Global Market Highlights:
- Nasdaq Hits Record High
On December 16, the Nasdaq closed at an all-time high of 20,173.74, gaining 1.1% as tech stocks surged ahead of the Federal Reserve’s final policy meeting of the year. Meanwhile, the Dow slipped 0.3%, and the S&P 500 rose by 0.4%. - Tesla Market Value Hits $1.5 Trillion
Tesla Inc. saw a significant jump in its stock price on December 16, pushing its market valuation to $1.5 trillion. Analysts attribute this surge to the potential impact of a Trump administration, which they believe could be a game-changer for Tesla’s future. - Nvidia Faces Correction
Despite the booming tech sector, Nvidia’s stock price fell on December 16, officially putting the company in correction territory. The tech giant has faced slow growth despite the overall industry rally. - Broadcom Shares Surge
Broadcom stock rose to a record high, continuing its post-earnings rally. Analysts are now suggesting the company might be experiencing its own “Nvidia moment,” following its strong earnings report. - Bitcoin Reaches Record Heights
Bitcoin hit a new all-time high, surpassing $107,000 on December 16, ahead of the Federal Reserve’s anticipated interest rate cut decision. This move came as investors are awaiting the Fed policy meeting later this week. - German Chancellor Loses Confidence Vote
German Chancellor Olaf Scholz lost a vote of confidence in Parliament on December 16, following the collapse of his three-party coalition government in November. Elections are now expected to take place on February 23, 2025. - Brazilian Currency Hits Historic Low
Brazil’s currency has plummeted to a historic low, losing a fifth of its value in 2024 amid concerns over government spending. Despite interventions by the central bank, the real decline worsened due to rising interest rate expectations and criticism from President Lula. - Argentina Economy Shows Signs of Recovery
Argentina economy showed strong growth in Q3 2024, expanding by 3.9%, signaling a recovery from the severe recession of late 2023. This marks a major victory for President Javier Milei’s economic policies. - SoftBank Commits $100 Billion Investment
SoftBank CEO Masayoshi Son announced a $100 billion U.S. investment over four years, pledging to create 100,000 AI-related jobs and infrastructure in the United States during a visit to President-elect Donald Trump. - Vedanta Declares Record Dividend
Vedanta announced a fourth interim dividend of ₹8.5 per share for FY25, totaling ₹3,324 crore. This brings its total payout for the year to ₹16,799 crore, with the record date set for December 24, 2024. - SEBI Censures HDFC Bank
The Securities and Exchange Board of India (SEBI) reprimanded HDFC Bank for delaying the disclosure of its Mortgage Business Group Head resignation, in violation of the Listing Obligations and Disclosure Requirements. - QIPs Raise Funds for Indian Companies
Mankind Pharma, Gravita, and Mindspace REIT have launched Qualified Institutional Placements (QIPs) to raise capital. Gravita plans to raise ₹750-1,000 crore, Mankind Pharma aims for ₹3,000 crore, and ADIA intends to sell a 9.2% stake in Mindspace REIT through a ₹1,903 crore block deal. - Indus Towers Wins Tax Case
Indus Towers secured a favorable ruling from the Income Tax Appellate Tribunal, allowing depreciation claims on assets received during its merger with Bharti Infratel. This ruling reduces the company’s contingent liability by approximately ₹3,500 crore. - LG Electronics Plans Indian IPO
LG Electronics revealed plans to launch an IPO for its Indian unit, potentially valued at $15 billion. The company aims to start its roadshow in the coming months and list in Mumbai by mid-2025, increasing its initial valuation target of $13 billion. - GST Council Considers Higher EV Tax
The GST Council is considering an increase in the tax on used electric vehicles (EVs) and smaller petrol and diesel cars from 12% to 18%. This proposal, if approved, could make second-hand EVs less attractive in the resale market, while new EVs will continue to benefit from a 5% GST rate.
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