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=E2=80=A6and China=E2=80=99s deflat= ion spells trouble for the global economy
<= /td>
<= !--[if mso | IE]>
 
<= /td>

WeWork=E2=80=99s not working so well (Claudio Cr= uz/Getty Images)

 
<= /td>
=
Last Week=E2=80=99s Market Moves
 
<= td>Nasdaq
13,645 (-1.90%)
Dow Jones
3= 5,281 (+0.62%)<= /td>		S&P 500
4,464 = (-0.31%)		Bitcoin
$29,379 (+1.04%)
Dow Jones
35,281 (+0.62%)		S&P 500
4,464 (-0.31%)
Nasdaq
13,645 (-1.90%)		Bitcoin
$29,379 (+1.04%)
=
<= /table>

Hey= Snackers,

The new big flex: being a UPS driver. Indeed= said it=E2=80=99s seen a 50% spike in searche= s for UPS jobs after the shipping giant and the Teamsters reached a deal th= at would raise full-time drivers=E2=80=99 salaries to $170K. That brown uni= form=E2=80=99s looking pretty golden.

The S&P and Nasdaq closed o= ut their second straight losing week as tech stocks (like Apple and = Nvidia) cooled off after a red-hot July. The US consumer-price repor= t showed inflation continued to slow last month, raising hopes of an end to= rate hikes.

Btw... Do you want to start getting Sn= acks daily? Or prefer to unsubscribe? Manage your subscription preferences = here.

=
WeWorried
<= /table>

WeWork teeters on the brink o= f bankruptcy as commercial real estate gets crunched

Dry kombu= cha taps=E2=80=A6 Office-leasing leviathan WeWork told investors last week that= it had =E2=80=9Csubstantial doubt=E2=80=9D it could remain in business as = customers continued to bail. The once buzzy biz said it lost nearly $400M l= ast quarter, and the stock=E2=80=99s plunged 99% since its SPAC-tastic debu= t in 2021. It=E2=80=99s a far cry from 2019, when WeWork was valued at $47B= and occupied more office space in Manhattan and London than any other comp= any.

  • Rowdy: In its private-company era, WeWork=E2=80=99s culture of free= -flowing booze and wild employee parties helped lead to it losing $219K/hou= r for an entire year. After layoffs and the ousting of cofounder/CEO Adam N= eumann, it needed a $9.5B SoftBank bailout.

    • Empty: WeWork has reined in its sp= ending since those Coachella-esque days, but now it=E2=80=99s losing custom= ers as hybrid work takes over. Office-space availability hit an all-time hi= gh in April (picture: 1B square feet of empty cubicles).=C2=A0

    Not just a We problem=E2=80=A6 A US commercial real estate crisi= s is brewing. 70%+ of US employers are hybrid, and surveys suggest flexible= work is here to stay. Now analysts predict a 35% drop in office values by = 2025. Already, forced sales of commercial properties spiked in Q1 (owners c= ouldn=E2=80=99t make mortgage payments), and office-loan delinquencies hit = 5%. The one-two punch of lower occupancy + higher interest payments could b= ring about even more trouble. Morgan Stanley estimated that $1.5T in commer= cial real estate debt will come due in the next two years.

=
THE TAKEAWAY

One trainwreck can dislodge the entire track=E2=80=A6 WeWo= rk rents nearly 20M square feet of office space =E2=80=94 more than any oth= er US biz =E2=80=94 and one industry analyst said its collapse could serve = as a =E2=80=9Csystematic shock=E2=80=9D to major cities=E2=80=99 commercial= real estate markets. If WeWork stops paying its landlords, they might stru= ggle to pay their debts. Still, WeWork has argued that hybrid work will ben= efit its flex-working model =E2=80=94 if it can keep chugging along.

<= /table>
Sponso= red by Robinhood Financial LLC

So golden, so delicious.

<= b>Add some cheddar to your dough=E2=80=A6 With the 4.9% interest rate o= n cash sweep with Robinhood Gold<= /b>, your money earns money. Earn 4.9% APY on your uninvested ca= sh (that=E2=80=99s over 9x the national average yield, according to Bankrat= e=E2=80=99s most recent survey as of July 24). And there=E2=80=99s no cap o= n what you can earn.

Plus, your money is FDIC-insured up to $2M at m= ember banks, and you can request to withdraw your cash at any time. Put you= r money to work with Robinhoo= d Gold.*

<= /table>
<= table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"presentation= " width=3D"100%">

<= div style=3D"font-family: 'General Grotesque Bold', Arial; font-weight: 700= ; letter-spacing: 0.03em; text-transform: uppercase; color: #000000; paddin= g: 6px 19px; border-radius: 30px; border: 0; background-color:#62E5DA; disp= lay: inline-block;">Zoom Out
<= /table>

Stories we= =E2=80=99re watching

Made-in-China is staying in China=E2=80= =A6 China=E2=80=99s global exports sank at their steepest pace since ea= rly 2020. That=E2=80=99s bad news for the world=E2=80=99s second-largest ec= onomy, which has been struggling to recover after unwinding its zero-Covid = policy. Western consumers have been spending less on electronics and clothe= s (often made in China) and more on travel and restaurants (not in China). = Last week, UPS said its revenue took a hit from weaker China demand. Meanwh= ile, China tipped into =E2=80=9Cdeflation=E2=80=9D (falling prices) =E2=80= =94 an ominous sign for the global economy.=C2=A0

Show receipts=E2= =80=A6 Food prices have risen faster than other goods over the past yea= r (#AisleAnxiety). Groceries were up 3.6% in July from a year ago, led by c= ereal and bakery staples, as the likes of General Mills, Kellogg<= /b>, Hershey=E2=80=99s, and Kraft Heinz bumped prices (Kraft = alone hiked prices 11% last quarter). While food companies point to higher = commodity and labor costs, some consumers blame corporate =E2=80=9Cgreedfla= tion.=E2=80=9D Now that shoppers are trimming back on pricier brand names, = Coke, Pepsi, and others said they=E2=80=99ll ease off the hike pedal= .

<= /tr>
<= /tbody>
<= div style=3D"font-family: 'General Grotesque Bold', Arial; font-weight: 700= ; letter-spacing: 0.03em; text-transform: uppercase; color: #000000; paddin= g: 6px 19px; border-radius: 30px; border: 0; background-color:#62E5DA; disp= lay: inline-block;">Events
<= /table>

Coming up th= is week

Rice > rice cooker=E2=80=A6 Walmart and Targ= et are expected to ring up earnings growth this week. Both retailers to= pped Wall Street=E2=80=99s estimates in May, even as shoppers cooled on big= -ticket buys like $300 grills. As more Americans ditch discretionary splurg= es and bargain-hunt for groceries, retailers are boosting their food offeri= ngs. Target recently added 100+ new items to its Good & Gather private = label, but it=E2=80=99s tough to compete with Walmart=E2=80=99s grocery gam= e: America=E2=80=99s largest retailer makes up over quarter of all US groce= ry spend.=C2=A0

2 years later=E2=80=A6 Tomorrow marks two year= s since the Taliban took control of Afghanistan, and the $7B in Afghan cent= ral-bank funds that the Biden admin froze are still in limbo. Half is being= held in a Swiss trust fund until the central bank can show it=E2=80=99s fr= ee from Taliban influence. The other $3.5B is in New York, where a judge tu= rned down an effort by families of 9/11 victims to seize it. While releasin= g the billions to Afghanistan could risk =3D recognizing the Taliban as a l= egitimate gov=E2=80=99t, over a third of Afghans face severe hunger as the = country=E2=80=99s economy crumbles.

<= div style=3D"font-family: 'General Grotesque Bold', Arial; font-weight: 700= ; letter-spacing: 0.03em; text-transform: uppercase; color: #000000; paddin= g: 6px 19px; border-radius: 30px; border: 0; background-color:#62E5DA; disp= lay: inline-block;">ICYMI
<= /table>

Last week= 9;s highlights

What else we're Snackin'

  • Page: = #BookTok is basically Gen Z=E2=80=99s Scholastic Book Fair, with over h= alf of surveyed 16- to 25-year-olds saying that book influencers fanned the= ir paperback passion. Booksellers say TikTok recs lead to IRL sales.

  • Pounds= : Novo Nordisk, the maker of Ozempic and Wegovy, beca= me Europe=E2=80=99s second-most-valuable company as people seeking to lose = weight rushed to its drugs. Now it=E2=80=99s struggling to meet demand.=C2= =A0

  • Basics: Amazon is said to b= e ditching all but 3 of its 30 clothing brands. It=E2=80=99s faced s= crutiny from regulators and lawmakers who think private labels could confli= ct with its platform service for non-=E2=80=99Zon brands.

<= /p>

Wan= t your Snacks daily?
=
=
Th= e Daily Newsletter
Get fr= esh takes on financial news every week day. Try a sample:

=F0=9F=9A=97 Biden=E2=80=99s EV labor clash =E2=80=A2 Aug 11, 2023
=F0=9F=8F= =88 Barstool swapped for ESPN = =E2=80=A2 Aug 10, 2023
=F0=9F=93=B1 Venmo=E2=80=99ing= stablecoins? =E2=80=A2 Aug 9, 2023

Subscribe to the Daily
<= /td>
<= /table>
Snack Fact Of the Day<= /div>
Taylor Swift=E2=80=99s recent six shows in LA are ex= pected to boost the local GDP by $320M

<= /table>
This Week

  • Monday: Earnings expec= ted from Monday.com and Getty Images

  • Tuesday: US retail sales. Earnings expected from= Cava, Home Depot, and Tencent Music

  • Wednesday: Housing starts. Earnings expec= ted from Cisco, TJ Maxx parent TJX, JD.com, and Tar= get

  • Thursday: Initia= l jobless claims. Earnings expected from Walmart, Applied Materials, Ros= s, and Tapestry

  • F= riday: Earnings expected from Est=C3=A9e Lauder and Deere=

Authors of this Snacks own shares of: Amazon, Apple, Disne= y, GM, Kraft Foods, Nvidia, and Walmart

*Advertiser's disclosure= : Cash Sweep enables interest on your uninvested cash. Robinhood Gold is a = set of extra features (including a higher interest rate on cash) available = for a $5 monthly fee. Rate subject to change. Robinhood Financial (member= =C2=A0SIPC) is not a bank.

=

=
Sherwood Media, LLC produces fresh and unique perspectiv= es on topical financial news and is a fully owned subsidiary of Robinhood M= arkets, Inc., and any views expressed here do not necessarily reflect the v= iews of any other Robinhood affiliate... See more
--94c8ca2202ac9275d0dcefa2ad021c5259be9ba11bdfc6169619907d8780 Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset=utf-8 Mime-Version: 1.0 @media only screen and (min-width:480px) { .mj-column-per-100 { width: 100% !important; max-width: 100%; } .mj-column-per-50 { width: 50% !important; max-width: 50%; } }
=E2=80=A6and China=E2=80=99s deflat= ion spells trouble for the global economy
 

WeWork=E2=80=99s not working = so well (Claudio Cruz/Getty Images)

 
=
<= /tbody>
Last We= ek=E2=80=99s Market Moves
 
Dow Jones
35,281 S&P 500
4,464 (-0= .31%)		Nasdaq
13,645 (-1.90%)= 		= Bitcoin
$29,379 (+1.04%)
Dow Jones35,281 (+0.62%)<= /span>S&P 500
4,464 (-0.31%)
Nasdaq
<= span style=3D"font-family: 'General Grotesque Bold', Arial; font-weight: 70= 0;">13,645 (-1.90%)		= $29,379 (+1.04%)
<= /table>

Hey Snackers,

The new big flex: bein= g a UPS driver. Indeed said it=E2=80=99s seen a 50% spike in searches for UPS jobs after the shipping gi= ant and the Teamsters reached a deal that would raise full-time drivers=E2= =80=99 salaries to $170K. That brown uniform=E2=80=99s looking pretty golde= n.

The S&P and Nasdaq closed out their second straight losing wee= k as tech stocks (like Apple and Nvidia) cooled off after a r= ed-hot July. The US consumer-price report showed inflation continued to slo= w last month, raising hopes of an end to rate hikes.

Btw...<= /strong> Do you want to start getting Snacks daily? Or prefer to unsubscrib= e? Manage your subscription preferences he= re.

3D""
WeWorried
<= tr><= /table>

WeWork = teeters on the brink of bankruptcy as commercial real estate gets crunched<= /p>

Dry kombucha taps=E2=80=A6 Office-leasing leviathan WeWork told investors l= ast week that it had =E2=80=9Csubstantial doubt=E2=80=9D it could remain in= business as customers continued to bail. The once buzzy biz said it lost n= early $400M last quarter, and the stock=E2=80=99s plunged 99% since its SPA= C-tastic debut in 2021. It=E2=80=99s a far cry from 2019, when WeWork was v= alued at $47B and occupied more office space in Manhattan and London than a= ny other company.

  • Rowdy: In its private-company era, WeWork=E2=80=99s cu= lture of free-flowing booze and wild employee parties helped lead to it los= ing $219K/hour for an entire year. After layoffs and the ousting of cofound= er/CEO Adam Neumann, it needed a $9.5B SoftBank bailou= t.

  • Empty: WeWork has rei= ned in its spending since those Coachella-esque days, but now it=E2=80=99s = losing customers as hybrid work takes over. Office-space availability hit a= n all-time high in April (picture: 1B square feet of empty cubicles).=C2=A0=

Not just a We problem=E2=80=A6 A US commercial real= estate crisis is brewing. 70%+ of US employers are hybrid, and surveys sug= gest flexible work is here to stay. Now analysts predict a 35% drop in offi= ce values by 2025. Already, forced sales of commercial properties spiked in= Q1 (owners couldn=E2=80=99t make mortgage payments), and office-loan delin= quencies hit 5%. The one-two punch of lower occupancy + higher interest pay= ments could bring about even more trouble. Morgan Stanley estimated that $1= .5T in commercial real estate debt will come due in the next two years.

=

THE TAKEAWAY

One trainwreck can dislodge the entire track=E2=80=A6 WeW= ork rents nearly 20M square feet of office space =E2=80=94 more than any ot= her US biz =E2=80=94 and one industry analyst said its collapse could serve= as a =E2=80=9Csystematic shock=E2=80=9D to major cities=E2=80=99 commercia= l real estate markets. If WeWork stops paying its landlords, they might str= uggle to pay their debts. Still, WeWork has argued that hybrid work will be= nefit its flex-working model =E2=80=94 if it can keep chugging along.

Sponso= red by Robinhood Financial LLC

So go= lden, so delicious.

Add some cheddar to your dough=E2=80=A6 With the 4.9% interest rate on cash sweep with Robinhood Gold, your money earns money. Ear= n 4.9% APY on your uninvested cash (that=E2=80=99s over 9x the national ave= rage yield, according to Bankrate=E2=80=99s most recent survey as of July 2= 4). And there=E2=80=99s no cap on what you can earn.

Plus, your mone= y is FDIC-insured up to $2M at member banks, and you can request to withdra= w your cash at any time. Put your money to work with Robinhood Gold.*

=
<= /table>

<= div style=3D"font-family: 'General Grotesque Bold', Arial; font-weight: 700= ; letter-spacing: 0.03em; text-transform: uppercase; color: #000000; paddin= g: 6px 19px; border-radius: 30px; border: 0; background-color:#62E5DA; disp= lay: inline-block;">Zoom Out
<= /table>

Stories we= =E2=80=99re watching

Made-in-China is staying in China=E2=80= =A6 China=E2=80=99s global exports sank at their steepest pace since ea= rly 2020. That=E2=80=99s bad news for the world=E2=80=99s second-largest ec= onomy, which has been struggling to recover after unwinding its zero-Covid = policy. Western consumers have been spending less on electronics and clothe= s (often made in China) and more on travel and restaurants (not in China). = Last week, UPS said its revenue took a hit from weaker China demand. Meanwh= ile, China tipped into =E2=80=9Cdeflation=E2=80=9D (falling prices) =E2=80= =94 an ominous sign for the global economy.=C2=A0

Show receipts=E2= =80=A6 Food prices have risen faster than other goods over the past yea= r (#AisleAnxiety). Groceries were up 3.6% in July from a year ago, led by c= ereal and bakery staples, as the likes of General Mills, Kellogg<= /b>, Hershey=E2=80=99s, and Kraft Heinz bumped prices (Kraft = alone hiked prices 11% last quarter). While food companies point to higher = commodity and labor costs, some consumers blame corporate =E2=80=9Cgreedfla= tion.=E2=80=9D Now that shoppers are trimming back on pricier brand names, = Coke, Pepsi, and others said they=E2=80=99ll ease off the hike pedal= .

<= /tr>
<= /tbody>
<= div style=3D"font-family: 'General Grotesque Bold', Arial; font-weight: 700= ; letter-spacing: 0.03em; text-transform: uppercase; color: #000000; paddin= g: 6px 19px; border-radius: 30px; border: 0; background-color:#62E5DA; disp= lay: inline-block;">Events
<= /table>

Coming up th= is week

Rice > rice cooker=E2=80=A6 Walmart and Targ= et are expected to ring up earnings growth this week. Both retailers to= pped Wall Street=E2=80=99s estimates in May, even as shoppers cooled on big= -ticket buys like $300 grills. As more Americans ditch discretionary splurg= es and bargain-hunt for groceries, retailers are boosting their food offeri= ngs. Target recently added 100+ new items to its Good & Gather private = label, but it=E2=80=99s tough to compete with Walmart=E2=80=99s grocery gam= e: America=E2=80=99s largest retailer makes up over quarter of all US groce= ry spend.=C2=A0

2 years later=E2=80=A6 Tomorrow marks two year= s since the Taliban took control of Afghanistan, and the $7B in Afghan cent= ral-bank funds that the Biden admin froze are still in limbo. Half is being= held in a Swiss trust fund until the central bank can show it=E2=80=99s fr= ee from Taliban influence. The other $3.5B is in New York, where a judge tu= rned down an effort by families of 9/11 victims to seize it. While releasin= g the billions to Afghanistan could risk =3D recognizing the Taliban as a l= egitimate gov=E2=80=99t, over a third of Afghans face severe hunger as the = country=E2=80=99s economy crumbles.

<= div style=3D"font-family: 'General Grotesque Bold', Arial; font-weight: 700= ; letter-spacing: 0.03em; text-transform: uppercase; color: #000000; paddin= g: 6px 19px; border-radius: 30px; border: 0; background-color:#62E5DA; disp= lay: inline-block;">ICYMI
<= /table>

Last week= 9;s highlights

  • Charging<= b>: President Biden=E2=80=99s green tech and pro-labor policy goals are= clashing as 150K autoworkers try to iron out a contract with GM, Ford, and Stellantis. The union is calling for a =E2=80=9Cjust = transition=E2=80=9D to EVs.=C2=A0

  • =

    Luxtility: The d= ifferences between Lucid and Rivian were laid out as the EV m= akers reported. Luxury-focused Lucid disappointed on deliveries, while util= ity-driven Rivian sped up its production guidance.

  • Playbook: Casino owner Penn Entertainment is replacing its Barstool<= /b> sportsbook with ESPN Bet, set to launch this fall. ESPN parent <= b>Disney wants to revive the channel=E2=80=99s revenue while staying fa= m-friendly.

What else we're Snackin'

Want your Snacks daily?
The Daily Newsletter
Get fresh takes on financial news every week day. Try a sample:
<= /td>

=F0=9F=9A=97 Biden=E2=80=99s EV labor clash =E2=80=A2 Aug 11, = 2023
=F0=9F=8F=88 Barstool swapped for ESP= N =E2=80=A2 Aug 10, 2023
=F0=9F=93=B1 Venmo=E2=80=99ing stablecoins? =E2=80=A2 Aug 9, 2023

Subscribe to the Dail= y
= <= /table>
Snack Fact Of the Day
Taylor Swift=E2=80=99s = recent six shows in LA are expected to boost the local GDP by $320M

<= /table>
This Week

  • Monday: Earnings expec= ted from Monday.com and Getty Images

  • Tuesday: US retail sales. Earnings expected from= Cava, Home Depot, and Tencent Music

  • Wednesday: Housing starts. Earnings expec= ted from Cisco, TJ Maxx parent TJX, JD.com, and Tar= get

  • Thursday: Initia= l jobless claims. Earnings expected from Walmart, Applied Materials, Ros= s, and Tapestry

  • F= riday: Earnings expected from Est=C3=A9e Lauder and Deere=

Authors of this Snacks own shares of: Amazon, Apple, Disne= y, GM, Kraft Foods, Nvidia, and Walmart

*Advertiser's disclosure= : Cash Sweep enables interest on your uninvested cash. Robinhood Gold is a = set of extra features (including a higher interest rate on cash) available = for a $5 monthly fee. Rate subject to change. Robinhood Financial (member= =C2=A0SIPC) is not a bank.=

<= /table>
=
<= tbody><= /tr>
Sherwood Media, LLC produces fresh and unique perspectives on topical f= inancial news and is a fully owned subsidiary of Robinhood Markets, Inc., a= nd any views expressed here do not necessarily reflect the views of any oth= er Robinhood affiliate... See more
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