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HomeLatest NewsGlobal NewsWall Street Roundup: Bitcoin's Rally, Reddit's IPO, and US TikTok Bill Stir...

Wall Street Roundup: Bitcoin’s Rally, Reddit’s IPO, and US TikTok Bill Stir Market Sentiment.

Wall Street Roundup

From the Bitcoin and Reddit IPO surges to Musk’s post-disruption visit to Tesla’s German gigafactory and the US House approving a measure requiring ByteDance to sell TikTok or risk a ban, here’s a look at recent business happenings across the world.

Bitcoin continues to soar, reaching a new high thanks to large investments in US ETFs focused on digital assets. The Reddit IPO roadshow discloses positive revenue predictions for 2024, while Elon Musk’s visit to Tesla’s German gigafactory increases morale following the disruption. The US House supports a bill targeting TikTok’s Chinese ownership, raising Senate concerns. This edition of World Street has all of this and more.

Crypto Craze

Bitcoin rocketed to a new record high, its fourth in six days, fueled by huge investments in digital currency-linked US exchange-traded funds. The largest cryptocurrency reached a high of $73,664 on Wednesday. On Tuesday, daily net inflows to US spot Bitcoin ETFs exceeded $1 billion for the first time, according to Bloomberg. BlackRock’s IBIT hit a new daily inflow record of $849 million.

Reddit’s Roar

Reddit Inc is notifying potential investors during its IPO roadshow that it expects a revenue increase of more than 20% in 2024 compared to the previous year. The company’s sales estimate is consistent with the previous year’s trend, with revenue reaching $804 million in 2023, a 20.5 percent rise over the previous year, according to Bloomberg and stated in its filing with the US Securities and Exchange Commission (US SEC).

Musk’s German Sojourn

Elon Musk visited Tesla’s European gigafactory in Gruenheide, Germany, on Wednesday, where operations had restarted following an arson assault on a nearby electricity pylon last week, which caused a costly power outage and suspended production. Elon Musk, CEO of Tesla, was seen visiting the German facility wearing a black T-shirt with the phrase “We are (Giga) the future.” Exiting the factory, he said, “Hey, Deutschland rocks! Dig in Berlin for the victory!” before getting into a vehicle.

TikTok Takedown

The US House of Representatives adopted a measure to prohibit TikTok in the US unless its Chinese owner divests the video-sharing app, posing a serious threat to a platform used by 170 million Americans. Despite complaints that TikTok poses a national security danger, the bill’s fate is unknown in the Senate. Majority Leader Chuck Schumer has yet to approve it, and resistance from members like Republican Rand Paul complicates matters further.

Sky Scrutiny

The acting head of Europe’s aviation regulator said on Wednesday that the agency is prepared to suspend its clearance of Boeing’s aircraft production process if required, but he is confident that the planemaker is addressing its newest safety problem.

Collaboration Cruise

Nissan Motor Co. is considering a cooperation with competitor Honda Motor Co. to jointly develop electric vehicles (EVs). With dwindling sales causing Honda and Nissan to contemplate reducing production capacity in China, BYD’s recent intentions to debut new models and expand its dealership network in Japan highlight the need for Japanese automakers to ramp up their EV efforts.

Healthy Hustle.

Nestle SA is facing a formal demand from some shareholders, notably Legal & General Investment Management, to considerably increase the proportion of nutritious food sold by the Swiss consumer conglomerate, Bloomberg reported. A group of investors, led by ShareAction, has filed a resolution requesting that the creator of Kit Kat chocolate set objectives for increasing sales of healthier foods, at a time when global ill health is on the rise due to poor nutrition. It also wants Nestle to follow internationally established criteria for nutritious food.

My best read on trading is this Book Wall Street Roundup Wall Street Roundup Wall Street Roundup

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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