headlines...by halloapp

To provide feedback, please reply to this email.

Forwarded this email? Subscribe here for more.

01-02-2024

TECH

• China criticizes the Netherlands for partially revoking ASML’s export license, restricting chip-making equipment shipments to China.

• Baidu cancels its $3.6 billion deal to acquire JOYY’s live-streaming business in China due to unsatisfied closing conditions and regulatory hurdles, causing JOYY’s stock to drop.

• Fidelity has reduced the value of Elon Musk’s acquisition of X (formerly Twitter) by 71.2% due to challenges with advertisers.

MEDIA

• Jimmy Lai, a pro-democracy media tycoon in Hong Kong, pleads not guilty to national security charges, including collusion with foreign officials.

• SoundHound AI (NASDAQ: SOUN) is a voice-recognition software developer with potential for growth and a one-year price target of $5. It has partnerships with restaurants and recently acquired SYNQ3 to expand in the restaurant industry. However, it is not yet profitable and has a cash burn rate of $18.1 million per quarter. There is potential for a rebound in its stock price in 2024 due to interest from big tech companies and increased business activity in the restaurant and automobile sectors. Investors should be aware of the risks.

CONSUMER

• Walmart, Target, and Home Depot will be open on New Year’s Day 2024, with varying hours. Some restaurants like McDonald’s and Starbucks will also be open.

• Shop price inflation in the UK remained steady in December, with food prices falling for the eighth consecutive month. However, non-food products saw inflation rise due to Black Friday discounts. Retailers are warning of potential obstacles ahead, including new border checks and higher business rates, which could lead to an acceleration in shop price inflation this year.

REAL ESTATE

• Reinsurers raised U.S. property reinsurance rates by up to 50% on January 1, 2024, to recoup losses from natural disasters.

ECONOMIC

• China’s equity markets face ongoing challenges in 2024 due to property downturn and local government debt risks. Eurozone manufacturing activity contracted for the 18th straight month in December. Bitcoin surpasses $45,000 for the first time since April 2022. Oil prices rise as tensions escalate in the Red Sea. Asian shares start the year on a steady note. Iran sends a warship to the Red Sea after the US Navy destroys Houthi boats. Bitcoin’s price predicted to reach new all-time highs in 2024. Germany’s manufacturing PMI shows signs of improvement. UK factory output falls for the 17th consecutive month. South Korean exports to the US exceed shipments to China.

• New York’s minimum wage increased to $16 in NYC and some suburbs, and $15 in the rest of the state as of January 1, 2024.

• The Indian rupee weakened against the US dollar due to weaker Asian currencies and anticipation of key US economic data. The rupee closed little changed at 83.2375 against the dollar. Expectations of Fed rate cuts and upcoming US data create uncertainty.

CRYPTO

• Orbit Chain, a cross-chain bridge, suffered an unauthorized breach, losing $81 million in cryptocurrencies. The team is cooperating with authorities to recover stolen assets and warns users of reimbursement scams.