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European Central Bank Governing Council member Francois Villeroy de Galhau emphasized the ECB's independence from the Federal Reserve, stating that their policy decisions are made without regard to Fed actions. He noted that the ECB began lowering interest rates in June, ahead of the Fed's cuts, and anticipates further reductions due to declining inflation.
The BJP's decisive victory in Maharashtra's Assembly polls is set to bolster its national influence, allowing the party to navigate parliamentary challenges with greater confidence. As the Winter session approaches, this electoral success provides a stronger political foundation for addressing issues like the ongoing Adani affair, despite the legal complexities involved.
Scott Bessent, selected by Donald Trump as Treasury secretary, advocates for tariffs, a shadow Federal Reserve chair, and potentially a weaker dollar. If confirmed, he will oversee public financing, economic sanctions, and the IRS, while also engaging in international economic diplomacy and facilitating financial market operations. Bessent's role will be pivotal in advancing Trump's agenda, including the renewal of 2017 tax cuts and the easing of financial regulations.
Martin Schlegel, a Swiss central banker, emphasized the need to increase equity at the Swiss National Bank (SNB) to mitigate risks associated with its large balance sheet, which currently stands at CHF840 billion. He indicated that prioritizing capital reserves over profit distributions to the government may lead to no payouts this year, following two years of skipped disbursements after a record loss in 2022. With inflation at just 0.6%, concerns arise about the potential for it to fall below the SNB's target range.
Business activity in the euro area unexpectedly contracted this month, raising concerns about the region's economic outlook and prompting speculation that the European Central Bank may need to implement more aggressive interest-rate cuts. The euro has fallen to its lowest level since 2022 against the dollar, influenced by weakened purchasing managers' indices for services and manufacturing, alongside political instability in Germany and France and potential tariffs from a future Trump presidency in the US.
The IMF has approved the third review of Sri Lanka's $2.9 billion bailout, releasing approximately $333 million, which brings total funding to around $1.3 billion. While signs of economic recovery are emerging, the country must still address a $12.5 billion bondholder debt restructuring and a $10 billion debt rework with bilateral creditors, including Japan, China, and India. The World Bank projects a 4.4% growth for Sri Lanka this year, marking the first increase in three years.
President-elect Donald Trump swiftly appointed many Cabinet members but took his time selecting billionaire investor Scott Bessent as treasury secretary. Bessent, with a background in finance and a Yale education, is expected to help reshape the global trade landscape, implement significant tax cuts, manage national debt, and maintain market confidence. Trump emphasized Bessent's role in driving U.S. competitiveness and addressing trade imbalances while promoting economic growth through energy dominance.
The International Monetary Fund (IMF) has approved the third review of Sri Lanka's $2.9 billion bailout package. However, the organization cautioned that the country's economy continues to face significant vulnerabilities.
US markets are buoyed by optimism surrounding Trump's potential policies, with the MSCI USA equity index up 4.6% this month and 25% year-to-date. Despite geopolitical tensions, investors remain confident, believing that nuclear threats from Russia are bluster and that Trump's return could stabilize the Ukraine conflict. The promise of AI advancements and a resilient market, exemplified by Bitcoin's rise, further fuels this bullish sentiment.
Wall Street closed higher on Friday, with all three major indexes posting weekly gains, driven by strong business activity data that reached a 31-month high in November. The small-cap Russell 2000 index outperformed, rising 1.8% and 4.3% for the week. In contrast, Alphabet's stock fell 1.7% amid ongoing antitrust concerns.
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