🛰️Chinese Astronauts Return To Earth

☀️Good morning. It's Monday, Nov. 4, and we're covering Oil Prices Rise Over $1 As OPEC+ Delays Output Increase, Affirm Expands To The UK Amid Regulatory Scrutiny OF BNPL Market, Angry Crowd Hurls Mud, Insults At Spanish King During Flood Visit, and much more. First time reading? Sign up to get this newsletter: Sign up here. 

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MARKETS

Cryptocurrency Prices by Market Cap

• The global cryptocurrency market cap today is $2.29 Trillion, a 0.11% decrease in the last 24 hours.

• The total crypto market volume over the last 24 hours is $72.09B, which makes a 27.87% increase.

• The total volume in Defi is currently $3.7B, 5.13% of the total crypto market 24-hours.

• The volume of all stablecoins is now $65.81B, which is 91.28% of the total market 24-hour volume.

• Bitcoin’s dominance is currently 59.34%, a decrease of 0.24% over the day.

BUSINESS & FINANCE

Oil Prices Rise Over $1 As OPEC+ Delays Output Increase

OPEC+ has postponed a planned increase in oil production by one month, pushing prices up by over $1 per barrel. Brent crude rose by 1.6% to $74.28, and U.S. West Texas Intermediate (WTI) increased by 1.7% to $70.70. The delay means OPEC+ will maintain its current 2.2 million barrels per day cut until January to support prices amid weak demand. Analysts suggest this move signals stronger price support from OPEC+ than expected.

Takeaway: Despite the price increase, experts caution that the uptrend may not be sustainable, given previous patterns of market reactions to similar developments. The week ahead will also see the U.S. presidential election and a key meeting in China, where economic stimulus measures are anticipated. (Read Deeper)

Berkshire Hathaway's Record Cash Holdings And Reduced Stock Exposure In Q3

Warren Buffett’s Berkshire Hathaway has increased its cash reserves to a record $325.2 billion, selling a substantial portion of its holdings in Apple and Bank of America in Q3. The conglomerate reported a 6% drop in operating profit due to increased insurance liabilities from Hurricane Helene and currency losses tied to a stronger U.S. dollar, although some segments like Geico, BNSF railroad, and Berkshire Hathaway Energy saw profit gains.

Takeaway: Berkshire sold about 100 million shares of Apple, bringing its total sales for the year to over 600 million shares, although Apple remains its largest investment at $69.9 billion. The company also sold a total of $36.1 billion in stocks during the quarter while buying only $1.5 billion in new stock, marking its eighth consecutive quarter as a net seller. Notably, Berkshire did not repurchase any of its shares, indicating that Buffett does not consider them undervalued. (Read Deeper)

TECHNOLOGY & SCIENCE

Affirm Expands To The UK Amid Regulatory Scrutiny OF BNPL Market

Affirm, a major U.S.-based "buy now, pay later" (BNPL) provider, is launching in the UK as regulators prepare to impose new rules on the sector, aiming for oversight similar to traditional credit services by 2026. Founded by PayPal co-founder Max Levchin, Affirm partners with major brands like Amazon, Walmart, and Shopify in North America, and seeks to build similar relationships in the UK, starting with companies like Alternative Airlines and Fexco.

Takeaway: To stand out, Affirm is focusing on consumer-friendly terms: it won’t charge late fees and will only apply fixed interest, aiming to preempt regulatory concerns about hidden fees and debt risk that have plagued other BNPL providers. Amid ups and downs in the sector’s valuations, Affirm’s revenue has recently surged, with profitability anticipated in 2025. The company's entry into the UK reflects a disciplined approach to growth, focusing on stable partnerships and aligning with anticipated regulatory standards. (Read Deeper)

Chinese Astronauts Return To Earth After Six-Month Mission Aboard Tiangong Space Station

China's Shenzhou 18 astronauts have successfully returned to Earth after a six-month mission aboard the Tiangong space station. The spacecraft, carrying astronauts Ye Guangfu, Li Cong, and Li Guangsu, landed at the Dongfeng site in northern China on Sunday, November 3, 2024, at approximately 12:24 p.m. EST (1724 GMT or 12:24 a.m. on November 4 Beijing time). All three astronauts were reported to be in good health following their return.

Takeaway: During their time in space, which began on April 25, the crew conducted a variety of scientific experiments, including research on ancient microbes, and completed two spacewalks, one of which involved installing protective shielding against space debris. Ye Guangfu also made history by becoming the first Chinese astronaut to exceed 365 cumulative days in space, having previously participated in the Shenzhou 13 mission. (Read Deeper)

AROUND DE WORLD & POLITICS

Angry Crowd Hurls Mud, Insults At Spanish King During Flood Visit

During a visit to the flood-devastated region of Valencia, Spain, King Felipe VI and Queen Letizia faced an angry crowd of survivors who hurled mud and shouted insults, including "Get out!" and "Killers." The visit aimed to address the aftermath of Spain's worst floods in decades, which have resulted in over 200 deaths and extensive damage in areas like Paiporta.

Takeaway: Survivors expressed their frustration over the government's delayed response, with one resident crying out, "We have lost everything!" Despite the hostility, the king attempted to engage with the community, offering comfort to individuals in distress. The royals left the area after about half an hour amid ongoing criticism of the government's handling of the disaster. (Read Deeper)

Volcanic Eruption In Indonesia Claims Six Lives, Destroys Homes

A series of volcanic eruptions on Flores Island, Indonesia, particularly from Mount Lewotobi Laki Laki, has resulted in at least six deaths and significant destruction of homes, including a convent for Catholic nuns. The eruptions, which began just after midnight on Monday, sent ash up to 2,000 meters (6,500 feet) into the air and affected around 10,000 residents across several villages. While the initial death toll was reported as nine, it was later revised down.

Takeaway: Authorities have increased the volcano's alert level to the highest status and expanded the exclusion zone to a 7-kilometer (4.3-mile) radius. The situation has prompted evacuations, as volcanic material has blanketed nearby areas, forcing residents to flee in panic. This incident follows another recent eruption from Mount Marapi in West Sumatra, which occurred without reported casualties. (Read Deeper)

ENTERTAINMENT & SPORTS

Manchester United Struggles Continue With Draw Against Chelsea

Manchester United's struggles in the Premier League continued with a 1-1 draw against Chelsea at Old Trafford, marking the club's worst start to a league campaign since the 1986/87 season. Bruno Fernandes scored from the penalty spot to give United the lead in the second half, but Chelsea's Moises Caicedo equalized shortly after. The match was the first for United under interim manager Ruud van Nistelrooy, who will be replaced by Ruben Amorim later this month. (Read Deeper)

Tyler, The Creator's 'Chromakopia' Debuts At Number One

Tyler, The Creator's album Chromakopia has debuted at number one on the Billboard 200 chart, achieving this milestone with a unique Monday morning release strategy instead of the typical Friday drop. This innovative approach aimed to encourage deeper engagement from listeners during the workweek. Despite having only four days of sales tracked, the album garnered impressive figures, with 299,500 sales and over 212.55 million streams, marking Tyler's best week in terms of both metrics. (Read Deeper)

PODCAST(WHAT WE ARE LISTENING TO)

• Vinod Khosla, a renowned venture capitalist has been a prominent advocate for artificial intelligence (AI) and its transformative potential. Reflecting on the evolution of AI, Khosla emphasizes that the current advancements are not merely incremental but represent a significant leap forward. (Listen)

EXTRA BREVITI

• Investors across various asset classes, from equities to cryptocurrency, are adjusting their positions in preparation for market swings tied to the closely contested U.S. election. (Read More)

• Infrequent Voters and GOP Defectors Could Decide Tight 2024 Election in Key Battleground States. (Read More)

• Israeli airstrikes in the Gaza Strip killed at least 31 people on Sunday, with a significant number of fatalities occurring in northern areas targeted by the military's ongoing campaign against Hamas. (Read More)

• France is holding a trial for eight individuals accused of terrorism-related charges in connection with the beheading of teacher Samuel Paty. (Read More)