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HomeUncategorizedGlobal Market Watch: Reddit's IPO Listing and Airbus' Order Wins Take Center...

Global Market Watch: Reddit’s IPO Listing and Airbus’ Order Wins Take Center Stage.

Global Market Watch

Here are some of the most important news stories from around the world, from cases against Apple Inc. and Meta Platforms to hope for chipmakers.

News includes: Apple Inc. faces monopolistic accusations in a lawsuit filed by the US Department of State and fifteen other entities; Reddit’s robust stock market debut; Accenture’s growth outlook suggests industry pressure will persist; and Airbus’ mega order victories. Join us on World Street for all the latest as Facebook parent Meta Platform is embroiled in a class action lawsuit.

Apple new case

Apple Inc. has been sued by the US Department of Justice and 15 states for alleged monopolization of the smartphone market, causing harm to smaller rivals and increasing prices. This follows similar lawsuits by major tech firms like Google, Meta Platforms, and Amazon under President Joe Biden and Donald Trump.

Meta charge

A US appeals court has ruled that Meta Platforms must face class action from advertisers who accuse the social media giant of overcharging them by fraudulently inflating the number of people their ads might reach. The 9th US Circuit Court of Appeals in San Francisco ruled that advertisers could sue for damages as a group.

Reddit listing

Reddit, a social media platform, has listed at a 38% premium above its IPO price, raising its valuation to $8.87 billion. The San Francisco-based company listed at $47 a share, raising $748 million, compared to its IPO price of $31-$34.

Airbus Order win

Airbus has secured orders for 65 jets from two key Asian customers, a significant win for Boeing, a rival, as the company grapples with quality concerns following a mid-flight panel blowout on a 737 MAX nine jet and a manufacturing crisis limiting narrow-body jet production.

Accenture revenue forecast cut

Accenture has reduced its FY2024 revenue forecast due to economic uncertainty and client spending restrictions on technology services. The company expects a full-year revenue growth of 1% to 3%, down from its earlier forecast of 2% to 5%. The IT industry is facing sluggish demand due to high interest rates and a weak marco environment.

Micron rally

Following in the footsteps of US chipmaker NVIDIA’s record-breaking rise, European memory chipmaker Micron Technology soared to new heights as investors were enticed by its robust revenue projection. The need for artificial intelligence hardware is the main reason for optimism, as it is anticipated to propel the Nvidia supplier to new heights.
While its competitors and the market continue to assess the overall demand for semiconductors, Micron will release its financial results first.

My best read on trading is this Book GGlobal Market Watchlobal Market Watch Global Market Watch Global Market Watch

Petrobras (NYSE:PBR) shares fell 13% after the firm reported a smaller-than-expected net profit and fewer shareholder distributions, suggesting its dividends may stop. The board authorized Q4 dividends of 1.10 reais per share, totaling 14.2B reais ($2.9B), with no special payments for the year. Analysts predicted $3.7B dividends and $3B special dividends. Petrobras CEO Jean Paul Prates said rising investment on wind, solar, and biofuel programs made him more cautious about payouts.

Petrobras (NYSE:PBR) shares fell 13% after the firm reported a smaller-than-expected net profit and fewer shareholder distributions, suggesting its dividends may stop. The board authorized Q4 dividends of 1.10 reais per share, totaling 14.2B reais ($2.9B), with no special payments for the year. Analysts predicted $3.7B dividends and $3B special dividends. Petrobras CEO Jean Paul Prates said rising investment on wind, solar, and biofuel programs made him more cautious about payouts.

WGovernment aid and bailouts for the struggling Chinese real estate market are unlikely. Chinese officials have said individuals who damage the public would be punished. “Real estate companies that are seriously insolvent and have lost the ability to operate should go bankrupt or be restructured, per the law and market principles,” stated the Chinese housing and urban-rural development minister.all Street Roundup Wall Street Roundup

Estancia Capital Partners LP is buying a minority stake in UK Savings Fintech Flagstone, a cash deposit platform, to boost its savings services. Flagstone said the private equity firm’s £108 million ($139 million) investment will help it consolidate and expand domestically and internationally.

This investment will also reward Flagstone’s investors. The sale did not reveal Estancia’s interest in the Arizona firm.

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