Daily Brief - 27 Feb 2024

Bitcoin surges past $57,000 for the first time since 2021

Bitcoin has reached the $57,000 threshold for the first time since late 2021, buoyed by robust investor interest in Bitcoin ETFs and additional acquisitions by MicroStrategy Inc. This significant price movement reflects a 32% increase since the beginning of 2024, signaling a strong rally that extends beyond Bitcoin to other cryptocurrencies. The inflow of $6.1 billion into Bitcoin ETFs and MicroStrategy's continued investment in Bitcoin, now totaling around $10 billion, underscore the growing mainstream acceptance and speculative interest in digital assets. With the crypto market's value rebounding to approximately $2.2 trillion, Bitcoin's performance is notably outshining traditional investments like stocks and gold amidst a backdrop of rising US Treasury yields.

Shein eyes London IPO instead of the US

Shein, is contemplating a move to list its IPO in London instead of New York due to regulatory obstacles in the US. Despite its preference for a US listing, Shein faces uncertainties with the Securities and Exchange Commission's approval, prompting considerations of alternative markets like Hong Kong and Singapore. This strategic shift could potentially invigorate the London IPO scene, which has experienced a significant downturn. Amidst growing US-China trade tensions and scrutiny over its operations, Shein explores options to navigate regulatory complexities while aiming for a substantial valuation.

Chevron's big buy could hit a snag thanks to Exxon and Cnooc

Chevron is eyeing a massive $53 billion deal to snatch up Hess, aiming to get a slice of a lucrative oil project in Guyana. But there's a twist! ExxonMobil and China's Cnooc might throw a spanner in the works. They claim they have the first dibs on the project, thanks to a special agreement. The Guyana oil find is huge, making everyone want a piece of it. While Chevron is keen to seal the deal, talks and possibly, legal battles, loom ahead. It's a high-stakes game where billions and big oil dreams are on the line.