Here is what we have in this newsletter for you🔥

• What to know this Week? 📅

• Swiss Bank Doubles Down on EV Stocks Rivian and Lucid💰

• Shaq got nearly $750k from FTX🤯

What to know this Week? 📅

📊Market Performance

• S&P 500: 4,457.49 (+0.14%)

• DJI: 34,576.59 (+0.22%)

• Nasdaq-100: 15,280.23 (+0.14%)

• Russell 2000: 1,851.54 (-0.23%)

• Bitcoin: 25,852.80 (+0.082%)

• Gold: $1,927.11 (+0.42%)

💹Inflation Data on the Horizon:

On Wednesday morning, investors will have their eyes on the release of the Consumer Price Index (CPI) for August, a crucial economic indicator.

Expectations suggest that headline inflation will continue its upward trajectory due to rising oil prices. This data will provide valuable insights into the current state of inflation and its potential impact on the economy

🍎Apple's Fall Event:

Technology enthusiasts and investors alike eagerly await Apple's marquee fall event, scheduled for Tuesday. The tech giant is expected to unveil new iPhone 15, Apple Watches, and a new charging port for most devices.

This event is of significant importance for Apple stock (AAPL) and the entire technology sector.

📆Deadline Nears for Auto Strikes:

A contract dispute between the United Auto Workers and automakers Ford (F), General Motors (GM), and Stellantis (STLA) has a looming deadline of September 14. If an agreement is not reached, workers have threatened to go on strike. This development has the potential to impact both the automotive industry and the broader market.

Swiss Bank Doubles Down on EV Stocks Rivian and Lucid💰

In the second quarter, the Swiss National Bank made significant changes to its investment portfolio, increasing its investments in electric vehicle (EV) manufacturers Rivian and Lucid Group while selling Apple and General Motors (GM) stocks.

These strategic moves have yielded positive results, with one of the bank's bets already paying off. Let's delve into the details.

🏦Swiss National Bank's EV Investment Strategy:

The Swiss National Bank nearly doubled its investments in EV makers Rivian and Lucid in the second quarter. By purchasing 1.1 million more Rivian shares, the bank now holds 2.3 million shares. In a similar vein, it bought an additional 1.5 million shares of Lucid, bringing its total investment to 3.2 million shares.

Impressive Performance of Rivian and Lucid Stocks:

Rivian stock endured a challenging year in 2022, plummeting by 82%. However, in the first half of 2023, it surged by 16%. In the third quarter, the stock has skyrocketed by 39%. Analysts have been positive about Rivian's potential, especially after the company reported strong second-quarter deliveries.

Lucid stock also faced adversity in 2022, experiencing an 82% drop. While it saw a modest 1% gain in the first half of 2023, it has declined by 15% so far in the third quarter. The stock took a hit after a disappointing second-quarter report, which revealed price cuts on its EVs, leading to concerns about weakening demand.

Apple and GM Stock Sales:

On the other hand, the Swiss National Bank sold 6 million shares of Apple stock in the second quarter, reducing its investment to 57 million shares.

Apple faced challenges from China, with government officials being banned from using iPhones at work and competition from a new Huawei phone. Despite these hurdles, Apple shares posted an impressive 51% gain in the first half of 2023, though they declined by 9.3% in the third quarter.

The bank also sold 600,000 shares of GM stock, leaving it with 5 million shares. GM has encountered its own share of difficulties, including facing negative headlines recently and a potential strike by the United Auto Workers.

However, there is optimism that any potential strike will be resolved quickly with minimal impact on the company's stock.

Shaq got nearly $750k from FTX🤯

Failed cryptocurrency exchange FTX is currently facing bankruptcy proceedings, and court documents reveal the extent of the company's high-profile marketing and sponsorship deals.

Celebrities such as:

• Shaquille O’Neal

• Naomi Osaka

• David Ortiz

are among those who received substantial payments from FTX for their promotion efforts.

However, these payments have come under scrutiny. FTX's current management acknowledges that this list of payments might not be exhaustive and is actively investigating outstanding payments made in past years to cover the company's debts.

It is worth noting that some of these celebrities, including O'Neal and Osaka, were already facing legal actions by FTX creditors for allegedly promoting unregistered securities disguised as interest-bearing accounts. This ongoing class-action lawsuit raises significant questions about the responsibility of celebrities in endorsing financial products.

FTX's marketing strategy under its founder, Sam Bankman-Fried, was notorious for its glitz and glamour. The company spared no expense, hosting high-profile events with guests like NFL quarterback Tom Brady, former President Bill Clinton, and former British Prime Minister Tony Blair.

FTX even purchased the naming rights for the Miami Heats' Stadium and spent millions on a Super Bowl ad earlier this year.

As FTX's current team explores options to recover funds paid to promoters, it is vital to understand that the final amount recovered may differ from the reported figures. The process of clawing back these funds is being undertaken to repay the company's significant debts.

Forecasts🔍

Looking into the price of Gold (XAU/USD) this pair can be utilized to forecast the direction of the USD and the current economic situation. Based on the gold chart above, the gold price is still in a downtrend movement. Hence, in order for the gold price to continue the momentum downwards, it has the break the significant support level at 1917-1915, for it to continue and does not break the trendline. One important economic event will be the CPI news that will be held on the 13th of September 2023, which would cause a big movement in the price of gold. We would expect the price of gold to continue going downwards as the USD is currently going strong regardless.

For traders who would like to trade in the market, we would advise to look for any sell position and make sure that the price can break the significant support level ( 1917 - 1915), and this would be a great confirmation for you to hold your positions until the upcoming FOMC statement by FED. However, if the price fails to break the significant support level, we have to keep an eye on the trendline. As long as the price respects the downward trend, there is a high possibility for the price to continue going downwards.

Key News to look into this week!

1. CPI (13 September 2023)

2. PPI (14 September 2023)

3. Empire State Manufacturing Index (15 September 2023)

These are the high-impact news events that would significantly impact the price of Gold and the strength of USD in the coming days.

✨Bonus News✨

Disclaimer: This is not any kind of financial advise. This newsletter is solely informational; it does not constitute investment advice, a solicitation to buy or sell any securities, or a recommendation regarding how to manage your money. Be cautious and conduct your own study, please.