Botswana's Central Bank is advocating for proactive regulations in the crypto sector to address emerging risks as the global market integrates with traditional finance. While the local crypto market poses minimal risks currently, the bank emphasizes the need for oversight to combat potential money laundering and terrorist financing facilitated by transaction anonymity. The call for a robust regulatory framework reflects a broader global trend among regulators to enhance financial stability and curb illicit activities as cryptocurrency adoption increases.
UBS analysts argue that the S&P 500's high forward price-to-earnings ratio of 22.2x is justified, citing the tech sector's growing dominance and improved cash flows. They predict that valuations will continue to rise in 2025, supported by lower capital costs and contained recession risks, as the index has surged 28% in 2024 amid a strong economy and favorable political conditions.
UBS has revised its USDJPY forecasts, lowering expectations to 145 for both end-2025 and end-2026, down from 157 and 161, respectively. This change reflects increased confidence in the Bank of Japan's ability to implement further rate hikes, with a 25 basis-point increase anticipated in the December 19 policy meeting. The firm also expects the euro to face pressure due to political uncertainty in Europe, maintaining a target of 1.04 for the end of 2025.
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