In recent news, the trade overview covers a wide range of factors such as reports, trends, indices, stock prices, bonds, foreign exchange, commodities and analyst recommendations. The report by hedge fund Kerrisdale Capital revealed that they were short selling the stock of Micro-Strategy while also buying Bitcoin. This report suggests that the stock price is inflated and not justified due to the company’s heavy reliance on Bitcoin holdings.
On a more positive note, Xiaomi shares rose 12% after launching its first electric car at an attractive price. The company is targeting mass sales in April and is offering discounts for early adopters. In Europe, stock markets closed with small gains, marking the end of the first quarter of 2024 with a total increase of around 6.8%.
In more important news, the founder of crypto exchange FTKS, Sam Bankman-Fried was sentenced to 25 years in prison for fraud and conspiracy. Bankman-Fried expressed regret for his actions and the impact they had on the company and its customers. On the other hand, the luxury furniture chain of Croatia saw a rise in share prices after updating its forecast predicting increased demand in 2024 despite missing analysts’ expectations in previous quarters.
The commodity market is experiencing a significant increase in prices especially cocoa which has more than doubled in three months. Companies such as Hershey and Mondelez International may be affected by these price increases potentially leading to increased costs for consumers. Bank of America predicts a 15% drop in Euro Stokk 600 later this year pointing to a shift in market dynamics and global growth risks.
Amazon announced $2.75 billion investment in artificial intelligence company Entropic while gold prices continued to rise holding steady above $2,220 an ounce. The US economy grew by 3.4 percent in last quarter of 2023 slightly lower than previous quarters but overall it remained dynamic influenced by various factors from macroeconomic trends to individual companies’ performance