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Bitcoin Falls, Global Market Crashes et al.

Professor of Financial Economics and Part-time Value Investor, Transfin.
Feb 6, 2018 2:09 PM 1 min read
Editorial

End of Day Wrap-up (Tuesday / February 6, 2018) #LongTermCapitalGainsTax #Sensex #Qualcomm #Lupin #PMI #Bitcoin #Cryptocurrency #Blockchain #Cryptocurrency #DowJones #Transfin

Editor's comment: Sensex falls 561 pts to 34196, Nifty ends below 10,500. Lupin and Tata Motors were the biggest losers.
Lupin reported 65% decline in net profit to INR221.7 cr in Q3, due to forex losses, decline in US generics business and US tax overhaul. Company’s foreign exchange loss stood at INR82.1 cr. It also took a one-time charge of INR36 cr related to changes in tax rate in US from 35% to 21%.

 


Bitcoin plunges c. 20% to $6,215. The cryptocurrency has fallen 70% since reaching a record high of c. $20,000 in December, on back of global crackdowns by governments including China, Russia and South Korea.
Broadcom raises offer to acquire Qualcomm to over $121 bn. Acquiring Qualcomm would make Broadcom the third-largest chip maker, behind Intel and Samsung

 

U.S. service sector activity hits decade high with non-manufacturing PMI rising to 59.9 in January from 56 vs. last month. and manufacturing ISM index at 59.1, signalling a solid expansion in business activity among service providers.
Wall Street on Monday suffered its worst fall since August 2011, triggered by investor concern of renewed inflationary pressures.