- Japan Stocks Advance, US Futures Dip Before CPI: Markets Wrap
(Bloomberg) — Japanese and South Korean stocks rose as trading resumed after a holiday while US equity futures edged lower ahead of inflation data due later Tuesday. South Korea’s benchmark Kospi index was on course to erase year-to-date losses as expectations for a regulatory push to boost the local stock market continue. Markets are closed in China, Hong Kong, Taiwan and Vietnam for Lunar New Year holidays. - Israel Launches More Strikes on Rafah and Frees Two Hostages
(Bloomberg) — Israel launched more airstrikes on Rafah early Monday morning and freed two hostages, as international condemnation grows over a potential ground attack on the southern Gaza city, where more than one million people have sought refuge from the war against Hamas. The hostages were freed overnight during a special-forces mission in Rafah. The men, both Israeli, have been transferred to Israel and are in good medical condition, the military said. - Trump Asks Supreme Court to Keep DC Election Trial on Hold
(Bloomberg) — Donald Trump asked the US Supreme Court to keep on hold his criminal trial for trying to overturn the 2020 election while he appeals a ruling that rejected his bid for immunity from prosecution. Monday’s request, which meets a deadline set by a three-judge panel, brings a second major Trump case before the nation’s highest court as he campaigns to return to the white house. - Fed Officials Eye ‘Broadening’ Disinflation as New Rate-Cut Test
(Bloomberg) — Some Federal Reserve officials, who were surprised by inflation’s rapid descent in 2023, seem to be setting a new bar for interest-rate cuts: a broader pullback in price pressures. Last week, both Richmond Fed President Thomas Barkin and Boston Fed President Susan Collins indicated they not only want the decline in inflation to continue like many other like many other officials have said but also to broaden more meaningfully to housing and other services, given that the recent slowing was driven more by goods. - Japan GDP Set to Confirm Slip to World’s Fourth-Largest Economy
(Bloomberg) — Japan’s latest growth figures are set to confirm it slipped to fourth-largest economy in the world last year, a development that reflects the impact of its feeble currency and aging demographics. While the economy is seen returning to annualized growth of 1.2% in the fourth quarter after a bruising contraction in the summer, figures for the calendar year due are almost certain to show the value of output falling behind Germany’s in dollar terms. - S&P 500 Rally Hits a Wall in Run-Up to CPI Report: Markets Wrap
(Bloomberg) — Wall Street kicked off the week with small moves in stocks, bonds and the dollar ahead of inflation figures that will be key to determine the scope and timing of Federal Reserve rate cuts. Less than 24 hours before the consumer price index, the S&P 500 struggled to gain traction. While the data is expected to underscore further disinflation, remained unwilling to commit to big bets. That sense of caution also prevailed after five straight weeks of gains that drove equities above overbought levels, triggering some calls for at least consolidation. - The Wall Street Journal: Activist investor Carl Icahn has accumulated a nearly 10% stake in airline JetBlue.
Activist investor Carl Icahn on Monday reported a 9.91% stake in JetBlue Airways Corp (JBLU.O), opens new tab, according to a filing. Shares of JetBlue were up about 17% in extended trading. Icahn acquired the shares in the belief that they were undervalued and represented an attractive investment opportunity, the filing said. The activist investor intends to have discussions with members of the management and board of directors regarding the possibility of board representation. - Hedge Fund Verde Builds Small China Bet After ‘Horrendous’ Rout
(Bloomberg) — The selloff in China’s equity market at the start of the year has Luis Stuhl Berger looking for opportunities in the battered shares of smaller companies. The Brazilian money manager’s flagship Verde fund built a long position on a Chinese small-cap index it didn’t name, according to an investor note Friday. The wager was placed via options, the fund added the fund added, without disclosing its exact size. - Gilead Sciences Inc’s shares rose 1.06% after the company announced plans to purchase Cyma Bay Therapeutics Inc, a developer of an experimental liver disease drug, for $4.3 billion in equity value.
The company offered to purchase all outstanding shares of Cyma Bay for $32.50 a share, a 27% premium to Friday’s close. The company is seeking new areas for growth to supplement its core antiviral-drug franchise, with the deal expected to be neutral to earnings per share in 2025 and significantly accretive thereafter. - Singapore Airlines Ltd.’s shares rose 0.25% after Citigroup raised their recommendation to Buy from the previous Sell due to expected passenger-yield strength through the year.
This recommendation comes amid growing competition, macroeconomic uncertainties, and inflationary cost. pressures in the airline industry. The company’s next earnings release is scheduled to be on 20 February.
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