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Recession Worries & Bitcoin's Dramatic Fall

Wall Street is already experiencing what might become the worst continuous drop in corporate earnings in seven years as the US economy teeters on the verge of recession. At the same time, China's economic recovery is losing steam. What does this all mean?

May 14, 2023

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As the first quarter results season concludes, analysts are predicting that S&P 500 company profits fell 3.7% year over year.

Even though 78% of companies exceeded projections, according to data provided by Bloomberg Intelligence, this is less spectacular than it seems because analysts lowered their expectations before the season began.

Even more importantly, corporate America saw a fall in earnings in the second consecutive quarter.

April through June are now the focus of pessimistic earnings expectations, with a 7.3% profit dip pencilled in for the period.

Analysts have revised their estimates for when the profits recovery will begin, saying that the pain from rising interest rates and waning consumer demand will continue until the third quarter of 2023.

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Hong Kong Cracks Down on Worldcoin's Data Collection Practices

Hong Kong Cracks Down on Worldcoin's Data Collection Practices

Authorities found that Worldcoin failed to adequately inform users about the collection of their personal data and did not obtain their informed consent. Worldcoin also retained user data for extended periods beyond what was necessary and did not provide a Chinese translation of its privacy policy.