Finimize - 🤓 Economists were wrong

Hi Reader, here's what you need to know for June 13th in 3:12 minutes.

🥳 Time to hang up the celebration banners: the Finimize NFT Fest officially kicks off this week. Join us for a day of souped-up Q&A and workshop sessions, and get a masterclass in all things digital from an all-star line-up of industry experts. Oh, and you’ll get a free NFT domain courtesy of Unstoppable Domains too. Check out the agenda and RSVP here

Today's big stories

US consumer prices rose by more than expected in May
Our analyst knows just where to look if you’re hunting for crypto in a bear market – Read Now
Commodities trading giant Trafigura reported record half-year profits

Peaks And Valleys

What’s Going On Here?

Data out on Friday showed that consumer prices in the US rose by more than expected last month, dashing optimistic economists' hopes.

What Does This Mean?

Economists were hopeful that Friday’s inflation report would bring some good news, especially since the last two reports had shown signs that US consumer prices might’ve already peaked. Add in the fact that current price data is starting to be compared to 2021’s elevated prices, and you’d think the uptick would, you know, come down.

So imagine their disappointment when Friday’s data revealed that US consumer prices rose by a higher-than-expected 8.6% last month compared to the same time last year – a fresh over-40 year high. You can blame a lot of that on still-rising energy prices, including the exorbitant prices you’ll find at the gas pump these days. And wages just aren’t rising fast enough to keep up with those higher costs: inflation-adjusted wages fell 3% in May, marking the fourteenth straight month of declines.

Why Should I Care?

The bigger picture: Risky business.
Gas prices hit new record highs this month, which could be a sign that even higher inflation figures are still to come. That could force the Federal Reserve to bring in more aggressive interest rate hikes to try and curb the rise, but that move could slow down the economy even more. That’s risky: some economists already predict a recession at some point next year, and more rate hikes would only make that more likely.

Zooming out: Cathie’s still holding on.
At least someone has hope: renowned investor Cathie Wood – manager of the ARK innovation fund – thinks the huge inventories that some US companies are holding could end up cooling inflation going forward. After all, if retail giants like Target start selling billions of dollars worth of stock at huge discounts, then that should do its bit to pull down those consumer prices.

You might also like: How to survive the post-rate hike apocalypse.

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🙋 Ask a question

Analyst Take

How To Find A Needle In A Crypto Haystack

By Jonathan Hobbs, Analyst

If anyone ever tells you they know which coins or tokens will make the best crypto investments, don’t believe a word of it. The truth is nobody knows.

But what you can do is build a diversified portfolio with bitcoin, ether, and a range of the leading coins and tokens across some key parts of the crypto landscape.

And this way, you’ll stand a better chance of finding a few diamonds in the rough.

So rather than waiting until the bull market (eventually) returns, use this bear market as an opportunity to design your ideal crypto portfolio.

So that’s today’s insight: how to spread your bets among the core crypto sectors so you cover all your bases.

Read or listen to the Insight here

Become the NFT know-it-all

One app can help you get to grips with NFTs, and it’ll even help you bag them for a good price.

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You can even follow your favorite NFT collections, and get updates on the latest prices with Delta’s price change algorithm to help you time your next digital purchase to perfection.

And because Delta’s platform also lets you monitor your stocks and crypto, you can keep an eye on all your current and future investments in one place.

Start keeping up with NFTs with Delta.

Discover Delta

Set Sail

What’s Going On Here?

Commodity trader Trafigura reported record half-year profits on Friday.

What Does This Mean?

Trafigura makes its money by selling and shipping metals, oils, and other commodities globally, so it's been raking it in while lingering supply shortages – brought on by the pandemic and war – push commodity prices higher and higher. The firm’s been trading more by volume too, especially after customers flocked to reinforce their supply networks when war broke out in Europe. In fact, Trafigura traded more of all its main commodities between last October and this March compared to the year before, even notching record volumes in its key oil and metal segments. Case in point: Trafigura handled a record 7.3 million barrels of oil a day on average, equalling about 7% of total global supply. That really made a difference to its bottom line: the trading giant made a record $2.7 billion in profit, up 27% from the same period last year (tweet this).

Why Should I Care?

Zooming in: So long, partner.
Trafigura might be trading less oil soon, mind you: Russia made up around 6% of the company’s business before war broke out, but the trading firm’s since cut most of its ties with the country. That has some major implications: Trafigura’s no longer Russian state-backed Rosneft’s biggest oil trader, and it’s also planning to sell its nearly $2 billion stake in Russia’s Vostok Oil project – the country’s biggest oil development in post-Soviet times.

The bigger picture: More oil, please.
Still, it’s not all bad for Trafigura: it thinks oil could hit new highs later this year, and a laundry list of banks – including Goldman Sachs and JPMorgan – seem to agree. After all, there’s likely to be even more demand next quarter: China – the world’s biggest oil importer – is estimated to use 12% more oil as lockdowns ease, and American “driving season” will be upon us too. That, at a time when supply of the slippery stuff is still too low to keep up.

You might also like: Could oil really hit $200?

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🙋 Ask a question

💬 Quote of the day

“Life is a long lesson in humility.”

– James M. Barrie (a Scottish novelist and playwright)

Tweet this

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🌎 Finimize Live

🎉 Coming Up This Week

All events are in UK time.

🏦 What’s Next For The Banking Sector?: 1pm, June 13th
🎨 What Will Lead To Mass Adoption Of NFTs?: 5pm, June 13th
🎉 How To Invest Early In Polkadot Projects: 12pm, June 14th
🌍 How And Where To Invest In Africa: 5pm, June 14th
🚀 Finimize NFT Fest: 12pm, 15th June
🏡 Real Estate In The Metaverse with Unstoppable Domains: 1pm, June 15th
💻 The Path To Achieving Mass Adoption Of Web 3.0 with Unstoppable Domains: 4pm, June 15th
🌿 Is The Grass Greener For Cannabis Investors?: 5pm, June 16th
📉 What To Do In A Declining Market?: 7pm, June 16th
😎 The Impact Of Web3 On Music, Culture, And Community: 12pm, June 17th
👉 Mining Crypto With IoT Devices: 6pm, June 17th

💪 And Then After That…

♻️ The Pros And Cons Of Investing In Green Energy Today: 12pm, June 21st
⛔️ How Not To Invest In The Next Luna: 1pm, June 22nd
🥕 Investing In The Rise Of Plant-Based Food: 1pm, June 23rd
🤗 Investing In Metaverse Opportunities: 5pm, June 23rd
♻️ Analysing Emerging Trends In Green Stocks: 5pm, June 27th
🇺🇸 How To Prepare For A Recession: 1pm, June 29th
🏠 Blockchain And Real Estate: What’s Next?: 6pm, June 29th
🏘 How To Diversify Your Crypto Investments Through Commercial Real Estate: 6pm, August 3rd
🏡 Tokenizing Real Estate: 6pm, September 13th

🎯 On Our Radar

When you’re here, you’re… pulling off daylight robbery. One man took home thousands of dollars worth of Olive Garden for free.
No, Tim Berners-Lee didn’t invent the web. One Direction fans did.
We’re getting a new perspective. You haven’t seen the Earth like this before.
Animal Crossing, but evil. Why build a village when you can build a cult?
The Queen’s visiting homes around England. Look closely, though, and things seem a bit off…

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