraced them.

SEE RUBIALES' APOLOGY AND HERMOSO'S REACTION TO KISS

Extra point

What was the original name of the rock band KISS? When did it change?

Tuesday's answer: Rihanna recently became the first female member of Spotify's Billion Club -- that's 10 songs surpassing one billion streams.

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