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Nishad Singh Freed After FTX Sentencing

Former FTX engineering director Nishad Singh has been sentenced to “time served” by U.S. District Judge Lewis Kaplan, effectively granting him freedom after his extensive cooperation in the federal case against FTX founder Sam Bankman-Fried. Singh will also be subject to three years of supervised release, a lighter sentence reflecting his pivotal role in exposing the depth of fraud at the now-collapsed cryptocurrency exchange.

Judge Kaplan commended Singh’s contributions, describing him as “a very important cooperator” whose efforts were essential in piecing together the prosecution’s case against FTX’s top executives.

You can read more on the matter here.

What’s going on?

• Amazon-Owned Zoox to Launch Robotaxi Service in San Francisco and Las Vegas (theDeepDive)

• Child care is getting cheaper in Canada but parents stuck in daycare deserts are still left stranded (Globe)

• MicroStrategy Unveils $42 Billion Plan to Expand Bitcoin Holdings (theDeepDive)

• UK borrowing costs hit highest level this year as gilt sell-off intensifies (FT)

• PayPal Q3 2024 Earnings: Swing and a Miss (theDeepDive)

• Mastercard's profit beats estimates on resilient consumer spending (Reuters)

• Nuclear Reactor Near Fukushima Resumes Operations After 13-Year Hiatus (theDeepDive)

• MicroStrategy’s $21 Billion Equity Plan Tops Tesla for Record (Bloomberg)

• CMOC’s Cobalt Surge Floods Global Market, Driving Eight-Year Price Low (theDeepDive)

• Eurozone inflation rises to 2% in October (FT)

• Russian Miner Nornickel Raises 2024 Production Targets (theDeepDive)

• Key inflation rate hits 2.1% in September, as expected, closing in on Fed target (CNBC)

• India’s Pre-Diwali Gold Rush Drives Global Metal Prices to Record Highs (theDeepDive)

• China Home Sales Slump Eases as Stimulus Boosts Buyer Morale (Bloomberg)

• Reddit Q3 Earnings: Smashing Expectations (theDeepDive)

What’s the latest?

• Inflation: In September, the PCE price index rose 0.2% monthly, bringing the annual inflation rate to 2.1%, just above the Fed's 2% target. Core inflation, excluding food and energy, was 2.7% year-over-year, with services prices up 0.3% and goods prices down 0.1%. Consumer spending outpaced expectations, increasing by 0.5%, while personal income rose 0.3%, aligning with forecasts.

• Mastercard: Mastercard's third-quarter earnings per share reached $3.89, surpassing analysts' expectations of $3.73, driven by a 17% increase in cross-border transactions. Global purchase volume rose 11% to $2.058 trillion, slightly above forecasts. The company projects low-teens growth in net revenue for the fourth quarter and recorded a $176 million provision for litigation, following a failed $30 billion settlement with US merchants over swipe fees. Additionally, Mastercard took a $190 million pretax charge as part of its August reorganization plan, which includes a 3% workforce reduction.

• Manulife: Manulife Financial Corp. cut 225 jobs, or about 2.5% of its global wealth and asset management workforce, to streamline operations and prioritize growth areas. The division manages over C$1.1 trillion ($791 billion) across multiple regions. Deloitte reports that asset management firms face shrinking profit margins due to the rising demand for low-cost funds, increasing the pressure on active management. Manulife will report its third-quarter earnings on Nov. 6.

• Economy: Canada’s economy remained flat in August, with growth in services offset by declines in goods-producing industries, especially manufacturing. A preliminary estimate shows third-quarter GDP growth at an annualized rate of 1%, below the Bank of Canada’s 1.5% projection. Weak economic performance may lead to further interest rate cuts, although the central bank will decide based on additional inflation and economic data.

• Canadian Natural Resources: Canadian Natural Resources Ltd. reported a Q3 profit of $2.27 billion, slightly down from $2.34 billion last year, with earnings of $1.06 per diluted share, matching the previous year. Product sales declined to $10.4 billion from $11.76 billion, and daily production fell to 1.36 million barrels of oil equivalent. Adjusted earnings were 97 cents per share, exceeding analyst expectations of 90 cents.

Ivanhoe Q3 2024 Earnings

The stock market and stuff

• Coinbase Posts Lower-Than-Expected Q3 Earnings with a 17% Revenue Drop and Rising Expenses (theDeepDive)

• Robinhood Posts 36% Revenue Jump in Q3 2024 but Still Misses Estimates (theDeepDive)

• IMF projects 4% growth rebound in Middle East and North Africa next year (Reuters)

• Agnico Eagle Q3 2024 Results: Record Cash Flow Amid Rising Costs (theDeepDive)

• Uber’s Revenue Soars 20% in Q3, Yet Shares Drop on Missed Growth Expectations (theDeepDive)

In the juniors

• Fission Uranium Stakes Four New Projects In Athabasca Basin (theDeepDive)

• This Metal Makes EV Batteries Safer & Stronger | First Tellurium with Tyrone Docherty (theDeepDive)

• New Found Gold Says It Has Discovered Another Zone At Depth, Intersects 9.51 g/t Gold Over 7.45 Metres (theDeepDive)

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