Mexico’s Senate has approved a controversial bill that will dismantle autonomous regulatory agencies, including those overseeing antitrust and the energy sector. The legislation, proposed by former President Andres Manuel Lopez Obrador, has now passed both houses of Congress, with the functions of these watchdogs to be absorbed by existing federal ministries.
The yen strengthened past the significant 150 level against the dollar, driven by expectations of a narrowing yield gap between the US and Japan. Following stronger-than-anticipated Tokyo consumer price data, the currency surged nearly 1% to 149.999, marking its highest level since October. This movement was likely intensified by low liquidity due to the US markets being closed for Thanksgiving.
Indian benchmark indices, Sensex and Nifty 50, are expected to open higher on November 29, following positive cues from GIFT Nifty, which is trading around 24,130. On November 28, the indices faced a volatile session, closing down 1.5%, with the Sensex falling 1,190.34 points to 79,043.74 and the Nifty dropping 360.70 points to 23,914.20 amid F&O expiry and geopolitical tensions.
The Nifty IT index reached a record high of 44,085, with a 40% gain over the past year, reflecting strong performance in the sector despite previous challenges. Experts attribute this rebound to robust order books and significant deals from major firms like Infosys and TCS, alongside resilient demand in banking, healthcare, and retail. While near-term pressures may affect margins, long-term growth is expected to stem from earnings rather than stock price increases.
Overseas investors are identifying opportunities in India, even amidst record outflows from local equities last month. This trend suggests potential growth in specific sectors, highlighting India's resilience in attracting foreign investment despite market fluctuations.
Australia's recent legislation to split the Reserve Bank's board into two entities introduces uncertainty regarding future interest rate paths. Economists highlight the importance of the new monetary policy board's composition, noting that it will take time for markets to gauge the members' stances on monetary policy.
Milwood Hobbs, Managing Director at Oaktree, discusses the complexities of sourcing credit deals, emphasizing the importance of finding sellers in a less liquid market compared to public equities. With a background in leveraged finance at Goldman Sachs, he shares insights on evaluating opportunities and the dynamics of deal origination.
ANZ Group Holdings Ltd. has revised its outlook for Australia's easing cycle, predicting it will start later and be shallower than expected. The first rate cut is now anticipated in May, down from February, with a total of two cuts instead of three, influenced by the RBA's hawkish stance and improving economic indicators.
Bitcoin approached the $100,000 mark this week, trading around $95,600 after a brief dip to $90,702.27, as investors took profits amid concerns that the psychological barrier may hinder further gains. Analysts suggest that the recent surge could mislead investors, with some viewing it as a return play rather than a reflection of intrinsic value. Meanwhile, the U.S. is considering looser chip export restrictions, and China is tightening tungsten exports, impacting global markets.
UBS has been acquitted in a case involving Credit Suisse's failure to prevent money laundering linked to a Bulgarian cocaine trafficking gang. A Swiss court overturned a previous conviction and fine, citing the presumption of innocence after the death of a former employee involved in the case. UBS stated that this matter pertains to Credit Suisse's legacy.
01:57 29.11.2024
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