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1) Truss steps down: Liz Truss stepped down as prime minister of the U.K., officially serving the shortest tenure ever for a prime minister of the country. Her regime was marred by disordered policy, including her decision to institute a colossal tax cut reform and then reneging after market turmoil. Truss will stay as prime minister until October 28th, when the ruling Conservative party chooses a new leader. 

Titan’s Takeaway: It’s been economic chaos in the U.K since Truss was elected as premier, but her resignation seemed to bring a semblance of order with the pound rising on the news. However, regardless of any security a new PM will bring, the U.K’s economy still teeters on the brink, with suffocating inflation, energy shortages, and capital flight out of government bonds.

2) Tesla slashes growth forecasts: Tesla cut its 2022 growth expectations as part of a vehicle shipping disparity and on the back of concerns over weakening demand. Despite the slash in the forecast, Tesla posted its largest quarterly revenue ever, rising to $21.5 billion but still lower than Wall Street estimates. Elon Musk doubled down on Tesla’s commitment to continue producing EVs, dubbing the car manufacturer “recession-resilient.”  

Titan’s Takeaway: Tesla has been walloped this year with fears of weakening demand as a recession looms, coupled with concerns over Elon Musk’s financing of Twitter. But amidst it all, the company’s valuation has stayed stunningly high. Is it true belief in the bombastic billionaire, or is the company simply too expensive? Time will tell. 

3) Travel demand stays hot: American Airlines announced its quarterly revenue was up 13% from 2019 in the same quarter, as travel demand remains resilient. Americans continue to travel despite darkening economic conditions. Flying capacity was down 9.6% as the airline reduced the number of flights. 

Titan’s Takeaway: The post-pandemic travel boom is still in full swing. American Airlines’s announcement comes after United Airlines commented that travel demand should drive profit until the end of the year. Maybe consumers are reigning in spending, but life’s too short to cancel your dream vacation.