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U.S. stocks are on track for a second consecutive year of over 20% gains, driven by strong economic growth and AI enthusiasm, while European markets lag significantly. The dollar has strengthened, impacting emerging market currencies, and bond investors face challenges amid rising yields and inflation concerns. China's stock market experienced volatility, with a 14.5% annual gain, as investors await further stimulus from Beijing.
Lebanon's defaulted dollar bonds have nearly doubled in value in under three months, with prices rising from around 6 cents to over 12 cents on the dollar. Soeren Moerch, a portfolio manager at Danske Bank AS, began buying the bonds in September, anticipating that Israel's actions against Hezbollah would diminish the militia's political power in Lebanon. He believes the bonds could potentially double again following the fall of Syrian dictator Bashar Al-Assad.
BitOasis, a Dubai-based cryptocurrency trading platform, has secured a full virtual asset service provider license from the Virtual Assets Regulatory Authority, following its acquisition by Indian exchange CoinDCX. This milestone allows BitOasis to enhance its existing services for retail and institutional investors in the MENA region. The firm, which previously held a provisional permit, aims to expand its product offerings and comply with regulatory requirements in the UAE.
Saudi Arabia has cut oil prices for Asian buyers more than anticipated, with Saudi Aramco setting the January premium for Arab Light crude at 90 cents a barrel above the regional benchmark, down from $1.70 this month. Prices for north-west Europe and the Mediterranean were also reduced, while North America saw no changes. Concerns over sluggish demand growth, particularly in China, have contributed to lower benchmark oil prices, with Brent crude trading just over $71 a barrel.
Oil prices saw a slight increase, with Brent crude rising 8 cents to $71.92 a barrel and U.S. West Texas Intermediate up 9 cents to $68.09. The uptick followed positive data indicating modest expansion in China's factory activity for November, amid concerns over the stability of the Israel-Lebanon ceasefire.
Lebanon's foreign minister, Abdallah Bou Habib, stated that the government had no role in the decision to engage in war with Israel, emphasizing support for Hezbollah while opposing the conflict. He affirmed commitment to a U.S.-France brokered cease-fire and the implementation of UN resolution 1701, which aims to ensure Israeli withdrawal and control by the Lebanese Armed Forces. The ongoing conflict has severely impacted Lebanon's economy, with damages estimated at $8.5 billion, and the government is seeking foreign funding for reconstruction amidst significant challenges.
The Biden administration is advancing a $680 million arms sale to Israel, which includes thousands of joint direct attack munition kits and hundreds of small-diameter bombs. This move comes despite a newly brokered ceasefire in Lebanon between Israel and Hezbollah, as Israel continues its conflict with Hamas in Gaza. The arms package has been under consideration for several months, having been previewed to congressional committees in September and submitted for review in October.
US equity futures dipped as traders reacted to Donald Trump's cabinet appointments and anticipated key economic data, including inflation and GDP updates. The S&P 500 and Nasdaq 100 futures fell 0.1% and 0.3%, respectively, while Treasuries saw a decline in yields. Amidst a polarized global stock market, the dollar index dropped, and European stocks lagged significantly behind US gains.
U.S. markets reached record highs despite President-elect Trump's tariff threats, with the S&P 500 rising 0.57% and the Dow Jones up 0.28%. However, automakers like GM and Stellantis faced declines due to proposed 25% tariffs on imports from Canada and Mexico. A permanent ceasefire between Israel and Hezbollah is set to begin, while the Fed plans to gradually lower interest rates if inflation stabilizes at 2%.
European markets are set to open lower as investors react to potential tariff increases from President-elect Donald Trump, who plans to impose a 10% tariff on all Chinese goods and 25% on products from Mexico and Canada. Gold prices fell nearly 3.5% following these announcements, while buyback strategies in Europe continue to show strong performance despite the overall market gloom. Meanwhile, the Dow Jones and S&P 500 reached all-time highs, buoyed by optimism surrounding Trump's Treasury pick, Scott Bessent.
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