Round up of today’s market news

North American News

Market Dynamics at Close: Notable Rotation Emerges as Major Players Experience Selling Pressure

• Flat day for the Nasdaq but another huge gain for the Russell 2000

• S&P 500 +0.2%
• Nasdaq Comp +0.2%
• DJIA +0.4%
• Russell 2000 +2.0%

Big jump in the Atlanta Fed GDPNow to 2.6% from 1.2% last

The Atlanta Fed GDPNow model estimate for Q4 growth jumps to 2.6% from 1.2% on December 7.That’s a big jump.

In their own words:

The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the fourth quarter of 2023 is 2.6 percent on December 14, up from 1.2 percent on December 7.After recent releases from the US Census Bureau, the US Bureau of Labor Statistics, and the US Department of the Treasury’s Bureau of the Fiscal Service, the nowcasts of fourth-quarter real personal consumption expenditures growth, fourth-quarter real gross private domestic investment growth, and fourth-quarter real government spending growth increased from 1.9 percent, -3.0 percent, and 3.1 percent, respectively, to 3.0 percent, 0.5 percent, and 3.6 percent, while the nowcast of the contribution of the change in real net exports to fourth-quarter real GDP growth decreased from -0.06 percentage points to -0.12 percentage points.

US initial jobless claims 202K vs 220K estimate

• The continuing and initial jobless claims for the current week

• Prior week 220K revised to 221K
• Initial jobless claims 202K vs 220K estimate. Lowest since October 13 week.
• 4-week moving average of initial jobless claims 213.25K vs 221.00K last week.
• Continuing claims 1.876M vs 1.887M estimate.Last week 1.861M revised to 1.856M
• 4-week moving average of continuing claims 1.8745M vs 1.871M
• The largest increases in initial claims for the week ending December 2 were in California (+13,478), New York (+9,073),Texas (+8,321), Georgia (+6,728), and Oregon (+5,406),
• The largest decreases were in Kansas (-893), Vermont (-14), and Delaware (-14).

US November retail sales +0.3% vs -0.1% expected

• November 2023 US retail sales

• Prior was -0.1% (revised to -0.2%)

Details:

• Retail sales m/m +0.3% versus -0.1% expected
• Ex-autos +0.2% versus -0.1% expected.
• Prior ex-autos +0.1%
• Control group +0.4% versus +0.2% expected
• Prior control group +0.2%
• Retail sales ex gas and autos +0.6% vs +0.1% prior

The US consumer has run strong all year. Sales have now risen in six of the past seven months.

US November import prices -0.4% vs -0.8% estimate

• US import and network prices for the month of November 2023
• Prior month import prices -0.8%. Export prices prior month -1.1%
• Import prices -0.4% vs -0.8% expected
• Export prices -0.9% vs -1.0% expected
• Import prices YoY -1.4% vs -1.8% last month (revised from -2.0%)

From the BLS press release (detailed view):

IMPORT PRICES:

• Overall U.S. Import Prices: Decreased by 0.4% in November and 0.6% in October, marking the first monthly declines since June 2023.The largest decline within this period was 0.8% in March 2023. Yearly, there was a 1.4% fall in import prices up to November.
• Fuel Imports:
  • Declined by 5.6% in November and 3.7% in October.
  • Largest monthly decrease was in November, similar to February 2023.
  • Import petroleum prices dropped 7.1% in November, the most significant one-month decrease since August 2022.
  • Natural gas prices increased by 38.3% in November, the largest one-month rise since December 2022.
  • Overall, import fuel prices fell 10.3% over the past 12 months, with petroleum prices down 9.2% and natural gas prices down 34.8%.
• All Imports Excluding Fuel:
  • Prices rose 0.2% in November after declining 0.2% for three consecutive previous months.
  • This increase was the first since February 2023.
  • Over the past year, nonfuel import prices declined by 0.4%.
• Foods, Feeds, and Beverages:
  • Prices increased by 0.9% in November, after decreases in October (0.5%) and September (0.3%).
  • The rise in prices for vegetables and fruit outweighed the decline in prices for fish, shellfish, and meat.
• Nonfuel Industrial Supplies and Materials:
  • Prices rose by 0.2% in November, recovering from a 0.6% decline in the previous month.
  • This increase was driven by higher prices for nonmonetary gold.
• Finished Goods:
  • Prices for major finished goods import categories remained mostly unchanged in November.
  • Automotive vehicles prices slightly decreased by 0.1% in November.
  • The price index for capital goods and consumer goods remained unchanged in November.

EXPORT PRICES

• Overall U.S. Export Prices:
  • Decreased by 0.9% in both November and the preceding month.
  • Experienced a 5.2% decline over the 12 months from November 2022 to November 2023.
• Agricultural Exports:
  • Prices increased by 0.2% in November, following a 4.1% decline over the previous three months.
  • Increases in fruit and soybeans prices offset declines in corn, meat, and other foods.
  • Yearly, there was a 10.5% decrease, the largest 12-month drop since March 2015 to March 2016.
• All Exports Excluding Agriculture:
  • Nonagricultural export prices decreased by 1.0% for the second consecutive month in November.
  • Followed a 2.7% increase in the third quarter of 2023.
  • Yearly decline of 4.5% up to November.
• Nonagricultural Industrial Supplies and Materials:
  • Prices fell 2.2% in November, continuing from a 2.4% decrease in the previous month.
  • Declines driven by lower fuel prices, which decreased 5.1% in November and 4.3% in October.
  • The November drop in fuel prices was the most significant since May 2023.
• Finished Goods:
  • Prices for all major finished goods export categories declined in November.
  • Consumer goods prices decreased by 0.2% after a 0.4% drop in October.
  • Capital goods prices edged down 0.1% in November, the first monthly decline since November 2022.
  • Automotive vehicles prices also decreased by 0.1% in November, the first decline since April 2023, mainly due to lower prices for parts, engines, bodies, and chassis.

US October business inventories -0.1% vs 0.0% expected

• October 2023 business inventories

• Prior was +0.4% (revised to +0.2%)
• Retail inventories ex-autos -0.9% vs -0.9% prior

US retail sales are decelerating with a further dip likely to come ahead – CIBC

• Retail sales post-mortem from CIBC

Retail sales surprised to the upside in November but CIBC warns that there are signs of deceleration that should mount in the months ahead.

The CIBC report on US November advance retail sales highlights a modest increase, signaling a positive start to the holiday shopping season.Retail sales rose by 0.3%, beating expectations of a 0.1% drop.This improvement was somewhat offset by a downward revision of the previous month’s figures, especially for the control group where the -0.2 pp downward revision erased the +0.2 pp beat.

They noted impressive months from sporting goods, clothing and furniture but warned it could simply be a reflection of weakness last month.

“Looking at the total retail sales basket, 8 of 13 categories saw higher spending on the month, an improvement from the prior month. That could have been helped by the drop in gasoline prices that freed up some money for spending elsewhere,” economists at CIBC write.

Overall, the control group is 5% above year-ago levels, which is a slowdown in real terms but comes after a blockbuster 2022 for spending.

Looking ahead, they see a further cooling.

“After a surge in the fall, retail activity appears to be decelerating in nominal terms, while still suggesting moderate volume growth in Q4. A further deceleration is likely, given the low household saving rate. A rise in saving, coupled with a slowdown in the labor market, should underpin slower consumption in the winter months.”

10-year Treasury yields now under 4% after having hit 5% at the end of October

• What a rally it has been in the bond market

The dovish Fed yesterday has more than vindicated the rally in the bond market over the last six weeks and what a rally it has been. At 5% yields in 10-years heading into November, it seemed like a given that yields would end the year much higher than where it started off.But right now, we might even see 10-year Treasury yields finish lower than where it left off at the end of 2022 at 3.88%.

What is standing out now once again is the technicals as seen above.10-year yields are not only dropping below the 4% mark but also looking to fold below the 200-day moving average at 4.03%.That will keep bond buyers in a strong position to round off the year as bond sellers have pretty much lost all semblance of control already.

Goldman Sachs brings forward Fed rate timing to Q1 2024 from Q3 2024 previously

• Just about everyone is revising quicker their timing for Fed rate cuts next year

It wasn’t just three days ago that they brought forward their call from Q4 2024 to Q3 2024, and now they have had to revise it to Q1 2024 already. The firm also sees three straight rate cuts by the Fed in March, May, and June as the central bank’s first steps in easing monetary policy from its current settings.

175bp of rate cuts forecast from the Federal Open Market Committee (FOMC) in 2024

• A couple of analyst responses to the Federal Open Market Committee (FOMC) on Wednesday:

A couple of responses to the Federal Open Market Committee (FOMC) on Wednesday:

• JP Morgan are forecasting the first Federal Open Market Committee (FOMC) rate cut in June 2024 (JPM were previously forecasting July).See a target Fed Funds range 125bp lower by the end of 2024
• Soc Gen are forecasting the first Federal Open Market Committee (FOMC) rate cut in May 2024 but are also saying a March cut is becoming likely.See a total of 150bp of cuts next year.
• Capital Economics forecast the FOMC to cut 25bp at every meeting from March onwards next year, total of 175bp

Berkshire Hathaway buys another half billion $ of Occidental Petroleum shares

Reuters with the report on Buffett gobbling up more energy sector shares:

• Berkshire Hathaway has acquired nearly 10.5 million shares of Occidental Petroleum so far this week
• for about $588.7 million
• brings Berkshire’s stake in Occidental to about 27%

Barclays expect 3 FOMC rate cuts in 2024 (vs. prior one)

Barclays have revised their projections for Federal Reserve rate cuts next year:

• expect the first 25bp rate cut in June, with two more to follow
• had previously been expecting one cut next year, in December

Nasdaq system error causes stock chaos, orders cancelled

• Nasdaq was hit by a system error on Wednesday, hit impacted thousands of stock orders

Nasdaq was hit by a system error on Wednesday that impacted thousands of stock orders and led to some being canceled, Bloomberg News (gated) is reporting.

Bloomberg citing “according to people with knowledge of the matter”

• exchange operator told market participants it’s investigating an order-entry issue that caused inaccuracies and delays
• Nasdaq’s electronic communication channel, which processes so-called financial information exchange or “FIX” messages, was affected
• incident started around 2:30 p.m. New York time

Fed’s more aggressive easing path ignites speculation on timing of rate cuts

• Potential pivot to rate cuts in mid-2023.

Via a note from RBC in response to the FOMC on Wednesday, this is their ‘bottom line’ summary:

• Alongside the decision to hold rates steady was the revised SEP that showed a more aggressive easing path in the years ahead with the timing of interest rate cuts now a topic of discussion.
• The unusually wide dispersion in expected median Fed Funds in 2024 however again highlighted the level of uncertainty associated with the outlook for both the economy and the inflation in the year head.
• Persistently lower CPI readings in the U.S. are helping calm the Fed’s concerns that still-resilient economic backdrop will cause another flareup in future inflation.
• We expect the Fed to be content with where interest rates are currently at, before a gradually deteriorating backdrop prompts them to pivot to rate cuts sometime around the middle of next year.

UBS analysts expect only a modest upside for US and global equities in 2024.

• Still room for some gains despite slowing economic growth

UBS analysts are casting a wary eye across bonds, saying there is likely to be only a modest upside now for both US and global equities.

They still are happy with higher quality stocks and bonds in 2024, expecting them to record higher than average growth against a backdrop of slowing economic growth.

From the note, in brief:

• rate of economic growth has been a worry for markets heading into the new year
• “While we expect rates to come down in 2024, supporting both equity and bond markets, the speed of recent gains is likely to moderate,”
• most preferred is fixed income, forecasting 10-yr US Treasury yield to fall to 3.5% by the end of 2024

Canadian November home prices -1.1% m/m – CREA

• Canadian housing stats from the Canadian Real Estate Association
• Sales fell 0.9% m/m in November
• Sales -0.9% y/y
• Prices up 0.6% y/y

Canada October manufacturing sales -2.8% vs -2.7% expected

• Canada October manufacturing data
• Prior was +0.4%

Commodities

Silver stays firm above $24.00 on weak US Dollar

• Silver posts gains of more than 6% in the last couple of days, sponsored by a dovish Fed.
• US Treasury bond yields plunge continued for the second straight day.
• Silver’s is upward biased in the near term but must reclaim $25.00 to challenge year-to-date (YTD) highs.

Silver climbs and reclaims the $24.00 figure after extending its gains for the second consecutive day, following the Federal Reserve’s dovish pivot on Wednesday. The plunge in US Treasury bond yields plunge, favors the non-yielding metal, which is rising to a six day high at around $24.21, gaining more than 1.50%.

The grey’s metal is bullishly biased in the near term, as shown by the daily chart, though it’s reading within the mid-range of the latest upswing from $21.88-$$25.91, with a long road ahead to test the most recent cycle high. On its way north, key resistance levels exist to conquer, like the $24.50 psychological level, followed by the August 30 high at $25.00, before reaching $25.91.

Gold stays firm above $2020 following Fed’s pivot

• Gold’s rally was halted shy of hitting $2050, as long book profits ahead of Friday’s session.
• The main driver was the Fed’s dovish pivot, which opened the door for US Dollar weakness.
• However, the Fed remains data dependent, and solid data could refrain them from easing policy.

Gold price sees green, though it has retreated somewhat after reaching a new weekly high of $2047.91, clings to gains of 0.15%, and trades at around $2030.20 a troy ounce after hitting a daily low of $2024.37.

Crude oil surges, settling at $71.58, marking a 3.04% increase

• WTI crude oil futures rise $2.11, reaching $71.58, a 3.04% uptick

The price of WTI crude oil futures are settling at $71.58. That’s up $2.11 or 3.04%.

The high price for the week reached $72.46. The low price was at $69.54. At the highest level today, the price did extend briefly above the November low at $72.37, but momentum could not be sustained.

Natural Gas goes nowhere with ECB not copying Fed’s guidance

• Natural Gas  recovered slightly on Wednesday on the back of the Federal Reserve’s interest-rate decision. 
• Still, Natural Gas prices look set to head lower toward $2.10.
• The US Dollar has depreciated substantially and sees more losses added this Thursday.

Natural Gas (XNG/USD) is continuing its decline despite its brief bounce on the back of the dovish US Federal Reserve (Fed) rate decision. Markets cheered the Fed’s signal of upcoming rate cuts for 2024, and OPEC also helped lift Gas prices with a report that pointed to possible supply shortages in the first quarters of 2024. With interest-rate cuts coming, consumers will likely start spending more, triggering higher demand for both Natural Gas and Crude and supporting prices.

EU News

European equity close: The early glow fades

• European stocks generally higher but well off the highs

European stock markets surged early in the day only to pare back gains following the ECB decision and in part due to a large gain in the euro.

• Stoxx 600 +0.8%
• German DAX flat
• UK FTSE 100 +1.2%
• French CAC +0.6%
• Italy MIB +0.2%
• Spain IBEX +0.6%

ECB leaves key interest rates unchanged in December monetary policy meeting

• ECB announces their latest monetary policy decision – 14 December 2023
• Prior decision
• Main refinancing rate 4.50% vs 4.50% expected
• Prior 4.50%
• Deposit facility rate 4.00% vs 4.00% expected
• Prior 4.00%
• Marginal lending facility 4.75%
• Prior 4.75%
• Inflation has dropped in recent months but likely to pick up against temporarily in the near-term
• Past rate hikes are continuing to be transmitted forcefully to the economy
• Tighter financing conditions are dampening demand, and this is helping to push down inflation
• Expects economic growth to remain subdued in the near-term
• Future decisions will ensure that rates will be set at sufficiently restrictive levels for as long as necessary
• To continue a data-dependent approach in determining the appropriate level and duration of restriction
• Rate decisions will be based on assessment of the inflation outlook in light of incoming economic, financial data
• ECB intends to discontinue reinvestments under the PEPP at the end of 2024
• 2023 inflation seen at 5.4% (previously 5.6%)
• 2024 inflation seen at 2.7% (previously 3.2%)
• 2025 inflation seen at 2.1% (previously 2.1%)
• 2026 inflation seen at 1.9%

Spain November final CPI +3.2% vs +3.2% y/y prelim

• Latest data released by INE – 14 December 2023

• Prior +3.5%
• HICP +3.3% vs +3.2% y/y prelim
• Prior +3.5%

SNB leaves policy rate unchanged at 1.75% as expected

• The Swiss central bank announces its monetary policy decision for December 2023
• Prior 1.75%
• Will adjust monetary policy if necessary to ensure inflation remains in range consistent with price stability over the medium-term
• Willing to be active in FX market as necessary
• 2023 inflation seen at 2.1% (prior 2.2%)
• 2024 inflation seen at 1.9% (prior 2.2%)
• 2025 inflation seen at 1.6% (prior 1.9%)

Switzerland November producer and import prices -0.9% vs +0.2% m/m prior

• Latest data released by SECO – 14 December 2023

The breakdown shows producer prices down 0.7% on the month while imports prices dropped by 1.3% on the month in November. That will continue to help support the SNB’s latest policy stance to keep things more neutral for now.

BOE leaves bank rate unchanged at 5.25% as expected

• The latest monetary policy decision by the Bank of England – 14 December 2023
• Prior 5.25%
• Bank rate vote 6-3 vs 6-3 expected (Greene, Haskel, Mann voted to raise by 25 bps)
• The decision to hike or to hold was again “finely balanced”
• Still some way to go on inflation
• To take necessary decisions to get inflation all the way back to 2%
• Policy will need to be sufficiently restrictive for sufficiently long
• Most policymakers say it it too early to conclude that services inflation or pay growth are on a firmly downward path
• Further tightening in monetary policy would be required if there were evidence of more persistent inflationary pressures
• Sees inflation just under 4.5% by year-end (previously 4.75%)

Germany’s DIW institute revises down GDP forecasts following budget cuts

• For this year, the economic institute sees German GDP declining by 0.3%

• 2024 GDP growth seen at 0.6% (previously 1.2%)
• 2025 GDP growth seen at 1.0% (previously 1.2%)

Lagarde opening statement: The risks to economic growth remain tilted to the downside

• Lagarde comments in the press conference
• Inflation decline was broad based
• Inflation to increase in December due to base effects but will decline slowly afterwards
• All measures of underlying inflation declined in October
• Underlying measures of inflation rose due to wage growth and falling productivity
• Most measures of longer-term inflation expectations currently stand at around
• The risks to economic growth remain tilted to the downside
• The prospects are weak for construction and manufacturing
• Services to soften
• We are determined to make sure inflation returns to our 2% inflation target in the medium term

Lagarde Q&A: We need to see more data on wages

• Lagarde highlights sticky wage data
• When we look at wage data right now, it’s not declining
• We will have a lot more data in 2024 and we need that to determine if declining inflation is sustainable
• We have to keep our guard up
• Decision on PEPP was shared by a “very, very large majority”. Some would have liked a different taper, earlier or later
• We did not discuss rate cuts at all
• We are at the medium-term target that we set for ourselves of reaching the 2% at the end of our projection. We are probably a bit severe with ourselves… we are going to look very carefully at the end of 2025, where we’re at 2.1% right now… the projections we have now are conditions on data from Nov 23
• We will be looking at our three criteria in the months ahead
• there are signs of reduced profit margins suggesting that companies are finally absorbing the input and wage increases which would be good news going into 2024

BOE’s Bailey: We cannot say that interest rates have peaked

• Remarks by BOE governor, Andrew Bailey

• Markets form their own view
• We are more cautious than markets
• It’s really too early to start speculating about rate cuts
• There is more to do on bringing inflation down to target
• But there are encouraging signs on inflation

SNB’s Jordan: We believe monetary conditions are appropriate at the moment

• Further remarks by SNB chairman, Thomas Jordan
• We do not forecast any tightening given the forecasts so far
• Will adapt policy to contain inflation within price stability target
• Will look at inflation very closely when making next decision
• Inflation pressures have decreased slightly but uncertainty remains high
• Swiss inflation likely to rise in the coming months
• Assessment for upside and downside risks for inflation are currently balanced
• Will adjust monetary policy if necessary to keep within price stability goal

Ifo institute cuts German GDP forecast for next year

• Ifo slashes its 2024 GDP growth forecast but raises the forecast for 2025

Ifo now sees the German economy growing by just 0.9% in 2024, with the forecast being revised down from 1.4% previously. However, they are raising the GDP growth forecast for 2025 to 1.3% – up slightly from their previous forecast of 1.2%.

ECB to not hint at any major policy changes for now – Societe Generale

• The firm does say that now might be a good time though for the ECB to pre-announce PEPP tapering

Societe Generale says that the ECB won’t rock the boat today as the central bank is expected to communicate a more neutral language on rates. They should acknowledge recent progress on inflation but will wait before declaring victory on that front just yet. The firm also sees the ECB revising their projections to see inflation closer to target in 2025, which paves the way for rate cuts in 2H 2024.

Asia-Pacific-World News

Li Qiang to lead Chinese delegation to World Economic Forum in Davos next month – report

• Reuters reports, citing two sources with direct knowledge of the matter

It means that China president, Xi Jinping, won’t be attending the event once again. His last appearance was all the way back in 2017.China premier, Li Qiang, is the designated leader to spearhead the Chinese delegation – which is reported to include a large and senior group of government officials.

The sources said that the attending group is an usually large and will involve high-level officials from ministries involved in the management of economic and foreign affairs. This is said to highlight China’s “openness to the outside world and to relieve some external pressure”.

Beijing to lower minimum down payment for new mortgages

• The Chinese capital announces its latest measure to boost the housing market

The minimum down payment ratio for first time homes will be lowered to 30% while the ratio for second homes will be lowered to 40% to 50%, according to the Beijing government. This is to make the regulations in the Chinese capital more aligned to most major cities across the country.

Deflation threat looms in China as GDP deflator contracts for second consecutive quarter

• Authorities in China are urged to take a more forceful approach to stimulus to combat this threat

A note from Morgan Stanley, writing in the Financial Times (gated)

• The GDP Deflator (a broad measure ion inflation) which is the broadest measure of prices in a country, has contracted for two consecutive quarters, and now stands at -1.4%
• When adjusted for deflation, China’s real interest rates are pushed higher
• “If deflation continues to eat into these, companies will cut wage growth, creating a vicious ‘loop’ of even weaker aggregate demand and deflationary pressures,”

Australia Nov. Employment change +61.5K (expected +11K) Unemployment rate 3.9% (exp 3.8%)

Labour market report from Australia for November 2023 is another massive rise in jobs.

Jobless rate is its highest since May of 2022, but still not to far from its nearly 50 year low of 3.5%.

Australian Consumer Inflation Expectations for December: 4.5% (prior was 4.9%)

• Lowest since January 2022

This data tends not to have much of an impact upon release.

New Zealand Q3 GDP -0.3% q/q (vs. +0.2% expected)

• UGLY data indeed, a contraction for the NZ economy in the third quarter of 2023
• The priors were revised lower from 0.9% q/q and 1.8% y/y

Stats NZ highlight the key drivers:

Downwards drivers -– change in production:

• Manufacturing was down 3.4 percent
• Transport was down 4.5 percent
• Construction was down 1.7 percent
• Wholesale trade was down 1.9 percent

Upwards drivers – change in production:

• Healthcare and social assistance was up 2.3 percent
• Rental, hiring and real estate services was up 1.0 percent

Japan data: October Industrial Production (final) +1.3% (prior +0.5%)

• +1.3% m/m

• preliminary was +1.0%, prior +0.5%

+1.1% y/y

• preliminaryy was +0.9%, prior -4.4%

Japan October Machinery orders +0.7% m/m (vs. expected -0.5%)

• Japan’s machinery orders for October surpassed expectation

Japan’s ruling party introduces income tax breaks to alleviate the impact of price hikes

• Read more about the tax reform framework finalized today.

The tax reform panel of Japan’s ruling Liberal Democratic Party has agreed on income tax breaks aimed at offsetting the pain of price hikes on households to help change decades of deflationary mindset, a document reviewed by Reuters showed on Thursday.

• To encourage a virtuous cycle of growth led by private-sector demand, the tax policymakers are ramping up tax breaks on companies that raise wages.
• The ruling coalition will include the tax breaks in the fiscal 2024 tax reform framework that is finalised on Thursday.

Cryptocurrency News

SEC demands ‘cash creates or you will wait’ as Valkyrie submits fourth spot BTC ETF amendment

• Valkyrie has agreed to SEC demand for BTC ETFs to do cash creates but holds out hope for in-kind approval.
• The firm joins BlackRock, Fidelity Investments, Ark Invest and Invesco in the spot Bitcoin ETF industry.
• Reportedly, the SEC is determined to only approve cash create ETFs.

The US Securities & Exchange Commission (SEC) has been meeting with institutions that have applied for spot Bitcoin exchange-traded fund (ETFs) approval.The regulator has one main agenda beside revamping the applications – to let the ETF do cash creates (cash redemptions) as opposed to in-kind creates (crypto redemptions).

Shibarium transactions surpass milestone, exceed 105 million

• Shibarium total transactions exceeded 105.95 million as of December 14. 
• The massive surge in transactions can be attributed to SRC-20 minting activities. 
• SHIB yielded nearly 3% weekly gains for holders, Shiba Inu price rallied on Thursday. 

Shiba Inu, one of the largest dog-themed meme coins in the crypto ecosystem, recently surpassed a key milestone.Shibarium, Shiba Inu’s scaling solution, has recorded a total of 105.95 million transactions as of Thursday. 

Ledger hacker moves $150,000 worth of assets even as Tether freezes exploiter’s address

• Tether CEO Paolo Ardoino announced that Tether had frozen the address of the Ledger exploiter.
• The address held about $400,000 worth of assets, including 44,000 USDT and a host of altcoins.
• Following the blacklisting of the address becoming public, nearly $160,000 worth of transfers were conducted.

Ledger just witnessed one of the largest exploits on its platform this year, albeit not the biggest. As the hack affected multiple decentralized applications, it sparked a reaction from the entire crypto space. This included the CEO of Tether.USDT, the stablecoin issued by Tether, became the largest exploited asset.

Tether CEO takes action against Ledger exploiter

Tether CEO Paolo Ardoino took to X, formerly Twitter, to announce that the stablecoin issuer had frozen the address of the Ledger exploiter. Over the past five hours, the hacker went after Ledger by injecting malicious code that compromised the ledger connecter as well as various applications and has been transferring the stolen assets out of the wallet.

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