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Asia-Pacific markets opened mixed as investors reacted to Japan's revised GDP and awaited China's inflation data. Japan's Nikkei 225 rose 0.5% following a GDP revision to 0.3%, while South Korea's Kospi fell 1.6% amid political turmoil. In the U.S., the S&P 500 and Nasdaq reached record highs, buoyed by positive jobs data, while the Dow slipped 0.28%.
Meta shares surged 2.4% to a record high following a federal appeals court ruling that could lead to a U.S. ban on TikTok unless ByteDance divests the app. The company has seen a 77% increase this year, bolstered by a focus on AI advancements and a significant reduction in workforce. Meanwhile, TikTok plans to appeal the ruling, asserting it violates users' First Amendment rights.
Meta Platforms Inc. continues to show strong growth in online advertising, with significant revenue and earnings increases reported for Q3 2024. Analyst Andreas Schiller from Raiffeisen Bank International AG maintains a buy recommendation, raising the price target to USD 675.00, citing positive trends in user figures and advancements in AI and AR/VR technologies. Despite ongoing investments in Reality Labs, optimism remains regarding future growth and profitability, particularly with the rising demand for smart glasses in collaboration with Ray-Ban.
Traders are closely monitoring the upcoming ruling from the US Court of Appeals regarding TikTok's ownership, which could mandate its China-based parent company to sell the app by January 19 or face a ban in the US. With over 170 million users in the US and significant advertising revenue at stake, the implications for companies like Meta Platforms Inc. and Oracle Corp. are substantial. Any ruling is expected to be contested, prolonging the legal saga surrounding the popular social media platform.
Meta Platforms' stock has surged past the $600 mark, reaching a new all-time high, reflecting strong market momentum. Currently trading around $593, the shares have rebounded over 47% from a 52-week low of $313.67, with a market capitalization of €1,266.4 billion. The upward trend continues, with the stock recently rising by 2.99% to €581.40.
Global stocks reached a record high following Jerome Powell's optimistic remarks on the US economy, which bolstered risk assets. While Asian shares rose, US equity futures remained stable after gains in major tech stocks. In Europe, the euro faced challenges amid political turmoil in France, and market expectations for a Federal Reserve rate cut later this month persisted.
Technology stocks reached their first all-time high since July, with the Nasdaq Composite rising 1% as investors flocked to major software and megacap companies. The Technology Select Sector SPDR Fund (XLK) gained 1.8%, driven by strong earnings from Salesforce, Adobe, and ServiceNow. Notable gains also came from Marvell Technology, which surged 23%, while Apple and Nvidia set new records among the Magnificent Seven.
Nvidia's stock has faced volatility despite strong earnings, with expectations remaining high as the company prepares for significant developments. The launch of its powerful Blackwell Superchips is anticipated to exceed Wall Street's revenue expectations, while the focus on agentic AI positions Nvidia as a leader in creating AI that enhances workplace efficiency. With a growing AI market projected to add trillions to the global economy, Nvidia's dominance in chip supply and innovation continues to attract investor optimism.
The Raiffeisen-MegaTrends-ESG Shares fund focuses on long-term growth through investments in major megatrends such as demographic, climate, and technological changes. With over 70% of its assets in IT, industrials, consumer discretionary, and healthcare, the fund emphasizes sustainability by selecting companies based on ESG criteria. Currently, it holds significant positions in leading firms like Nvidia, Alphabet, and Amazon, aiming for a dynamic and diversified investment strategy.
Meta Platforms, Inc.
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
Asia-Pacific Markets Mixed as Japan GDP Revised and China Inflation Data Looms
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Raiffeisen MegaTrends ESG Shares Fund Targets Sustainable Growth Through Key Trends
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