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MARKET
Tata Technologies IPO: GMP jumps after strong subscription status. How to chech allotment, all eyes set on listing date

Following the conclusion of the subscription period for Tata Technologies Ltd's initial public offering (IPO), attention now turns to the allotment and listing dates. Based on the T+3 schedule, the expected Tata Technologies IPO allotment date is likely on the third trading day after the closing date. Since the IPO closed on Friday, the allotment date is anticipated to be on the next Tuesday, which is November 28, 2023. The listing date for Tata Technologies IPO is expected to follow on November 30, 2023, which is the Thursday of the same week, considering that the Indian stock market is closed on Saturday, Sunday, and Monday (for Gurunanak Jayanti).

STOCKS
The S&P 500 will jump to a new record high of 5,000 next year, RBC says, joining bullish outlooks on 2024

RBC Capital Markets is optimistic about the stock market in 2024, predicting the S&P 500 to reach a record high of 5,000, marking a 10% gain from the current level. This aligns with other Wall Street forecasts, including Bank of America's similar projection. RBC's outlook is based on five models considering sentiment, valuation, earnings, the economy, and the political landscape. The analysts emphasize the significance of sentiment in navigating the market and suggest that equity valuations may stay higher than perceived. Despite concerns about rising bond yields, RBC believes higher returns in the bond market won't necessarily detract from the attractiveness of stocks. The only potential threat to stock momentum mentioned is the uncertainty surrounding the 2024 US presidential election. While historical data suggests positive market performance in election years, the analysts note the unusual aspects of the upcoming contest.
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CRYPTO
Bitcoin IRA Savers Have New IRS Contribution Limits In 2024

The IRS has increased the annual contribution limit for Individual Retirement Accounts (IRA) to $7,000 and for 401(k) accounts to $23,000 for the 2024 tax year. This means that investors using self-directed Bitcoin IRAs can contribute an additional $500 next year. Bitcoin IRAs offer tax advantages, allowing investors to deduct their contributions from taxable income. Such IRAs fall under self-directed IRAs, offering the flexibility to invest in various alternative assets, including cryptocurrencies like Bitcoin. Some employers, such as Fidelity Investments, allow contributors to save for retirement using Bitcoin in their 401(k) accounts, providing tax benefits if the employer permits it. However, investors must report capital gains from cryptocurrency holdings to the IRS, as the agency increases enforcement on unreported digital asset income. ReadFull

BUSINESS
At Meta, Millions of Underage Users Were an ‘Open Secret,’ States Say

Meta, the parent company of Instagram, is facing legal action from attorneys general of 33 states in the U.S. The complaint alleges that Meta received over 1.1 million reports of users under 13 on Instagram since 2019 but only disabled a fraction of these accounts. Instead, Meta continued collecting personal information, including locations and email addresses, from underage users without parental consent, violating federal children's privacy laws. The lawsuit could result in significant civil penalties. The states claim that Meta knowingly pursued underage users and failed to implement effective age-checking systems, allowing users under 13 to lie about their age. Meta denies the allegations, asserting it has measures in place to remove underage accounts and emphasizing the complexity of age verification in online services. The charges focus on violations of the Children's Online Privacy Protection Act, with potential fines exceeding $50,000 per violation. The lawsuit suggests Meta prioritized capturing the next generation of users over implementing systems to detect and exclude underage users effectively. This legal action follows Meta's previous $5 billion settlement in 2019 for privacy-related charges.. Readfull

ECONOMIC
Inflation Gauges at 2021 Lows May Support End to Hikes: Eco Week

The provided text outlines upcoming economic indicators and data releases in the US, euro zone, Asia, Europe, Middle East, Africa, and Latin America. In the US, inflation gauges are expected to show the smallest annual increases since early or mid-2021, potentially influencing the sentiment that interest rates will not be raised again soon. The Federal Reserve's preferred measures, the personal consumption expenditures price index and the core measure, are anticipated to rise 3.1% and 3.5% in October, respectively. The European Central Bank President, Christine Lagarde, stated that despite progress in disinflation, they are not declaring victory. Other economic events include the release of third-quarter GDP data, jobs numbers, and central bank rate decisions in various countries. In Latin America, highlights include Brazil's mid-November inflation, Mexico's inflation report, and Chile's economic activity index for October. Readfull

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