Short overview of 5 things on November 16

Rocket Hit

US President Joe Biden said a rocket that struck a village in Poland near the Ukraine border was unlikely to have been fired from Russia, comments that may limit the risk of a major escalation in tensions over the incident. Poland said Tuesday a Russian-made rocket killed two people when it landed about 6 kilometers (4 miles) from the frontier with Ukraine. It happened on the same day that Russian forces fired another barrage of missiles at Ukrainian energy and other infrastructure. Asked if the rocket had been fired from Russia, Biden told reporters in Bali, where he is attending the Group of 20 summit, “there is preliminary information that contests that.” Given the trajectory of the rocket it was unlikely it was fired from Russia, he added, “but we’ll see.”

Hush Money

Goldman Sachs paid out well over $12 million to a veteran executive who complained internally about a toxic workplace for women in the highest echelons of Wall Street’s most prestigious firm. The bank settled with the departing partner two years ago, in a deal that kept secret her detailed account of senior executives making vulgar and dismissive comments about women, according to people with knowledge of the matter. The upper rungs of the firm were rattled by the remarks she described and the roster of people allegedly behind them, including Chief Executive Officer David Solomon, who himself has publicly pledged to advance women and improve diversity and inclusivity.

US Trip for Bankman-Fried

American and Bahamian authorities have been discussing the possibility of bringing Sam Bankman-Fried to the US for questioning, according to three people familiar with the matter. The conversations between law-enforcement officials in the two countries have intensified in recent days as they probe his role in the implosion of cryptocurrency firm FTX. Bankman-Fried has been cooperating with Bahamian authorities, said one of the people. Meanwhile, Wall Street heavyweights, from Fidelity Investments to Fortress Investment, apparently once sent letters to US regulators in support of FTX’s application for a controversial plan that would have revolutionized trading of derivatives.

Maskless Xi

Chinese leader Xi Jinping is getting more comfortable without a mask on. Xi on Tuesday morning avoided wearing a mask when entering the assembly hall at the Group of 20 meetings in Bali, Indonesia, and appeared at ease as he spoke with leaders. Later in the evening, he and his wife attended a gala dinner maskless and were seen on camera mingling at close range with other attendees. Xi’s behavior at the G-20 meetings comes as his government reviews a Covid Zero policy that has battered China’s economy and left large swaths of the nation under the constant threat of lockdown.

Coming Up…

European stocks are on course to drop, while Asian shares gyrated as investors digested news surrounding the missile that struck Poland. ECB President Christine Lagarde speaks, while some Fed officials and SEC Chair Gary Gensler address a conference. The ECB also delivers its Financial Stability Review and BOE’s Andrew Bailey testifies before Parliament. Rishi Sunak will hold talks with Xi Jinping, becoming the first British PM to meet with the Chinese president in almost five years. Expected data include UK inflation and house prices. Experian, Siemens Energy, Cisco and Target are some of the names on deck for earnings.


(Source: Bloomberg, Nov. 16-2022)

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