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The dollar declined as traders reacted to Donald Trump's selection of Scott Bessent for Treasury Secretary, viewing it as a cautious choice that moderated exuberant market expectations. Bitcoin's rally stalled, dropping below $97,000 before recovering slightly. Meanwhile, Australian shares and US equity futures rose, with Japanese futures indicating early gains and Hong Kong contracts remaining steady.
UBS Global Wealth Management anticipates a positive outlook for US equities in 2025, driven by resilient growth and lower interest rates, with a focus on tech, utilities, and financial sectors. The firm also sees opportunities in AI-linked semiconductors and emphasizes the potential of diversified exposure to Asia, particularly India and Indonesia, amid geopolitical tensions. Additionally, UBS GWM projects the S&P 500 could reach 6,600 by year-end 2025, while gold is expected to hit new highs due to ongoing economic uncertainties.
A recent climate summit revealed tensions between rich nations and vulnerable island states, with a $300 billion climate proposal leaving many feeling abandoned. As China solidifies its dominance in clean energy, poorer countries express frustration over insufficient funding commitments, particularly as the U.S. faces a new political era.
GQG Partners initiated a share buyback on November 22, following a 19% drop in its stock due to bribery charges against Adani Group chairman Gautam Adani. The firm plans to purchase up to AUD$100 million in CHESS Depository Instruments, citing significant market volatility and an undervalued stock price. GQG maintains a strong balance sheet, allowing for this capital management initiative, with the number of shares to be bought dependent on market conditions.
Donald Trump's potential return to power raises concerns in Asia, particularly regarding trade and currency stability, as his threats of higher tariffs could disrupt the region's economic balance. Officials may face tough choices, including tolerating currency weakness or disappointing growth, as they await clarity on his fiscal policies. This contrasts sharply with earlier optimism driven by rate cuts and anticipated stimulus in China, which had fostered hopes for a more favorable economic environment.
US equity markets surged, with the Dow Jones gaining 461 points as investors shifted to cyclical stocks amid a resilient economy, while the ASX 200 hit a record high of 8446, driven by strong energy, banking, and resource sectors. Key economic indicators showed a decline in US housing starts and a drop in jobless claims, while inflation rates in the UK and Japan saw mixed results. Upcoming data releases include the US FOMC meeting minutes and Australia's monthly CPI indicator, which may influence future monetary policy decisions.
IG
Australia's centre-left government has introduced a bill in parliament to ban social media access for children under 16. The legislation includes provisions for fines of up to A$49.5 million ($32 million) for social media platforms that fail to comply with these regulations.
GQG Partners' stock fell nearly 10% following US charges against Gautam Adani, alleging his involvement in a $250 million bribery scheme related to solar energy contracts in India. The firm is reviewing its investments in the Adani Group but notes that over 90% of its clients' assets are in unrelated issuers, ensuring portfolio diversification.
Global social media companies could face fines up to A$50 million ($32.5 million) under new Australian legislation aimed at banning children under 16 from having accounts. The bill mandates that these firms take reasonable measures to prevent underage access, with penalties for systematic violations.
Home prices in major Asian markets are projected to rise in 2025, with Hong Kong expected to lead the gains, potentially increasing by up to 10%. Australia’s residential prices are forecasted to grow by 7% to 8%, while Singapore and Japan may see more modest increases of 3% and 2%, respectively.

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