A potential clash between JD Vance and Elon Musk is anticipated, with significant implications for the stock market and the future of American technology. Vance opposes big tech and advocates for decentralization, while Musk supports a technopolitical merger with government, reflecting a broader ideological battle in the post-Trump era. The outcome could reshape the dominance of tech giants and influence equity markets, particularly the Nasdaq.
Swiss banks are gearing up for the implementation of "Basel III Final" by January 1, 2025, which will significantly alter credit pricing and capital requirements. The output floor will increase capital needs for top-rated residential mortgages, potentially raising costs by 20 basis points for prime loans. This regulatory shift necessitates strategic adjustments in pricing and risk management for banks to remain competitive in the evolving credit market.
The upcoming US presidential election is poised to significantly impact the multilateral system, particularly the UN, where American influence has waned. Both candidates, Trump and Harris, have not prioritized multilateralism, with Trump likely to continue his previous cuts to UN funding and Harris expected to maintain Biden's cautious approach. This trend raises concerns about the UN's effectiveness and the potential for non-Western powers, like China, to fill the void left by the US.
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