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U.S. Treasury yields fell from an eight-month high as the dollar strengthened, with investors reassessing the Federal Reserve's interest rate policy amid signs of economic resilience. The 10-year yield dropped to 4.689%, while the dollar index rose to 109.15. The upcoming U.S. payrolls report is expected to provide further insights into the Fed's policy direction.
BRICS nations, particularly Iran and Russia, are increasingly moving away from the US dollar in trade, driven by economic sanctions and geopolitical shifts. Over 90% of Russia's trade with China and India is now conducted in national currencies, with a currency agreement between Iran and Russia eliminating dollar use. Despite the dollar's dominance, the momentum for de-dollarization among BRICS and its partners suggests a potential shift in global financial power dynamics.
Bhutan is enhancing its economy by integrating Bitcoin and other digital assets into its strategic reserve, particularly through the newly established Gelephu Mindfulness City, which aims to be an economic hub. The kingdom, which began Bitcoin mining in 2019, currently holds over 11,000 Bitcoins and is expanding its mining facilities, leveraging its hydropower resources for environmentally friendly operations. As global interest in Bitcoin grows, Bhutan's unique approach positions it as a notable player in the crypto landscape.
China is set to see the mass adoption of self-driving features in electric vehicles (EVs) this year, driven by intense competition among local manufacturers. UBS analyst Paul Gong highlights that the country's robust supply chain and innovative ecosystem position it as a global hub for automotive technology, with EV penetration exceeding 50% since last July. To boost sales amid weak consumption, the government has renewed a subsidy scheme offering 20,000 yuan to EV buyers.
The Federal Reserve's recent meeting minutes indicate a shift towards a more cautious approach to rate cuts, with a focus on following inflation trends. Meanwhile, China's inflation data shows stable consumer prices, while the UK experiences significant deflation in non-food items, suggesting increased consumer spending. Upcoming German trade data may gain political significance amid rising economic nationalism.
Asian stocks mostly declined as concerns over persistent inflation and interest rates grew following mixed U.S. market performance. The Nikkei 225 fell 1.4% after strong wage growth data, while the S&P 500 rose 0.2% amid hopes for future rate cuts. U.S. markets will be closed for a National Day of Mourning for former President Jimmy Carter.
World shares showed mixed results as U.S. economic data eased concerns on Wall Street, with futures slightly lower ahead of a National Day of Mourning for former President Jimmy Carter. European markets were varied, while Asian indices mostly declined amid trade friction fears and Japan's strong wage growth. In the U.S., bond yields fluctuated, and crude oil prices dipped slightly, with investors eyeing upcoming jobs reports for economic insights.
World shares experienced a mixed day as U.S. economic data eased concerns on Wall Street, with markets closed for a National Day of Mourning for former President Jimmy Carter. European indices showed varied results, while Asian markets mostly declined amid trade friction fears linked to President-elect Donald Trump.In Japan, strong wage growth prompted a drop in the Nikkei 225 index, while China's consumer price index indicated weak demand. U.S. bond yields fluctuated, with expectations for future interest rate cuts amid a solid job market, as investors remain cautious about potential tariffs and their economic impact.
Copper is set to be the leading industrial metal in 2025, driven by supply constraints and a rebound in global manufacturing demand, with prices projected to reach $11,000 per metric ton. Despite challenges like trade tensions and a slow start to the year, targeted stimulus in China is expected to bolster demand. While other metals like zinc and aluminum may see gains, they will lag behind copper, which benefits from its critical role in the transition to a low-carbon economy.
Banque Internationale à Luxembourg (BIL) is closing its Hong Kong office as part of a strategic shift to enhance its wealth management operations in Europe. The bank will continue to serve Chinese clients from its centers in Luxembourg and Switzerland, while maintaining its representative office in Beijing. This decision follows challenges in achieving profitability in Hong Kong amid a tough economic climate.
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