Newsletter Oct 19, 2023

Quick Six

US vetoes UN resolution against Israel in wake of Biden visit
The United States vetoed a UN Security Council resolution on Wednesday calling for a "humanitarian pause" in the raging Israel-Hamas conflict as the text did not respect Israel's right to defend itself, the US ambassador said. Twelve out of 15 Council members voted in favor of the resolution put forward by Brazil and negotiated over several days, while Russia and the United Kingdom abstained. The US was the only vote against, but as one of the body's five permanent members its vote counts as a veto.
WHY BIDEN BACKS ISRAEL'S HOSPITAL BOMBING CLAIM

Tesla, Netflix, P&G, Morgan Stanley latest to report earnings
Netflix on Wednesday said subscriber numbers grew over 10% to 247 million in the recently ended third quarter as it cracked down on passwords and refined an ad-supported tier. The streaming service said in an earnings report that its nascent ad-supported offering was gaining traction, with the number of members increasing nearly 70% in Q3. Proctor & Gamble and Morgan Stanley were among others reporting earnings Wednesday.
SEE WHY TESLA DISAPPOINTED IN ITS EARNINGS REPORT

Zillow drops forecast for home prices due to mortgage rates
Zillow has revised down its home price forecasts for this year and the next 12 months due to the rise in mortgage rates. The real-estate website, which is the most-visited in the U.S., said in a statement Wednesday that the typical home value is expected to rise by 3.3% in 2023 -- a decrease from last month's estimate of 4.3%. Zillow attributes these adjustments to the shortage of homes for sale, which is exerting upward pressure on prices.
SEE HOW MORTGAGE RATES ARE CRUSHING HOME SALES

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Markets

DJIA	33,665.08	-0.98%
S&P 500	4,314.60	-1.34%
Nasdaq Composite	13,314.30	-1.62%
Japan: Nikkei 225	31,430.62	-1.91%
UK: FTSE 100	7,511.98	-1.00%
Crude Oil Futures	87.34	-1.11%
Gold Futures	1,964.20	-0.21%
Yen	149.81	-0.08%
Euro	1.06	0.29%
* As of market close

GOP's Jordan loses second speaker election

House Republicans once again voted down Rep. Jim Jordan (R-Ohio) for the speakership, losing by more votes this time than the first. Jordan lost Wednesday's second round of votes when 22 fellow Republicans voted against him -- two more than Tuesday’s first-round vote. Jordan, who has the support of former President Donald Trump, needs 217 votes to win the gavel. Lawmakers are considering a measure to end the ongoing saga. The next vote could come as soon as Thursday.

WHY JORDAN THINKS HE CAN FLIP ENOUGH VOTES TO WIN

ECB greenlights next phase of 'digital euro'

The European Central Bank moved closer to creating a "digital euro" Wednesday by greenlighting the next stage in the project, even as questions persist about the potential benefits and risks. The ECB's governing council has agreed to launch a two-year "preparation phase" from November, the bank said in a statement, while stressing that the final decision on launching a virtual currency had not yet been made.

DIGITAL CURRENCY CAN BE A POWERFUL TOOL FOR BUSINESS

Premier League eyes record television deal

The Premier League aims to smash its own record domestic TV rights deal after making 70 more matches available for broadcast from 2025. Currently, 200 matches per season are sold to broadcasters in the UK with the three-year deal that runs until the 2024-25 season worth a reported GBP4.8 billion (US$5.8 billion). Rather than the usual three-year cycle, the Premier League is inviting offers on a four-year deal.

HOW STREAMING WILL PLAY A ROLE IN EPL'S NEXT TV DEAL

Extra point

Name the most viewed sporting event in TV history. How many viewers?

Thursday's answer: The 2008 Beijing Olympics is the most watched TV sporting event of all time with 4.7 billion viewing all or part of the Games.

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