Novo Nordisk A/S is scaling back its hiring in Denmark after reaching the limits of the local labor market, primarily due to the demand for its drugs Ozempic and Wegovy. While hiring will continue, the company will shift its focus to expanding its workforce in China, France, and the US, particularly in research, development, and manufacturing.
French bond risk has surged to levels not seen since the euro area debt crisis, as a political standoff over the national budget threatens the stability of the government. The premium for 10-year French government bonds over German bonds rose above 86 basis points, with analysts warning it could reach 100 basis points if the government falls.
Sri Lanka's central bank is set to streamline its monetary policy by adopting a single benchmark interest rate, the Overnight Policy Rate, effective from the next update on Wednesday. This change replaces the existing dual-rate system and aims to enhance the clarity and effectiveness of monetary policy management.
The Zurich cantonal government plans to adjust property tax values, anticipating an average increase of 11% for single-family homes and 10% for condominiums, reflecting significant land value rises since 2009. While one in five properties may see over a 15% increase in imputed rental value, many homeowners could benefit from reductions, easing their tax burden. The ongoing debate in Bern regarding the abolition of the imputed rental value continues, with differing proposals from the National Council and the Council of States.
18:00 26.11.2024
The zero interest rate policy is nearing implementation, with inflation at 0.6 percent prompting expectations of three interest rate cuts, according to Thomas Gitzel, Chief Economist at VP Bank. Karsten Junius from Bank J. Safra Sarasin predicts a key interest rate of 0.25 percent by June 2025, with the possibility of reaching zero rates shortly thereafter. This scenario suggests a total of four cuts of 0.25 percentage points in the coming months.
18:00 26.11.2024
The Centers for Medicare and Medicaid Services proposed a rule to cover obesity drugs under Medicare and Medicaid starting in 2026, potentially benefiting 3.4 million people at a cost of $25 billion over ten years. This historic move reclassifies obesity drugs as treatments for chronic disease, aligning with medical consensus on obesity's health risks. Additionally, the rule aims to enhance transparency in Medicare Advantage plans and improve access to health services.
Gold prices are expected to reach $2,900 per ounce by the end of 2025, driven by geopolitical tensions and fiscal concerns, according to UBS analysts. Despite recent declines due to profit-taking and shifting rate-cut expectations, the outlook remains positive, with strong support for gold and continued central bank buying anticipated. Currently, spot gold is trading around $2,628.84 per ounce, reflecting a 27.4% increase in 2024.
17:58 26.11.2024
In 2025, the outlook for private infrastructure is positive, driven by resilient economic growth, above-average inflation, and declining interest rates. However, the landscape is complicated by technological disruptions and crowded trades, particularly in renewables and digital sectors, while traditional infrastructure remains overlooked. Investors are cautioned about political risks and the potential for value traps, with a notable opportunity in infrastructure debt due to an impending maturity wall.
17:57 26.11.2024
Canada's oil industry warns that President Elect Donald Trump's proposed tariffs could lead to higher gasoline prices in the US. The US imports nearly 4 million barrels of Canadian crude daily, which supports its own oil exports while fulfilling domestic demand. Energy products represent about a third of Canada's exports to the US, highlighting their economic significance.
President-elect Donald Trump's proposed tariffs of 10% on Chinese goods and 25% on Canada and Mexico could raise U.S. core PCE prices by nearly 1%, according to Goldman Sachs. This increase may complicate Federal Reserve rate cut calculations, as inflation remains above the target of 2%. The implementation of these tariffs is uncertain, with potential conditions related to immigration and drug policy.
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