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China's Housing Market Is Cooling Off, And Doing So Quickly The Chinese housing market has missed the inflation memo. New data out this week showed Chinese new-home prices in the country falling roughly 1% in the last year, breaking more than 6 consecutive years of rising prices. Although a relatively small drop, the fall in new-home prices is just the latest piece of evidence that paints a concerning picture for the largest residential property market in the world. Sales of apartments by the country's largest developers have fallen for 13 months straight and hundreds of buildings that were presold have been left unfinished leading some homeowners to stop paying their mortgage, a rare show of dissent in the country. All told, the WSJ estimates that billions of square meters of residential homes have been started. Chinese officials are doing all they can with numerous policies aimed at reinvigorating the sputtering sector. 𝙲𝚑𝚊𝚛𝚝𝚛 | 𝙳𝚊𝚝𝚊 𝚂𝚝𝚘𝚛𝚢𝚝𝚎𝚕𝚕𝚒𝚗𝚐

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𝙸𝚗𝚝𝚎𝚛𝚎𝚜𝚝 𝙸𝚗 𝙽𝙵𝚃'𝚜 𝙸𝚜 𝚆𝚊𝚗𝚒𝚗𝚐 The latest data from aggregator nonfungible.com shows that the volume traded in NFTs has dropped steeply in recent weeks, as NFT-mania slows down. One part of the NFT market that has held up are "collectibles" — collections like the Bored Ape Yacht Club, which routinely trade for more than $500k+ and double up as a membership card to the "Yacht Club". Trading volumes in Bored Apes, and other high profile projects, have stayed elevated, with ~$15m worth of Bored Apes changing hands per day in April. That's a lot in nominal terms, but in the context of traditional financial markets it's still small. We picked one of the smallest stocks in the S&P 500 index at random, Campbell Soup Company, and found that it traded more than $57m a day in April, almost 4x the Bored Ape volume. 𝙲𝚑𝚊𝚛𝚝𝚛 | 𝙳𝚊𝚝𝚊 𝚂𝚝𝚘𝚛𝚢𝚝𝚎𝚕𝚕𝚒𝚗𝚐

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More Data 1) New data from Gallup reveals the unhappiest countries in the world. 2) Shares in ride-hailing company Lyft jumped 17% yesterday after rumors circulated on social media that General Motors was contemplating another bid for the company. 3) ‘Metaverse’, ‘shrinkflation’, and ‘ICYMI’ are just some of the 370 words added to the Merriam-Webster dictionary this year. 4) The NFL season is back under way and FiveThirtyEight have put their predictions together — see if you can beat them. 5) On Wednesday we wrote about the strength of USD, now the dollar is edging towards a symbolic milestone against the Chinese renminbi. 6) College grads tend to marry other grads (81% of the time), a phenomenon that holds even more strongly if the person's parents also went to college, according to a new study. 7) How sustainable is fake meat? Interesting study and research from Ars Technica. 𝙲𝚑𝚊𝚛𝚝𝚛 | 𝙳𝚊𝚝𝚊 𝚂𝚝𝚘𝚛𝚢𝚝𝚎𝚕𝚕𝚒𝚗𝚐

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Visualizing The Minimum Wage In America: State By State Fast food workers in California might be looking at a hefty pay rise after the Golden State governor signed a bill that could see minimum wage within the industry jump to $22 an hour. As charted above, California’s minimum wage is already the nation’s joint third-highest, with the base level at $14 an hour — or $15 for companies with over 25 employees. As inflation erodes the value of people's pay packets, workers are increasingly seeking out more rewarding employment opportunities in one of the tightest labor markets on record. At the same time, union support in the US has hit a 57-year-high, with the approval rating for labor unions now sitting at some 71%. High-profile unionization efforts at corporate giants like Amazon and Starbucks have sparked conversations on pay and working conditions at an increasing number of companies. In states like Texas, Georgia, and some 18 others, there isn’t a state-set minimum wage. 𝙲𝚑𝚊𝚛𝚝𝚛 | 𝙳𝚊𝚝𝚊 𝚂𝚝𝚘𝚛𝚢𝚝𝚎𝚕𝚕𝚒𝚗𝚐

Tim Cook Has Squeezed A Lot Of Juice From Apple's Product Range Apple's latest iPhone reveal — complete with a full roster of supporting acts — took place on Wednesday. Millions tuned in to see the iPhone 14 and a refresh of Apple's most-popular wearables, including new AirPod Pro's and a more resilient Apple Watch. Critics will complain that, even with some cool design updates, the iPhone 14 is more of an evolution than a revolution on the product side. That's a fair critique — and one that's been levelled at Apple many times since Tim Cook took over as CEO from Steve Jobs in 2011. The strongest rebuttal to that criticism is seen in the chart above: during Cook's tenure sales have more than tripled and the company's share price is up more than tenfold. While the product line-up may not have changed dramatically, Apple's Services division is undergoing a revolution. 𝙲𝚑𝚊𝚛𝚝𝚛 | 𝙳𝚊𝚝𝚊 𝚂𝚝𝚘𝚛𝚢𝚝𝚎𝚕𝚕𝚒𝚗𝚐