Weekly Market Update - 15 January 2024
New Sanctions
China announced fresh sanctions on five US defense industry companies, in response to the latest arms sales deals to Taiwan. The companies affected include BAE Systems Land and Armament, Alliant Techsystems Operation, AeroVironment, ViaSat and Data Link Solutions, the Chinese foreign ministry said in a statement. The measures consist of freezing the properties of those companies in China, and prohibiting organizations and individuals in China from transactions and cooperation with them, it said.
Source: Bloomberg
Bitcoin Spot ETFs
US regulators for the first time approved exchange-traded funds that invest directly in Bitcoin, a move heralded as a landmark event for the roughly $1.7 trillion digital-asset sector that will broaden access to the largest cryptocurrency on Wall Street and beyond. The Securities and Exchange Commission, whose three-part mandate includes investor protection, authorized 11 funds to begin trading.
Source: Bloomberg
Banks Bouncing Back
Fresh off their best quarter since 2021, banks’ stocks are set for a high-stakes earnings showdown as Wall Street’s most influential executives give investors their latest take on the US economy. JPMorgan Chase & Co., Bank of America Corp., Citigroup Inc. and Wells Fargo & Co. kick off the reporting cycle for Corporate America on Friday, after a gauge of US bank stocks gained 23% last quarter, trouncing the broader market.
Source: Bloomberg