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Citi’s China Investment Bank

Citi’s China Investment Bank

And, Internet Computer Protocol’s rally.

Citi icon in 3D. My 3D work may be seen in the section titled "3D Render."

Photo by Rubaitul Azad on Unsplash

Today is Monday, December 18, 2023.

The Early Bird Index today is 63.97.

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Citi’s China Investment Bank

The plan from Citigroup (NYSE: C) to develop a new securities business in China may have hit a snag, according to a new report.

Details: Bloomberg reported on Sunday that Citigroup’s push to set up the new investment bank in China will take longer than planned due to the country’s data requirements. Citigroup did not comment on the report.

Zooming Out: Citigroup originally planned to get a license for the new business in China by the middle of 2023. Now that may not happen until the end of 2024, according to the report.

Background: This is not the only problem that Citigroup has dealt with this year. The big bank shut down its municipal bonds business. There have also been layoffs.

Stock Price: Citigroup is up 8% this year, with most of the growth occurring in the last 30 days.

Final Thoughts: If true, this report about Citigroup’s China business is a bummer. 2023 has been ugly for many banks. The hope is that 2024 will be better for the sector. Citigroup reports earnings on January 12.

Notables

Notable Earnings Today: HEICO (NYSE: HEI), Quipt Home Medical (Nasdaq: QIPT).

Notable IPOs Today: Smart for Life, Inc. Common Stock (Nasdaq: SMFL).

Notable Equity Crowdfunding Campaigns Ending Today: Gemz and Boardz (Honeycomb), Jackworth Ginger Beer (Honeycomb).

Notable Economic Events Today: N/A.

Internet Computer Protocol’s Rally

The price of the cryptocurrency Internet Computer Protocol reached its 2023 high on Sunday.

Details: This is the latest altcoin to benefit from increased positive sentiment in the crypto market in recent weeks. Interest rates are no longer increasing and there might soon be a spot crypto ETF (exchange-traded fund) approved in the United States. Both are reasons for crypto traders to celebrate!

Also: Internet Computer Protocol is benefiting from the recent announcement of a partnership with Gaudi Knowledge and Moon Labs.

Background: Internet Computer Protocol is a blockchain that is said to be faster than other competitors. It was established in 2015 by the DFINITY Foundation.

Price: Internet Computer Protocol is up 183% in 2023, with the majority of the growth occurring in the last 30 days.

Final Thoughts: Will the Internet Computer Protocol rally continue? It will be tough. We’ve seen altcoin after altcoin have daily rallies in the past few weeks. This is not sustainable. In the meantime, the adoption of the Internet Computer Protocol continues.

Illumina Divests Cancer Test Maker

On Sunday, Illumina (Nasdaq: ILMN) announced that it would divest cancer diagnostic test maker Grail due to regulatory hurdles.

Background: The biotechnology company first acquired Grail in 2021. Illumina’s recent financial results have been mixed, to say the least.

Stock Price: Illumina is down 36% this year, but the price is up 30% in the last 30 days.

Final Thoughts: Biotech can be hit or miss. Sometimes the stock shoots up and sometimes it falls and loses everything. It’s a tough pick for some investors.