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Central bankers in Europe are increasingly anxious about the potential economic fallout from a possible Donald Trump election victory. His history of initiating trade wars poses a significant threat to an already fragile European economy, with market analysts warning that such an outcome could push the euro closer to parity with the dollar.
Gold has entered a "new bullish phase," reaching a record high of $2,700 per ounce, with analysts predicting further increases to $3,000 amid rising U.S. debt and geopolitical tensions. Central bank purchases surged to 483 tonnes in early 2024, reflecting a strong demand for the precious metal as a safe-haven asset. Despite a decline in Chinese retail demand, expectations remain high, with forecasts suggesting gold could average $2,800 this quarter and $3,000 by late next year.
Bank Indonesia has stepped in to stabilize the rupiah amid rising concerns over a potential Donald Trump victory in the US elections and a slower easing approach from the Federal Reserve. The central bank is actively intervening in both the spot market and domestic non-deliverable forwards to mitigate volatility, marking its second intervention in two weeks.
The Orion Solar Belt in Texas, comprising three solar farms, has begun operations with 1.3 million American-made solar panels, generating 875 MW of energy, primarily for Google data centers. This project, supported by the Inflation Reduction Act, is expected to create 3,000 jobs and contribute $100 million to local services. Texas continues to lead in renewable energy, with nearly 30% of its energy sourced from renewables.
American Express reported a third-quarter profit of $2.51 billion, exceeding Wall Street expectations due to effective expense management, despite a slight revenue miss at $16.64 billion. The company’s focus on affluent customers has allowed it to maintain lower credit loss provisions compared to competitors. In other news, AI leader Genesys has confidentially filed for an IPO in the US, while UBS is selling a 50% stake in Swisscard to American Express.
Global public debt is projected to reach $100 trillion this year, raising alarms as geopolitical tensions and upcoming U.S. elections add to economic uncertainty. The U.S. budget deficit is expected to exceed 6% of GDP in 2024, while Europe struggles with deficits and growth stagnation, particularly in Germany. Meanwhile, China's economy is faltering amid a real estate crisis, with growth falling short of expectations.
Kaiser Permanente's CEO Greg Adams announced plans for Risant Health to acquire five to six community health systems, aiming to enhance value-based care and achieve $30-$35 billion in revenue. The initiative focuses on supporting financially sound organizations committed to quality outcomes while maintaining their operational independence. Adams emphasized the need for healthcare leaders to embrace innovation and adapt to changing consumer expectations post-COVID.
The computer vision in healthcare market is projected to grow significantly, increasing from $1.51 billion in 2023 to $2.21 billion in 2024, with a CAGR of 47.1%. By 2028, it is expected to reach $10.63 billion, driven by advancements in predictive analytics and the rising prevalence of chronic diseases. Key players include NVIDIA, IBM, and Alphabet, with Europe currently leading the market while North America is anticipated to be the fastest-growing region.
U.S. markets showed mixed results as rising Treasury yields pressured stocks, with the S&P 500 and Dow Jones falling while the Nasdaq gained. Goldman Sachs forecasts a modest 3% annualized return for the S&P 500 over the next decade, citing high valuations. Meanwhile, Microsoft plans to launch autonomous AI agents for businesses, and Disney is set to search for a new CEO by early 2026.
The Dow snapped a three-day win streak as Kenvue shares surged 5.5% amid investor support for Starboard. GE Aerospace and GM are set to report, with GM up 86% from a post-strike low. Lockheed Martin and RTX also near recent highs, while several new IPOs are expected on Wall Street.
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