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The global gene therapy market, valued at $7.54 billion in 2022, is projected to reach $41.38 billion by 2031, driven by increased R&D, favorable regulations, and collaborations between pharmaceutical companies and academic institutions. North America leads the market, with significant advancements in biotechnology and numerous clinical trials. Recent developments include Novartis's acquisition of a gene therapy candidate from Avrobio and Bristol-Myers Squibb's expansion of its cell therapy manufacturing network.
European Parliament member Sarah Knafo has proposed establishing a strategic Bitcoin reserve for Europe, inspired by similar moves in the US under Donald Trump's administration. Knafo argues this would protect citizens from inflation and opposes the European Central Bank's digital euro plans, citing concerns over economic freedom. Amidst this, Bitcoin's price has surged to an all-time high, reflecting growing global interest in the cryptocurrency.
UBS faces challenges in China due to Xi Jinping's policies promoting "universal prosperity," which discourage high executive salaries and wealth concentration. The sluggish economy, exacerbated by a real estate crisis, has led wealthy clients to shift assets abroad, complicating UBS's operations. The bank hopes for a gradual economic stimulus from the Chinese government to stabilize the market and boost private consumption.
Metaplanet is set to achieve its first operating profit in seven years, projecting 890 million Japanese yen ($5.8 million) in revenue for the fiscal year ending December 31, 2024, largely due to Bitcoin put options sales. The Tokyo-based investment firm, which has pivoted to Bitcoin as a treasury asset, plans to formalize Bitcoin accumulation and management as a new business line while continuing to leverage put options for revenue. With 1,142 Bitcoin valued at approximately $119.4 million, Metaplanet is now the second-largest corporate Bitcoin holder in Asia.
Asian stocks mostly rose ahead of the Federal Reserve's final rate decision of the year, with Japan's Nikkei 225 slipping 0.2% despite a 3.8% increase in exports. Trading in Nissan shares was suspended after a 22% surge amid merger talks with Honda, while the Hang Seng and Shanghai Composite gained 0.6% and 0.7%, respectively. The S&P 500 is on track for a nearly 27% annual gain, as strong retail sales data raises questions about the need for further rate cuts.
Asian stocks mostly rose ahead of the Federal Reserve's rate decision, with Japan's Nikkei 225 slipping 0.2% despite a 3.8% increase in exports. Nissan's shares surged 22% amid merger talks with Honda, while the Hang Seng and Shanghai Composite gained 0.6% and 0.7%, respectively. The Fed is expected to announce a rate cut, but strong economic data may lead to a pause in January.
World stocks showed mixed performance ahead of the Federal Reserve's rate decision, with European markets opening higher. Nissan shares surged 23.7% amid collaboration talks with Honda, while Japan's Nikkei 225 fell 0.7% following export data. The S&P 500 is poised for a strong year, up nearly 27%, as the Fed is expected to announce a third rate cut amid persistent inflation concerns.
World stocks are mixed as markets await the Federal Reserve's rate decision. European indices opened higher, while Japan's Nikkei 225 fell 0.7%. Nissan shares surged 23.7% amid collaboration talks with Honda, while U.S. retail sales exceeded expectations, hinting at a resilient economy.
UBS aims to double its growth in the Middle East, focusing on economic fundamentals rather than optimistic scenarios, according to CEO Sergio Ermotti. The bank is integrating its operations post-Credit Suisse merger and anticipates significant growth driven by wealth creation and an influx of affluent individuals to the region. With a strong presence in Dubai and Abu Dhabi, UBS is poised to leverage opportunities in the evolving financial landscape of the Gulf.
UBS's CEO, Sergio Ermotti, emphasizes the bank's commitment to growth in the Middle East, driven by strong economic fundamentals rather than optimistic projections. Following its merger with Credit Suisse, UBS aims to double its growth trajectory in the region, capitalizing on the influx of wealthy individuals and ongoing economic diversification efforts in Gulf countries. The bank is focused on optimizing its operations and expanding its wealth management services, particularly in Saudi Arabia and the UAE, while integrating Credit Suisse's client base.
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