Tag: Stock

Stock markets across Asia and Europe bleed red as interest rate woes return

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Asian and European stock markets faced sharp declines on Friday, with China spearheading the downturn as its September Consumer Price Index (CPI) showed no growth. Markets pundits say weak economic indicators from China could cause concern for the global economy. European stocks also traded lower on Friday due to problems stemming from United States inflation data suggesting a potential hike in interest rates. The elevated inflation figures may prompt the Federal Reserve to maintain its primary interest rate at a higher level for an extended period to curb inflation in…

China’s Didi Gears Up for Hong Kong Stock Exchange IPO in 2024

Didi was initially listed on the New York Stock Exchange but then it was compelled to delist due to regulatory issues in China. Chinese ride-hailing giant, Didi Global Inc (NYSE: DIDI) is reportedly making strategic moves in preparation for its upcoming Initial Public Offering (IPO) on the Hong Kong Stock Exchange (HSE) next year. People with knowledge of the matter stated that the company recently informed its employees that they have the option to sell their shares as part of an employee stock ownership program. This program provides a liquidity…

Russia’s stock exchange ready to list Bitcoin under one condition

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Russia’s second-largest bourse is ready to be the first in the country to add support for cryptocurrencies. Saint Petersburg Stock Exchange (SPB Exchange) will list a whole set of cryptocurrencies, including Bitcoin (BTC), once the government legalizes the industry, local news agency TASS reports, citing the exchange’s head Roman Goryunov. Although the time frame was not specified, Goryunov said one day, the world of crypto will merge with the world of traditional financial instruments. He also emphasized the exchange will be the first trading platform to trade crypto in Russia…

China’s Central Huijin Investment Bolsters Stake in Top 4 Banks to Stabilize Stock Market amid Economic Challenges

This strategic investment, totaling around $65 million, translates to approximately 0.01 percentage point in each bank. The impact on the market was immediate and substantial, with shares of these major banks soaring between 2.43% and 4.73% in the early hours of Thursday. China’s sovereign wealth fund, Central Huijin Investment Ltd, has taken a significant step to bolster the country’s struggling stock market. In a move similar to its 2015 intervention, Huijin has increased its stake in China’s top four banks, namely the Bank of China, the Agricultural Bank of China,…

EV Charging Operator ChargePoint Announces $232 Million Raise, CHPT Stock Tanks 15%

ChargePoint stock comes under severe selling pressure as the company liquidates equity for another major fundraise. On Wednesday, October 11, EV charging network operator ChargePoint Holdings (NYSE: CHPT) announced its plans to raise a staggering $232 million through the stock sale. This was enough to send the ChargePoint stock spiraling downwards by 15%. ChargePoint announced that a consortium of institutional investors will acquire $175 million in fresh shares. The firm further revealed it secured an additional $57 million in the current fiscal quarter through its existing “at-the-market” stock offering program. Thus,…

Bitcoin Struggles to Maintain Support Level Above $27K amid Weakness in Altcoins and US Stock Market Rebound

Bitcoin dominance has regained 51 percent of the total crypto market valuation despite the recent struggle to rally beyond $28k amid short-term market uncertainty caused by puzzles of economic geopolitics. Amidst a global shift in economic outlook triggered by the BRICS alliance, Bitcoin (BTC) has been identified as a crucial instrument to hedge against high inflation. However, the Bitcoin price has struggled to rally beyond $28k in the past few days as the mother coin retested around $26.9k in the past 24 hours. According to the latest market data provided…

Lucid Unveils Cheaper Version of Air EV, LCID Stock Price Tanks

Lucid Motors said that its Air Pure RWD will be available for order immediately at a price point of $77,400. On Thursday, October 5, Lucid Group Inc (NASDAQ: LCID) launched a cheaper version of its Air electric luxury sedan, in a move to stoke demand. Lucid has announced the introduction of a single-motor, rear-wheel-drive variant of its Air Pure sedan, priced at $77,400, boasting an impressive range of 410 miles. This marks a $5,000 reduction from its prior most affordable offering, the dual-motor all-wheel-drive Air Pure, which remains in the…

Hong Kong Stock Exchange Unveils Blockchain-Powered Synapse for Seamless Cross-Border Settlements

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Hong Kong Exchanges and Clearing Limited is set to implement an upgrade to its Stock Connect system with the launch of HKEX Synapse, a cutting-edge blockchain-based settlement platform, HKEX said in a statement. This upgrade, scheduled for October 9, leverages smart contracts to enhance post-trade workflows and mitigate settlement risks in the Hong Kong Stock Exchange’s Stock Connect system, which facilitates connections between Hong Kong and mainland China’s stock markets. The HKEX Synapse platform aims to drive operational efficiency, reduce settlement risks, and enhance transparency by integrating smart contracts into…

Hong Kong Stock Exchange launches settlement platform powered by smart contracts

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Hong Kong Exchanges and Clearing Limited (HKEX), the operator of The Stock Exchange of Hong Kong, Hong Kong Futures Exchange, and London Metal Exchange, is launching a novel equities settlement acceleration platform. Dubbed “Synapse,” the platform will utilize smart contracts in the DAML programming language to streamline post-trade flows and enhance operational efficiencies, according to the October 4 announcement.  Synapse will be deployed on Stock Connect, an HKEX channel that enables international investors to access more than 1,000 Mainland Chinese stocks through routing in Hong Kong. “Average daily turnover of…

Novavax (NVAX) Stock Up 8% as FDA Approves Updated Covid Vaccine

The updated vaccine specifically addresses the XBB.1.5 subvariant of the Omicron variant, which has raised concerns due to its potential to evade immunity conferred by earlier versions of the vaccine.  In a recent development, stocks of Novavax Inc (NASDAQ: NVAX) jumped 8.2% yesterday following the Food and Drug Administration’s (FDA) approval of its improved COVID-19 vaccine. However, it’s worth noting that in pre-market trading, the stock experienced a slight dip and is 6% down at the time of writing. The Roll-Out of Novavax Updated Shots As highlighted in a recent…