The Weekly Snapshot

Every child matters. Today is Truth and Reconciliation Day.

Good morning. In this weekly snapshot:

• Market Updates📈💵

• Peloton x Lululemon Deal🚴‍♀️🛍️

• Parliamentary Blunder During Zelenskyy’s Canadian Visit🇺🇦🇨🇦

📈 Market Updates

Economic Pulse🌎:

In FX markets, further U.S. dollar strengthening has pushed the Euro to near nine-month lows, kept the Yen in intervention territory, and prompted central banks in Southeast Asia to pursue ‘pseudo tightening’ measures. Profitability contractions continue in China’s industrial sector, with U.S. small-cap industrials also experiencing further downturns. In U.S. equities, the three largest indexes are down marginally.

Money Moves📈:

Now in its 16^th day, the UAW-led strike against America’s big three automakers is making limited headways. While Canada’s Unifor ratified a three-year agreement with Ford, and UAW is bridging closer with Stellantis, strikes are expanding in the U.S. with an additional 7,000 Ford and GM walkouts on Friday. As unions negotiate for 30%+ wage increases, is this a sign of an impending inflationary wage-price spiral? In capital markets, EU regulators continue to headline, requesting further information on Adobe’s proposed US$20B acquisition of Figma and blocking Booking Holding’s US$1.7B acquisition of Etraveli Group.

🚴‍♀️🛍️ Peloton x Lululemon Deal

Peloton Interactive Inc. shares surged 12% in early trading after the company announced a five-year global relationship with Lululemon Athletica Inc. to use its online workouts and collaborate on gear.

Partnership Agreement

This transaction marks a shift in the two companies' relationship. They've been competitors in stores and courtrooms in recent years, aiming for a larger portion of the expanding fitness and healthy living sector. Lululemon had previously sued Peloton in 2021, accusing them of stealing their clothing; however, they settled out of court. Beginning in 2023, Peloton will be the only digital fitness content provider for Lululemon Studio under this new arrangement. In exchange, Lululemon will become Peloton's primary athletic gear partner, further expanding their collaboration. They will engage their global member communities with technological athletic equipment, real-life events, unique programming, and original content, enhancing brand visibility and reach.

Lululemon’s Mirror

Due to recent low demand, Lululemon will cease its $500 million 'Studio Mirror' interactive exercise technology, bought in 2020, by the end of the year. Current Mirror owners, however, will get access to thousands of Peloton classes at the same price they presently pay beginning November 1, 2023.

🇺🇦🇨🇦 Parliamentary Blunder During Zelenskyy’s Canadian Visit

Moments after Ukraine’s leader addressed lawmakers, the Canadian Parliament gave a standing ovation to a Ukrainian Nazi who fought the allies as part of the Waffen-SS.

A Truly Embarrassing Moment for Canada’s Parliamentary Institutions

On September 22nd, Ukrainian President Volodymyr Zelenskyy was welcomed to Canada’s House of Commons. However, what Zelenskyy had hoped would be an opportunity to address Canadian lawmakers, has been overshadowed internationally by a deeply embarrassing blunder by Canada’s Speaker of the House. Speaker Anthony Rota, who welcomed Zelenskyy to the chamber, has now resigned after inviting Yaroslav Hunka, a 98-year-old Ukrainian-Canadian, to watch the address. What Canada’s 338 Members of Parliament did not know while giving Hunka a standing ovation was that he served in Ukraine under Nazi command.

An Insult to Holocaust Survivors and War Victims

78 years after the end of WW2 and the Holocaust, Jewish people all around the world were preparing for Yom Kippur, when it was revealed that Canada had honoured an SS soldier. As time passes, fewer Holocaust survivors remain to tell their stories. Today, we recognize the generational impact of this genocide and must demand that our government leaders do better.

🗣 Word on the Street

• Russian athletes cleared to compete in the Paris Paralympics

• Sikh separatist movement in Punjab, India

• About Truth and Reconciliation Day

Authors: Gefen Shpil, Joshua Cristofoli and Philip Russ

Senior Editor: Amyn Dehal

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