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Volkswagen Targets $75 Billion Valuation in Porsche IPO

Volkswagen said on Sunday that it targets a valuation of up to $75 billion for the highly-anticipated Porsche IPO which has lately attracted interest from investors.

Given the valuation goal, the price-tag for each Porsche share will be $76.5 to $82.5, and this market debut would mark Europe’s largest initial public offering in history.

The Volkswagen stock (VWAGY) deteriorated 20% in 2022, but has been on a slow & steady uptrend since August 22nd, currently priced at $19.76 per share.

MACROECONOMIC DATA ANALYSIS

China plans to implement several measures to boost economic growth. The Asian nation intends to speed up financial injections to project construction, in efforts towards accelerating domestic consumption. In another light, China is likely to keep lending rates unchanged this week, according to a poll of market participants, as the country aims to avoid depressionary pressures on its currency.

A batch of bank regulators is considering new regulations to be implemented on regional banks, which’ll require them to add backup funds which can be used in times of crisis. This will include the increase of long-term debt and that serves as a cushion which can absorb losses when insolvency occurs.

CURRENCIES

The U.S. dollar is nearing two-decade highs on Monday morning, ahead of a week filled with bank holidays and key central bank decisions with regards to the response to inflation. The dollar index, which tracks the greenback against six other major currencies, increased by 0.27% to 109.800.

GOLD

The price of gold stumbled on Monday morning, continuing to trade in a downward-trending spiral as market participants are eagerly awaiting more policy tightening measures from the U.S. Federal Reserve. The bullion fell 0.60% to price at $1,664 per ounce.

OIL

Oil prices climbed on Monday’s early hours but plunged straight back down ahead of the European Union embargo on Russian oil, which’ll occur in December. The embargo has left oil investors & traders concerned as it can dampen crude demand even further. Brent futures stumbled 0.50% to $90.90 a barrel, while WTI futures dropped 0.76% to $84.11 per barrel.

INDICES

USA: S&P500 -0.72%, Dow Jones Industrial Average -0.45%, Nasdaq Composite -0.55%

Europe: FTSE 100 -0.62%, DAX -1.66%, CAC 40 -1.31%

Asia: Nikkei 225 -1.11%, Hang Seng -1.14%, CSI 300 -0.12%, Nifty 50 +0.51%

Newest

Apple Shall Manufacture iPhone 14 in India

Apple announced on Monday that it will manufacture the iPhone 14 in India, as the tech giant shifts some of its manufacturing away from the dominant China.

At an event earlier this month, the tech tycoon unveiled the newest iPhone 14, emphasizing safety improvements over exciting new technical features—with the exception of a new watch designed with adventure in mind.

"The new iPhone 14 lineup introduces groundbreaking new technologies and important safety capabilities. We're excited to be manufacturing iPhone 14 in India," Apple (NASDAQ:AAPL) said in a statement.

Instacart Cuts Staff & Hiring Before IPO

Grocery delivery app Instacart has been letting go of staff, slowing hiring and slashing other expenses as it heads toward a public listing, as reported by The Information reported on Saturday.

Instacart disclosed in May that it had secretly filed with the U.S. Securities and Exchange Commission to go public, a short time after cutting its valuation by 40% to just under $24 billion due to market instability.

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