Quick Reads
Bitcoin bulls eye $70,000 near record-high ahead of US elections
Bitcoin is gaining traction as bulls aim for record highs, buoyed by rising global liquidity and upcoming US elections. Blockforce Capital’s Brett Munster highlights increased liquidity, particularly from China’s stimulus efforts. Bitcoin recently rose to $68,376, and optimism grows around regulatory support from Vice President Kamala Harris. Former President Trump is also courting crypto voters in his campaign.
BlackRock in talks with Jio Financial for private credit venture: Report
BlackRock is negotiating a 50-50 joint venture with Jio Financial Services to establish a private credit venture aimed at lending to businesses, from large firms to startups. This would mark their third collaboration, following successful ventures in asset management and broking. The demand for private credit in India is rising, reflecting broader trends in Asia.
First-ever Kho Kho World Cup to start from January 13 next year in New Delhi
The inaugural Kho Kho World Cup will take place at IGI Stadium, New Delhi, from January 13 to 19, 2024, featuring 24 nations in men's and women's divisions. An exhibition match showcased the sport's popularity, with Maharashtra winning. The event aims to elevate Kho Kho on the global stage, supported by the Kho Kho Federation of India and the Indian government.
Hope stirs in the fight to free the milk and sugar at Starbucks
Starbucks customers lament the loss of self-service condiment bars, introduced during the pandemic for health reasons. Regulars like John Coleman and Pamela Braren express frustration over inconsistent coffee customization by baristas. While some cafes have reinstated these stations, Starbucks maintains a barista-controlled system, causing dissatisfaction among those who prefer tailored coffee experiences. New CEO Brian Niccol aims to address customer concerns.
LVHM crashes 7.5% over China's luxury spending slowdown
LVMH shares fell sharply after a 5% decline in fashion and leather goods sales, marking the first drop since the pandemic. This reflects reduced demand from Chinese consumers, with organic sales in China down 16%. The poor performance raised concerns for the luxury sector ahead of key holiday trading periods, erasing $33 billion in market value across major European luxury stocks.
Musk’s SpaceX sues California regulator over rocket launches
Elon Musk's SpaceX has sued California regulators after they rejected a request for increased rocket launches, alleging political bias. The commission's vote, influenced by Musk's political statements, sparked accusations of First Amendment violations. Musk, who has threatened to relocate his companies to Texas over California's policies, criticized the commission's authority and called for resignations.
Clean energy to outpace global demand growth, IEA says
The International Energy Agency predicts clean-energy sources will outpace global energy demand by the decade's end, becoming the dominant energy source by the mid-2030s. Despite a projected slowdown in energy demand growth, renewables like solar and wind are set to expand rapidly. However, current policies are inadequate to ensure a swift transition to net-zero emissions, especially in developing regions.
Luxury’s last growth engine has stalled
LVMH, the owner of Louis Vuitton, faced a 7% share drop after disappointing third-quarter results, largely due to declining sales in its fashion and leather division. The slowdown is attributed to Chinese consumers pulling back on luxury spending amid a real estate crisis. The luxury market's reliance on price increases and high fixed costs complicates growth prospects, signaling challenges for weaker brands like Gucci and Burberry.
Top Gainers and Losers today on 16 October, 2024: HDFC Life Insurance Company, Dr Reddys Laboratories, Trent, Mahindra & Mahindra among most active stocks; Check full list here
The Nifty index closed at 25,057.35, down 0.34%, while the Sensex fell 0.39% to 81,820.12. Top gainers included HDFC Life (up 1.76%) and Dr. Reddy's (up 1.50%), while Trent led losses (down 3.92%). The Midcap and Small Cap indices performed better, with notable gains among specific stocks.
Nvidia will dominate Big Tech’s earnings season again
Major tech companies, including Microsoft, Amazon, Google, and Meta, have significantly increased capital spending on AI, totaling $106.2 billion in the first half of 2023?up 49% from last year. Despite high investments, analysts warn of potential revenue challenges and mixed returns on AI initiatives. Overall, optimism remains, but the actual benefits of AI spending are yet to be realized.
Amazon Prime Video to includes ads during shows, movies in India from next year
Starting next year, Prime Video in India will introduce advertisements during shows and movies to fund content investments, while aiming for fewer ads than competitors. An ad-free option will also be available, with pricing details forthcoming. This move aligns with intense competition in India's streaming market, where Amazon continues to invest heavily despite cutbacks elsewhere.
Alibaba, Baidu invest in Chinese smart-driving tech company's near $700 mn IPO
Alibaba and Baidu are investing nearly $700 million in Horizon Robotics, a Chinese smart-driving firm, as it prepares for a $696.6 million IPO in Hong Kong. The investment highlights the growing demand for autonomous driving technologies. Horizon plans to allocate 70% of IPO proceeds to R&D. The company will start trading on Oct. 24.
