Jobless Claims Fall to Their Lowest Level Since 1969
Only 187,000 Americans filed new claims for unemployment benefits last week, the lowest total since September 1969. Adjusted for the much larger labor force today, layoffs are effectively running at record lows. The data reinforces the picture of a labor market characterized by limited firing, although hiring remains softer and entry-level job postings have continued to decline.
Why It Matters: Exceptionally low layoffs suggest the economy retains underlying strength, potentially supporting consumer spending and corporate earnings even as investors watch for signs of slower hiring.
Source: Axios
American Express Reports Its Strongest Spending Growth in Three Years
American Express customers posted their strongest spending growth in three years as demand for premium credit cards continued to rise. The company said its Platinum portfolio has become its fastest-growing card franchise following a refresh of benefits and rewards. The results provide another indication that affluent consumers remain willing to spend despite higher borrowing costs and broader economic uncertainty.
Why It Matters: American Express offers a useful window into higher-income consumer behavior, and continued spending strength could support travel, leisure and other discretionary sectors.
Source: MarketWatch
BP Nears Deal to Sell Solar Business to Kuwait-Backed Group
BP is in advanced talks to sell its Lightsource solar business to a consortium backed by Kuwait’s sovereign wealth fund. Infrastructure investor Wren House and private-equity firm Qualitas Energy are pursuing the acquisition as BP simplifies its portfolio, reduces debt and refocuses capital on traditional oil and gas operations.
Why It Matters: The potential sale illustrates how major energy companies are reassessing renewable investments as shareholders demand stronger returns, lower leverage and more disciplined capital allocation.
Source: Reuters
ALTERNATIVES
Infrastructure Deals Lift Blackstone’s Fee Revenue to a Record
Blackstone is generating growing revenue from structured infrastructure financings as insurers seek long-duration, relatively low-risk investments. Infrastructure transactions contributed to a record $321 million in transaction and advisory fees during the latest quarter, including Blackstone’s participation in a $5.34 billion financing involving natural-gas infrastructure company Williams.
Why It Matters: Infrastructure financing is becoming an increasingly important source of fees and investment opportunities for alternative managers as insurers and other institutions seek long-term assets with predictable cash flows.
Source: The Wall Street Journal
CRYPTOCURRENCY
Former Bitcoin Mining Giant Poolin Files for Bankruptcy
Poolin Technology, once one of the world’s largest bitcoin mining-pool operators, filed for Chapter 11 bankruptcy protection after shutting down its Texas mining and hosting operations. The company reported roughly $173 million in prepetition obligations and is seeking approval to sell its Texas assets through a $52 million stalking-horse bid.
Why It Matters: Poolin’s collapse highlights the financial risks surrounding capital-intensive crypto mining businesses and could provide another test of how digital-asset claims and infrastructure are handled in U.S. bankruptcy proceedings.