Daily Wave | March 13, 2023

1. Apple's launching a brand new product!

Hold on to your seats, Apple is set to launch a mixed-reality headset that will transport you to another world, or at least that's what the people at Apple are hoping. The new headset has been in development for about seven years, which is almost double the time it took to develop the iPhone, so we're expecting something big.

The headset, codenamed Reality Pro, will cost about $3,000 and looks like a futuristic pair of ski goggles. It will include both virtual and augmented reality capabilities, and it's set to hit the market later this year.

This is the first product to be made from scratch under Tim Cook's leadership. But not everyone is convinced. Some reports suggest that Apple's CEO, Tim Cook, has rushed the release of the headset, despite concerns over its weight, battery life, content, and market appeal. It's also facing competition from other tech giants, like Meta, who are developing their own mixed-reality devices. But who knows, maybe we'll all be walking around with ski goggles on our heads in no time!

2. US Bond Yields take a dive

It's been a rough few weeks for Investors in the US, to say the least. People are rushing to buy government bonds because the Silicon Valley Bank (SVB) collapsed, causing chaos in financial markets. The collapse of SVB has made people nervous, and they are seeking safety in government bonds because they are less risky than stocks. The sudden demand for bonds caused bond prices to go up, which means that bond yields went down. Bond yields are like interest rates, and when bond prices go up, yields go down. The S&P 500 and Nasdaq both took a hit, with the S&P 500's financial sub-index dropping by around 4%. Moreover, the four largest US lenders by assets, JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo, each fell between 4% - 6%.

Investors believe that the US Federal Reserve will stop raising interest rates to control inflation. This could be good news for the banking industry, which has been struggling since the collapse of SVB. The Federal Reserve has been increasing interest rates to keep prices from going up too much, but people think they will change their mind to help the banks.

This sudden demand for bonds caused yields to drop significantly. This hasn't happened since major events like the Black Monday crash of 1987, the 9/11 terrorist attacks in 2001, and the Lehman Brothers' collapse in 2008. So, it's a big deal. It's like people are all running to the same store to buy the same product because they are afraid, causing the price of that product to skyrocket.

3. Riyadh Air coming to the skies soon

Saudi Arabia is taking to the skies with the announcement of its new national airline, Riyadh Air. The airline will be fully owned by Saudi's PIF and will connect the capital city to over 100 destinations worldwide. The new airline is part of a broader strategy to diversify the kingdom's economy and create jobs.

Riyadh Air will be headed by Tony Douglas, the CEO of Etihad Airways, and is expected to launch later this year with Boeing 737 Max and Airbus A320 aircraft. However, the airline may face challenges from existing airlines like SAUDIA and flyadeal, as well as other regional and international airlines in a crowded market.

Saudi Arabia is serious about getting a big slice of the aviation pie, but running like clockwork and offering exceptional service will be crucial for Riyadh Air to compete with some of the world's best airlines. Nonetheless, it's good to see big bucks back to chasing travel, which means the COVID-induced investor paranoia is gone. That's all for today, people. See you tomorrow!