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The cryptocurrency market underwent a significant transformation in 2024, with Bitcoin rebounding to new heights following the launch of spot ETFs and substantial investments from Wall Street firms. Major banks now dominate trading, while regulatory changes have led to a cleaner, more professional market, integrating crypto into traditional finance.New projects and improved technology have made crypto more accessible, with gaming and NFT applications finding real-world use cases. As the market matures, institutional investment continues to grow, signaling a bright future for the crypto landscape.
The latest performance report highlights significant variances across sectors, with PCB leading at 11.39% and consumer goods at 7.78%. In contrast, the automotive sector and telecoms show declines of -1.97% and -2.22%, respectively, while pharmaceuticals and energy face steep drops of -14.46% and -32.22%. In the banking sector, Commerzbank is rated positively, while Deutsche Bank is under observation due to high volatility. Year-to-date, Erste Group has surged by 60.3%, contrasting sharply with Sberbank's staggering -72.73% decline.
Dogecoin (DOGE) is poised for a potential rally to $3 in January, driven by bullish indicators, while Solana (SOL) is expected to break out of a descending channel, with price targets between $270 and $301. Meanwhile, IntelMarkets (INTL) has raised over $5 million in its presale and is projected to grow 20x by Q1 2025, thanks to its innovative AI trading platform.
BlackRock has made history by acquiring municipal debt through a transaction fully utilizing blockchain technology, marking the first instance of municipal bonds being purchased, settled, and held on a blockchain platform. The $6.5 million deal involved bonds issued by Quincy, Massachusetts, and was facilitated via JPMorgan's private blockchain application. This innovative approach enhances transparency and security in municipal finance, reflecting BlackRock's commitment to transforming capital markets. In the cryptocurrency space, BlackRock's iShares Bitcoin Trust is nearing $60 billion in assets under management, significantly outperforming its gold ETF, which took 20 years to reach $33 billion. Despite recent volatility in Bitcoin's price, BlackRock capitalized on the dip, purchasing $1 billion worth of Bitcoin.
The multi-manager hedge fund sector is experiencing a downturn, with over $30 billion in client withdrawals in the year ending June 2024, marking the first outflows in seven years. While larger firms like Citadel and Millennium thrived, smaller players struggled with minimal gains, and rising fees deterred investor interest. Despite this, a long-term performance record shows multi-manager funds outperforming traditional hedge funds, suggesting potential for recovery if returns improve.
IG
U.S. stocks are expected to thrive in 2025, driven by a strong macro environment, robust earnings growth, and significant spending on AI, with a target of 6,600 for the S&P 500. While small-cap stocks face challenges, sectors like financials, consumer discretionary, and utilities present promising opportunities. Inflation is projected to remain slightly above the Fed's 2% target, supported by a resilient economy and ongoing consumer spending.
U.S. stocks are expected to thrive in 2025, driven by a strong macro environment, robust earnings growth, and significant spending on artificial intelligence. The economy is projected to grow around 2% to 2.5%, supported by a healthy labor market and rising disposable income, while inflation may slightly exceed the Fed's 2% target. Small-cap stocks are viewed as less appealing in the near term, with a focus on large-cap companies, particularly in financials, consumer discretionary, and tech sectors.
Siemens has reaffirmed its focus on the Smart Infrastructure division, projecting annual revenue growth of 6-9% and profit margins of 16-20% over the next three to five years. Following its Capital Markets Day, several banks, including RBC, Goldman Sachs, and JPMorgan, have maintained positive ratings with target prices ranging from 200 to 230 euros, reflecting strong investor confidence. The company's shares recently peaked at €196.70, showcasing robust market performance despite slight fluctuations.
Albert Rüetschi, a lawyer from Aargau, is pressuring the Swiss government to reverse the decision that transferred AHV assets from UBS to the US-based State Street, arguing it jeopardizes the safety of Swiss pension funds. He demands that the management of these assets return to a Swiss institution by January 2025, suggesting taxpayer-dominated cantonal banks as custodians instead. Compenswiss defends its choice, claiming the risk of US authorities freezing assets is low and that the savings from the switch are significant.
Aargau lawyer Albert Rüetschi is demanding accountability from the state government over the decision to transfer AHV assets from UBS to the US firm State Street, arguing it jeopardizes Swiss independence and safety. He insists that the management of pension assets must return to Swiss institutions by January 2025, proposing taxpayer-dominated cantonal banks as custodians. Rüetschi threatens the dismissal of Compenswiss's Board of Directors for what he deems irresponsible behavior regarding the management of Swiss pension funds.
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