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Colombia is racing to secure up to $10 billion in climate finance from the US before Donald Trump takes office, aiming to transition from a fossil fuel-based economy to green investments. If negotiations fail, China may become an alternative source of funding. The plan, part of a $40 billion strategy, seeks to replace declining fossil fuel revenues and is seen as a potential model for other nations pursuing similar transitions.
Japan and China significantly reduced their holdings of US Treasuries in the third quarter, with Japan selling a record $61.9 billion and China offloading $51.3 billion. This selling spree was driven by concerns over President-elect Trump"s economic policies and rising US yields, which heightened geopolitical risks and investor sentiment.
Howard Marks, co-chairman of Oaktree Capital, expressed cautious optimism about China"s economy, highlighting the country"s growth target of around 5% for 2024 as a significant challenge. Despite the modest target compared to historical rates, Marks noted it remains above average globally, emphasizing the difficulties posed by sluggish consumer spending, a struggling property market, and an aging population. He acknowledged recent stimulus measures but warned that sustained economic growth cannot rely solely on such interventions.
Investors are facing uncertainty as a bull run fades, influenced by factors like US elections, Federal Reserve interest rate decisions, and geopolitical disruptions. Financial advisors have favored bond funds, while gold has performed well amidst stock market volatility and high valuations.
Japan and China significantly reduced their holdings of US Treasuries in the third quarter, just before the presidential election. Japanese investors sold a record $61.9 billion, while Chinese funds offloaded $51.3 billion, marking the second-largest sale on record.
China is enhancing its economic ties with Latin America, exemplified by the inauguration of a $3.5 billion megaport in Peru, which will significantly reduce shipping times to China. This development is part of China"s Belt and Road initiative and positions China as a dominant trade partner in the region, challenging U.S. influence. Experts note that the port could lead to increased Chinese investment and revive discussions on a bioceanic corridor linking Peru and Brazil, further solidifying China"s strategic presence in Latin America.
Asia-Pacific markets opened higher, buoyed by Wall Street gains and a Tesla rally, as investors await key speeches from Chinese financial officials at a summit in Hong Kong. The Reserve Bank of Australia is set to release minutes from its recent monetary policy meeting, where interest rates were held steady at 4.35%. Meanwhile, U.S. markets showed mixed results, with the Nasdaq rising 0.6% and the Dow Jones slipping 0.1%, amid concerns over the Federal Reserve"s rate cut trajectory.
At COP29, China aims to strengthen ties with the EU by addressing unresolved financial aid issues for developing countries, especially as the US"s influence wanes under President-elect Trump. While China resists being labeled an official donor under the Paris Agreement, it has pledged significant voluntary contributions, emphasizing its role as a leading greenhouse gas emitter. The EU is open to this approach, seeking to establish a collaborative framework to tackle climate challenges effectively.
UK Prime Minister Keir Starmer met with Chinese President Xi Jinping at the G20 summit, advocating for "consistent, durable" relations focused on trade, economy, and climate. This marks the first leader-level meeting since 2018, aiming to revitalize UK-China ties after years of tension. Starmer emphasized the importance of predictable relations and plans for further economic dialogue, while Xi acknowledged the potential for cooperation between the two nations.
Novo Nordisk has launched its leading obesity drug, Wegovy, in China at significantly lower prices than in the US, marking a strategic move into a rapidly expanding market. Initial prescriptions are set to begin in Shanghai this week, according to reports.
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