Now you can explain to your grandparents what a Bitcoin ETF is, as the SEC authorized the product, per Reuters. Ether gained 9% on bets that it will be next, so put that in the queue to explain.
Netflix has more than 23mm monthly active users for its ad-supported subscriptions, per Variety. You have to believe that people are tired of all the monthly charges they are paying and are happy to slim them down.
It makes sense. China stock ETFs enjoyed record inflows at the expense of actively-managed products, per Bloomberg. Investing in China is a lot easier for most when they can buy just one thing, pay in USD and trade during their business hours. China markets were higher Thursday, with the Hang Seng up +1.27%, Shanghai +0.31%, Shenzhen +1.47%, ChiNext +1.95%. The PBOC is supporting the yuan because the currency has been weak.
Just when US pension funds are throwing in the towel and selling out of China, are we in for a rally? NoSo reported that an analysis of 14 funds shows that most reduced their holdings since 2020. You know what will happen if Chinese equities start making money…
Japan remains on a tear. The Nikkei was up 1.77%, and the Topix up 1.57%. The Nikkei 225 broke into the 35k range for the first time since February 1990, per BTIG. Nikkei reported that foreign investors returned to Japan equities. Plus, a former BOJ official noted that the central bank if ready to end negative rates in April, per Bloomberg. They’ll need labor and the economy to hold up to make that happen.
A number of consumer-related IPOs may have to wait, as consumer spending pulls back in 2024, which would lessen IPO interest, per Bloomberg.
JPM is buying 5-, 7- and 10-yr debt (and underweighting long-term bonds), in the bet that the Fed may end up cutting rates more than it’s signaling, which would drive a rally in shorter-maturity Treasuries. But today we saw that US inflation accelerated in Dec. Folks paid more for housing, driving and electricity. So, UST yields rose…against JPM’s bet this morning.
Google announced hundreds of job cuts, a day after a similar move by Amazon, as tech co’s focus on profits. They are trimming employees working on Google Assistant and AR hardware. Citi’s got the hatchet out too, given that folks think it’s a bloated bank underperforming peers.
Hertz is selling 1/3 of its US EV fleet and buying gas-powered cars given weak demand and high repair costs. Also, Tesla’s price cuts raised their depreciation costs, so there’s some accounting issues here too. I need to find out where they’re selling these cars, with 3 teenagers driving these days.