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Source: 'Reuters - Business videos'

Description: The former cryptocurrency billionaire was convicted of stealing

$8 billion from customers of the now defunct FTX Exchange that he founded.The

sentence marks the culmination if his downfall from an ultra-wealthy

entrepreneur and major political donor to the authorities biggest trophy to

date in a crackdown on malfeasance in digital asset markets.

Short Link: https://refini.tv/4ajilQM

Video Transcript:

Sam Bankman-Fried is sentenced to 25 years in prison. Welcome to your US

Markets Briefing, I'm Ramzan Karmali. The former cryptocurrency billionaire

was convicted of stealing $8 billion from customers of the now defunct FTX

exchange that he founded. The sentence marks the culmination of his downfall

from an ultra-wealthy entrepreneur and major political donor to the

authority’s biggest trophy to date in a crackdown on malfeasance in

digital asset markets. Moving on to the economy and further evidence that the

US continues to shine. The final reading for fourth quarter GDP came in at a

3.4% annualized pace. That's up from the previous reading of 3.2% and higher

than predicted by a Reuters poll of economists who had forecast an unchanged

number. A slew of economic data from the US is scheduled for release in the

week, with the jobs market very much in focus. On Tuesday, we get the latest

JOLTS reports, but the highlight is likely to be on Friday, when the Labor

Department closely watched employment report is anticipated to show non-farm

payrolls likely increased by 198,000 jobs in March following a creation of

275,000 jobs in the previous month. On to the markets now and it's been a

pretty lackluster day for the three main indexes. However, they are all set

for robust quarterly gains, with the S&P on track for its best quarter since

2019. Heading into the long weekend, focus will be on the PCE index, the Fed's

preferred inflation gauge, which is due on Good Friday when the US stock

market will be shut. Oil prices rose by more than a dollar a barrel today,

that follows on from two consecutive declining sessions. Investors are

anticipating tighter supplies given the OPEC+ producer alliance is widely

expected to stay the course on its current production cuts.

Really interesting question. I do believe that they will hold their

discipline, as I mentioned, through June. But with that said, it's important

to note that Saudi Arabia has 3 million barrels of capacity sitting idle. So,

there is excess capacity and it's not exactly as easy as flipping on a switch

in this and the oil starts flowing tomorrow. It'll take a couple of weeks, but

they can do it relatively quick.

On the corporate diary next week, Tesla is expected to post first quarter

deliveries lower than Wall Street estimates on Tuesday. The automaker was

forced to curb production due to shutdowns at its factory in Germany. And on

Wednesday, Levi Strauss is expected to report a drop in its first quarter

revenue. It continues to struggle with pressures in its wholesale business.

Demand trends and progress on its cost cutting plans are likely to be the

focus for investors. And that's your US Markets Briefing.