Trade review includes current reports, trends, indices, stock prices, bonds, foreign exchange, commodities, and analyst recommendations. The stock of Micro-Strategy plunged following a report by Kerrisdale Capital hedge fund, which sells the company’s shares short and buys Bitcoin. The report stated that the stock price increase is not justified, as Micro-Strategy’s business model is based on buying and holding Bitcoin. Xiaomi’s shares soared after launching its first electric car at an aggressive price. The European stock markets closed with small gains, ending the first quarter with a 6.8% increase.
The founder of FTX crypto exchange, Sam Bankman-Fried, was sentenced to 25 years in prison for fraud and conspiracy. Luxury furniture chain RH’s shares surged after the company updated its forecast for increased demand in 2024. Bloomberg highlighted the commodity market showing concerns over rising prices impacting traders and chocolate manufacturers. Bank of America estimates a 15% decline in the Euro Stoxx 600 and predicts a shift from cyclical to defensive stocks.
Amazon invested $2.75 billion in AI company Entropic. Gold prices continue to rise, while the US economy grew by 3.4% in the last quarter of 2023. The stock market in Europe and Asia shows mixed trends, with the US futures trading slightly lower. Tesla’s stock continues to decline, and Netflix has been removed from the “Best Ideas List” by Wedbush. Bonds and oil prices are trading as well. Magdalena Tao predicts a weak yen against the dollar, with potential interest rate hikes in Japan. Oppenheimer’s analyst expects the US stock market to continue its positive trend into 2024 and possibly peak in 2025.