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Asian stock markets are cautious as rising bond yields challenge equity valuations, particularly in the tech sector. Disappointing retail sales data from China, which rose only 3.0% in November, underscores the need for aggressive stimulus. The Federal Reserve is expected to cut rates by 25 basis points this week, with future easing plans closely watched amid a backdrop of fluctuating currencies and geopolitical uncertainties.
European stock futures are poised to open lower following a decline in Chinese equities, driven by disappointing retail sales data that fell short of expectations. Concerns are heightened by Moody’s credit downgrade of France and a looming vote of confidence for German Chancellor Olaf Scholz, which could lead to snap elections amid economic challenges.In Asia, stocks also fell, with China's retail sales increasing by only 3% year-on-year, below the anticipated 5%. This has raised doubts about the effectiveness of stimulus measures, while Korean stocks faced volatility following the impeachment of President Yoon Suk Yeol.
This week, the crypto market cap fell from $3.62T to $3.57T, with Bitcoin rising 2.1% to $101,698.45, while Ethereum dropped 2.2% to $3,916.22. Notably, XRP outperformed other top cryptos, and the anime-themed category surged by 217.9%. The upcoming Federal Reserve rate cut announcement on December 18 could further impact market dynamics.
UBS’ Bhanu Baweja highlights China as an underestimated risk for India's stock market rally. He warns that US tariffs could weaken the dollar-yuan, putting additional pressure on the Indian rupee, while China may redirect its exports to India and other regions, potentially flooding the market with cheap goods and impacting private sector investments.
On December 12, a significant defense deal was signed to bolster India's military capabilities, aligning with the 'Aatmanirbhar Bharat' initiative. The stock market saw notable movements, with three NSE stocks surpassing their 200-day moving average, while Zomato faced an ₹803 crore GST demand. Additionally, the Cabinet Committee on Security approved a project for 100 K-9 Vajra howitzers, impacting L&T stocks.
Trump's proposed tariffs are expected to significantly impact eurozone growth more than inflation, according to UBS. The effects will vary based on whether EU tariffs are implemented alone or alongside rising tariffs on China, with potential inflation increases in Europe depending on various economic factors. If US tariffs on China lead to a depreciation of the Chinese currency, the resulting lower import costs could mitigate the inflationary effects of European tariffs.
UBS has a positive outlook on the British pound (GBP), Australian dollar (AUD), and Swiss franc (CHF), citing high interest rates and expected monetary easing in the UK and Australia. The firm predicts GBP will rise to 1.35 and AUD to 0.68, while CHF is expected to decline to 0.84 due to narrowing interest rate differentials.In contrast, UBS maintains a neutral stance on the Japanese yen (JPY), forecasting a potential short-term rise to 155 but a medium-term decrease to 145 by 2025. The firm is bearish on the Chinese yuan (CNY), anticipating it will rise to 7.50 amid escalating US-China trade tensions and risks of further depreciation despite efforts to stabilize it.
UBS has a positive outlook on the British pound (GBP), Australian dollar (AUD), and Swiss franc (CHF), citing high interest rates and expected monetary easing in the UK and Australia. The firm predicts GBP will rise to 1.35 and AUD to 0.68, while CHF is expected to decline to 0.84 due to narrowing interest rate differentials.In contrast, UBS maintains a neutral stance on the Japanese yen (JPY), forecasting a potential short-term rise to 155 but a medium-term decrease to 145 by 2025. The firm is bearish on the Chinese yuan (CNY), anticipating it will rise to 7.50 amid escalating US-China trade tensions and risks of further depreciation despite efforts to stabilize it.
UBS is optimistic about the British pound (GBP), Australian dollar (AUD), and Swiss franc (CHF), predicting rises to 1.35 and 0.68 for GBP and AUD, respectively, due to high interest rates. The Swiss franc is expected to benefit from limited interest rate cuts, with a forecasted USD/CHF rate of 0.84.In contrast, UBS remains neutral on the Japanese yen (JPY), anticipating a potential rise to 155 in the short term but a decline to 145 by 2025. The outlook for the Chinese yuan (CNY) is bearish, with expectations of the USD/CNY rate reaching 7.50 by the end of 2025, driven by trade tensions and risks of further depreciation.
El Salvador is set to revise its Bitcoin law, making its use voluntary, as it approaches a $1.3 billion IMF loan deal amid economic pressures. The country has partnered with Argentina to enhance crypto regulation in Latin America, aiming to share expertise and promote innovation in the sector. Despite the shift, El Salvador remains a significant Bitcoin holder, with 5,942 BTC valued at $600 million.
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03:48 16.12.2024
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Identical Brains Studios plans IPO to raise 19.95 crore in December
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10:49 12.12.2024
el salvador revises bitcoin law under imf pressure partners with argentina
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