Round up of today’s market news

North American News

Nasdaq Nosedive: Tech Titans Tumble, Tesla Triumphs While NVIDIA Takes a Tumble in Market Melee

• In today’s market, tech stocks faced a downward trend with the Nasdaq index taking the biggest hit. Tesla stood out as the top performer, while NVIDIA suffered with a fall over 2%.

The major indices slumped into the close with the Nasdaq index hit the hardest. A snapshot of the close levels and shows:

• Dow Industrial Average felt -70.15 points or -0.19% at 36054.44. At session highs the index was up 168.01 points
• S&P index fell -17.82 point or -0.39% at 4549.35. At session highs the index was up 23.57 points
• Nasdaq index fell -83.21 points or -0.58% at 14146.70. At session highs the index was up 97.72 points

To summarize and rank the “Magnificent Seven” stocks from best to worst performance based on the given data:

• TSLA (Tesla) – The best performer with a price of $239.41, it was the only stock to see positive movement, up by $0.69 or 0.29%.
• META (Meta Platforms, formerly Facebook) – Next, with a price of $317.36, it had a minimal drop of $-0.93 or -0.29%.
• AAPL (Apple) – Priced at $192.27, it saw a slightly larger decline, down $-1.16 or -0.60%.
• GOOGL (Alphabet, Google’s parent company) – With a price of $130.03, it decreased by $-0.96 or -0.73%.
• MSFT (Microsoft) – It fell to $368.81, down $-3.71 or -1.00%.
• AMZN (Amazon) – At $144.48, it experienced a drop of $-2.40 or -1.63%.
• NVDA (NVIDIA) – The worst performer among the seven, with a price of $455.04, it declined by $-10.62 or -2.28%.

Looking at the broader S&P index, three of the 11 components showed gains led by utilities and eight moved lower with energy performing the worst. Crude prices are down over 4.1% in trading today helping to lead to the decline in the energy component sector

Winners (Positive Performance):

• S5UTIL (Utilities) – Up by 1.38% to 321.01.
• S5INDU (Industrials) – Increased by 0.47% to 915.36.
• S5HLTb (Health Care) – Slightly up by 0.06% to 1534.11.

Losers (Negative Performance):

• S5COND (Consumer Discretionary) – Decreased by -0.03% to 1351.45
• S5MATF (Materials) – Decreased by -0.16% to 508.73.
• S5C0NÍ (Consumer Discretionary) – Fell by -0.23% to 740.21.
• 55REAS (Real Estate) – Down by -0.34% to 237.30.
• S5TELS (Telecommunications Services) – Declined by -0.46% to 230.46.
• SPF (Financials) – Dropped by -0.51% to 593.42.
• S5INFT (Information Technology) – Lowered by -0.93% to 3231.76.
• SPN (Energy) – The largest decline of -1.64% to 620.14.

Atlanta Fed GDPNow estimate for Q4 growth rises to 1.3% from 1.2%

• Atlanta Fed GDPNow growth estimate for Q4 2023

The Atlanta Fed GDPNow model estimate for Q4 growth rose to 1.3% from 1.2% last.In their own words:

The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the fourth quarter of 2023 is 1.3 percent on December 6, up from 1.2 percent on December 1.After recent releases from the US Census Bureau, the US Bureau of Economic Analysis, and the Institute for Supply Management, the nowcasts of fourth-quarter real personal consumption expenditures growth and fourth-quarter real gross private domestic investment growth increased from 1.8 percent and -3.2 percent, respectively, to 1.9 percent and -2.9 percent, while the nowcast of the contribution of the change in real net exports to fourth-quarter real GDP growth decreased from 0.01 percentage points to -0.06 percentage points.

ADP US November employment +103K vs +130K expected

• The November 2023 employment reading from ADP

• Prior was +113K (revised to +106K)

Details:

• small (less than 50 employees) +6K vs +19K prior
• medium firms (500 – 499) +68K vs +78K prior
• large (greater than 499 employees) +33K vs +18K prior

Changes in pay:

• Job stayers 5.6% vs 5.7% prior — slowest since Sept 2021
• Job changers 8.3% vs 8.4% prior

“Restaurants and hotels were the biggest job creators during the post-pandemic recovery. But that boost is behind us, and the return to trend in leisure and hospitality suggests the economy as a whole will see more moderate hiring and wage growth in 2024,” said Nela Richardson, chief economist at ADP.

US October trade balance $-64.3 billion versus $-64.2 billion estimate

• US October 2023 trade balance

• Prior month $-61.5 billion
• US trade balance -64.3 during dollars versus $-64.2 billion estimate. Preliminary was at $-61.5 billion

• US Goods Deficit and Services Surplus (October)
  • Goods Deficit: -$89.80 billion versus -89.84 billion preliminary
  • Services Surplus: $25.54 billion
• US Exports and Imports (October)
  • Exports: $258.79 billion (October) vs. $261.41 billion (September)
  • Imports: $323.05 billion (October) vs. $322.56 billion (September)
  • Export Change: -1.0% from September
  • Import Change: +0.2% from September
  • Year-to-date goods and services deficit decreased -$161.4 billion or -19.8% from the same period in 2022. Exports increased $28 billion or 1.1%. Imports decreased $133.4 billion or -4.0%
• US Capital Goods Imports (October)
  • October: $73.25 billion
  • September: $71.47 billion
• U.S.-China Trade Deficit (October)
  • October: $25.52 billion
  • September: $28.45 billion
• US Oil Import Price (October)
  • October: $78.60/barrel
  • September: $76.54/barrel
  • Year-on-Year Change: -4.2% from October 2022’s $82.05/barrel

US Q3 revised unit labor costs -1.2% versus -0.9% expected

• 3Q US productivity data
• Preliminary -0.8% reported on November 2.
• Prior quarter +3.2%
• Q3 unit labor costs -1.2% vs -0.9% estimate
• Q3 productivity +5.2% versus 4.9% expected. Preliminary 4.7%
• Q2 productivity was at 3.6%

US MBA mortgage applications w.e. 1 December +2.8% vs +0.3% prior

• Latest data from the Mortgage Bankers Association for the week ending 1 December 2023

• Prior +0.3%
• Market index 181.1 vs 176.1 prior
• Purchase index 144.5 vs 144.9 prior
• Refinance index 373.3 vs327.8 prior
• 30-year mortgage rate 7.17% vs 7.37% prior

Goldman Sachs proprietary “Panic Index” is near 0 (no one is a bear)

• GS’ proprietary “Panic Index” near 0, suggesting a lack of bearish sentiment in the market

The Goldman Sachs proprietary “Panic Index” is a two year rolling percent measure across four equity vol metrics.

Its sitting basically at zero.

Goldman Sachs Group Inc. Managing Director Scott Rubner wrote in a report:

• there are “no longer any bears left”

 Goldman’s Sentiment Indicator points to stretched positioning in equities:

Economist poll shows slight majority seeing Fed waiting until at least July to cut rates

• Poll from Reuters

• 52 of 102 see Fed waiting until at least July to cut
• 50 of 102 see the Fed cutting earlier
• 72 of 100 see the Fed cutting by 100 bps or less
• All but 5 said the Fed hiking cycle was over

Citi’s US economist said stronger core inflation will disrupt the Fed-cutting narrative and delay cuts.

Biden administration forgives $4.8 billion in student loan debt

• Biden will cancel debt for 80,300 borrowers

The Biden administration failed in its bid for wholesale loan cancellation but it continues to use its powers to cancel debt in smaller batches.

“This brings the total debt cancellation my administration has approved to $132 billion for over 3.6 million Americans through various actions,” Biden said in a statement.

BlackRock global chief investment strategist says that rate cut expectations are frothy

• Market expectations and pricing of aggressive rate cuts in 2024 are overdone

• don’t expect the Fed to aggressively cut rates in 2024
• “Market pricing for how early the first cut is, as well as how many cuts there will be next year, is a bit overdone in our view,”
• referred to indicators of market expectations of a rate cut in March and five rate cuts in 2024 …“That is really aggressive. Something would have to go seriously wrong for that to come through,”
• BlackRock expects at least one rate cut in H2 of 2024

FOMC preview: UBS predicts Fed to be cautious, need to protect progress on inflation.

UBS preview the December Federal Open Market Committee (FOMC) meeting coming up on the 12th and 13th.

UBS says that the December Summary of Economic Projections (SEP) that’ll be issued alongside the Statement is likely to project at least one rate cut in 2024 and more likely two. 

• UBS expect the cumulative cuts the median FOMC participant assume to be appropriate to total roughly 250 (basis points) over the SEP forecast horizon.
• too early to declare victory on inflation
• when the FOMC does cut rates, they will likely continue to warn that if the progress on inflation is put at risk, further monetary policy tightening might be warranted

Yellen says not seeing signs of weakening labor market that would bring recession fears

• Not seeing weakness on spending side of economy

US Treasury Secretary Yellen comments via news sources:

• Economists who predicted that taming inflation would require very high unemployment are ‘eating their words’
• Not seeing usualsigns of weakening labor market that would bring fears of recession
• U.S. Growth willcome down, but not seeing weakness on spending side of economy
• Demand continues to be adequate to power US Economy forward at trend-growth-like rates

Also comments on geopolitics from Yellen:

• US would be ‘responsible for Ukraine’s defeat’ if Biden fundingrequest fails to win approval by congress
• US aid to Ukraine ‘utterly essential’ to keep government operating, maintain IMF financial support to Ukraine

Bank of Canada holds rates at 5.00%, as expected

• Highlights of the December 6, 2023 rate decision from the Bank of Canada
• Prior was 5.00%
• Statement repeats that BOC “is prepared to raise the policy rate further if needed”
• Data “suggest the economy is no longer in excess demand”
• BOC saw “further signs that monetary policy is moderating spending and relieving price pressures”
• The slowdown in the economy is reducing inflationary pressures in a broadening range of goods and services prices
• Governing Council wants to see further and sustained easing in core inflation
• The global economy continues to slow and inflation has eased further
• US growth has been stronger than expected but is likely to weaken in the months ahead
• Growth in the euro area has weakened
• Oil prices are about $10-per-barrel lower than was assumed in the October MPR
• The US dollar has weakened against most currencies, including Canada’s
• Higher interest rates are clearly restraining spending: consumption growth in the last two quarters was close to zero
• The labour market continues to ease: job creation has been slower than labour force growth

Canada October trade balance +2.97B vs +1.60B expected

• Canadian October trade balance data

• Prior +2.04B
• Exports C$ 65.98B versus 67.03B last month
• Imports C$ 63.01B versus 64.99B last month
• Exports +0.1% vs +2.7% prior
• Imports -2.8% vs +1.0% prior

Canada Q3 labor productivity -0.8% vs -0.6% expected

• Third quarter productivity data from Canada

• Prelim was -0.6%
• Prior was -0.1%
• Hours worked +0.1%

Commodities

Silver sees losses after soft ADP Employment figures

• The white metal stands at $24.05, with mild losses.
• The US Automatic Data Processing Inc. employment Change came in lower than expected.
• US Q3 Unit Labour Costs were revised downwards to -1.2%.
• The US Dollar holds steady in weekly highs; US yields are edging downwards.

Silver declined to the $24.05 level on Wednesday, trading with mild losses. However, the downward movements may be limited, as negative figures from the US labor market may trigger further dovish bets on the Federal Reserve (Fed), potentially pushing the US yields further down.

The US Unit Labour Costs for Q3 were revised downwards and declined by -1.2%, slightly under the consensus estimate of -0.9%.Additionally, the US Automatic Data Processing Inc. (ADP) reported a lower-than-expected employment change figure for November. These figures clocked in at 103k, compared to the consensus estimate of 130k and the previous figure of 106k, shedding light on a somewhat cooling job creation pace in the labor market. 

Crude futures plummet by 4.07% as global growth concerns intensify

• US crude futures experience a sharp decline of 4.07%, marking the largest drop since November. Despite a significant drawdown in oil stocks, worries about global economic growth overshadow positive data.

US crude futures are settling at $69.38. That’s down-$2.94 or -4.07%. The decline was the largest since a -4.66% decline on November 16. Looking at the daily chart, the next major target area comes near $67 where swing lows from June in July are found.

The tumble comes despite an oil drawdown of -4.632 million versus expectations of -1.354 million. However, there was a net build of 6.9 million barrels in product stocks including a buildup of 5.421 million in gasoline stocks and a 1.267 million barrel increase in distilate stocks.

EIA weekly US crude oil inventories -4632K vs -1354K expected

• Weekly US oil inventory data for the week ending Dec 1

• Prior was +1609K
• Crude -4632K vs -1354K exp
• Gasoline +5421K vs +1027K exp
• Distillates +1267K vs +1526K exp
• Refinery utilization +0.7% vs +0.8% prior
• Production -100K to 13.1mbpd

Late yesterday, the API reported:

• Crude +594K
• Gasoline +2830K
• Distillates +890K

Why gold may no longer be the ideal investment for inflation hedging

• Investors are seeking alternatives like Bitcoin

Deutsche Bank with a brief note on gold:

• investors are pricing in larger rate cuts for 2024 has increased the relative appeal of something that does not pay any interest
• chart shows the real price of Gold back to 1790, i.e. adjusting for inflation
• Although we have hit all time highs in nominal terms, we are over 20% below the inflation-adjusted peak seen in 1980.
• Although gold might seem like it’s a good inflation hedge, it only keeps pace with inflation if you buy it at the correct time.In reality, it trails traditional assets over almost all medium to long-term time periods.
• So you can be a long-run inflationist but still be a bit underwhelmed by Gold as an investment.Maybe Bitcoin has diluted its allure but that’s a story for another day.

Maduro to order the creation of oil, gas and mining licenses for the Esequibo region

• Raising tensions with neighbouring Guyana, US consider reimposing sanctions on Venezuela.

Venezuela’s President Nicolás Maduro has announced he is to order the creation of oil, gas and mining licenses for the Esequibo region

• also creating Esequibo divisions of the state owned oil and mining companies PDVSA and CVG

Madora announcement on state TV.

EU News

Eurozone October retail sales +0.1% vs +0.2% m/m expected

• Latest data released by Eurostat – 6 December 2023
• Prior -0.3%; revised to -0.1%

Germany November construction PMI 36.2 vs 38.3 prior

• Latest data released by HCOB – 6 December 2023
• Prior 38.3

There remains a sustained downturn in new orders for Germany’s construction sector, with housing activity – once again the worst performer – seeing yet another sharp fall on the month. This is the lowest reading in roughly 3½ years. Demand conditions remain rough with accelerated declines in commercial building and civil engineering activity as well. HCOB notes that:

“The building sector in Germany is experiencing a perilous plunge, with commercial building activity and civil engineering witnessing an escalated fall in November. The housing segment, leading the descent with a rapid decline, persists in cutting construction activity at a relentlessly depressive pace.

“The new order figures offer no respite, tumbling at a similarly dramatic rate as in October. Thus, a recovery remains elusive. The bombshell judgment from the German Constitutional Court, threatening substantial cuts in public investment and subsidies for the building sector, exacerbates the gloom. However, a glimmer of optimism might emerge with the apparent halt in interest rate hikes by the European Central Bank, offering a potential softening of pessimism in the future.

“In the gloom of the construction sector, one might anticipate significant room for price cuts to stimulate demand. Yet, the reality is sobering. Input prices went down for the seventh consecutive month. However, the cuts became much softer in November.The actual price level of building materials continues to be elevated, with many of them still showing pricesbetween 30% and 70% higher than in the pre-COVID year of 2019, according to official statistics. This sentiment is echoed in the survey, where participants highlight the persistent burden of increased construction costs.

“Securing sub-contractors in the building sector is currently a breeze, but this newfound ease carries a bitter undertone. It stems from the sector’s overall depressive state, with sub-contractors enduring both weaker demand and a decline in pay rates for the second consecutive month.”

Germany October industrial orders -3.7% vs +0.2% m/m expected

• Latest data released by Destatis – 6 December 2023
• Prior +0.2%

UK November construction PMI 45.5 vs 46.3 expected

• Latest data released by S&P Global – 6 December 2023

• Prior 45.6

This marks another contraction in UK construction activity with another sharp fall in house building weighing on the overall sector. Meanwhile, employment conditions also declined for the first time in ten months and that alludes to some softening in labour market conditions. But at least purchasing costs saw its steepest decline in 14 years, amid lower raw material prices and falling demand for construction inputs. S&P Global notes that:

“A slump in house building has cast a long shadow over the UK construction sector and there were signs of weakness spreading to civil engineering and commercial work during November. Residential construction activity has now decreased in each of the past 12 months and the latest reduction was still among the fastest seen since the global financial crisis in 2009. Elevated mortgage costs and unfavourable market conditions were widely cited as leading to cutbacks on house building projects. Rising interest rates and the uncertain UK economic outlook also hit commercial construction in November, while a lack of new work contributed to the fastest decline in civil engineering activity since July 2022.

“Improving supply conditions were evident again in November, linked to rising raw material availability and spare capacity across the supply chain. Greater competition among suppliers added to downward pressure on prices paid for construction products and materials. The latest survey indicated that overall input prices decreased for the second month running and at the fastest rate since July 2009.”

ECB’s Kazimir: Market bets for a Q1 rate cut are ‘science fiction’

• Comments from Kazimir
• Further rate hike is unlikely to be needed but market bets for Q1 rate cut are ‘science fiction’

BOE says that full impact of higher rates will take time to come through

• The BOE remarks in its latest financial stability report – 6 December 2023
• Risk environment remains challenging
• Some risky asset valuations continue to appear stretched
• Banking system is well capitalised, some evidence to net interest margins have peaked
• Vulnerabilities in market-based finance remain significant

BOE’s Bailey: Outlook for inflation is uncertain

• Remarks by BOE governor, Andrew Bailey
• Rates likely to need to remain around current levels
• We remain vigilant to financial stability risks that might arise

Asia-Pacific-World News

China’s state banks stepped in to support yuan Tuesday, Moody’s downgraded China’s outlook

• Taking coordinated intervention action to slow the currency’s decline.

ICYMI – China’s state banks were in the FX market on Tuesday afternoon, intervening to prop up the yuan:

• major state-owned banks buying yuan and selling US dollars (by swapping yuan for dollars in the onshore swap market, then selling the dollars in the spot market)
• after Moody’s cut China’s outlook to negative in the afternoon the intervention gathered pace

S&P and Fitch have both not changed China’s rating nor outlook

• This follows Moody’s cutting their outlook for China on Tuesday

Reuters with the report:

• Fitch: no further updates after affirming China’s A+ rating with stable outlook in August
• S&P Global Ratings: no change to China’s credit rating, outlook

Chinese authorities have expressed displeasure with Moody’s for the change in outlook. And they’ve also addressed the weakness in the yuan with intervention.

China finance minister says social security fund will make direct and private equity investment

China’s finance ministry issues draft rules on management of domestic investments by social security fund:

• Social security fund will make direct and private equity investment with strict risk control
• will also moderately reduce upper limit of the management fee rate and custody rate of the social security fund

Australian Q3 GDP +0.2% q/q (vs. expected +0.4%)

• The q/q is the slowest in two years.

Data for economic growth in Australia during the July, August & September months of 2023.

A q/q miss and y/y beat.

• The terms of trade fell 2.6%
• Household saving to income ratio decreased to 1.1% from 2.8%; 1.1% is the lowest proportion of saving since December quarter 2007
• Growth this quarter was driven by government expenditure and capital investment (Government final consumption expenditure rose 1.1 per cent this quarter after a 0.6 per cent increase in the June quarter … Investment by public corporations rose 8.9%, increased investment in transport, communication and utilities projects … private engineering construction also rose due to increased mining industry investment.)
• Disappointing q/q headline, the +0.2% is the slowest in 2 years, economic growth propped up by government spending, although mining investment helped. The much slower savings rate is being attributed to the impact of rising living costs.

Australian dollar response after Q3 GDP data reveals slowest growth in 2 years

• Australian dollar is up a little

The details capturing the most attention are not encouraging:

• savings rate fell to its lowest since the December quarter of 2007 (households are saving much less of their income to sustain even weak spending)
• the Australian Bureau of Statistics says: Government spending and capital investment were the main drivers of GDP growth this quarter

Australian Industry Index contracts in November, lowest reading since June 2020

• Falling demand and activity resulted in contractionary conditions, onsumer facing industries posting large declines.

The data is for November, not October. This data from AiG used to be a focus but the S&P Global PMIs are now more closely watched.

Key points from the report:

• The Ai Group Australian Industry Index sank deeper into contraction in November on the back of falling demand and activity.
• The activity/sales, new orders and input volumes indicators all materially fell in the month. Employment increased marginally.
• November is the lowest Aii reading since June 2020. On a trend basis, all four activity indicators point to contractionary conditions.
• Upstream manufacturers showed improvement, but consumer facing industries (food and construction) posted large declines.
• November saw a modest increase in input costs, but a decline in sales price and average wage indicators.

BOJ shares details of its first monetary policy review workshop held on Monday this week

• The workshop discussed the impact and side effects of unconventional monetary policy and its effect on the balance sheet, as well as financial risk-taking amid a low interest rate environment

As a reminder, this workshop discussion is part of a long-term review by the BOJ on its past monetary policy steps. The next one is expected to be held some time around May next year. If anything, it can be seen as a symbol of potential policy change at the central bank as they look to move forward while examining the settings from its previous regime.

BOJ dep gov Himino says will maintain easy policy until sustained stable 2% CPI achieved

Bank of Japan Deputy Governor Himino:

• BOJ will patiently maintain easy policy until sustained, stable achievement of price target is in sight
• Japan’s financial system is likely resilient enough to weather stress from transition to higher interest rates
• If we do not get the timing exit procedures wrong, the impact of a positive wage-inflation cycle will likely benefit wide range of households, companies
• Must make appropriate decision on exit timing, procedure by scrutinising wage, inflation developments
• BOJ must achieve situation where inflation slows ahead, but not too much
• Japan is seeing steadily changes in price, wage behaviour
• Solid progress is observed in the transformation of firms’ wage- and price-setting behaviour
• price rises beginning to affect wages
• pass-through from wages to inflation is also returning somewhat
• without virtuous cycle between wages and prices, japan will most likely revert to the deflationary state in the past
• When Japan returns to an economy with positive interest rate, that could improve households’ balance as a whole
• If inflation expectations have heightened, that would mean impact of rise in real interest rate could be smaller than that of nominal rate

Japanese manufacturers’ sentiment improves: Reuters Tankan survey

• Concerns remain over China’s economy and sales of Japanese vehicles in the Chinese market

Reuters Tankan survey findings:

• Sentiment at big Japanese manufacturers improved for a second straight month, plus 12 in December compared with plus 6 the previous month
• auto sector continued to recover from last year’ssemiconductor shortage and supply chain woes

• the worsening state of China’s economy and sluggishsales of Japanese vehicles in the Chinese market remain sources of concern

The service sector index came in at plus 26

• from plus 27 in November

Reuters Tankan is a monthly survey that seeks to track the Bank of Japan’s tankan quarterly survey

Cryptocurrency News

Dogecoin price bullish outlook intensifies as DOGE turns 10

• Dogecoin price has confirmed a move above the supply barrier extending from $0.08980 to $0.09432.
• The foray comes exactly ten years since Dogecoin was created, on December 6, 2013.
• DOGE could extend the gains 6% to tag the enviable $0.10000.
• Invalidation of the bullish thesis will occur upon a decisive daily candlestick close below the midline of the supply zone at $0.09198.

Dogecoin (DOGE) price has sustained the bullish outlook since October 18, when the broader market turned green, leading meme coins in an uptrend, which is no mean feat.The 65% climb has ushered the dog-themed cryptocurrency to its tenth birthday since its official launch on December 6, 2013.

Ripple CEO credits XRP community with lawsuit win against SEC

• Ripple CEO Brad Garlinghouse stood in agreement with a report that suggested that the XRP community was the most influential entity in 2023.
• XRP price moving sideways is most likely a sign of potential recovery on the horizon.
• Ripple whales have been consistently accumulating for the past three weeks, adding to the probability of a rise.

XRP price is looking at recovery after greatly benefitted from the partial win it attained in the lawsuit filed by the Securities & Exchange Commission (SEC). However, Ripple’s CEO decided that the credit largely goes not to himself or the company but to its supporters.

Daily Digest Market Movers: Ripple CEO credits XRP army

Ripple CEO Brad Garlinghouse took to X, formerly Twitter, to respond to a report by CoinDesk crowning him as one of the most influential people in 2023.The executive was less in agreement with the title than the unwavering support throughout the court proceedings. Garlinghouse tweeted,

“2023 Most Influential award should be given not just to Garlinghouse, but also the entire XRP Army.” 

I couldn’t agree more!

Bitcoin-based meme coin ORDI price action wobbles after 1,100% rally

• ORDI price breached the $60 level over the past day, bringing its value to $62.
• ORDI’s bullishness has been wavering over the past few trading sessions on a short-term scale.
• Once Bitcoin’s bull run stops, selling may become rampant as investors capitalize on ORDI’s 1,104% rally.

The Bitcoin-based BRC-20 meme coin, which had people confused as being an actual valuable token, is now slowly creeping up to that status.ORDI price rise over the past couple of days has been astonishing, and with BTC driving the price and crossing $44,000, ORDI is also gaining rapidly.But not for long

Japan considers proposal to exempt companies from tax on unrealized crypto gains

• The exemption is set to be included in the fiscal 2024 tax reform plan.

Via a report in Japanee media, Nikkei, canvassing a proposal that would see companies in Japan no longer having to pay tax on unrealized cryptocurrency gains if they hold on to the digital assets

It’s a proposal being discussed by the country’s ruling coalition.

• cryptocurrencies held for purposes other than short-term trading would be made exempt from corporate tax based on mark-to-market valuations at the end of each fiscal year.
• exemption will be included in the fiscal 2024 tax reform plan to be compiled this month

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