↗️ The Bullish Trend In The Indian Market Is Only Halfway Through

🇮🇳 India's stock market rally is adding weight to its indices and creating a dilemma for global fund managers: sit back and watch their relative risk exposure decline as the market rises, or buy shares at increasingly attractive prices. Most of them consider the latter too risky and are looking for alternatives. Some are investing in smaller Indian companies, while others are looking to other emerging markets.

🔝The trend was driven by years of strong returns in India while Chinese markets suffered a slump, leading to a change in their weighting in the MSCI Emerging Markets Index, which serves as a benchmark for global emerging market funds.

📊India's share of the MSCI EM index has risen to 19% from 8% four years ago, and analysts at Nuvama Alternative & Quantitative Research expect it to exceed 22% by the end of this year. China's share fell from 40% to 25% over the same period, according to MSCI data.

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🕯 Most Volatile Stocks / 04.09.2024

🔽Shares of United States Steel Corporation fell more than 20% on Wednesday as the Washington Post reported President Joe Biden is preparing to announce he will formally block Nippon Steel proposed $14.9 billion acquisition of the company. The post cited three people with "knowledge of the matter" but noted a White House official declined to comment.

🔽Dollar Tree stock is getting crushed in Wednesday's trading. The discount retailer's share price was down 24%. On Wednesday morning, Dollar Tree published results for its fiscal second quarter, which ended Aug. 3. Sales and earnings fell short of analysts' consensus expectations, and management cut its full-year guidance targets. The company continued to face some macroeconomic headwinds, and expenses from store openings and legal liability costs also weighed on the bottom line.

🔽Zscaler stock collapsed in morning trading Wednesday, down by 17.8%, even though the company crushed analysts' forecasts for its fiscal fourth quarter when it reported after the closing bell Tuesday. Turns out, though, investors were less interested in Zscaler's recent past and more worried about what might happen next year. CEO Jay Chaudhry hailed the results as "exceeding the high end of our guidance across all metrics." And Zscaler made good progress toward achieving true GAAP profitability.

🔼Shares of GitLab were soaring today after the DevOps cloud software specialist posted strong results in its fiscal 2025 second-quarter earnings report, beating estimates on the top and bottom lines. In a difficult environment for cloud software companies, GitLab keeps delivering solid growth. CEO Sid Sijbrandij said, "Our results show the combination of our end-to-end platform and AI solutions are driving results for our customers by aligning to business goals, providing measurable results, and improving security."

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⚡️Hedge Funds Bet Against Banks, Insurance And Real Estate

⏺Hedge funds continue to bet against bank and financial stocks amid reports of job cuts and lower trading volumes. Financial stocks were the most traded sector in the group's prime brokerage desk serving global hedge funds, according to a note from Goldman Sachs.

⏺Banks, insurance companies, publicly traded real estate trusts and capital markets companies were sold on a net basis for the fourth week in a row. The STOXX 600 bank index in Europe is up 1.7% since Aug. 26, and the Dow Jones bank index closed Friday up more than 2% in the week ahead of the U.S. holiday.

⏺Financial stocks have been short in six of the last seven weeks. Sales were global, with the largest volumes in North America, emerging markets in Asia and Europe. While overall global deal value rose about 20%, the number of mergers and acquisitions fell 25% through June 25, according to LSEG.

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🗓 Coming Up Next Week

Monday 02.09
⏺US Holiday
⏺China, Eurozone, Russia Manufacturing PMI

Tuesday 03.09
⏺US Manufacturing PMI
⏺Earnings reports from Zscaler

Wednesday 04.09
⏺US Trade Balance
⏺US Factory Orders
⏺China Services PMI
⏺Earnings reports from Dollar Tree, Hewlett Packard

Thursday 05.09
⏺US Initial Jobless Claims
⏺US ISN Non-Manufacturing PMI
⏺Earnings reports from Nio, Broadcom, DocuSign

Friday 06.09
⏺Eurozone GDP
⏺US Nonfarm Payrolls
⏺US Unemployment Rate
⏺Earnings reports from Kroger

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⚠️ Buffett Is Selling Bank of America Shares Again

⏺Berkshire Hathaway's Warren Buffett continues to sell shares of Bank of America Corp., and if it continues to reduce investments, it will soon eliminate the need to quickly disclose these transactions.

⏺The new round of sales, disclosed on Friday evening, reduced the conglomerate's stake in the bank to 11.4%. As long as Berkshire owns more than 10%, US rules require it to disclose transactions within days. But if a company owns a smaller stake, it may wait a few weeks before releasing updates—usually providing results after each quarter.

⏺That would help cool the situation that has been weighing on BofA's share price since mid-July, when Buffett - a longtime supporter of the bank's CEO Brian Moynihan - began selling off shares without explanation. Since then, Berkshire has received a total of $6.2 billion.

⏺Buffett began ramping up his investment in Bank of America with a $5 billion deal in 2011 for preferred stock and warrants. His Berkshire Hathaway eventually became — and remains — the bank's largest shareholder, with a stake of about $36 billion based on Friday's closing price.

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💰 Bitcoin leads $305 million outflows as strong US economic data hits crypto

Crypto investment products faced significant outflows last week, totaling $305 million, as negative sentiment spread across various providers and regions, according to CoinShares‘ latest weekly report. James Butterfill, CoinShares’ head of research, attributed these outflows to stronger-than-expected US economic data. He noted that this data “diminished the likelihood of a 50-basis point interest rate cut.”

Source

@Bitcoin_Ethereum_Altcoins

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💰 Court Approves BTC Loan for Bankrupt Bitcoin Mining Firm

Rhodium Encore LLC, a bankrupt bitcoin mining company, has received court approval for a unique debtor-in-possession financing plan that allows borrowing in either U.S. dollars or bitcoin. Galaxy Digital Holdings Ltd., a blockchain firm led by Mike Novogratz, has offered to provide Rhodium with a loan of either $30 million in dollars or 500 bitcoin.

Source

@Bitcoin_Ethereum_Altcoins

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💰 Bitcoin network’s maturing phase reflected in post-halving fee stability

Bitcoin transaction fees have exhibited fluctuating patterns since the beginning of 2024, with notable spikes around significant events. The most prominent surge occurred in April, correlating with the Bitcoin halving event. This period saw transaction fees spike briefly to over 1,200 BTC, highlighting the network’s increased demand during this critical period.

Source

@Bitcoin_Ethereum_Altcoins

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🥇 Bitcoin still underperforming stocks since early August deleveraging event: Coinbase

Bitcoin has not performed as well as U.S. stocks and other macro assets over the past few weeks following the widespread deleveraging in early August. On Monday, Aug. 4, the cryptocurrency market shed approximately $367 billion in value within a 24-hour period. This selloff coincided with a broader decline in equities in one of the worst days for risk assets since the "Black Monday" crash of 1987.

Source

@Bitcoin_Ethereum_Altcoins

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