Hot Market News

⚪️ General Motors , Ford , Stellantis  — Shares of Ford was near flat, while General Motors gained 0.9% and Stellantis was up 2.2% as a targeted strike by the United Auto Workers began. Workers walked off the job at several assembly plants belonging to the three automakers Thursday night after a key deadline to settle a new labor contract passed. Source: cnbc.com

🟢 Deutsche Bank saw its share price surge by 10% to €11.3 following the announcement of its Bitcoin custody service for institutional clients. The bank's entry into crypto custody services, in collaboration with Swiss-based cryptocurrency firm Taurus, also sparked a rise in Bitcoin's price to over $26,000. Source: cnbc.com

⚪️ Alibaba Group Holding Ltd has told Turkish President Tayyip Erdogan it plans to invest $2 billion in Turkey. Michael Evans, president of Alibaba, made the comments in a meeting with Erdogan, according to a statement from the company's Turkish unit. It did not specify when the investment would be made. Source: investing.com

⚪️ Investors may cheer Disney’s decision to consider selling some legacy media businesses even if the deal price doesn’t break the bank. Divesting legacy businesses, which have lower growth profiles, is symbolically more important to Disney and its shareholders than the purchase price of the assets. Disney has held early talks with Nexstar to sell ABC and its owned local affiliates, although no deal is assured. Source: investing.com

⚪️ Ferrari on Sunday said that its racing division has renewed a partnership with German sports goods maker Puma. Scuderia Ferrari has renewed its multi-year partnership with Puma, which will become its premium partner starting from next year, the company said, without mentioning the deal's value. Source: investing.com