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Hollywood braces for shutdown

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Hollywood braces for shutdown as TV and film writers agree to strike

Hollywood will come to a standstill this week.

Thousands of Hollywood TV and movie screenwriters are set to strike after talks with major studios over wages soured.

The Writers Guild of America strike is the first in 15 years and will see more than 9,000 writers – or nearly 98 per cent of voting members – walk out.

The strike could affect Tuesday’s late-night shows, while numerous forthcoming shows and films could face delays.

The last demonstration like this was in 2007, when writers went on strike for 100 days.

This came at a cost of about $2 billion for the industry.

Writers are clashing with the Alliance of Motion Picture and Television Producers – which represents the major studios, including Disney and Netflix.

They are demanding higher pay and a greater share of the profits from the modern streaming boom.

In a Tweet on Sunday evening, the Writers Guild of America said the decision was made after six weeks of negotiations produced a “wholly insufficient” response to “the existential crisis writers are facing”.

Speaking at the Met Gala, Olivia Wilde says she is united with the union. #trending #featured

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Traders bet on Bitcoin hitting $100k by end of year

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Surge in Bitcoin prices follows pro-crypto political victories, with traders betting on a $100,000 milestone by year-end.

Bitcoin’s value surged past $90,000 on Wednesday, marking a record high amid investor excitement surrounding a possible cryptocurrency renaissance as Donald Trump steps into his second term as U.S. president.

The election of Trump, who has openly endorsed crypto, has sparked a 30% rise in bitcoin’s price since Election Day, boosted by the success of dozens of congressional candidates supported by crypto-friendly political action committees.

Hitting $100,000

According to Jake Ostrovskis, an OTC trader at crypto market maker Wintermute, traders are betting that Bitcoin could hit $100,000 before the end of the year, with $850 million in options contracts speculating on this milestone by December 27.

The crypto industry, which contributed around $170 million to support candidates viewed as allies, is optimistic about a wave of deregulation and favorable policies.

Trump has promised to establish a national bitcoin reserve and aims to replace SEC Chair Gary Gensler, who has led a strict regulatory approach to crypto.

With aggregate open interest on Bitcoin derivatives soaring to $61 billion, investors are increasingly bullish, betting on bitcoin’s growth via options and perpetual futures contracts.

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Consumer prices rise as Fed weighs December rate cut

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Consumer prices ticked up in October, marking a slight rise after September’s 3½-year low, showing an uneven path for inflation.

Despite the bump, the increase likely won’t deter the Federal Reserve from a possible December interest-rate cut.

The Labor Department reported consumer prices were up 2.6% from a year ago, with core inflation, excluding food and energy, up 3.3%.

Steady consumer spending and hiring may fuel debate on slowing rate cuts early next year.

Investors welcomed the report, betting on a quarter-point rate cut in December.

This response reflects confidence that President-Elect Trump and the Fed will avoid early policy clashes, despite Trump’s pro-lower-rate stance.

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Wall Street rallies as oil prices dip and bitcoin hits new high

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Wall Street started the week on a high note, extending last week’s rally as oil prices fell and bitcoin surged to a new record.

The Dow Jones jumped 1%, reaching over 44,000, with Tesla and big banks leading gains.

Crypto stocks soared as bitcoin hit an all-time high above $82,300, driven by optimism about lighter regulation.

Investors are also focused on upcoming inflation data, which could provide more clues about interest rates.

The dollar remained near a recent peak as Federal Reserve speakers, including Chair Jerome Powell, are set to weigh in later this week.

European markets followed suit, with the pan-European STOXX 600 rising over 1% on Monday.

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