Bitcoin has fallen below the $100,000 mark again as investors cash out, with many having set personal targets around this threshold. Attention is focused on the upcoming US labor market report, expected to show a rise in non-farm payrolls, which could influence monetary policy. Hopes for a crypto-friendly environment in Washington persist, especially with the Federal Reserve's meeting scheduled for December 18, where a potential interest rate cut is anticipated.
IG
23:02 05.12.2024
City Brewing Co., the maker of White Claw and Pabst Blue Ribbon, is seeking a $50 million loan to bolster its cash reserves amid declining demand. The La Crosse, Wisconsin-based brewer is also considering a potential restructuring, which may include filing for bankruptcy, as negotiations with lenders continue.
Following the shocking murder of UnitedHealthcare CEO Brian Thompson, executives are increasingly seeking enhanced security measures. The incident, linked to rising threats in the healthcare sector, has prompted firms like Kroll to report a surge in requests for 24/7 personal protection. This tragic event highlights the growing risks faced by corporate leaders, particularly in industries experiencing public scrutiny.
The US stock market, representing over 60% of global capitalisation, shows significant overvaluation, with the Buffett indicator at 208% and a CAPE ratio of 31.12. In contrast, European equities, particularly in the UK and Germany, offer more attractive valuations, while Japan presents mixed signals amid ongoing reforms. Investors are encouraged to diversify geographically to optimise risk-adjusted returns.
IG
22:56 05.12.2024
Arrow Global is set to acquire iQera Group as part of a debt restructuring agreement with its creditors, following extensive negotiations. A fund from Arrow Global will become the controlling shareholder of the French debt collector, with plans to finalize the restructuring by mid-2025.
The S&P 500 has significantly outperformed the FTSE 100 over the past decade, averaging an 11.5% annual return compared to just 1.5% for the UK index. This performance gap is driven by the S&P 500's tech-heavy sector composition, stronger US economic growth, and favorable monetary policies, while the FTSE 100 faces challenges from Brexit-related uncertainties and a focus on dividends over growth. As trends continue, the S&P 500 is projected to surpass the FTSE 100 in numerical terms by late 2028.
IG
22:44 05.12.2024
Canara Bank has received approval from the Reserve Bank of India to divest its stakes in Canara Robeco Asset Management Company Ltd and Canara HSBC Life Insurance Company Ltd by 13% and 14.5%, respectively, through an Initial Public Offer (IPO). The bank must comply with a timeline set by the Government of India to reduce its holdings in these entities to 30% by October 31, 2029.
China successfully launched the third batch of 18 satellites for the Thousand Sails constellation on December 4, aiming for global services by 2025. The Long March 6A rocket deployed the satellites into polar orbits, contributing to a planned 14,000-satellite network. Despite successful launches, concerns remain over orbital debris and the satellites' brightness affecting astronomy.
A crypto millionaire has launched a nationwide treasure hunt, hiding valuables worth millions, including bitcoin, Olympic gold medals, and rare artifacts, in five puzzle boxes across the U.S. His book, “There’s Treasure Inside,” provides clues for seekers, emphasizing safety and accessibility. Collins-Black spent over two million dollars on the treasure, which is expected to increase in value due to Bitcoin's recent surge.
Ulta Beauty exceeded fiscal third-quarter earnings expectations, reporting $5.14 per share against the anticipated $4.54, and revenue of $2.53 billion, surpassing the $2.50 billion forecast. The retailer raised its full-year sales outlook to $11.1-$11.2 billion and earnings to $23.20-$23.75 per share, despite earlier concerns about cooling demand and increased competition. Shares rose approximately 10% in after-hours trading, although the stock is down about 19% year-to-date.
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