Worldwide Finance/Economic/Business Daily News 11/28/2023

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According to Bloomberg, — Australia’s government announced former Bank of England official Andrew Hauser will be the new deputy governor of the Reserve Bank, in the latest installment of a major shake-up at the institution. Hauser, who was appointed to a five-year term as the RBA’s No. 2 official, will start

His new role as soon as possible, according to a statement from Treasurer Jim Chalmers on Monday. According to Bloomberg, — ESG fund managers who turned to big tech as a low-carbon, high-return bet are growing increasingly anxious over the sector’s experimentation with artificial intelligence.

Exposure to AI now represents a “short-term risk to investors,” said Marcel Stotzel, a London-based portfolio manager at Fidelity International. According to Reuters, – Railroad operator CSX on Sunday said an investigation determined that a failed wheel bearing on a rail car caused a train derailment that spilled molten

Sulfur in a remote area of eastern Kentucky on the eve of Thanksgiving. The derailment occurred on Wednesday north of Livingston, a town of about 200 people, and involved 16 cars, including two carrying molten sulfur that spilled some of their load. According to Bloomberg, — Jack Ma sparked speculation about his next endeavors after

The billionaire seeded a small company to process and sell farming produce, in his latest venture since retreating from the spotlight at the height of a government-led industry crackdown. The co-founder of Alibaba Group Holding Ltd. set up “Hangzhou Ma’s Kitchen Food”

Last week with an initial registered capital of 10 million yuan , according to corporate database Tianyancha. The business involves the sale of packaged agricultural products, according to information on China’s National Enterprise Credit Information Publicity System. According to Bloomberg, — A South Korean regulator is investigating whether financial

Institutions that sold derivatives products linked to Chinese stocks adequately explained the risk of losses to retail investors. The Financial Supervisory Service is probing sales of equity-linked securities tied to the Hang Seng China Enterprises Index, the regulator said in a text message.

Some 8.41 trillion won of such products will mature in the first half of next year, the Korea Economic Daily reported earlier, citing unidentified people in industry. According to Bloomberg, — Carbon offsets once looked primed for unstoppable growth. Analysts had forecast that the credits, which claim to wipe out a ton of emissions, would

Be worth hundreds of billions of dollars in the coming years. But companies are starting to cool on the market as it faces increasingly sharp criticism from scientists and experts. Purchases by banks, airlines, industrial heavyweights and other businesses fell for the first time

Last year, according to Bloomberg Green’s analysis of data in three public registries covering more than 260,000 transactions since 2010. According to Bloomberg, — Asian stocks swung to a loss and US equity futures fell as slowing Chinese industrial profit growth sapped optimism after last week’s equity rally.

The yen strengthened against all its Group-of-10 peers. China shares led declines with the Hang Seng China Enterprises Index dropping as much as 1.4%, while benchmarks also fell in Australia and Japan. Rising Treasury yields siphoned some funds away from stocks. According to Bloomberg, — Chinese President Xi Jinping will visit Shanghai on Tuesday

In his first trip to the nation’s commercial hub since the city’s bruising two-month Covid lockdown, the South China Morning Post reported. Xi is scheduled to visit the Shanghai Futures Exchange as well as several technology companies operating in the city, the Post reported, citing several unidentified people familiar with the matter.

The Monday report didn’t specify any of the firms on his agenda. According to Bloomberg, — Israel may seize on the rapid improvement in markets and consider easing monetary policy as early as this week or the start of next year, a shift that will

Depend on the central bank’s confidence it’s contained the worst of the economic fallout from the war with Hamas. The chance of an interest-rate cut on Monday is still remote, with all economists surveyed by Bloomberg predicting the benchmark will stay at 4.75% for a fourth straight time.

But analysts at Morgan Stanley assigned a 40% probability of a decrease, and JPMorgan Chase Co. sees the Bank of Israel moving “to policy accommodation earlier than expected.” According to Bloomberg, — Huawei Technologies Co.’s latest automobile-related foray once again drove big share-price moves, showing the technology giant continues to draw investors

Despite the uncertainty overhanging China’s stock market. Chongqing Changan Automobile Co. surged by its daily limit of 10% in Shenzhen on Monday after it forged a smart-car pact with Huawei. Suppliers to both Changan Auto and unlisted Huawei also climbed, even as the latest concerns

On China’s economy dragged the benchmark CSI 300 Index down by as much as 1.3%. According to Reuters, – Earlier this fall, Morgan Stanley bought $300 million worth of protection against losses on some of its loans from Blackstone Group and other investors, two sources familiar with the matter said.

The transaction, details of which have not been previously reported, was effectively insurance, structured as a sale of bonds called credit-linked notes, according to the sources and regulatory filings. According to Bloomberg, — Alibaba Group Holding Ltd. has shuttered its quantum computing research

Lab, a sign that the Chinese e-commerce and cloud operator is considering more cutbacks to bulk up the bottom line. Alibaba will donate its equipment to Zhejiang University in Hangzhou, where the company is based, a company spokesperson said Monday.

The lab’s closure will result in the loss of about 30 staff, some of whom Alibaba may help find positions at the same college, a person familiar with the matter said, asking to remain unidentified discussing private decisions. According to Reuters, – Tech entrepreneur Elon Musk landed in Tel Aviv on Monday, an

Aviation tracker said, beginning a visit during which Israeli leaders plan to bring his attention to the plight of hostages held in war-torn Gaza and discuss rising antisemitism online. Israeli President Isaac Herzog’s office announced on Sunday that Musk would be coming to meet the head of state.

According to Israeli media, he will also meet Prime Minister Benjamin Netanyahu. Musk’s office had no immediate comment. According to Reuters, – Like many young people growing up in Sardinia, Davide Sanna loved Italian cuisine and wanted to have a successful career as a chef.

But to do so, he had to move to New York. Sanna had worked in kitchens on the Mediterranean island and in northern Italy for four years, starting when he was only 19. But he was toiling 60 hours a week to take home just 1,800 euros a month, at best.

In the busy summer season, he’d be at the stove every day for two months, without a break. According to Reuters, – Nickel Industries is inviting electric vehicle and battery makers including Tesla to its Indonesian facilities as it seeks potential investors to the plant, the Australian company’s chief executive said on Monday.

The producer of nickel pig iron is expanding into high purity nickel for the EV industry and is building a $2.3 billion plant in Indonesia’s Morowali that will supply products such as nickel sulphate, matte and mixed hydroxide precipitate . According to Reuters, – Delegates

At this year’s U.N. COP28 climate summit are anxious to boost the world’s climate change agenda with concrete plans for clamping down on the second-most prominent greenhouse gas – methane. While more than 150 countries have promised since 2021 to slash their methane emissions

30% from 2020 levels by 2030 under the U.S.- and EU-led Global Methane Pledge, few have detailed how they will achieve this. According to Reuters, – Cash conditions in China’s money market showed signs of tightness on Monday, as market participants grew cautious about month-end demand and a recent liquidity squeeze remained fresh in memory.

Despite fresh liquidity injections by the central bank to calm the market, traders and analysts said borrowing costs for the funds that could help financial institutions, especially non-banks, to tide over the critical month-end period remained high. According to Reuters, – A new front has emerged in Israel’s fight against the funding of Iran-backed

Militant groups from Hamas to Hezbollah: A fast-growing crypto network called Tron that until recently attracted less scrutiny than Bitcoin. Quicker and cheaper than Bitcoin, the Tron network has overtaken its rival as a platform for crypto transfers associated with groups designated as terror organizations by Israel,

The United States and other countries, according to interviews with seven financial crime experts and blockchain investigations specialists. According to Reuters, – Beijing is fretting that a split in Taiwan’s opposition could pave the way for the island’s ruling party – which the Chinese government despises – to

Stay in power, as China took centre stage in election campaigning over the weekend. China, which claims Taiwan as its own territory, looms large over the Jan. 13 presidential and parliamentary election as it has ramped up military pressure against the island. According to Bloomberg, — As China’s embattled shadow banking giant Zhongzhi Enterprise Group

Co. faces a criminal probe, lawyers and analysts are assessing the damage to investors. One estimate puts that at about $56 billion. More than three quarters of investor cash would be lost, with just 100 billion yuan being recovered from debt of as much as 460 billion yuan, according to one scenario outlined

By Ying Yue, a lawyer at Leaqual Law Firm in Shanghai. He expects a slow and drawn out court process, based on the experience of other cases. According to Reuters, – One of Russia’s most lucrative oil trade routes since the imposition

Of Western sanctions over the Ukraine conflict faces a major challenge because of the drawbacks of payment in currency other than dollars, with no short-term solution in sight. For decades, the U.S. dollar has been the currency of international oil trade and efforts

To find alternatives have been thwarted by the difficulties of conversion, as well as political obstacles. According to Reuters, – SPB Exchange, Russia’s second-largest bourse that specialises in trading foreign shares, on Monday denied that it had filed for bankruptcy, a few weeks after

The exchange was targeted with U.S. sanctions that caused a trading suspension. Arbitration court filings appeared to show that the exchange had filed for bankruptcy, sending its Moscow-listed shares at one point to a record low, down more than 30% on the day.

According to Bloomberg, — Ahead of the delayed OPEC+ meeting on Thursday, there are indications oil supply is starting to run ahead of demand, highlighting the challenge facing the cartel as it prepares to set output policy for 2024. With futures well down from their September highs, widely watched timespreads for both

Global benchmark Brent and US counterpart West Texas Intermediate have softened, signaling ample supply, while in the US stockpiles have jumped. In addition, other more esoteric indications in the physical market, including differentials between specific grades, have been flashing warning signs. According to Bloomberg, — China’s world-beating solar sector will start seeing smaller equipment

Makers being forced out next year as prices keep falling, according to one of the leading manufacturers. Extremely low panel prices are harming profitability across the sector, Gao Jifan, chairman of Trina Solar Co., said during a panel at the BloombergNEF Shanghai Summit on Monday.

According to Reuters, – Andrew Bailey, the governor of the Bank of England, said getting inflation down to the central bank’s 2% target will be “hard work” as most of its recent fall was due to the unwinding of the jump in energy costs last year.

“The rest of it has to be done by policy and monetary policy,” Bailey said in an interview with website ChronicleLive. According to Reuters, – The central bank governors of Poland and Hungary are caught up in noisy disputes with opponents over their rate-setting policy, raising new hazards for investors

Willing to brave central Europe’s bitterly polarised politics. In Poland, governor Adam Glapinski stands accused of having tried to boost the economy with rate cuts to help his longtime allies in the Law and Justice party secure a new term in last month’s elections – unsuccessfully, as it turned out.

According to Bloomberg, — Israel is coming under increasing pressure to agree to an extension of a four-day pause in its war with Hamas. US President Joe Biden said he supports prolonging the cease-fire, which is due to end on Tuesday morning and part of a deal to free hostages held by Hamas in Gaza.

The halt in fighting is “critically needed” for additional aid to get into the territory and for more captives to be freed. According to Bloomberg, — Julius Baer Group Ltd. is reviewing its private debt business after running up an exposure of 606 million Swiss francs to a single client, identified

By people familiar with the matter as Austrian tycoon Rene Benko’s Signa group of companies. Baer on Monday said 70 million francs in loan-loss provisions it booked in early November were primarily related to that exposure and said it will make further provisions if needed.

The wealth manager didn’t name the client but said the debt, which is now subject to a longer-term restructuring, consists of loans to three different entities within a European conglomerate. According to Bloomberg, — Oil fell for a fourth day as traders looked ahead to this

Week’s delayed OPEC+ meeting and wider financial markets carried a risk-off tone. Global benchmark Brent dropped below $80 a barrel after retreating by 2.3% over the last three sessions, while West Texas Intermediate was around $75. Crude fell alongside equities as the week’s trading kicked off, with data showing profits

At China’s industrial companies rose at a much slower pace in October, highlighting risks to growth in the world’s largest crude importer. According to Reuters, – The Russian rouble stabilised on Monday, hovering not far from last week’s multi-month high, still supported by exporters’ foreign currency sales and high interest rates.

At 0744 GMT the rouble was 0.2% weaker against the dollar at 88.75 and had lost 0.2% to 97.25 against the euro . Against the yuan, it shed 0.1% to 12.39 . According to Reuters, – Thailand’s previous 2023 economic growth forecast of 2.7% will be lowered after a weaker-than-expected

Third quarter, Deputy Finance Minister Krisada Chinavicharana said on Monday. Southeast Asia’s second-largest economy expanded much slower than expected, at 1.5%, in the July-September quarter from a year earlier, the slowest this year, due to declining exports and government spending. According to Reuters, – Tunisia started on Monday a fourth national subscription this

Year to collect 700 million dinars to finance the current year’s budget, amid inability to secure foreign loans. The government collected through the last three subscriptions this year more than $800 million. According to Reuters, – Prime minister Rishi Sunak announced 29.5 billion pounds of private-sector

Investments in Britain, before hosting global executives in his bid to restore the country as Europe’s top foreign direct investment destination. After the government last week offered permanent tax breaks for businesses to modernise their plant and machinery, Sunak is hoping that his wooing of foreign investors will help to speed up Britain’s moribund economy.

According to Bloomberg, — Sumitomo Mitsui Financial Group Inc.’s Chief Executive Officer Jun Ohta, who pursued an aggressive expansion abroad during his four years at the helm of Japan’s second-largest bank, has died. He was 65. Ohta died on Saturday, the Tokyo-based lender said in a statement.

The cause of death was pancreatic cancer, a spokesperson said on Monday. According to Bloomberg, — Freezing temperatures are spreading across Europe, with snow forecast from Germany to the UK, testing energy systems in a second winter without the bulk of Russian fuel supplies.

Berlin is set for a low of -4.5C on Tuesday and Wednesday, while Helsinki won’t get above -8C on Monday, according to forecaster Maxar Technologies Inc. Weather warnings have been issued for some areas of Germany today, where the nation’s meteorological agency expects as much as 20 centimeters of snow.

According to Bloomberg, — A top-performing European fund manager is calling time on “hype” around weight-loss drugs that has sent Novo Nordisk A/S’s stock price rallying more than 50% this year. Niall Gallagher, who runs an equity fund for GAM Investments that has returned 14% this

Year, said he had reduced a position in the Danish drugmaker by about half in the past few months, partly to reflect the surge in stock valuations as sales of its appetite-suppressing medications — known as GLP-1s — skyrocketed. According to Reuters, – Euro zone government bond yields edged lower on Monday, with investors

Awaiting inflation data due later this week which could affect expectations for interest rate cuts in 2024. Money markets scaled back expectations for policy rate reductions last week as European Central Bank policymakers warned about “too optimistic” bets on future cuts.

According to Reuters, – Yekaterina Duntsova, who wants to run for president, said the Kremlin should end the conflict in Ukraine, free political prisoners and undertake major reform to halt the slide towards a new era of “barbed wire” division between Russia and the West.

Nearly 32 years since the 1991 fall of the Soviet Union stoked hopes that Russia would blossom into an open democracy, Duntsova, 40, said she was afraid as she spoke to Reuters in Moscow. According to Reuters, – The person named by Dutch far-right politician Geert Wilders as

“scout” to investigate workable governing coalitions after elections in which Wilders won the most seats abruptly resigned on Monday. Gom van Strien, who was appointed on Friday, said in a statement his position had become untenable after reports emerged over the weekend that he is fighting a fraud charge. He denies wrongdoing.

According to Reuters, – A research foundation originally set up by Philip Morris International will no longer accept any funding from the nicotine industry as it seeks to win credibility with tobacco control advocates, its CEO said. The Foundation for a Smoke-Free World was set up in 2017 with support from PMI, which

Pledged to provide tens of millions of dollars every year for 12 years to keep it running. According to Reuters, – As the year’s biggest U.S. online shopping day got underway on Monday, discount-seekers used their phones and laptops to snap up electronics, clothing, toys, jewelry, appliances and even personal care products.

Heavy online traffic and transactions could add up to a record $12 billion outlay by U.S. shoppers on Cyber Monday, according to Adobe Analytics. That would represent 5.4% more than last year, it said. According to Reuters, – A Beijing court on Monday began compensation hearings for the

Chinese relatives of passengers on board Malaysia Airlines flight MH370, which mysteriously disappeared over the Indian Ocean almost a decade ago, the plaintiffs said. Over 150 Chinese passengers were on the flight which vanished en route from Kuala Lumpur to Beijing on March 8, 2014.

Malaysian investigators did not rule out the possibility that the aircraft had been deliberately taken off course, and debris confirmed or believed to be from the aircraft has washed up along the coast of Africa and on islands in the Indian Ocean.

According to Reuters, – Deutsche Bank said Monday it expects the SP 500 to end next year 12% higher, as earnings growth should stay resilient even as the United States experiences a mild and short recession. Strategists at Deutsche Bank expect the index to end 2024 at 5,100 points.

The SP 500 is up close to 19% so far this year. According to Reuters, – European shares were muted on Monday hurt by losses in energy stocks, while cautious investors awaited comments from European Central Bank President Christine Lagarde on monetary policy later in the day.

The pan-European STOXX 600 index slipped 0.1%, with most peers trading in the red, except Spanish stocks, which rose 0.4%. According to Reuters, – Israel hosted Elon Musk on Monday, saying it had reached an agreement in principle for using his SpaceX company’s Starlink communications in the Gaza Strip,

Where a pause to the war against Hamas coincided with the tech entrepreneur’s visit. Musk’s office has yet to comment on the trip. According to Reuters, – Chinese tech giant Alibaba has cut a quantum computing laboratory and team from its research arm, donating both the lab and related experimental equipment

To Zhejiang University, the company said on Monday. A spokesperson for Alibaba’s DAMO Academy, Alibaba’s in-house research initiative which included the lab, said the academy would continue to focus on technology research with the aim of being a leader in artificial intelligence research.

According to Reuters, – President Joe Biden will invoke a Cold War-era measure to boost investment in U.S. manufacturing of medicines and medical supplies that he has deemed important for national defense, the White House said. The announcement is part of a series of measures the Biden administration is unveiling on Monday

To help industrial supply chains and counter several years of historically high inflation. According to Bloomberg, — A five-month rally in MediaTek Inc. looks set to extend as booming demand for smartphones and a promising new AI chip brighten the outlook. The Taiwanese tech firm’s stock has soared almost 40% since end-June, outperforming a

2% advance in the Philadelphia Stock Exchange Semiconductor Index and a 7% rise in its US-based rival Qualcomm Inc. The gains have been fueled by robust appetite for mobile devices that utilize the company’s chips, especially in China. According to Reuters, – Most emerging market stocks and currencies were muted on Monday

Ahead of inflation prints across major economies this week, while investors assessed signs of slowing Chinese industrial profit growth and awaited Israel and Ghana’s policy decisions. The MSCI’s stocks gauge slipped 0.2%, dragged by China’s blue-chips and Hong Kong stocks. However, the index was poised for its first monthly gain in four.

According to Bloomberg, — Elon Musk will meet with Israeli President Isaac Herzog and representatives of the families of hostages held in Gaza, in an apparent effort to defuse a growing furor over his endorsement of an antisemitic tweet. The Tesla Inc. and SpaceX chief executive is slated to join a closed-door discussion

Monday with the family representatives and Herzog about the need to curb online antisemitism, a spokesperson for the president’s office said in a brief statement. According to Bloomberg, — Emerging-market stocks drifted lower after a four-week rally as concerns about China’s economic recovery returned and investors assessed whether the

Euphoria about Federal Reserve policy and easing inflation is justified. The MSCI Emerging Markets Index slipped 0.2% in early European hours after data showing slower industrial-profit growth in China underscored persistent deflation pressures. The currency gauge rose marginally, led by the Thai baht and Indonesian rupiah, amid broad dollar weakness, while sovereign risk premiums eased.

According to Reuters, – Germany’s ruling coalition was expected to agree a supplementary budget on Monday that will temporarily lift a self-imposed cap on borrowing limits after a constitutional court ruling tore up the government’s spending plans. The budget would see Germany suspend its constitutionally enshrined debt brake for a fourth year in

A row as Chancellor Olaf Scholz’s government fights its way out of a crisis that has triggered warnings about growth and an industry exodus. According to Reuters, – An Italian appeals court on Monday postponed its verdict in the case of three former executives of Banca Monte dei Paschi di Siena over derivative deals

Blamed for playing a part in the downfall of the Tuscan lender. The Milan Court of Appeal deferred the verdict to Dec. 11 due to one of the three judges on the panel being unwell. According to Bloomberg, — Aluminum steadied, with traders focusing on a likely shortfall

In supply of the metal next year amid constraints on Chinese supply. The commodity that’s used in everything from soda cans to airplanes earlier Monday rose as much as much as 0.9%, bucking a broader slide among industrial metals. It’s being supported by continued production curbs because of a winter power shortage in

China and a capacity ceiling on local smelters, which produce more than half of the world’s supply. According to Reuters, – JPMorgan said on Monday it is expanding its payments and corporate banking businesses in Abu Dhabi, the capital of the United Arab Emirates , after getting a nod from regulators.

The UAE is vying with Saudi Arabia to be the go-to destination for economic activity, with the region gradually moving away from its reliance on oil. According to Reuters, – Economists who have studied employment during the recovery from the coronavirus pandemic agree that Black, Hispanic, and less-educated workers saw outsized

Gains relative to whites or college degree holders whose fortunes typically outpace others. But as the demand for workers begins to ease, they are also hoping the U.S. may break the historic pattern where the burden of rising joblessness falls most heavily on those same groups.

According to Reuters, – A trial starting on Monday of a man accused of shipping tens of thousands of kilograms of cocaine into the United States will focus on suspected ties between drug traffickers and leaders of Venezuela’s military. Federal prosecutors in Manhattan accuse Venezuelan Carlos Orense of paying millions of dollars

In bribes to senior military officials to protect cocaine he imported from neighboring Colombia for shipment to the United States. According to Reuters, – Choice Hotels International is preparing to nominate directors to the board of rival Wyndham Hotels Resorts, seeking to break a stalemate in an $8 billion takeover

Battle, people familiar with the matter said. Choice has become a Wyndham shareholder by snapping up its shares in the open market and plans to raise its stake in the coming days, the sources said. According to Reuters, – Tesla has filed a lawsuit against the Swedish government’s Transport

Agency over a workers’ strike that has blocked the U.S. auto maker’s requests for license plates for new vehicles, business daily Dagens Industri reported on Monday. IF Metall, Sweden’s biggest manufacturing union, is locked in a fight with Tesla to get a collective bargaining agreement for its mechanics in Sweden.

Metall put the mechanics on strike on Oct. 27, refusing to service Tesla’s cars. According to Reuters, – Germany’s cabinet is expected to agree a supplementary 2023 budget this afternoon, a government spokesperson said on Monday. The cabinet will also try to present a 2024 budget by the end of the year, the spokesperson

Said, adding that if this did not work out, the plan was to agree a budget in January. According to Reuters, – U.S. stock index futures slipped on Monday, ahead of a key inflation reading and commentary from Federal Reserve policymakers later in the week, while retailers

Were in focus as holiday shopping picked up steam with Cyber Monday deals. Wall Street ended the Thanksgiving week on a positive note, with the major indexes notching up their fourth consecutive week of gains on growing optimism that the Federal Reserve was likely done hiking interest rates.

According to Reuters, – Hedge funds sold the largest volume of U.S. tech and media stocks seen since July in the week to Nov. 24, Goldman Sachs said in a prime brokerage note to clients on Friday, a signal that the popularity of these stocks may be fading.

Crowding into tech stocks, particularly the so-called “Magnificent 7”, which includes Apple, Amazon and Nvidia, had reached the most intense that Goldman Sachs has seen in 22 years, the bank said earlier last week. According to Reuters, – The pound gained for a third day on Monday and was on track for

Its largest monthly rise versus the dollar in a year, largely a result of investors ditching the greenback ahead of what many believe will be a rapid shift to U.S. rate cuts in 2024. Separately, in a potential longer-term boost for sterling, Prime Minister Rishi Sunak announced

A raft of foreign investments in Britain ahead of a gathering of business leaders. According to Reuters, – Canada’s First Quantum Minerals said on Monday two people died at its Zambian operations last week. The miner said a worker from its contracting partner, Reliant Drilling, died at First Quantum’s

Kansanshi operations following a fall of ground due to an underground dewatering decline on Thursday. According to Reuters, – Russian Foreign Minister Sergei Lavrov said on Monday that he would take part in an OSCE meeting in North Macedonia if Bulgaria opened its air space, and that

Some Western countries had asked for meetings with him. “Apparently Bulgaria has promised Macedonia it will open its air space – if that happens then we will be there. Let’s see,” Lavrov told the Primakov Readings conference in Moscow. According to Reuters, – Amazon reached an agreement with most of its workers in Spain

On Monday, avoiding the full impact of a planned one-hour strike per shift on one of the busiest online shopping days of the year, according to local union group CCOO and the company. Around 20,000 warehouse and delivery workers at Amazon’s Spanish unit had been urged to

Walk out to demand better pay and working conditions on the so-called Cyber Monday discount day, when retailers aim to boost Christmas gift buying. According to Reuters, – Electric vehicles are a “hoax,” they do not work, and they are strengthening China’s economy at the expense of American jobs.

Those are among the criticisms that contenders for the 2024 Republican presidential nomination, including former President Donald Trump and Florida Governor Ron DeSantis, have leveled on the campaign trail in recent weeks. According to Reuters, – Australia’s government said on Monday it would bring Apple Pay, Google

Pay and other digital payment services under the same regulatory umbrella as credit cards and other payments as part of legislation set to be introduced to parliament this week. Digital wallets from the likes of Apple, Google and WeChat developer Tencent have exploded in popularity but are not captured by Australian payments law.

According to Reuters, – More than 2,000 flight attendants at Air Transat voted to authorize a strike mandate, the Canadian Union of Public Employees said in a statement on Monday. The strike mandate, approved by a nearly unanimous vote of 99.8%, comes after 33 negotiation sessions, which began in April.

According to Bloomberg, — The top legal expert of Alecta AB, the Swedish pension group that lost $2 billion in bets on US niche banks, is leaving the firm. William McKechnie, who was hired as general counsel three years ago, is leaving Alecta after a reorganization removed procurement and sustainability from his legal affairs

Responsibilities, according to a statement. According to Reuters, – Israel and the Palestinian Islamist group Hamas began a four-day truce on Friday morning, with the first of four daily exchanges of hostages held in Gaza in return for Palestinian prisoners in Israeli jails taking place later each day. WHAT ARE THE DETAILS OF THE DEAL?

Under the Israel-Hamas deal, the two sides agreed to a four-day truce so that 50 women, children and teenagers under the age of 19 taken hostage could be freed in return for 150 Palestinian women and teenagers in Israeli detention. The deal includes agreement to allow more emergency aid and fuel into Gaza.

According to Reuters, – Live streaming platform operator DouYu International Holdings said on Monday it has formed an interim management committee to manage its operations, following the arrest of its chief executive. The committee consists of Mingming Su, director and chief strategy officer, Hao Cao, a director

And vice president and Simin Ren, a vice president, and will be managing operations until further notice. According to Bloomberg, — Rene Benko’s €23 billion retail and property empire is on the cusp of a wave of insolvencies as doubts grow that last-ditch efforts to secure emergency funding will succeed.

The Austrian mogul’s Signa, which consists of numerous units in various countries, may file dozens of insolvencies in the next weeks barring a late breakthrough, according to people familiar with the discussions. According to Reuters, – Canada’s Xenon Pharmaceuticals said on Monday

That its experimental drug to treat moderate to severe major depressive disorder had failed to significantly reduce the severity of depressive episodes compared to a placebo, in a mid-stage study. According to Reuters, – The U.S.-listed shares of Argentinian stocks rose on Monday in premarket

Trading and were on track to extend their sharp rally from last week as Argentine President-elect Javier Milei traveled to New York and Washington. Shares of state oil company YPF rose 3.6% in U.S. trading before the bell, after rallying nearly 56.9% last week.

According to Yahoo Finance,Stock futures stumbled on Monday but remained on track to book their best month in over a year as upbeat investors keep rally hopes alive. Futures on the Dow Jones Industrial Average , the benchmark SP 500 and the tech-heavy

Nasdaq 100 were all down around 0.1%, after booking their fourth straight weekly win on Friday. According to Reuters, – Paris Mayor Anne Hidalgo on Monday announced she was quitting the X platform formerly known as Twitter, calling it a “gigantic global sewer” that was “destroying our democracies” by spreading abuse and misinformation.

After buying Twitter in 2022, Elon Musk laid off thousands of employees, including many who moderated content on the platform. Rebranded as X, it has lost several major advertisers and was blasted by critics, including the White House, for not doing enough to curtail antisemitism.

According to Reuters, – China’s central bank on Monday said it will fend off systemic risks to the economy and guide financial institutions to resolve local debt risks, laying out general guidelines for the country’s economic and financial policies. In its third quarter policy implementation report, the central bank said monetary policy

Would be forceful and targeted, and that it would better support expanding domestic demand. According to Reuters, – Activist investor Elliott Investment Management is seeking new executive and board changes at Crown Castle in a letter released on Monday, after disclosing a $2 billion stake in the real estate investment trust.

According to Bloomberg, — SP confirmed its CCC+ credit rating of Samhallsbyggnadsbolaget i Norden AB after the struggling Swedish landlord bought back about €417 million of bonds that were scheduled to mature in February. While SBB’s credit outlook remains negative, the company is no longer on watch for a possible

Downgrade to selective default, the ratings agency said in a statement Monday. According to Reuters, – Roivant Sciences said on Monday its experimental drug to treat autoimmune disease systemic lupus erythematosus failed to meet the main goal of reducing symptoms in a mid-stage study.

The oral drug, brepocitinib, did not meet the primary study goal of reduction in disease activity at week 52 in SLE patients. According to Bloomberg, — The Panama Canal Authority said it will add extra slots allowing ships to pay big premiums to transit the waterway, which has become congested due to an ongoing drought.

The special auctions allow vessels that have been waiting for a long time to pay a one-off fee — at times recently reaching several million dollars — in order to transit the canal. Only vessels that have been waiting for 10 days or more will be eligible to participate, according to an advisory.

According to Bloomberg, — DWS Group, the asset management arm of Deutsche Bank AG, has hired Dan Robinson to lead its EMEA alternative credit franchise as well as the launch of its first European CLO business. Robinson was most recently the global head of collateralized loan obligations at Man

Group Plc and had previously worked at Oaktree Capital Management for more than 12 years, according to his LinkedIn profile. He will be based in London and report to Paul Kelly, DWS Group’s global head of alternatives. According to Reuters, – L3Harris Technologies is selling its commercial aviation solutions

Business to private equity firm TJC L.P. for $800 million, the defense company said on Monday. The deal includes a $700 million cash purchase price and a $100 million earnout based on the achievement of certain financial performance targets for this year and 2024.

According to Reuters, – The Bank of Israel kept short-term borrowing rates unchanged for a fourth straight decision as expected on Monday, as policymakers remained focus on maintaining financial stability worried during Israel’s war against Hamas. The central bank held its benchmark rate at 4.75% – its highest level since late 2006.

It had raised rates 10 straight times in an aggressive tightening cycle that has taken the rate from 0.1% last April before pausing in July and again in August and October. According to Bloomberg, — Brazilian retailer Americanas SA reached an agreement with bank

Creditors to overhaul some of its debt, in a key step toward eventually exiting bankruptcy protection. A binding agreement was signed with creditors holding more than 35% of company’s debt, excluding intercompany credits, Americanas said in filing on Monday. According to Bloomberg, — The Federal Reserve’s preferred underlying inflation measure will

Be slower to recede, which should keep interest rates higher for longer, according to Bloomberg’s latest survey of economists. Forecasters marked up their projections for the annual so-called core personal consumption expenditures index largely through the end of next year, per the results of the November survey.

The measure, which excludes the volatile food and energy categories, is seen at 2.5% at the end of 2024, up from 2.4% in last month’s poll. According to Reuters, – President Vladimir Putin has approved the purchase of the Russian assets of Caterpillar by a Russian company called PSK – New Solutions, according to a

Presidential decree published on Monday. The decree did not disclose the value of Caterpillar’s Russian business. The company, which makes products for the construction, mining and oil and gas industries, did not immediately reply to a request for comment. According to Bloomberg, — Blackstone Inc.’s Steve Schwarzman said his firm has seen a

Bevy of buying opportunities in real estate across Europe. The private equity giant is eyeing opportunities in data centers, warehouses and student housing across Europe, Schwarzman said in a Bloomberg Television interview on the sidelines of the UK’s Global Investment Summit in London.

Blackstone is benefiting from the fact that it has one of the biggest pools of uninvested capital in the world, he said. According to Bloomberg, — European Central Bank President Christine Lagarde said there’s evidence of softening in the region’s jobs market, which officials are watching to assess the impact of monetary tightening.

“Despite the slowdown in activity, the labor market remains resilient overall, although there are some signs that job growth may lose momentum toward the end of the year,” Lagarde told European Parliament lawmakers in Brussels. According to Reuters, – Mexico’s core prices must come down more for inflation to continue

Easing, Mexican central bank board member Jonathan Heath said in a radio interview on Monday morning. In Latin America’s second-largest economy, 12-month headline inflation was 4.26% in October, still above the central bank’s target of 3%, plus or minus one percentage point.

According to Reuters, – OPEC Secretary General Haitham Al Ghais on Monday accused the International Energy Agency of vilifying the oil and gas industry, in the latest clash between the groups over climate policy. Al Ghais was referring to a note published by the West’s energy watchdog on Thursday

That said the fossil fuel industry was facing a “moment of truth” where producers had to choose between deepening the climate crisis or shifting to clean energy. According to Reuters, – Scope, Europe’s first ECB-approved credit ratings agency, promises to put more weight on the euro zone’s improved ability to navigate crises although it has

Concerns about Italy and France and warns the Dutch election result could trouble its coveted triple-A grade. By joining a soon-to-be-five-member group that the European Central Bank uses to judge government bond collateral values, Berlin-based Scope could play a significant role in any future financial market crisis.

According to Yahoo Finance,Higher mortgage rates sidelined demand for newly built homes in October. Sales of new homes decreased 5.6% to a seasonally adjusted rate of 679,000 units last month from September’s seasonally adjusted annual rate of 719,000, according to the Census Bureau on Monday.

That was much lower than Bloomberg consensus expectations of 725,000 units for October, but still 17.7% higher than a year ago. According to Reuters, – Oil prices fell on Monday, with the Brent benchmark dropping near $80 a barrel as investors awaited this week’s OPEC+ meeting and expected curbs on supplies into 2024.

Brent crude futures were down 35 cents, or 0.4%, at $80.23 a barrel by 1447 GMT. U.S. West Texas Intermediate crude futures lost 29 cents, or 0.4%, to $75.25. According to Reuters, – Taiwan’s Foxconn will invest $1.5 billion in India in its latest

Expansion plan, the world’s largest contract manufacturer of electronics said on Monday. The company, which announced the investment plan in a stock exchange filing, did not provide any further details. According to Reuters, – Lancia said on Monday it would reveal its new Ypsilon small car

In February, the first of three new premium models promised by the brand as part of a multi-year relaunch plan under which it will again sell vehicles outside of Italy. After shrinking to just one model in its home market, the 117-year-old brand, part of Stellantis,

Also has plans for a midsize crossover in 2026 and a compact hatchback in 2028, both fully electric. According to Reuters, – Sales of new U.S. single-family homes fell more than expected in October, likely as higher mortgage rates reduced affordability, but the housing segment

Remains supported by a persistent shortage of previously owned properties on the market. New home sales dropped 5.6% to a seasonally adjusted annual rate of 679,000 units last month, the Commerce Department said on Monday. September’s sales pace was revised lower to 719,000 units from the previously reported 759,000 units.

According to Reuters, – The Dutch government on Monday said that, after an assessment, it won’t block Chinese-owned Nexperia’s acquisition of Delft-based start-up Nowi. “There are no legal objections to the acquisition of Nowi by Nexperia,” Economic Affairs Minister Micky Adriaansens said in a letter to parliament.

According to Bloomberg, — German Chancellor Olaf Scholz’s government approved a supplementary 2023 budget that includes the suspension of rules limiting net new borrowing for a fourth consecutive year. Scholz’s coalition was forced into lifting the so-called debt brake again after a ruling

This month by the nation’s top court meant that tens of billions of euros of debt in special funds would have to be accounted for in the regular federal budget. According to Bloomberg, — US sales of new houses fell in October after a downward revision

To the prior month as decades-high mortgage rates weighed on demand. Purchases of new single-family homes decreased 5.6% to a 679,000 annualized pace last month, government data showed Monday. The pace missed all estimates in a Bloomberg survey of economists. According to Bloomberg, — Europe banned most oil shipments from Russia almost a year ago,

But it’s binging on diesel that may well have been made from Russian crude. The region’s imports of diesel from India, one of the biggest buyers of Russian crude, are on course to soar to 305,000 barrels a day, the most since at least January 2017, data from market-intelligence firm Kpler show.

According to Reuters, – U.S. Treasury yields were lower on Monday, with the benchmark U.S. 10-year Treasury yield extending declines after a weaker-than-expected report on the housing market. New home sales dropped 5.6% to a seasonally adjusted annual rate of 679,000 units last

Month, the Commerce Department said on Monday, below the 723,000 units estimate of economists polled by Reuters. September’s sales pace was revised lower to 719,000 units from the previously reported 759,000 units. According to Reuters, – Didi Global said on Monday its ride-hailing app had experienced

A “systems malfunction” after users in multiple cities including Beijing and Shanghai said they were unable to book rides in the evening. The company apologised for the issue on its official Weibo account and said it was urgently trying to fix it. According to Bloomberg, — Israel’s central bank held borrowing costs unchanged for a

Fourth straight time as it sets the stage for easing policy after containing the worst of the economic fallout from the war with Hamas. The monetary committee on Monday left its key interest rate at 4.75%, in line with the forecasts of all economists surveyed by Bloomberg.

The shekel traded stronger against the dollar after the announcement. According to Yahoo Finance,Oil prices held steady on Monday as Qatar announced a temporary truce between Israel and Hamas will be extended for another two days. West Texas Intermediate futures were down fractionally in midday trading, hovering above $75 per barrel.

Brent crude, the international benchmark price, was trading around the $80 level. According to Reuters, – U.S. stocks are in a bull market and will post “solid” gains in 2024, even as returns are lower than this year, BMO Capital Markets strategists said on Monday.

In a market outlook report, BMO Chief Investment Strategist Brian Belski and his team projected the benchmark SP 500 would end 2024 at 5,100, nearly 12% above Friday’s closing level. The index is up more than 18% so far in 2023. According to Bloomberg, — Gasoline prices have fallen for 60 consecutive days — the

Longest streak of declines in more than a year — letting American drivers pass on savings at the pump to consumer retailers during the US economy’s all-important holiday season. A gallon of gasoline now costs $3.25 on average in the US, more than 60 cents below the year’s

Peak in mid-September and about 30 cents cheaper than this time last year, according to data from the American Automobile Association. In 14 states, average prices are now less than $3 a gallon. According to Bloomberg, — Israel and Hamas agreed to extend a cease-fire, which was initially

Due to end Tuesday morning, in their devastating war following tense negotiations over the release of more hostages held by the militant group in Gaza. The two sides will halt fighting for another two days, Qatar’s foreign ministry said

On X, while Hamas said in a statement that a deal was reached to “extend the temporary humanitarian ceasefire for an additional two days, under the same conditions as the previous ceasefire.” Israel’s foreign ministry hasn’t confirmed the agreement. According to Reuters, – The European Commission’s vice president on Monday praised Ukraine’s

Fight against corruption, but said additional efforts were needed in the country that hopes to join the European Union. In November, the Commission recommended that the 27-member EU formally start accession talks once Ukraine satisfies several remaining conditions, including strengthening anti-corruption efforts.

According to Reuters, – The U.S. said on Monday that after Hamas’ assault on Israel last month, it and several allied nations established an international task force aimed countering the flow of money to the militant Palestinian group and supporting anti-terrorism efforts.

THE TAKE According to Yahoo Finance,The stock market has a new high water mark for 2024 projections. Strategists from BMO Capital Markets and Deutsche Bank expect the SP 500 to reach 5,100 by the end of next year, the highest projection for the benchmark index yet among Wall Street strategists tracked by Yahoo Finance.

According to Reuters, – Sales of new U.S. single-family homes fell more than expected in October as higher mortgage rates squeezed out buyers even as prices plunged, but the setback is likely temporary amid a persistent shortage of previously owned houses on the market.

The decline in sales reported by the Commerce Department on Monday was in line with a recent deterioration in homebuilder sentiment, which came as the rate on the popular 30-year fixed-mortgage approached 8%, leaving builders anticipating weaker sales. Mortgage rates have since retreated from two-decade highs and are at levels last seen in late September.

According to Reuters, – U.S. stock indexes were mixed on Monday, ahead of a key inflation reading and commentary from Federal Reserve policymakers later in the week, while shares of some retailers edged higher as holiday shopping picked up steam with Cyber Monday deals.

Investors are awaiting the release of “Beige Book”, the Fed’s compendium of reports about the economy, and the personal consumption expenditure index data for October, which would help give clues about the Fed’s next rate decision. According to Reuters, – MSCI’s global equity index was down slightly on Monday and U.S.

Treasury yields fell while investors digested U.S. housing data and waited for key inflation readings later in the week. The According to Bloomberg, — Bayer AG hired several teams of bankers for a strategy simulation game that studied various breakup scenarios, according to people familiar with the matter.

Their conclusion: Sweeping changes to the troubled German conglomerate won’t be easy. The Leverkusen-based company hired two separate teams as it explored the pros and cons of a breakup, said the people, who asked not to be identified as the talks are private.

Team Red simulated an activist campaign calling for splitting up Bayer’s businesses, the people said. Team Blue advised on how to respond to the approach. According to Reuters, – An attempted hijacking of a commercial vessel in the Gulf of Aden

On Sunday appears to have been carried out by armed Somali pirates and not Yemeni Houthis, despite the firing of missiles from Houthi-controlled territory in Yemen afterwards, the Pentagon said on Monday. “We’re continuing to assess, but initial indications are that these five individuals are Somali,” said Pentagon spokesperson Brigadier General Patrick Ryder.

According to Reuters, – A few dozen employees at fashion house Gucci in Rome went on strike on Monday against the company’s decision to move its design office from the Italian capital to Milan. The decision, which the company communicated to unions in October, would involve transferring

153 of 219 employees to Milan, almost 500 kilometres to the north, by around March. According to Reuters, – EU antitrust regulators on Monday warned that Amazon’s $1.4 billion acquisition of robot vacuum maker iRobot may restrict competition in the market for robot vacuum cleaners.

“Amazon may have the ability and the incentive to foreclose iRobot’s rivals by engaging in several foreclosing strategies aimed at preventing rivals from selling RVCs on Amazon’s online marketplace and/or at degrading their access to it,” the European Commission said in a statement.

According to Bloomberg, — Amazon.com Inc.’s $1.4 billion deal for vacuum cleaner firm iRobot Corp. risks being derailed unless the firms fix a list of competition concerns highlighted by the European Union’s antitrust arm. The European Commission in Brussels issued a so-called statement of objections on Monday,

Warning how Amazon’s proposed deal could hurt the market for the manufacturing and supply of robot vacuum cleaners, and allow the ecommerce giant to strengthen its position in the market for online marketplaces and in other data-related services. According to Reuters, – BlackRock Investment Institute on Monday cut its rating on developed

Market equities to “neutral”, after being “overweight” since the end of pandemic lockdowns in Western nations, due to attractive valuations. The institute, an arm of the world’s largest asset manager, said it had also turned more positive on the prospects of developed market short- and medium-term sovereign bonds after a recent surge in yields.

According to Bloomberg, — Investing in Asian private credit can offer a premium over similar deals in Europe and the US, in part because the supply of private debt capital is lower in Asia, Brian Dillard, head of Asia credit at KKR in Hong Kong, said in an interview with Bloomberg News.

In a report on Monday, KKR estimated that the ratio of the private equity to private debt assets under management is 30.8 times for the Asia-Pacific region compared with 5.2 times for the US and 3.5 times for Europe. According to Reuters, – A record amount of price-pinched holiday shoppers are expected

To use buy now, pay later services for Cyber Monday to relieve stress on their wallets, according to Adobe Analytics. Shoppers are slated to spend between $12 billion and $12.4 billion online on Monday, with $782 million of purchases made with BNPL services, including Klarna and Affirm, representing

A surge of nearly 19% from last year, the data company said. According to Yahoo Finance,Disney did not see its wish come true at the box office this Thanksgiving. The media giant’s animated film “Wish” lagged both Apple’s “Napoleon” and Lionsgate’s “Hunger Games” prequel “The Ballad of Songbirds and Snakes” this past holiday weekend, securing

Just $31.7 million over the five day period. Box office analysts had expected a haul between $40 million to $50 million. According to Bloomberg, — Anticipation of an eventual US spot Bitcoin exchange-traded fund has helped to spur inflows into digital-asset investment products for a ninth consecutive

Week, the largest run since the crypto bull market in late 2021. Those products, such as trusts and exchange-traded products, saw inflows of $346 million last week, with Canada and Germany contributing to 87% of the total, according to CoinShares.

Only $30 million came from the US, a sign of continued low participation from the country, the asset-management firm said in a report on Monday. According to Reuters, – Our Next Energy said on Monday it has cut around 25% of its workforce, or 128 employees, as the electric-vehicle battery startup deals with high borrowing

Costs and an uncertain economy. The company, founded by former Apple executive Mujeeb Ijaz, said in February it had raised $300 million in a Series B funding, which valued the company at $1.2 billion. According to Yahoo Finance,Gold’s upward trend above $2,000 per ounce is prompting calls of a rally to a new all-time high.

Futures were 0.5% higher on Monday, just north of $2,013 per ounce. Prices are at six month highs and up two weeks in a row. According to Reuters, – Peru’s Attorney General Patricia Benavides plans to file a constitutional complaint against President Dina Boluarte over the deaths of protesters during months

Of unrest in the past year, Benavides said on Monday during a televised statement. It marks the attorney general’s first charge before Congress against the president, following nearly a year-long investigation. According to Reuters, – Rivian Automotive on Monday announced the launch of leasing

For its R1T electric pickup truck for customers in select U.S. states. The option, which has been made available in states including California, New York, Florida and Texas, comes days ahead of the launch of Tesla’s Cybertruck which competes with the R1T.

According to Reuters, – The Venezuela Creditors Committee on Monday said a court in New York last week validated an agreement that extended the legal term on unpaid Venezuelan bonds until December 2028. Venezuelan opposition lawmakers in August approved extending the validity of Venezuelan

Bonds and those of the country’s state-owned oil company PDVSA for five more years to reduce risks of more lawsuits and to renegotiate with bondholders. According to Reuters, – Wall Street was mixed on Monday as investors took a post-Thanksgiving pause ahead of crucial economic data as the holiday shopping season kicked in to high

Gear with retailers trying to lure bargain hunters with Cyber Monday deals. The tech-heavy Nasdaq was slightly higher, the Dow was edging red and the SP 500 was essentially unchanged, but leaning lower. According to Reuters, – Meta’s Facebook lost the latest round of a court battle over privacy

With the U.S. Federal Trade Commission on Monday after a federal judge ruled the regulator can seek to reduce the amount of money the social media company makes from users under 18. The judge ruled that Facebook must face a review of an earlier agreement that it struck with the FTC.

According to Reuters, – Former Binance chief Changpeng Zhao must stay in the United States for the time being, a federal judge said on Monday, after the founder of the world’s largest cryptocurrency exchange pleaded guilty to violating U.S. anti-money laundering laws.

Zhao will be required to stay in the United States until the Seattle court considers whether he should remain through his sentencing hearing in February, or if he should be allowed to return to the United Arab Emirates, where he is a citizen.

According to Reuters, – Retailers hit the send button on push notifications, text messages and video streaming ads to reach U.S. shoppers on Cyber Monday, touting heavily-discounted cosmetics, electronics, toys, clothing and other products. Spending online on Cyber Monday is set to reach as much as $12.4 billion, according

To Adobe Digital Insights, which tracks data through Adobe’s Experience Cloud service for e-commerce platforms. That would represent a record and an increase of more than 5.4% compared to a year ago, Adobe said. According to Reuters, – The U.S. Securities and Exchange Commission on Monday adopted

A financial crisis-inspired rule barring traders in asset-backed securities from betting against the same assets they sell to investors. The SEC move is mandated by the Dodd Frank law, aimed at eradicating behavior seen in the 2008 global financial crisis. According to Reuters, – A team of bankers focused on healthcare at Citigroup has left

For rival Jefferies Financial after the firm’s executives mulled closing the municipal banking department altogether, Bloomberg News reported on Monday. The group of about 10 bankers departing for Jefferies included managing directors Brian Carlstead, Ben Klemz and Katherine Meyers, the report said, citing people familiar with the matter.

According to Bloomberg, — The US Federal Trade Commission can move forward with revisions to Meta Platforms Inc.’s 2020 privacy settlement after a judge denied the social network’s bid to force the agency into federal court. In an opinion Monday, Judge Timothy Kelly in Washington ruled that the federal court

Didn’t have jurisdiction over the FTC settlement with the parent company of Facebook and Instagram. According to Reuters, – U.S. bond giant Pacific Investment Management Company said on Monday it expects the next few years to provide the best opportunities for private credit investors since the global financial crisis.

As banks become more cautious on lending due to lower liquidity and regulatory scrutiny, this has created a “void in lending markets” allowing private capital to step in, it said. According to Reuters, – The Federal Reserve will cut rates more aggressively than markets

Are currently pricing in as a mild U.S. recession arrives in the first half of next year, economists at Deutsche Bank projected on Monday. In an outlook report, the Deutsche Bank economists projected 175 basis points in rate cuts in 2024. According to Reuters, – The Canadian dollar edged higher against its U.S. counterpart

On Monday as the greenback posted broad-based declines and ahead of domestic economic data this week that could cement steady policy from the Bank of Canada at an upcoming policy decision. The loonie was trading 0.1% higher at 1.3625 to the greenback, or 73.39 U.S. cents, adding

Modestly to its gains on Friday when data showed unexpected strength in Canadian retail sales. According to Reuters, – An upcoming “economic soft patch” will likely weigh on the recent U.S. equity rally and stall sectors such as consumer discretionary and small-cap stocks,

Strategists at the Wells Fargo Investment Institute warned in a note on Monday. The firm cut its 2024 earnings estimate for the Russell 2000 index of small cap stocks while maintaining its 2024 year-end SP 500 target price range between 4,600 and 4,800. The index traded near 4,550 on Monday.

According to Reuters, – A U.S. labor board has dismissed claims that Tesla Inc illegally fired employees working on Autopilot software at a New York factory to put an end to union organizing. A National Labor Relations Board regional official on Friday tossed out a complaint

Filed in February by Workers United, a union seeking to organize workers at Tesla’s Buffalo, New York “gigafactory.” According to Bloomberg, — The Pakistani rupee is set to end the year as Asia’s worst-performing currency and the losses are seen extending into 2024.

The currency has fallen about 20% against the dollar this year and analysts say its troubles are far from over. BMI expects the currency will fall to 350 rupees by the end of next year, while Karachi-based brokerage Topline Securities Ltd. sees it dropping to 324 rupees. It closed at 285.64 rupees on Monday.

According to Reuters, – The Federal Reserve will need nearly four more years to cover a historic operating loss and start sending profits again to the U.S. Treasury, according to new research from the Federal Reserve Bank of St. Louis.

The losses are a product of the Fed’s rate rise cycle which saw the central bank sharply increase its interest rate target while at the same time shrinking the size of its balance sheet, both of which are being done to make monetary policy tight enough to cool high levels of inflation.

According to Bloomberg, — Wall Street strategists abandoned their usual bullishness heading into 2023, only to get blindsided by a ferocious rally. Now, they’re going back to business as usual for the coming year: predicting another annual gain. Strategists at Bank of America Corp., BMO Capital Markets and Deutsche Bank AG are among

Those expecting that the SP 500 Index will advance again next year, pushing it back over early 2022’s record high. Less optimistic calls from Goldman Sachs Group Inc. and Societe Generale still predict that equity prices will drift a little higher by the end of 2024, even if they remain just

Shy of the previous peak. According to Bloomberg, — Argentine President-elect Javier Milei arrived in the US on Monday for a trip to New York and Washington that will include meetings with the International Monetary Fund and Biden administration officials as he looks to shore up support for the nation’s crisis-torn economy.

Milei will meet with President Joe Biden’s National Security Advisor Jake Sullivan and US Treasury officials, according to press offices from the US and Argentina. Accompanied by campaign manager Nicolas Posse and economic adviser Luis Caputo, he’ll also speak with IMF staff as Argentina needs to reset its $43 billion loan agreement that’s

Gone off track under the current government. According to Reuters, – Venezuelan politicians, military officials and police were “bought and paid for” by a man on trial on charges of shipping tens of thousands of kilograms of cocaine into the United States, a U.S. prosecutor said on Monday.

In an opening statement at accused trafficker Carlos Orense’s trial in Manhattan, prosecutor Kaylan Lasky said Orense stashed drugs and weapons on a ranch he owned in Venezuela, and paid off officials to ensure that planes and boats carrying his cocaine could depart without detection or inspection.

According to Reuters, – A look at the day ahead in Asian markets. Asian markets are lacking firm direction either way, but bulls will be hoping the combination of a weaker dollar, lower U.S. bond yields and softer oil prices on Monday will provide the impetus for a more positive session on Tuesday.

According to Reuters, – The premier of Canada’s oil and gas producing province Alberta said on Monday her government will consider creating a publicly-owned electricity company, in a bid to evade federal requirements to develop a net-zero power grid by 2035.

The move is Alberta’s latest attempt to undermine the climate action plans of Liberal Prime Minister Justin Trudeau, which Premier Danielle Smith and other conservative politicians say are unrealistic. According to Reuters, – Canada’s main stock index ended lower on Monday, consolidating

This month’s gains, as oil prices fell and despite upbeat holiday sales data boosting the shares of e-commerce company Shopify. The Toronto Stock Exchange’s SP/TSX composite index ended down 70.45 points, or 0.4%, at 20,032.66, its lowest closing level since Nov. 14.

According to Bloomberg, — Hedge funds piled into bullish dollar bets this month despite the currency’s slide on softening economic data and increasing expectations that the Federal Reserve’s most aggressive rate-hiking cycle in a generation is near an end. A metric of net dollar positioning that measures leveraged funds’ long bets on the greenback

Against eight currencies rose to its highest level since February 2022 as of Nov. 21, according to data from the Commodity Futures Trading Commission aggregated by Bloomberg. It stood at net long 103,042 contracts, just above a previous year-to-date high seen in

April, after bottoming around a net short position of around 72,000 contracts in March. According to Reuters, – U.S. Secretary of State Antony Blinken will visit Israel, the West Bank and the United Arab Emirates this week, a senior State Department official said

On Monday, to press for more humanitarian aid for Gaza and help secure the release of all hostages kidnapped by Hamas. “The secretary will stress the need to sustain the increased flow of humanitarian assistance to Gaza, secure the release of all hostages and improve protections for civilians in Gaza,”

Said a senior State Department official, speaking on the condition of anonymity. According to Reuters, – Willian’s 94th-minute penalty, his second of the game, earned Fulham a dramatic 3-2 win over Wolverhampton Wanderers in the Premier League on Monday. Alex Iwobi gave Fulham the lead after seven minutes with a delicate finish, turning Antonee

Robinson’s cut-back through Wolves goalkeeper Jose Sa’s legs from close range. According to Bloomberg, — Alex Jones’ path out of bankruptcy hinges on his consenting to a proposal from family members of Sandy Hook Elementary School shooting victims that may force the right wing conspiracy theorist to pay them at least $85 million over the

Next decade, a lawyer for the families said Monday. If Jones rejects that deal, he would need to sell property and other personal assets to repay a portion of the more-than $1 billion juries have ordered him and his media platform, Infowars, to pay the families for spreading falsehoods about the 2012 massacre, said Sara

Brauner, a lawyer representing Sandy Hook families and other Jones creditors. According to Reuters, – The potential threat posed by the rapid development of artificial intelligence means safeguards need to be built in to systems from the start rather than tacked on later, a top U.S. official said on Monday.

“We’ve normalized a world where technology products come off the line full of vulnerabilities and then consumers are expected to patch those vulnerabilities. We can’t live in that world with AI,” said Jen Easterly, director of the U.S. Cybersecurity and Infrastructure Security Agency.

According to Reuters, – The U.S. health regulator on Monday approved SpringWorks Therapeutics’ drug for treating adult patients with desmoid tumors, making it the first approved treatment for this type of non-cancerous soft-tissue growth. Shares of the company were up about 15% after the bell.

According to Bloomberg, — Fast-fashion retailer Shein has filed confidentially with US regulators for an initial public offering that could take place next year, according to a person familiar with the matter. The online retailer, which was founded in China but is now headquartered in Singapore,

Is working with Goldman Sachs Group Inc., JPMorgan Chase Co. and Morgan Stanley on the listing, said the person, who asked not to be identified because the filing wasn’t public. According to Bloomberg, — Asian stocks are poised for a mixed opening after Wall Street

Struggled in the wake of a rally that put the SP 500 near “overbought” levels. US trade was dominated by Treasuries which extended their powerful November advance. Equity futures signal small gains for Japanese and Australian benchmark indexes, while Hong Kong may edge lower.

Traders weighed mixed US government debt sales, with a $55 billion auction of five-year bonds seeing strong demand while a $54 billion sale of two-year notes was soft. According to Reuters, – Zscaler forecast quarterly revenue above analysts’ estimates on Monday, but indications of strong cybersecurity spending were overshadowed by rising operating expenses.

Shares of Zscaler fell more than 6% in after-hours trading as the cloud security company’s operating expenses for the first quarter jumped by about 24% to $431.4 million. According to Reuters, – U.S. furniture company head Jordan England thinks his firm’s Chinese

Suppliers are among the best in the game, but geopolitics and a slowing economy have pushed him to source more products from Southeast Asia, Eastern Europe and Mexico. “I’m looking to move away from it ,” said England, CEO and co-founder of Florida-based Industry West.

According to Reuters, – Cathay Pacific Airways Ltd is leaning towards placing an order for around six Airbus A350 freighters as the Hong Kong carrier renews the oldest section of its fleet of dedicated 747 cargo jets, industry sources said. If confirmed, the selection marks a bounce back for the Airbus wide-body freighter after

Cathay earlier this year appeared to favour the competing Boeing 777-8F, before postponing a decision for several months, said the sources, speaking on condition of anonymity to discuss confidential matters. According to Reuters, – Australia’s biggest energy retailer Origin Energy said on Tuesday

That a loaded LNG vessel docked at its local Pacific LNG facility on Curtis Island has lost power and was unable to leave the terminal. The firm is an upstream operator of the Australia Pacific LNG facility in which U.S. exploration giant ConocoPhillips owns 47.5% stake.

According to Reuters, – An Israel-Hamas truce in Gaza was poised to stretch into a fifth day on Tuesday amid expectations the Islamist group will free more of the hostages it seized on Oct. 7 in return for greater aid flows and Israel’s release of imprisoned Palestinians.

After releasing 11 Israelis from the coastal Mediterranean strip on Monday, Hamas has freed 69 of the about 240 hostages it took during an incursion into southern Israel that killed about 1,200 people, according to Israeli figures. According to Reuters, – A U.S. appeals court on Monday handed 3M, Corteva Inc subsidiary E.I.

Du Pont de Nemours and Co and other manufactures of toxic so-called “forever chemicals” a big win in their fight against legal liability for the substances, rejecting a lower court’s ruling that would have allowed about 11.8 million Ohio residents to sue the companies as a group.

The Cincinnati, Ohio-based 6th U.S. Circuit Court of Appeals vacated a lower court’s approval of the massive class action, which included virtually every resident of Ohio and put considerable legal pressure on the chemical manufacturers to settle the plaintiffs’ claims. According to Bloomberg, — US shoppers will spend as much as $12.4 billion online during

Cyber Monday, according to Adobe Inc., which adjusted its initial forecast of $12 billion upward based on stronger-than-expected spending on Black Friday and the popularity of buy-now-pay-later features that let shoppers stretch their budgets with credit. E-commerce consumers spent $8.3 billion as of 6 p.m. in New York, according to the latest figures from Adobe.

The top-spending hour is usually from 10 p.m. to 11 p.m., according to the company’s analysts. According to Bloomberg, — In Courtroom No. 29, a gray, musty cubbyhole of a space wedged into the heart of Hong Kong’s tony banking district, Judge Linda Chan presides over China’s great financial reckoning.

One after the other, the high-powered attorneys and executives of distressed real-estate developers — the behemoths that had once powered the economic boom that made China the envy of the world — come before her to plead for their financial lives: China Evergrande Group, Sunac China Holdings, Jiayuan International Group, Kaisa Group Holdings.

According to Bloomberg, — European biotech startup Cradle raised $24 million, gaining funds for its effort to use AI to help scientists design and engineer proteins faster and more cost-effectively. Index Ventures and Kindred Capital participated in the Series A round, along with Chris Gibson,

The co-founder of Recursion Pharmaceuticals Inc., and Tom Glocer, the former chief executive officer of Thomson Reuters Corp. and a Merck Co. board member, Cradle said Tuesday. The startup has raised a total of $33 million so far, including a seed round last year.

According to Reuters, – Bhavish Aggarwal, India’s answer to Elon Musk, is racing to roll out millions of electric scooters and speed his nation to a cleaner future. Some of his mechanics can’t keep up, though. Aggarwal’s Ola Electric, which he likens to Tesla in the West, is zipping towards a stock-market

Listing after going from zero to 338,000 e-scooter sales in about two years. The tech entrepreneur vows to banish the internal combustion engine from India, where two-wheel vehicles rule the roads. According to Bloomberg, — Oil edged higher after a string of losses as the market weighed

The possibility of deeper output cuts from OPEC+ against signs supply is running ahead of demand. West Texas Intermediate traded near $75 a barrel, while global benchmark Brent was close to $80. WTI briefly rose on Monday on reports that alliance heavyweight Saudi Arabia is asking

Other members to reduce their production quotas before closing down 0.9%. According to Bloomberg, — China’s escalating push to have its banking behemoths backstop struggling property firms is adding to a maelstrom of woes for the $57 trillion sector. Already stung by soaring bad loans and record low net interest margins, lenders such as

Industrial and Commercial Bank of China Ltd. may soon be asked for the first time to provide unsecured loans to developers, many of whom are in default or teetering on the brink of collapsing. According to Reuters, – The U.S. dollar ticked down to a three-month low against peer currencies

On Tuesday after slipping overnight on weaker-than-expected new home sales data, while traders hunkered down on bets that the Federal Reserve could start cutting interest rates in the first half of next year. U.S. new home sales fell 5.6% to a seasonally adjusted annual rate of 679,000 units in October,

Data showed, below the 723,000 units expected by economists polled by Reuters and sending Treasury yields into a decline. According to Bloomberg, — Reddit Inc. is again holding talks with potential investors for an initial public offering for the social media company, according to people familiar

With the matter, as hopefuls prepare for a long-awaited reopening of the market for new listings. The San Francisco-based firm, whose users helped fuel the meme-stock frenzy that made 2021 a banner year for equities, is weighing an IPO as soon as in the first quarter, the people said.

Reddit was working with Morgan Stanley and Goldman Sachs Group Inc. on the listing, Bloomberg News reported last year, and was considering a valuation of as much as $15 billion. According to Reuters, – Origin Energy said on Tuesday it had reduced gas supply to the

Australian Pacific LNG facility and liquefied natural gas cargoes would be delayed as a loaded tanker docked at the site had lost power and was unable to leave. As a result of the vessel blocking other tankers from entering, APLNG, operated by ConocoPhillips,

Has so far deferred two LNG cargoes and Origin warned “it expected that more LNG cargoes will be deferred”. According to Reuters, – Australian retail sales unexpectedly slipped in October as consumers cut back on everything but food, though analysts believe many were merely saving some money

To splurge on Black Friday sales that took place this month. Retail sales fell 0.2% from September to A$35.77 billion, data from the Australian Bureau of Statistics showed on Tuesday. That compares with analysts expectations for 0.1% growth and a gain of 0.9% in September.

According to Reuters, – Lotus Technology, the luxury electric vehicle arm of sports car brand Lotus, said on Tuesday it has secured $870 million in financing ahead of the completion of its merger with blank check company L Catterton Asia Acquisition . All of the financing was secured based on a $5.5 billion valuation, China-headquartered

Lotus Technology said in a statement. According to Reuters, – Asian stocks edged higher on Tuesday, while the dollar was at its lowest in three months as investors remained convinced the Federal Reserve was done with its rate-hike cycle and looked ahead to a crucial inflation report later this week.

MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.39% higher and set for a near 7% gain in November, its strongest monthly performance since January. According to Reuters, – Japan’s Nikkei share average traded lower on Tuesday as investors sold stocks to lock in profits from recent gains, with the yen’s rebound against the

Dollar further weighing on sentiment. The Nikkei was down 0.23% at 33,370.40 by the midday break after opening 0.22% higher. According to Bloomberg, — SenseTime Group Inc. shares plummeted after short-seller Grizzly Research released a critical report on the company’s core AI business. The Shanghai-based artificial intelligence software developer did not immediately respond

To a request for comment on the report, which alleged that SenseTime had inflated its revenue and that its core business had become unprofitable. Its shares in Hong Kong slumped as much as 9.7%, their biggest intraday drop since April.

According to Bloomberg, — Australia’s central bank is in a period where it needs to be “a little bit careful” in balancing efforts to bring down consumer prices without driving the jobless rate up too high, Governor Michele Bullock said.

“We want to ensure we keep inflation under control and we bring it back down to our band,” the Reserve Bank chief said in a panel discussion on Tuesday in Hong Kong, referring to the 2-3% target. “We also need to do that in the context of not imposing on the economy too much and

Raising the unemployment rate” too high. According to Reuters, – China-founded fashion company Shein has confidentially filed to go public in the United States, two sources familiar with the matter told Reuters on Monday. Here are some key facts: According to Reuters, – Hong Kong private home prices extended a

Fall in October, dipping to their lowest since March 2017, official data showed on Tuesday, weighed down by higher interest rates and weak buying sentiment. Home prices in the financial hub, one of the most expensive markets in the world, dropped 2.2% in October from the previous month.

It followed a revised 2.4% fall in September, according to the data. According to Reuters, – Canadian miner First Quantum hopes to avoid arbitration with Panama’s government over a major copper mine by instead resolving disagreements during a 90-day period for talks between both sides, the company said in a statement late on Monday.

First Quantum issued a legal notification of intent to start arbitration proceedings with the Central American country under an existing trade pact between Panama and Canada, Panama’s government announced on Sunday. According to Reuters, – U.S. vaccine maker Moderna began construction of its first facility

In China this month to manufacture mRNA medicines, the company said on Tuesday. Moderna’s COVID-19 vaccine has yet to be approved in China, but the company said in July it had signed a deal with the city government of China’s financial hub Shanghai to work

Towards opportunities for it to research, develop and manufacture mRNA medicines in the country. According to Bloomberg, — China’s central bank pledged it will press banks to lower their real lending rates amid concerns that deflation has effectively pushed up borrowing costs in price-adjusted terms.

The People’s Bank of China also said it will guide banks to coordinate their lending so as to smooth out volatility in credit growth between year-end and the start of the year. Banks typically ramp up lending activity soon after the turn of the calendar year.

According to Bloomberg, — OPEC issued a strongly worded defense of the oil-and-gas industry days before the start of the biggest ever climate talks, pushing back against the International Energy Agency and highlighting the increasingly fractious debate over how best to tackle global warming.

The Organization of Petroleum Exporting Countries said that the IEA has “unjustly vilified” the industry over its role in the climate crisis, according to a Nov. 27 statement that took issue with a recent report from the Paris-based agency. The oil industry is embracing renewables, with major investments being made, and it

Is investing in technologies to reduce emissions, OPEC said. According to Bloomberg, — Private cryptocurrencies that failed the fundamental tests of financial services will eventually exit the monetary scene, according to Singapore’s central bank chief. That will leave a future monetary system made up of three key components — central bank

Digital currencies, tokenized bank liabilities and “well-regulated” stablecoins, Monetary Authority of Singapore’s Managing Director Ravi Menon said in Hong Kong on Tuesday. According to Reuters, – DP World Australia, one of the country’s largest ports operators, said on Tuesday hackers had accessed files containing personal details of employees after

A cyber incident early this month forced it to suspend operations for three days. The breach, spotted on Nov. 10, crippled operations at the company, which manages about 40% of the goods that flow in and out of Australia, affecting its container terminals in Melbourne, Sydney, Brisbane and Western Australia’s Fremantle.

According to Bloomberg, — Central bankers from Australia, England and Thailand warned that the monetary policy outlook remains uncertain, despite growing global expectations that interest rates are at or close to their peak. The Reserve Bank of Australia is grappling with “a wide range of uncertainties and

Experiences,” Governor Michele Bullock said at a monetary conference in Hong Kong. Economic activity has held up more than expected and services inflation is proving “a bit sticky,” she added.