Three Things (6/15)
Jun 15, 2022
1) Apple scores MLS deal: Apple landed a 10-year agreement to stream Major League Soccer exclusively on Apple TV+. The broadcasting rights are rumored to cost $2.5 billion. Soccer recently surpassed hockey as the 4th most popular sport in the United States.
Titan’s Takeaway: It may be the offseason for many sports, but business deals, whether streaming or ownership, have been heating up. The most significant transition in sports media history is occurring, and Apple plans to have a seat at the table.
2) Real estate companies cut staff: Online brokerage Redfin announced it would cut ~8% of its workforce. Redfin CEO Glenn Kelman noted that demand in May was 17% below the company's estimates. Brokerage competitor, Compass rolled out plans to release ~10% of its workforce "due to clear signals of slowing economic growth."
Titan’s Takeaway: The stock market is down, and mortgage rates are up - essentially shrinking the size of down payments while increasing the monthly payments. The housing market has yet to see a proper dislocation, but early warning signs from brokerage houses show a demand imbalance.
3) Yen plunges to 24-year low: The Japanese Yen fell to its lowest level compared to the dollar since the Asian financial crisis in 1998. Japan's economy relies on exports, so typically, a weaker yen leads to strong economic growth. Japan's inflation rate is just 2.5%.
Titan’s Takeaway: Although inflation and rising rates in the U.S. ripple across the global economy, the varied approach to stimulus during the pandemic leads to unique situations for each country.
Cash Management
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