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.
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.
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 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.
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%
Daimler and Toyota announced on Tuesday that they had entered a non-binding agreement to combine the businesses of their truck units in Japan. Under the partnership’s memorandum of understanding (MOU), the businesses of Daimler-owned Mitsubishi Fuso Truck and Bus Corp and Toyota subsidiary Hino Motors would be combined under a holding company, as said in a statement.
OpenAI CEO Sam Altman said on Friday that the corporation is not planning on leaving Europe and areas of the European Union, contrasting a threat made earlier in the week to exit the region if it becomes difficult to comply with stringent artificial intelligence laws. The European Union is drafting a first set of global rules to govern artificial intelligence and Altman believes that the current draft is “over-regulating”.