Top Stories

$100bn mobile games market down for first time in a decade

In today’s top stories, $3bn is withdrawn from cryptocurrency exchange Binance, Musk sells $3.6bn-worth of Tesla shares and the mobile games market sees revenues fall for the first time in a decade. Goldman Sachs has highlighted companies with top sustainability credentials, and Bank of America suggests stocks to watch as China reopens.

No amount of withdrawals” can trouble Binance

Changpeng Zhao, CEO of cryptocurrency exchange Binance [BNB], attempted to reassure customers after $3bn of withdrawals within 24 hours. Despite seeing its highest daily outflow since June, Zhao insisted no amount of withdrawals” would trouble the cryptocurrency exchange. While similar outflows led to a run on FTX, Noelle Acheson of Crypto is Macro Now, thinks risks are low provided Binance has been responsibly segregating customer funds.”

Musk no longer worlds richest on Tesla slip

Elon Musk is no longer the worlds richest person following falls in Teslas [TSLA] share price. Tesla fell 6.3% on Monday, passing the title onto  LVMH CEO Bernard Arnault. Musk sold 22 million Tesla shares, worth approximately $3.6bn, between Monday and Wednesday. It is the third time Musk has sold since declaring no further TSLA sales” in April.

Stocks to rally on Chinas second reopening

Bank of America [BAC] analysts suggested 30 global stocks, including Samsung SDI [006400.KR] and Panasonic [6752.JP], set to benefit from a second Chinese reopening rally on Wednesday. Chinas reopening is causing headaches for fund managers, though, with some freezing withdrawals following a rush of fixed-income WMP redemptions. Tencent [TCEHY] may be set to rebound, as it expands into metaverse and cloud computing.

Goldman highlights green overperformers

Goldman Sachs [GS] analysts have highlighted nine Green Capex Improvers” and Green Revenue Improvers” whose sustainability credentials helped them outperform peers in their sectors by 21% and 15% respectively. Three are on Goldmans conviction list” with buyratings: German carmaker Mercedes-Benz [MGB.DE], Australian miner Iluka Resources [ILU.AX], and South Korean EV component supplier LG Chem [051910.KS].

$100bn mobile games market contracts

For the first time in ten years, the mobile games market could be set to decline. Higher advertising costs and lower consumer spending are hitting profitability, while the end of the Covid-19 pandemic has seen a fall in player engagement. The $100bn industry will see revenues fall 6.4% this year, according to gaming data firm Newzoo.

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