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Majority of Americans are paycheck to paycheck

63% of Americans are living paycheck to paycheck, according to a recent report by LendingClub. The number is up from 57% last year, indicating consumers feel pinched by dogged inflation. What’s more, nearly half of six-figure earnings are living paycheck to paycheck.

Titan’s Takeaway

With the economy appearing to be barreling toward a recession, consumers are feeling the pain. Inflationary pressures seem more entrenched than ever, and consumers seem to be reaching into their savings or paying on credit to offset the increases in prices.

Chinese stocks plunge

Chinese stocks listed in the U.S. plunged as concerns over potential tighter restrictions by President Xi Jinping rattled markets. The Nasdaq’s Golden Dragon China, an index of 65 Chinese stocks, saw some $130 billion in market value vanish at one point. Even tech giants Alibaba and Tencent Music Entertainment fell dramatically on news of Jinping’s consolidation of power in Beijing.

Titan’s Takeaway

Investor pessimism in China is high as lingering scars from China’s zero-covid policy serve as a reminder of the market’s volatility. For the world’s second-largest economy, the risk may be too much to bear for investors as the government continues to inject itself into private enterprise.