🤐 What Twitter isn't telling you about Credit Suisse

Hi Reader, here's what you need to know for October 6th in 3:11 minutes.

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Today's big stories

The World Trade Organization lowered its global predictions for 2023
Here’s what Twitter isn’t telling you about the Credit Suisse drama – Read Now
Supermarket giant Tesco cut prices, and that might've cut its profit

The WTO Says 2023 Could Be A Rocky Road

What’s Going On Here?

The World Trade Organization (WTO) warned on Wednesday that global trade growth could slow down majorly next year.

What Does This Mean?

One thing’s been clear for a few months – there’s a bumpy economic road ahead. And now that the WTO’s suggesting we’re approaching a straight-up dirt trail rather than a highway, you might want to buckle up extra tight. The path looks rough: food and energy prices loom large, and towering interest rates present many countries with the prospect of a full-blown recession – all of which is likely to weaken import demand. On top of that, Covid restrictions in China – the “world’s factory” – have torn a hole in production and demand. That could be why the WTO sees global trade growing just 1% next year – far below its previous forecast of 3.4% and lightyears from 2021’s 9.7% growth. The organization even warned that trade could shrink if the war in Ukraine worsens.

Why Should I Care?

The bigger picture: Keep it spread out, stupid.
Right now, the global supply chain’s like a skyscraper whose center of gravity is way up on the fiftieth floor: the gentlest wind can set us a-trembling, and earthquake-level events (like pandemics and wars) shake us to the core. To achieve stability and counterbalance any localized disruptions, the world needs more diverse and less concentrated bases of supply. The EV industry’s got the right idea: this year Tesla announced plans to source nickel from Canada to reduce its reliance on China.

Zooming out: A bird in the hand?
Speaking of Tesla, the firm’s CEO Elon Musk hit headlines yet again this week. After months of quibbling and quarreling, he added another twist to the Twitter debacle – by reopening his original offer to buy the company for $44 billion (tweet this). Whether it’s set in stone this time around is anyone’s guess – but investors certainly got on board, sending Twitter’s shares up over 20% when the news broke.

You might also like: What’s next for the global economy: three scenarios.

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Analyst Take

Credit Suisse: What Twitter Won’t Tell You

Stéphane Renevier, Analyst

Credit Suisse has sparked quite the outcry.

Half of Twitter is loudly proclaiming another world-shaking, financial-disaster-catalyzing Lehman moment, and the other half is bashing the first for being “ignorant scaremongers”.

But if you want the true scoop about the big bank, you’re going to need more than 140 characters.

So that’s today’s Insight: what Twitter’s telling you about Credit Suisse, and what it isn’t.

Read or listen to the Insight here

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