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UBS advises investors to underweight stocks with significant exposure to China, citing concerns over weaker growth projections of 3.7% in 2025 and 2.7% in 2026. Chief global equity strategist Andrew Garthwaite highlights three main threats to these equities in his Outlook 2025 report.
Nike, Inc. focuses on developing, manufacturing, and marketing athletic footwear, apparel, and equipment, with footwear accounting for 68.6% of net sales. The company operates 1,045 stores globally and generates 41.6% of its sales from North America, followed by Europe/Middle East/Africa at 26.5%.
Changpeng Zhao (CZ), founder of Binance, expressed his surprise at Revolut's recent decision to list BNB, the native token of Binance. This move is expected to enhance BNB's accessibility and attract more mainstream users, as Revolut serves over 40 million customers across Europe.In November, Revolut expanded its crypto exchange, Revolut X, to 30 additional European markets, offering competitive trading fees. Meanwhile, BNB Chain launched a bridge to connect with other blockchains, further promoting global crypto adoption under CZ's leadership.
Bitcoin is poised for a significant price surge, potentially reaching $500,000, as nation-states and corporations explore it as a strategic reserve amid a looming supply shock. The U.S. is considering establishing a Bitcoin reserve, with a proposed executive order to purchase BTC using $21 billion from the Exchange Stabilization Fund, while countries like the UAE are reportedly accumulating large amounts of Bitcoin. As global adoption increases, the dilemma of holding versus selling Bitcoin intensifies, with its current price around $95,513.26.
US interest rate markets saw slight upward trends, with the two-year Treasury yield falling to 4.13% and the ten-year to 4.18%. Corporate investment grade and high yield indices gained 1.34% and 1.15%, respectively, while commodity prices weakened, particularly gold and crude oil. Equity hedged strategies across US, European, and Asian markets generally produced positive returns, driven by strong performances in consumer discretionary and financial sectors, despite some volatility in healthcare and energy.
UBS has maintained a neutral recommendation for Novo Nordisk A/S, a company focused on the design, manufacture, and marketing of pharmaceutical products. The majority of its sales come from diabetes and obesity treatments (92.6%), with the remainder from rare disease treatments (7.4%). Geographically, sales are distributed as follows: Europe-Middle East-Africa (21.9%), United States (54.9%), North America (3.9%), China (7.2%), and others (12.1%).
Bitget has partnered with TRON, acquiring $10 million in TRX to enhance blockchain innovation and ecosystem growth. This collaboration aims to expand TRON's global reach, fostering advancements in decentralized finance (DeFi) and on-chain payment solutions. Bitget's CEO emphasized the partnership's alignment with their goal of engaging influential ecosystems, while TRON's Justin Sun expressed enthusiasm for empowering developers and broadening TRON's audience.
Bitcoin's surge past $100,000 has positioned the UAE as a burgeoning crypto hub, bolstered by the Central Bank's introduction of the AE Coin stablecoin. With robust regulations like VARA in place, the region is attracting major players and fostering trust in digital assets, while the interplay between CBDCs, stablecoins, and cryptocurrencies is set to shape the future of finance.
In November 2024, risk assets rebounded, with positive returns across various hedge fund strategies, particularly in Equity Hedged and Relative Value sectors. Macro and discretionary trading strategies also performed well, driven by favorable positions in rates and commodities, despite some mixed results in energy and metals. Overall, the market showed a constructive outlook following the US election, with significant performance dispersion among managers.
In November 2024, risk assets rebounded, with positive returns across various hedge fund strategies, particularly in Equity Hedged and Relative Value sectors. Macro and discretionary trading strategies also performed well, driven by favorable positions in rates and commodities, despite some mixed results in energy and metals. Overall, the market showed a constructive outlook following the US election, with significant performance dispersion among managers.
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