- 10-Year Bond Yield pulls back on CPI data: U.S. 10-year Treasury yields fell almost 20bps this week, on the heels of a cooler-than-expected CPI report earlier in the week, which showed core inflation at 3.2% YoY, under consensus estimates of 3.3%.
- Israel and Hamas ceasefire deal: Efforts to mediate a ceasefire between Israel and Hamas have reached a pivotal stage, with both sides reportedly agreeing to a temporary halt in hostilities to allow for humanitarian aid and prisoner exchanges. The markets have responded cautiously, with reports of a delay in signing.
- China hit economic target: China’s Q4 GDP grew at 5.4% y/y beating market forecast, 2024 GDP expands by 5%, meeting government expectations. The China Composite up 6.14% for the week.
- Eli Lilly shares drop: Eli Lilly ($LLY) shares dropped sharply after the company revised its revenue guidance downward, citing weaker-than-expected demand for its flagship weight-loss drug. The announcement comes amid growing competition in the pharmaceutical sector and supply-chain bottlenecks, causing investors to reevaluate growth expectations. $LLY closed the week down 9.27%.
- Meta criticizes Apple, rollbacks DEI efforts: Meta CEO Mark Zuckerberg launched a harsh critique of Apple over its platform policies, calling them restrictive and counterproductive to innovation. Simultaneously, Meta has been rolling back Diversity, Equity, and Inclusion (DEI) initiatives amid budget cuts and wants to cut 5% of its workforce, sparking public backlash. $META down 0.50% for the week.
- Bloks IPO surges as much as 82%: Toymaker Bloks debuted on the Hong Kong Exchange on 10 January with an IPO price of HK$60.35 per share, significantly surpassing expectations. The IPO saw a massive surge of 82% and rose to a high of HK$109.60, driven by robust demand for its eco-friendly, innovative toys that target both the educational and entertainment markets. Analysts are watching closely to see if the momentum sustains or faces consolidation in the coming weeks. $BLOKS closed at HK$85 on its debut day.
- Bill Ackman targets Howard Hughes: Pershing Square’s Bill Ackman announced plans to acquire the Howard Hughes Corporation, a real estate-focused move aimed at capitalizing on long-term urban development trends, this in a move to become modern-day “Warren Buffet”. Shares of Howard Hughes ($HHH) up 6.78% on the news.
- China discusses sale of TikTok US to Elon Musk: Reports surfaced of China exploring a potential sale of TikTok US to Elon Musk, this is in view of US ban threat on ByteDance.
- JPMorgan posts record revenue: JPMorgan Chase delivered stellar earnings this week, becoming the first U.S. bank to achieve a $50 billion net profit milestone. The result highlights robust loan growth and strong capital markets performance with strong deal-making in its investment banking arm, $JPM surge 8.04% for the week.
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