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World shares showed mixed results as investors awaited a likely interest rate cut from the European Central Bank. U.S. stock indexes rebounded, with the S&P 500 rising 0.8% and the Nasdaq composite reaching a record close above 20,000, driven by tech stocks. Meanwhile, inflation in the U.S. ticked up slightly to 2.7% in November, indicating ongoing price pressures.
World shares showed mixed results as investors awaited a likely interest rate cut from the European Central Bank. While Germany's DAX and Britain's FTSE 100 saw slight gains, U.S. futures dipped ahead of the Federal Reserve's upcoming meeting, where further rate cuts are anticipated to support a slowing economy. In Asia, Chinese shares rose amid government economic plans, while Japan's Nikkei 225 advanced, driven by technology stocks.
Argentina's financial regulator has approved the entry of US crypto-related exchange-traded funds (ETFs) into its market, allowing Bitcoin and Ethereum spot ETFs for trading after a six-year ban. This initiative, part of the CEDEAR programme, aims to diversify investment options and modernize the financial system amid efforts to combat hyperinflation. The move aligns with President Javier Milei's strategy to stimulate the digital economy as inflation rates decline.
Raiffeisen KAG's outlook for 2025 indicates a positive year for capital markets, with global economic growth projected at over 3%. While the US is expected to lead in growth, Europe may see slight improvements, and inflation is anticipated to decline across regions. Despite geopolitical tensions and potential trade restrictions, the overall market conditions for equities and bonds appear constructive.
Most Gulf stock markets rose in early trading as investors anticipated U.S. inflation data. Economists predict the Federal Reserve will cut interest rates by 25 basis points at its December 18 meeting, with a pause expected in late January due to inflation concerns. Oil prices increased amid expectations of rising demand from China following its announcement of looser monetary policies. Additionally, the UAE will implement a 15% minimum top-up tax on large multinationals starting in January to enhance non-oil revenue.
Swiss equities have stabilized, with financial stocks and the consumer sector showing strength, led by UBS, Logitech, and Givaudan, while Swatch and Lonza lag behind. In Japan, wholesale prices have risen for three consecutive months, driven by increased costs in food, non-ferrous metals, and plastics, prompting speculation of a potential interest rate hike by the Bank of Japan in December.
Japan's wholesale prices have risen for three consecutive months, driven by increased costs for food, non-ferrous metals, and plastics, prompting speculation of a potential interest rate hike by the Bank of Japan in December. Meanwhile, the dollar has seen mixed performance against Asian currencies, losing ground to the yen but gaining slightly against the yuan and Swiss franc. The euro remains stable against the dollar while appreciating slightly against the franc.
US tariffs on China are projected to rise to 40% over the next two years, impacting China's GDP growth by 0.7 to 1 percentage point. In response, China may shift supply chains to neighboring countries and implement more aggressive economic policies, while maintaining a growth target of 4.5 to 5 percent for 2025. The global economy has seen significant growth, reminiscent of the 1920s, raising concerns about the sustainability of this trend amid ongoing volatility.
Bhanu Baweja, Chief Strategist at UBS Investment Bank, indicates that India's market consolidation is ongoing, with retail investors active despite potential future declines in flows. He anticipates a stabilization in urban consumption and an improvement in rural spending, alongside a possible loosening of fiscal policies. Baweja also highlights the risks posed by Donald Trump's potential return to power, particularly regarding tariffs that could disrupt global trade, while suggesting India may remain resilient due to its insulated economy and steady domestic demand.
The Swiss stock exchange closed down for the third consecutive day, with the SMI Index falling 1.01% to 11,642.39 points, marking its sharpest decline in nearly a month. Investor caution prevailed ahead of key economic data, including US inflation figures and upcoming rate decisions from the Swiss National Bank and the European Central Bank.In the market, Richemont and other economically sensitive stocks like ABB and Geberit faced declines, while Nestlé hit a new yearly low. The financial sector was impacted by discussions surrounding UBS's takeover of Credit Suisse, with several insurance companies also struggling.
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