Financial News Summary 11 Mar 2024

U.S. Economy and Housing

• Biden's First-time Homebuyer Incentive: President Biden has suggested significant tax breaks amounting to $10,000 for first-time homebuyers, aimed at stimulating the housing market.

• Inflation Awaits Data: Investors are on the edge as they wait for the latest inflation updates, affecting the stability of the 10-year Treasury yield.

• Oil Prices Decline: Following OPEC+'s decision to extend oil output cuts, the market has seen a downturn in oil prices.

Global Markets and Monetary Policy

• Monetary vs. Fiscal Policy Debate: Discussions intensify on how these strategies influence the stock market.

• Goldman Sachs on Battery Metals: Goldman Sachs warns that the bear market for battery metal prices might persist.

• European Market Closes Lower: Raiffeisen Bank's shares dropped by 7.4%, contributing to the European markets closing in the negative.

Technology, IPOs, and Cryptocurrency

• NVIDIA Stagnates: Analysts speculate NVIDIA's stock rally might be at a halt.

• Crypto in Focus: UK's FCA shows a softer stance on cryptocurrency, allowing bitcoin and ethereum-backed securities, while Nigeria faces currency and regulation troubles.

• Reddit's IPO Aspirations: Reddit looks to raise $500 million in its IPO, testing the waters for future start-up listings.

References

1. https://www.cnbc.com/markets/
2. https://finance.yahoo.com/
3. https://www.marketwatch.com/
4. https://www.ft.com/markets