The Bear Cartel

In a remarkable rally on February 26, Bitcoin reached its highest point in more than two years, hitting the $57,000 mark, marking a 9 percent surge. The cryptocurrency's ascent was, however, short-lived as it retreated to around $56,500, according to a report by CoinDesk. This significant spike, the first time since November 2021, is attributed to growing optimism surrounding sustained investor demand through exchange-traded funds (ETFs). During the day-long rally, Bitcoin swiftly climbed from $53,000 to $54,000, $56,000, and eventually touched the $57,000 milestone. Bloomberg reported an earlier rise of up to 3.5 percent, reaching $53,600. The last time Bitcoin traded at this level was in December 2021 when it achieved an all-time high of nearly $69,000 the preceding month. Investors have shown strong interest in newly launched ETFs, allocating over $5 billion in the past month. This figure takes into account the $7.4 billion withdrawn from the Grayscale Bitcoin Trust, which under

  The Adani Group, a prominent Indian conglomerate, is reportedly in advanced discussions with sovereign funds in the West Asian region to secure funding of up to $2.6 billion for its ambitious airport expansion and green hydrogen projects. With a goal of achieving an EBITDA (earnings before interest, tax, depreciation, and amortization) of ₹80,000 crore by March 2024, the Adani Group has actively engaged in roadshows in key financial hubs such as London, Dubai, and Singapore to attract potential investors. These roadshows served as a platform for the group to outline its future growth strategies, placing a significant emphasis on expanding its footprint in the airport sector and venturing into the emerging green hydrogen market, as reported by Business Standard. Meanwhile, Adani Realty has successfully secured the contract for the redevelopment of the 24-acre Bandra Reclamation land parcel, a project initiated by the Maharashtra State Road Transport Corporation (MSRDC), pending final

In its recent economic forecasts, the European Commission has adjusted growth expectations for both the EU and the eurozone in 2024, citing the impact of elevated interest rates on economic activity. The commission anticipates a growth of 0.8% in the eurozone and 0.9% in the EU for the year, down from the previous autumn forecast of 1.2% and 1.3%, respectively. Despite the downgraded growth outlook, the commission highlights a positive development in inflation, forecasting a significant drop to 2.7% in the eurozone from the 5.4% recorded in 2023. This is a more substantial decline than the previously predicted 3.2% rate. Paolo Gentiloni, the EU’s economy commissioner, noted that while the projected rebound in 2024 is more modest than initially expected, it is expected to gain momentum due to slower price increases, rising real wages, and a robust labor market. Market expectations suggest that the European Central Bank may initiate interest rate cuts, potentially in April, from the curr

In the ever-evolving landscape of the Japanese market, the once steadfast belief that a cheaper yen inherently benefits exporters and propels share prices is facing a paradigm shift. Contrary to traditional wisdom, the yen's exchange rate now exerts diminishing influence on Japanese stocks. Since July, the correlation between the Topix index and the dollar/yen rate has registered at a mere 0.23—a statistical weakness. Furthermore, the link between the yen and the Nikkei 225 during the same period has taken an unexpected turn, displaying a slightly negative correlation. The waning connection between the yen and share prices can be attributed to the transformation of Japanese exporters. Esteemed companies like Sony Group Corp. and Hitachi Ltd. have long departed from their previous models of exporting domestically manufactured goods, opting for a more global and diversified approach. Seiya Nakajima, visiting professor of international finance at Fukui Prefectural University, remarks,

In the wake of a surprising uptick in January's consumer-price-index report, the financial markets exhibited a noticeable reaction, with the Dow shedding 525 points and the Russell 2000 index of small-cap stocks plunging 4%. The unexpected acceleration in inflation to 3.1% year-on-year, exceeding economists' projections of 2.9%, prompted speculation about the Federal Reserve's potential interest-rate decisions. Traders, as reflected by the CME Group’s FedWatch Tool, now anticipate the Fed's first interest-rate cut to occur at the June 12 meeting instead of the previously expected May 1. However, it's crucial to maintain perspective, considering January's inflation figure, while surpassing expectations, still marked a decline from December's 3.4% and represented the slowest reading since June. Core inflation, excluding food and energy, remained steady at 3.9% in January, compared to the previous month. While this figure may seem concerning, it's essential

  Chinese consumer prices are experiencing a significant downturn, with a marked decline in the cost of various goods, including automobiles. Despite the tempting drop in prices, potential buyers like 38-year-old Beijinger Rio Liu find themselves in a conundrum, as the resale value of their existing vehicles is also diminishing. This predicament is emblematic of the broader economic trend, as China grapples with deflationary pressures, with consumer prices falling at their swiftest pace in 15 years. The deflationary trend extends beyond the automotive sector, impacting businesses across various industries, from cosmetics to electronics. Notably, the automotive market is witnessing the steepest price decline in at least 22 years. This economic backdrop raises concerns about consumer demand, which is crucial for sustaining growth in the world's second-largest economy. Despite China's 5.2% economic growth in 2023, driven in part by a low base effect from the pandemic-ridden previo

 Zomato's stock witnessed a notable surge of over 4% in early trading on Friday, reaching a fresh 52-week high, following the company's impressive performance in the quarter ending December 2023. The surge was primarily attributed to the robust growth in its food delivery segment. Zomato shares peaked at ₹150.25 apiece on the BSE. For the third quarter of FY24, Zomato reported a remarkable net profit of ₹138 crore, marking a significant turnaround from the ₹347 crore loss incurred in the same period the previous year. This reflects a substantial 283% quarter-on-quarter (QoQ) growth in net profit. Zomato's revenue from operations during Q3FY24 stood at ₹3,288 crore, exhibiting a robust 69% YoY growth compared to ₹1,948 crore in the corresponding period. The gross order value (GOV) for food delivery, representing the total value of all orders, experienced a 25% YoY increase. Zomato anticipates sustained growth in GOV at 20% or more YoY, with the potential for acceleration con

 In a move reflective of India's current economic landscape, the Monetary Policy Committee (MPC) has opted to maintain the status quo on the benchmark repo rate for the sixth consecutive meeting. Despite the prevailing concerns over food inflation, the committee's decision underscores its confidence in the resilience of economic activity. Following a comprehensive review, RBI Governor Shaktikanta Das announced that the MPC, with a majority of 5:1, has chosen to keep the repo rate steady at 6.5%. This decision comes against the backdrop of persisting challenges in the food inflation sector, a factor that the committee evidently took into careful consideration. Governor Das further highlighted the committee's stance on the standing deposit facility rate, indicating that it remains anchored with a 25 basis points adjustment. As the central bank continues to navigate the intricate balance between inflationary pressures and the need to support economic momentum, market participa

 In a momentous shift in global markets, investors are redirecting billions of dollars from China's slowing economy to India, endorsing it as the next major growth story. Wall Street giants like Goldman Sachs and Morgan Stanley are leading the charge, positioning India as the prime investment destination for the coming decade. India's Appeal: The momentum towards India has triggered a gold rush, with major players such as Marshall Wace, Vontobel Holding AG, and Janus Henderson Group allocating significant resources to the South Asian nation. The move reflects a growing belief in India's potential, fueled by its status as the world's fastest-growing major economy and Prime Minister Narendra Modi's efforts to enhance infrastructure, attracting global capital and supply chains away from Beijing. Contrasting Trajectories: Investors are closely monitoring the diverging paths of two Asian giants – India and China. While India is embracing long-term growth under Modi's

The founder-CEO of Paytm, Vijay Shekhar Sharma, is grappling with a severe crisis as the Reserve Bank of India (RBI) issues stringent directives affecting Paytm Payments Bank (PPBL), raising concerns about the bank's future viability. This blog post provides a comprehensive overview of the latest developments surrounding the existential threat to India's beloved unicorn success story. 1. RBI's Intervention Reasons:    - The RBI's crackdown on PPBL is linked to irregularities in KYC norms, compliance issues, and related party transactions.    - Concerns about money laundering and questionable transactions, including non-KYC-compliant accounts and misuse of PANs, triggered the intervention.   2. Financial Troubles and Stock Market Impact:    - The RBI's actions resulted in a significant decline in Paytm shares, causing a 36 percent drop in market capitalization within two days.    - Paytm anticipates an annual operational profit impact of ₹300-500 crore.