Management changes are underway at Raiffeisen Ware Austria (RWA) as CEO Wolf, who has led since 2013, faces challenges amid Baywa's financial struggles, including over five billion euros in debt and potential insolvency. The planned capital increase by Bayerische Raiffeisen Beteiligung AG is uncertain, and the financial supervisory authority has raised concerns over accounting violations. A significant restructuring of Baywa's Board of Management is set for March 2025.
Emerging Asian bonds are becoming pricier, reducing their appeal compared to global counterparts if Donald Trump implements less severe tariffs than anticipated. Yield spreads for South Korea, the Philippines, India, China, Malaysia, and Indonesia are trading below their 12-month average, indicating higher valuations than other emerging markets like Colombia and Mexico.
HSBC has appointed an interim chief for group risk and compliance, with Blackburn stepping into the role. He has been with the bank since 2016, previously serving as chief risk officer for various sectors. Wentzel, who joined in 2015, currently leads global banking in MENAT.
Asia markets opened mixed following a stall in Wall Street's rally, with attention on the Bank of Korea's upcoming rate decision. U.S. inflation data aligns with the Federal Reserve's goals, suggesting stability in employment and prices, while the S&P 500's strong moving averages indicate solid market internals despite a slight downturn. Analysts are also exploring opportunities in international markets, citing U.S. stocks as relatively expensive.
A senior member of the Democratic Party for the People, Motohisa Furukawa, stated that the Bank of Japan is unlikely to make abrupt policy changes that would disrupt budget discussions. He emphasized that while the economy faces deflation risks, the central bank should avoid hastily raising interest rates during this critical period.
Oil prices remained stable ahead of the US Thanksgiving holiday, with West Texas Intermediate trading below $69 a barrel and Brent crude near $73. The upcoming OPEC+ meeting is expected to result in a delay in restoring production to address concerns about a potential oversupply next year.
Congressmen John Moolenaar and Jared Golden are pushing to suspend the 45X Advanced Manufacturing Production Tax Credit, citing concerns over Chinese companies benefiting from it if they establish factories in the US. While outright elimination is unlikely to gain support from US manufacturers, modifications to restrict access for Chinese firms are anticipated. The ongoing debate reflects broader bipartisan support for enhancing US clean energy manufacturing initiatives.
Mexico's economic outlook for 2025 has worsened amid concerns over potential 25% tariffs from US president-elect Donald Trump. Economists are revising growth forecasts downward, anticipating a fourth consecutive year of reduced growth and diminished foreign investment. Such tariffs could jeopardize nearly 11% of Mexico's GDP, according to Bloomberg Economics.
Five technology stocks in supply chain management are poised to gain from tariffs imposed by Trump, according to Redburn Atlantic. The analysis highlights potential benefits for these companies amid changing trade policies.
Donald Trump is considering appointing Gail Slater, a key aide to vice-president-elect JD Vance, to lead the Department of Justice’s antitrust unit, signaling a tough enforcement approach against Big Tech. This move aligns with a growing populist sentiment among Republicans advocating for aggressive antitrust actions, similar to those of the Biden administration. Other contenders for leadership roles at the FTC include Melissa Holyoak and Mark Meador, with varying views on antitrust policy.