Coinbase Global Inc. is set to report its Q3 2024 earnings on October 31, with revenue expectations at $1.253 billion and EPS estimated at $2.56. The company faces challenges from rising operational expenses and fluctuating Ethereum prices, while planning cautious headcount growth to support expansion. Analysts project an average price target of $255.23 for Coinbase shares, indicating a potential 21.12% increase from the current price of $210.72.
The Philippines is enhancing its capital market by reintroducing interest rate swaps and expanding bond repurchase agreements to create alternative loan pricing benchmarks. This initiative aims to support financing for major projects, including a potential nuclear facility revival and infrastructure development, while reducing reliance on bank loans. Bangko Sentral ng Pilipinas Governor Eli Remolona is leading these efforts to sustain the country's rapid economic growth.
US equity markets are set for their first losing week in seven, driven by profit-taking ahead of major tech earnings and rising national debt yields. The ASX 200 is also expected to close negatively, influenced by Wall Street losses. Key economic indicators, including the US GDP and job data, are due next week, alongside inflation reports from Australia and Europe.
The National Highways Authority of India (NHAI) plans to monetise INR 540 billion in road assets in FY2025, aiming to fund new projects amid budget constraints and rising debt. Increased FASTag collections are expected to enhance private sector participation, while asset monetisation will stimulate tendering for new road initiatives.
The US Department of the Treasury has finalized rules for the Advanced Manufacturing Production Tax Credit under Section 45X, enhancing support for solar and energy storage manufacturers. This initiative aims to boost domestic production across the supply chain, creating jobs and economic growth while promoting energy independence. The Inflation Reduction Act is recognized as a significant driver for US manufacturing and the reshoring of blue-collar jobs, reinforcing the connection between environmental policies and economic prosperity.
The U.S. Department of Energy has announced the 2024 Clean Energy Education & Empowerment (C3E) Award winners, honoring nine women for their exceptional leadership in clean energy. The awards aim to close the gender gap in the sector, recognizing achievements across various fields, including business, education, and policy. A symposium celebrating the awardees is scheduled for November 13.
In 2023, China's domestic steel demand is projected to fall below half of global demand due to a downturn in the real estate sector, with significant production cuts among steelmakers. Exports are expected to peak this year before tariffs impact the industry in 2025, as anti-dumping measures from various countries intensify. The ongoing property crisis and weak manufacturing further strain China's steel market, prompting a shift in focus towards foreign markets amidst rising trade tensions.
India experienced average rainfall of 18.4 mm, 23% above normal, with significant excess in Central India and the South Peninsula, while northwest and northeast regions faced deficits. The Cotton Association of India forecasts a 7.1% drop in cotton production for 2024-25 to 30.2 million bales, with domestic demand steady at 31.3 million bales and exports revised down to 1.8 million bales.
Pharma giants are experiencing a slowdown in earnings growth, primarily due to their reliance on the US generics market and a lack of major drug launches. Companies like Cipla, Dr Reddy's, and Aurobindo Pharma face challenges from rising competition and impending patent expirations, while midcap firms focused on the domestic market continue to thrive without the same pressures.
The Indian equity market continues to struggle, with the Nifty index poised for its fourth consecutive week of losses, closing slightly below the 24,400 mark. Weak earnings reports and ongoing foreign institutional investor sell-offs have contributed to this downward trend. Key stocks to watch include ITC and IndusInd Bank following their Q2 earnings, along with Coal India, JSW Steel, Indigo, BPCL, BOB, HPCL, and Shriram Finance.