Bitcoin's price has recently dropped significantly, prompting investors to consider buying the dip. Historical patterns suggest a potential rebound, as seen in August when BTC surged over 25% after a similar decline. However, critical support levels have been breached, raising concerns about increased selling pressure among investors.
UBS has upgraded Honda Motor Co Ltd's stock rating from Sell to Neutral, adjusting the price target from JPY1,400 to JPY1,300 following a 30% decline in share price since March 2024. The firm noted that the market capitalization of JPY6 trillion indicates limited downside risk, despite a 10% reduction in EPS estimates for the fiscal year ending March 2025 due to rising product-quality costs and BEV losses. Future earnings projections for subsequent years have also been lowered by 4-5%, reflecting anticipated increased incentives and ongoing BEV challenges.
Swiss reinsurer Converium Holding AG has announced the departure of Chief Risk Officer Markus Krall, effective June 30, 2007, for personal reasons. The company is currently navigating a complex situation involving a takeover bid from French competitor SCOR S.A., which Converium's Board of Directors has recommended shareholders reject, citing undervaluation of its market position and growth prospects. Additionally, Converium has filed a lawsuit against SCOR and Patinex AG in the U.S. District Court for the Southern District of New York.
The Dow Jones ended a nine-session decline, gaining 0.04% amid oversold conditions, with only 15% of Russell 3000 stocks above their 20-session moving average. Market attention is on the upcoming US PCE price index and employment reports, with a potential rebound expected. Entry points are suggested at 42,000, targeting 44,000, with a stop at 41,500, indicating a favorable risk/reward ratio of 4.
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UBS has reduced its price target for Nike from $80 to $73 while maintaining a "Neutral" rating. Analyst Jay Sole highlights ongoing risks, citing underestimations in the time and costs required to normalize inventory levels and a slower-than-expected product pipeline.
Solana has shown resilience by holding above a critical support level of $210 despite recent market volatility, following a 7% drop after the Federal Reserve's rate cut announcement. With daily transactions nearing 67 million, the network's growing activity suggests strong adoption and potential for a bullish breakout, particularly if it can push past resistance levels at $225 and $240. Analysts are optimistic about Solana's ability to reach new all-time highs if these thresholds are reclaimed.
Solana has shown resilience by holding above the critical support level of $210, despite a recent 7% drop following the Federal Reserve's rate cut announcement. With daily transactions nearing 67 million, analysts suggest that if Solana can break above $240, it could signal a strong bullish trend and potential new all-time highs. However, failure to surpass key resistance levels may keep the asset range-bound.
Markets experienced turmoil following the Federal Reserve's indication of fewer rate cuts in 2025, strengthening the dollar and prompting global central banks to reconsider their policies. While the S&P 500 and Nasdaq fell slightly, the Dow broke a 10-day losing streak, suggesting mixed investor sentiment amid heightened volatility. The upcoming U.S. personal consumption expenditures price index is expected to significantly influence market reactions.
Today at 10:30 a.m., the Parliamentary Investigation Committee (PUK) will present its findings on the Credit Suisse collapse, marking the first such inquiry in nearly 30 years. PUK President Isabelle Chassot and Vice-President Franziska Ryser will address the media after a year and a half of investigations, which included nearly 80 hearings with government and banking representatives. The committee aims to uncover weaknesses in federal and supervisory authorities related to the significant incidents surrounding the bank's downfall.
Bitcoin ETFs experienced a record single-day outflow of $680 million on December 19, ending a 15-day inflow streak. Ethereum ETFs also faced $60 million in outflows, breaking an 18-day positive trend. Fidelity and Grayscale funds led the outflows, while BlackRock's ETFs remained stable.
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