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🔝 💹 Tech giant ASML Holding reports #recordbreaking 4th quarter orders but maintains conservative 2024 outlook due to fresh export restrictions to China.

✅ ASML delivered Q4 earnings exceeding expectations and best-ever quarterly orders as net profits rose by 9% to €2.0B ($2.2B). These encouraging figures, fueled by Q4 sales of €7.2B, surpass analyst projections of €1.87B net profit on €6.9B in revenue.

💰 The orders surge to more than €9B in the quarter, tripling Q3 levels, yet ASML holds its outlook for flat sales growth in 2024 steady - perhaps due to the global uncertainty surrounding the semiconductor market and the continuing restrictions on exports to China.

💡 "The #semiconductor industry continues to work through the bottom of the cycle", ASML CEO Peter Wennink hinted at optimism with increasing chip demands and higher factory utilization rates.

🔬 The company also announced a €5.6B order intake for their latest 'extreme ultraviolet' or EUV machines, a pleasant surprise for investors such as Robert Schramm-Fuchs from Janus Henderson.

🍎 Taiwanese tech giant TSMC, ASML's largest customer and chip provider for companies like Apple and Nvidia, stated it anticipates flat capital expenditure in 2024.

🌐 With ASML’s dominance in global lithography systems, analysts like Jos Versteeg expect they'll revise their outlook as end-markets recover.

📈 ASML's shares soared to their highest since November 2021 in early trading—up 6.7% to €754.30 at 1050 GMT.

🌏 Yet, hurdles remain as 2024 sales to China, traditionally its third-largest market, will be hit by new U.S. and Dutch export restrictions introduced in 2023—potentially affecting up to 15% of its China sales.
#ASML #TechStocks #EarningsReport
($1 = 0.9207 euros).

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software giant, SAP SE (ETR:SAPG) announced on Tuesday a whopping €2 billion ($2.2 billion) restructuring drive set for 2024. The strategy, aimed at honing focus on artificial intelligence (AI) led businesses, will result in a refocus of approximately 8,000 roles. 💼

👩‍💻 The SAP restructuring move takes place amid a surge in layoffs from tech behemoths such as Google (NASDAQ:GOOGL) and Microsoft (NASDAQ:MSFT), as they shift focus toward AI software and automation. 🤖

💡 SAP CEO, Christian Klein, emphasized the restructuring would bolster the company's capacity to pioneer innovative solutions while enhancing business process efficiency. The blueprint will primarily be effected through voluntary leaves and re-skilling measures, with SAP predicting a headcount for 2024 akin to the present numbers. 📈

💡 As a testament to its vision, SAP committed to investing over $1 billion in AI-tech startups via its venture capital firm, Sapphire Ventures, with generative AI technologies projected to revolutionise its operations. 🚀

💰 Shares in SAP saw a 1.6% rise in pre-market trading on Wednesday at Lang & Schwarz. The restructuring costs will be majorly accounted for in H1 2024, with a minimal impact foreseen for the year but a projected addition of €500 million to 2025's operating profit due to enhanced efficiencies. 📊

☁️ In another announcement on Tuesday, SAP projected a double-digit percentage surge in revenue from its vital cloud business and

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🔍 Crypto Market Watch: BTC Resistance, SHIB's Fate & ADA Woes

📅 Published: Jan 20, 2024 | Updated: Jan 21, 2024 | Cryptocurrency
📉 Bitcoin (BTC) Hits Crucial ResistanceBTC/USD (-0.08%) tests the 50-day EMA. Traders eye this as a key battleground between bullish hopes and bearish reality. Low market volume hints at uncertainty in sustaining a rally.
💸 Shiba Inu (SHIB) at a CrossroadsSHIB/USD (+0.53%) teeters around $0.00001, a psychologically vital level. The market anticipates whether SHIB will break out or fall, with its price action in a tight consolidation pattern.

🚨 Cardano (ADA) Faces ChallengesADA/USD (+0.78%) slips below the 50-day EMA amidst low trading volume, signaling a potential bearish trend. The market's indecision could lead to further declines if ADA doesn't regain momentum.
📊 Market Outlook:

BTC awaits the potential "ETF effect."
SHIB needs to overcome resistance for growth.

ADA's future hinges on reclaiming its position above the 50 EMA with increased volume.

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📈 Mixed Financial Results for Indian Companies in Q3

📅 Published: Jan 18, 2024 🕔
By Editor Emilio Ghigini
📍 MUMBAI

1️⃣ IIFL Finance's Strong Growth
IIFL Finance reports a remarkable 29% rise in Q3 net profit, reaching Rs 545 crore ($72.6M). Growth driven by increased loan volumes, especially in gold and home loans. 💹💰
2️⃣ Alok Industries Faces Sales Decline
In contrast, Alok Industries sees a dip in sales, falling to Rs 1,253.03 crore ($167M), with a slight increase in quarterly losses. 📉🏭

3️⃣ Happiest Minds Reports Growth Amid Market Cautiousness
IT firm Happiest Minds shows a healthy financial uptick with 11.72% growth in net sales. Despite this, shares indicate a cautious market response. 💻📊
4️⃣ Revenue Upswing for IIFL
IIFL's revenue also jumps by 28%, hitting Rs 1.7k crores, underlining the company's strong performance across diverse lending segments. 📈🏦

5️⃣ Market Reaction to Alok Industries
Despite a challenging quarter, Alok Industries' stock ends higher, closing at Rs 33.10 on January 17. 📈🧶
6️⃣ Happiest Minds' Profit and Share Price
The company's quarterly net profit increases by 3.54% to Rs 59.62 crore ($7.9M), with shares closing at Rs 925.70. 📈🔚

📝 Note: For more details on these companies' financial performances, read the full article at [link to full article].
#IIFLFinance #AlokIndustries #HappiestMinds #IndianStockMarket

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Sounds like Alaska Airlines is taking serious steps to ensure Boeing 737-9 MAX safety. Good to see this initiative.

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✈️ Alaska Airlines Steps Up Boeing 737-9 MAX Inspections

1️⃣ Inspection Initiative
Alaska Airlines commences preliminary checks on its Boeing 737-9 MAX fleet, with up to 20 aircrafts targeted for inspection. 🛫🔍

2️⃣ Quality Control Enhancements
In response to recent issues, the airline is implementing additional quality control measures on Boeing aircraft production and reviewing Boeing's vendor oversight. 🏗️🔧
3️⃣ Dialogue with Boeing
Alaska Airlines held talks with Boeing’s CEO, focusing on quality improvements and ensuring high-standard aircraft deliveries. 🤝✈️

4️⃣ FAA's Role and Requirements
The FAA demands more data from Boeing for approval of the proposed inspections and maintenance procedures to safely resume 737-9 MAX services. 📊🛠️
5️⃣ Extended Grounding and Tightened Oversight
Following a cabin panel incident, the FAA extends the grounding of Boeing 737 MAX 9 and plans to intensify supervision over Boeing’s production line and safety certifications. 🚫👁️

6️⃣ Safety Audit and Possible Independent Oversight
The regulator will audit the 737 MAX 9 production and may involve an independent entity for parts of the aircraft's safety certification previously handled by Boeing. 📋🧐
📝 Note: For comprehensive coverage on this developing aviation story, read the full article at [link to full article].

#AlaskaAirlines #Boeing737MAX #AviationSafety #StockMarket

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🌏 South Korean Regulator Issues Warning on US Bitcoin ETFs
〽️〽️〽️〽️〽️〽️
Published Jan 12, 2024, 03:22 AM ET

🔹 Overview
In a significant regulatory development, the South Korean Financial Services Commission (FSC) has issued a warning that brokering U.S. spot bitcoin exchange-traded funds (ETFs) in local markets could be considered illegal. This announcement follows closely on the heels of the U.S. Securities and Exchange Commission's approval of such ETFs.

📈 Market Impact
BTC/USD -1.06%
Following this announcement, the bitcoin market witnessed a slight downturn, with BTC/USD falling by 1.06%.

🔍 Detailed Analysis
The FSC's statement emphasized that domestic securities firms might be in violation of the Capital Markets Act and the government's stance on virtual assets if they engage in brokering overseas-listed Bitcoin spot Exchange Traded Funds. This declaration marks a crucial stance by the South Korean regulator in the evolving landscape of cryptocurrency regulation.

🌐 Global Context
The U.S. recently saw several exchange-traded funds tied to the spot price of bitcoin begin trading, marking a significant moment in the cryptocurrency industry's ongoing quest for regulatory approval. This development had been a decade in the making, reflecting the growing integration of cryptocurrencies into mainstream financial products.

🔮 Future Implications
The FSC has indicated that it will continue to monitor and review the regulatory framework concerning the investment in spot bitcoin ETFs. This ongoing scrutiny highlights the careful approach that global regulators are taking towards the incorporation of cryptocurrencies in traditional financial systems.

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🔔Court Cancels High-Stakes Trial Involving Buffett’s Berkshire Hathaway and the Haslam Family 🏛️💼

Published Jan 08, 2024 | 05:27 AM ET
WILMINGTON, Delaware (Reuters) - A significant trial involving Warren Buffett's Berkshire Hathaway (NYSE:BRKa) and the billionaire Haslam family, which was set to start on January 8, 2024, has been abruptly canceled by a Delaware court.

Trial Background and Cancellation 📜

The two-day non-jury trial, scheduled to be held in Delaware's Court of Chancery, was intended to assess the value of the Haslam family's 20% stake in Pilot Travel Centers, the largest U.S. truck stop chain. The court, presided over by Vice Chancellor Morgan Zurn, announced the cancellation on Saturday without providing further details.
Key Stakeholders and Expected Testimonies 🎙️

The trial was expected to see testimony from Greg Abel, Buffett's designated successor. Abel, identified in 2021 as Buffett's eventual successor as chief executive, is a vice chairman at Berkshire Hathaway and was listed as a potential witness by both parties. Warren Buffett, aged 93, was not expected to appear for testimony.
The Dispute's Core 🚚

The dispute centered around the valuation of the Haslam family's stake in Pilot Travel Centers. The Haslams, including Cleveland Browns football team owner Jimmy Haslam, had previously sold 80% of Pilot to Berkshire Hathaway in two separate transactions in 2017 and January 2023, totaling $11 billion. The contention arose over a put option to sell the remaining 20% stake, with disagreements on accounting methodologies impacting the company's earnings before interest and taxes (EBIT).
Accounting Controversies and EBIT Valuation 💹

Both parties accused each other of using accounting strategies to manipulate Pilot's EBIT, a key determinant of the value of the Haslam's 20% stake. The Haslams alleged that Berkshire adopted "pushdown accounting" after acquiring the majority stake, potentially affecting the valuation of the put option.
The Central Question of the Trial ❓

The central issue of the trial was whether Berkshire Hathaway was required to obtain the Haslam family's consent for the accounting change. Berkshire maintained that it had met its contractual obligations and that the adoption of pushdown accounting did not constitute a change in "accounting policy."
The Impact of Charlie Munger's Death 💔

The trial comes in the wake of the recent death of Charlie Munger, Berkshire’s vice chairman and Buffett's long-term confidante. Munger's passing left increased responsibilities to Greg Abel at the Omaha, Nebraska-based conglomerate.

[FT Partner Content @ft_content]

Companies can take an active role to identify transition barriers, propose solutions and advocate for policies that drive the energy transition

Click the image to view the full video.

Part of our FT Moral Money series with @BainandCompany

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💸💸Global Shares Remain Muted as Rate Cut Hopes Diminish, Middle East Tensions Escalate 🌍📉

Published Jan 02, 2024 | 09:04 PM ET | Updated Jan 03, 2024 | 04:07 AM ET

SYDNEY (Reuters) - Global stock markets showed lackluster performance on Wednesday, with investors' hopes for early U.S. interest rate cuts dwindling. Adding to the cautious sentiment was the recent escalation in Middle Eastern hostilities, influencing global market trends.
World Equity Market Overview 📊
The MSCI's broad index of world equities was down by 0.1%, following a 0.8% fall on Tuesday, marking a subdued start to 2024. This could signal a potential end to the significant gains seen in stocks and bonds since late last year. Europe's STOXX 600 opened flat, while Asia Pacific shares outside Japan dropped by 1.3%.

U.S. Federal Reserve and Interest Rate Outlook 💰

Investors are on edge ahead of the release of minutes from the U.S. Federal Reserve's December meeting, which might provide insights into the central bank's stance on interest rates. Despite the Fed's December prediction of 75 basis points of rate cuts in 2024, futures markets are pricing in a higher likelihood of cuts, with a 70% chance of a reduction from March.
Key U.S. Economic Data Releases 📈

This week's release of important U.S. data, including the ISM's manufacturing survey and the nonfarm payrolls report, is eagerly awaited. These will offer further clarity on the economic outlook and the Fed's potential response to any signs of economic slowdown.
Market Volatility and Tech Stocks 📉

Analysts, including Kyle Rodda of https://t.co/qfZ3wKkZy1, anticipate heightened market volatility this week, particularly in tech stocks. The Nasdaq experienced a 1.6% drop on Tuesday, influenced by a nearly 3% decline in Apple shares following a downgrade by Barclays.
U.S. Treasury Yields and European Bonds 🏦

U.S. Treasury yields continue to climb, with the benchmark 10-year yield briefly exceeding 4% on Tuesday, now trading around 3.96%. In Europe, Germany's 10-year Bund yield rose for the fourth consecutive session.
Middle East Tensions and Market Impact ⚠️

Market sentiment has been further dampened by increased tensions in the Middle East. The killing of Hamas deputy leader Saleh al-Arouri in Beirut by Israel has raised concerns about the potential spread of conflict in the region. This situation has led major shipping companies like Maersk and Hapag-Lloyd to avoid Red Sea routes due to security concerns.
Commodities and Currency Markets 🛢️💱

In commodities, Brent crude oil futures were slightly lower, reflecting expectations of ample supply. Meanwhile, the U.S. dollar maintained its strength, reaching a two-week high against major currencies. Spot gold saw a modest increase, trading at $2,065.39 an ounce.

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New Year Decorations Adorn Fishing Boats at Meizu Port in Nichinan, Miyazaki, Hoping for Abundant Catches and Safe Voyages 🎏⚓️
December 31, 2023, 4:49 PM

At Nichinan City's Meizu Port in Miyazaki Prefecture, a leading national center for tuna fishing using rods, fishing boats are adorned with large fishing flags and shimenawa ropes in anticipation of the New Year.

Meizu Port in Nichinan City, Miyazaki Prefecture, stands as a prime center for rod-based tuna fishing. Annually, as the Lunar New Year approaches, the port is decorated with flags and various ornaments to pray for a bountiful catch in the new year and safe sea voyages.

🌅 On the morning of the 31st, the crew erected a 10-meter-long bamboo pole on the mast of the ship, then decorated the base with shimenawa ropes and lucky ties.

🚩 Subsequently, a rope was strung between the ship's bow and the top of the bamboo, hoisting a large, colorful flag in red, orange, and blue aloft.

🗣️ Makoto Sugimoto, a fishery worker, expressed optimism: "This season, all tuna fishing boats in Nichinan have had a good catch and high yield. I hope this continues into the next year."

🎣 The New Year fishing activities begin around early February in the Okinawa region and continue until about November, following the Kuroshio Current and moving northwards to the Tohoku coastline.

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U.S. Drivers Could See Lower Pump Prices in 2024 as Gasoline Inventories Rise

Published: December 29, 2023, 06:01 AM ET

American drivers may anticipate lower fuel costs for the second consecutive year in 2024 as global refining capacity surges and an excess supply of gasoline in U.S. storage drives retail prices down, analysts predict.

The national average retail gasoline price in the U.S. is expected to drop by 13 cents next year to $3.38 per gallon, according to the annual outlook from https://t.co/bIwczNQkpS, a price-tracking website.

The U.S. Energy Information Administration (EIA) forecasts that the average pump price next year will fall by 17 cents, as per its latest short-term outlook.

A reduction in gasoline bills will free up consumer spending in other areas and could help the U.S. avoid an economic recession next year. National average gasoline prices first crossed $5 per gallon in June 2022, driving inflation to 40-year highs.

A recent report this month from the Conference Board found that falling gasoline prices boosted U.S. consumer confidence to a five-month high in December, prompting more consumers to plan purchases of motor vehicles, homes, and major appliances in the next six months.

“Gasoline prices really highlight Americans' perception of the economy. It's a commodity everyone knows the price of whether they need it or not,” said Patrick De Haan, an analyst at GasBuddy.

U.S. fuel inventories have been rapidly increasing since mid-November, with refineries adding more than 10 million barrels of gasoline to storage since November 17, according to EIA data.

The EIA said on Thursday that in the U.S. Midwest, gasoline inventories are at their highest since April 2022, while refinery utilization in that region rose to record levels last week.

“The U.S. gasoline inventory is now higher than at this time last year, which we predict will also be true in January 2024,” EIA said earlier this month.

Meanwhile, more than 1 million barrels per day of new refining capacity is set to come online this year in China, India, Mexico, the Middle East, and Nigeria.

“The global refining picture continues to improve, providing additional capacity and assurance that record prices will not be impacted this year,” De Haan added.

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Wells Fargo Warns of 'Hopeful' 2023 Events Potentially Disappointing Investors Next Year

Published: December 27, 2023, 06:32 AM ET

Wells Fargo strategists warn that the 'hopeful' events of 2023 may risk disappointing investors in the following year, especially if the economic downturn is less pronounced than expected.

As 2023 draws to a close, Wells Fargo predicts a gradual progression into recession, underlining the weakening support from strong consumer spending in early 2024. Contributing factors include the depletion of excess pandemic-era cash balances across income groups, increasing overdue debts, rising reliance on credit for maintaining purchases, and signs of weakening consumer spending in Q3 corporate earnings reports.

Therefore, strategists caution about the possibility of a reversal in the stock market surge experienced in 2023. "Investors have predicted seven rate cuts by the Fed since 2021, but the recent stock market surge has reversed in six out of the last seven instances,” they noted.

"The hopeful developments for most of this year risk leading to investor disappointment in 2024, as consecutive weaknesses become more apparent.”

The actual increase in interest rates in 2023 is expected to add stress to the economy next year, impacted by the lagging effects of Federal Reserve credit tightening.

Wells Fargo envisages the U.S. central bank maintaining the federal funds rate between 5.25 - 5.50% until economic downturn exerts further pressure on inflation, avoiding an early rate cut that could lead to higher inflation risks.

Despite these challenges, strategists still predict crucial turning points in both the economic cycle and the Federal Reserve's policies. The bank anticipates deflation gaining momentum through a moderate economic recession, laying the groundwork for rate cuts in the latter half of 2024. The upcoming U.S. presidential election is expected to add to market volatility.

The strategists conclude, “Based on our base case for the economy, we reiterate a more defensive investment portfolio orientation, focusing on quality in both equity and fixed income positions, while remaining patient for signs of a new economic cycle emerging.”

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Chinese Gaming Companies Announce Share Buybacks Following Regulatory Moves That Spooked Investors
💥💥💥💥💥💥💥💥💥💥
Published: December 26, 2023, 12:48 AM ET | Updated: 2:50 AM ET

Several smaller Chinese gaming companies have announced share buybacks in a move seen as an attempt to reassure investors following market panic triggered by legal actions aimed at restricting consumer spending on games.

Last Friday, regulators unveiled draft regulations prohibiting online games from offering rewards to players for daily logins, first-time spending in a game, or multiple expenditures in a single game. These are commonly used incentives in online gaming.

This announcement caused gaming company stocks to plummet. By Monday night, eight companies had disclosed plans to buy back shares worth up to 780 million yuan (110 million USD) in total, citing confidence in the Chinese gaming industry and a need to protect investors.

The buyback announcements came after China's gaming regulator, the National Press and Publication Administration, stated on Saturday that the government would further refine the proposed rules after "seriously studying" public opinion.

Moreover, on Monday, the regulator approved new licenses for 105 domestic online games in December - a move some analysts regard as a "strong endorsement" that authorities still support the development of online gaming.

Charlie Chai, an analyst with Shanghai-based 86Research, commented, "The shift towards a more conciliatory approach is quite notable."

He added, "Clearly, the 'mini-revolt' of the capital market last Friday caught the regulators off guard, and the accusations of reneging on previous commitments to 'responsibly formulate policies to bolster investor confidence' have caused concern."

The buyback plans serve best in stabilizing stock prices.

Among these, Shanghai-listed G-bit Network Technology of Xiamen saw its shares increase by 2% on Tuesday but has lost 11% since the draft regulations were announced. Shenzhen-listed Perfect World Co fell by 2% and is down 16% since then.

The unveiling of the draft regulations reignited concerns that regulators might again impose severe penalties on the sector. The industry has only recently started to recover this year after enduring restrictions throughout 2021 and 2022.

It remains to be seen how shares of Tencent Holdings (OTC: TCEHY), the world's largest gaming company, and its closest competitor, NetEase (NASDAQ: NTES), will perform this week after the softer stance from the regulators.

The two Hong Kong-listed companies lost a combined market value of 80 billion USD last Friday. The Hong Kong market was closed for the Christmas holiday weekend and will reopen on Wednesday.

($1 = 7.1422 Chinese yuan)

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