Market Update | Mar 06

DID YOU KNOW?

Top Headlines: Delivered by Leonard Steinberg

March 06, 2024

01  Tech companies fired 165,000 people in 2022 and 260,000 in 2023, and they’re on pace to fire 270,000 in 2024, savings that are fueling profits.

02  "Human brains like to understand things, and they like to have predictability, and they like to have control over their environment. When you have perceived threats in your environment, a conspiracy theory can help you make sense of your distress."

–Psychotherapist Stephanie Sarkis

03  Average ultra-high-net-worth individuals already owns 4 homes.

(CNBC)

04  To be amongst the TOP 1% of wealthiest in Monaco, you need a net worth over $12,9 million, the highest in the world. In the US it is less than half at $5.6 million, up 15% from a year ago.  The number of wealthy individuals is expected to rise by 28.1% in the 5 years to 2028, much lower compared with the 44% increase seen in the 5-year period to 2023.

(CNBC)

05  As measured against the currencies of USs largest trading partners, the US DOLLAR is a lofty 17% above its average over the last 20 years. US productivity growth and economic dynamism to a torrent of flows into American assets and homegrown technological prowess in crucial areas such as AI reinforce the greenback’s dominant role as the world’s reserve currency despite short-term ups and downs. Economists raised forecasts for 2024 US growth to 2.1%, lowering the odds of recession to 40%.

(Bloomberg)