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Wednesday, June 25th
“Communism is not love. Communism is a hammer which we use to crush the enemy.”
-Mao Zedong
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Markets Today
🌏 Asia-Pacific: Up
🇪🇺 Europe: Down
🇺🇸 United States: Up
🛢️ Oil: Up
⚡Crypto: Up
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Major Market Events
- Bitcoin hits $107,000. Relative calm in middle east helps
- Oil creeps back up. Still largely down after Iran/Israel spike
- Fedex falls on earnings. Warns of global trade war hits
🤔 My Thoughts
Democratic Socialist candidate Zohran Mamdani beat Andrew Cuomo by a decisive margin for mayor of NYC.
The charismatic Muslim immigrant locked up votes among the college-educated and upper middle class, showing that aggressive leftism can still play in the coastal cities, even as the country as a whole pushes back on ideas like “defund the police.”
Zohran Mamdani’s potential mayoral victory in New York City could significantly impact Wall Street, given his democratic socialist platform and proposed policies. His agenda, including a $10 billion tax hike on businesses and the ultra-wealthy, aims to fund initiatives like free buses, rent freezes, and city-run grocery stores.
This has raised alarms among financial elites, with Kathryn Wylde of the Partnership for New York City noting the business community’s “terror” at the prospect of his leadership. Wall Street fears increased corporate taxes—potentially matching New Jersey’s 11.5% rate—could erode profitability and prompt firms to relocate back-office functions to lower-cost cities like Nashville or Dallas.
Mamdani’s rhetoric, emphasizing wealth redistribution and anti-corporate policies, contrasts sharply with Wall Street’s interests, potentially straining relations with the city’s economic powerhouse.
NYC will never be Baltimore, but it could become 1970s NYC again and we’re expecting a lot more banks and hedge funds to open offices in Florida and Texas.
To Better Trading,
Alex Reid