Parker files Chapter 7 after Avalara deal collapse; $58m equity wiped
The e-commerce credit card startup shut down on 4 May after acquisition talks with tax-software firm Avalara collapsed. The Chapter 7 filing lists $50m to $100m in both assets and liabilities.
Economy
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Markets price Fed hike by January after hot inflation
Traders shifted from betting on Fed cuts to pricing a 60 per cent chance of a 25-basis-point hike by January after hotter inflation forecasts and rising Treasury yields.
The ECB and BoE Are Unlikely to Rush With Rate Hikes
Europe's two largest central banks kept borrowing costs on hold at their April meetings, but the direction of the next move is no longer ambiguous. Rising energy prices and sticky services inflation are forcing Frankfurt and Threadneedle Street to confront a question neither wants to answer: how much growth are they willing to sacrifice to keep inflation expectations anchored?
NY Fed: 3.6M student loans in default
3.6 million federal student loan borrowers entered default as payments resumed, NY Fed data show Tuesday. Credit scores dropped 91 points.
Warsh confirmed: 12 Fed voters gather as Powell's final meeting looms
Kevin Warsh joins the FOMC this week after a 51-45 Senate confirmation, taking a seat at the table just three days before Jerome Powell's term as chair expires. With April inflation at 3.8% and Iran-driven energy costs still climbing, the 12 voting members are almost certain to hold rates steady.
Commodities
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Gold's 12% Iran sell-off is a rates story, not a haven failure
Gold has fallen 12 per cent since the Iran conflict began, defying the safe-haven script. ING's Ewa Manthey says the sell-off is a macro story — real yields and a strong dollar — not a structural failure. J.P. Morgan and the ECB see central bank demand keeping the bull case intact.
Gold Falls From Three-Week High as Fading Middle East Peace Hopes Lift Dollar
Spot gold slipped 0.8% to $4,698.22 an ounce on Monday, retreating from a three-week high, as deteriorating U.S.-Iran peace talks boosted the dollar and oil prices, undercutting the metal's safe-haven bid.
Stocks
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Samsung shares slide as union sticks to strike, chip output slows
Samsung shares fell after its main South Korean union held to an 18-day strike plan and management prepared for lower chip output ahead of May 21.
Bill Ackman builds Microsoft (MSFT) stake after selloff, citing AI growth
Pershing Square built a Microsoft position in February after the stock's pullback, with Bill Ackman arguing Azure, enterprise software and AI optionality still justify the long-term case.
TSMC (TSM) posts 58% profit jump as AI chip orders push Q1 revenue to NT$1.13tn record
TSMC posted net income of NT$572.48 billion, a 58.3% year-on-year surge, as AI chip demand drove revenue to a fourth consecutive record.
Cerebras Surges 68% in Nasdaq Debut After $5.55 Billion IPO
Cerebras Systems closed at $311.07 after surging 68% in its Nasdaq debut, raising $5.55 billion in the largest US tech IPO since Uber.
Latest
Suspicious prediction-market trades draw CFTC scrutiny as volumes swell
Suspicious trading on Kalshi and Polymarket is becoming a core market-structure problem as volumes rise and the CFTC signals tougher oversight.
California SaaS tax proposal adds new risk for cloud-software stocks
Newsom's bid to tax digital software at 7.25 per cent would reach beyond Sacramento's budget math. For software and AI investors, the question is how much vendors can pass through and how much valuation premium gets shaved by policy risk.
Rapido raises $240 million in Prosus-led round at $3 billion valuation
Rapido raised $240 million in a Prosus-led round that valued the Indian ride-hailing platform at $3 billion, offering a fresh marker for late-stage mobility funding in India.
Newsom targets SaaS with proposed 7.25% California software tax
Newsom's plan to tax cloud software sales at 7.25 per cent would widen California's sales tax base and add pricing risk for SaaS vendors.
CME, ICE press Washington to tighten oversight of Hyperliquid
CME Group and ICE are pressing U.S. regulators to scrutinize Hyperliquid after a surge in oil-linked trading sharpened concerns over manipulation and sanctions risk.
CFTC Issues Blanket No-Action Letter on Prediction Market Data Reporting
The CFTC issued Letter No. 26-14 on Tuesday, granting 19 prediction market platforms — including Polymarket US and Kalshi — relief from swap data reporting obligations, as the agency presses its jurisdictional claim against five state-level gambling regulators.
Affirm Targets Bank Charter With $350M Nevada Capital Pledge
Affirm outlined plans at its 12 May investor forum to inject $350 million into a Nevada-chartered industrial bank, aiming to lower funding costs and recapture fees paid to partner banks. The move puts the buy-now-pay-later firm at the centre of a growing push by fintechs to secure ILC charters.
Dollar Rises for Fourth Day as Inflation Data Lifts December Rate-Hike Odds to 35%
The dollar rose for a fourth consecutive session on Thursday, pushing the DXY index to 98.57, as back-to-back US inflation prints drove a sharp repricing of Federal Reserve rate expectations — lifting the odds of a December increase to 35 per cent.
Burry buys MercadoLibre in the $1,600s after post-earnings drop
Michael Burry bought a full position in MercadoLibre after the stock fell 13% on a Q1 margin miss, betting his IV15 framework will prove right over a 15-year horizon.