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French bond risk has surged to a one-month high amid concerns over budget negotiations and an upcoming sovereign rating review. The premium investors require to hold French debt over German bonds has increased daily, nearing the 80 basis-point mark seen during the political uncertainty following June's snap election.
Turkey's central bank has maintained its benchmark interest rate at 50% for the eighth consecutive month, signaling that a rate cut may be on the horizon due to a slowdown in inflation. The decision aligns with predictions from analysts surveyed by Bloomberg.
Yannis Stournaras, a member of the European Central Bank's Governing Council, advocates for reducing borrowing costs at every meeting until reaching a neutral rate, estimated to be around 2%. He emphasizes that this approach aligns with current inflation and economic conditions.
The 10-year Treasury yield fell to 4.390% as investors await key economic data and speeches from Federal Reserve officials. The market is closely watching developments in the Russia-Ukraine conflict and potential Treasury secretary candidates under President-elect Donald Trump. Upcoming data includes jobless claims and the Philadelphia Fed manufacturing index, while Fed officials express concerns about inflation progress.
Morgan Stanley CEO Ted Pick expressed optimism about the stock market, predicting continued U.S. economic outperformance into 2025, driven by strong corporate balance sheets and consumer spending. While acknowledging potential risks from policy uncertainty and inflation, he remains constructive on sectors like financials and industrials. Pick also highlighted the importance of U.S.-China economic cooperation amid geopolitical tensions and proposed tariffs.
UK day-ahead power prices have increased for a second consecutive session, driven by a cold snap that has heightened demand for heating. With wind generation expected to decline significantly, over-the-counter prices for baseload power have risen by as much as 3.4%, according to broker data.
Bank of Japan Governor Kazuo Ueda indicated that the upcoming monetary policy meeting in December will feature a live discussion on the possibility of raising interest rates. He emphasized the unpredictability of the meeting's outcome, noting that significant data will emerge in the month leading up to it.
Bitcoin has surged 117% this year, significantly outpacing Ethereum's 37% growth, leading to speculation about a necessary correction. With rising US interest rates and a strong dollar, a pullback to the $75,000-$80,000 range seems plausible, especially amid uncertainties surrounding Fed rate cuts post-election.
India's central bank is actively working to maintain currency stability to protect the economy from global financial risks and spillovers. This approach aims to ensure financial stability amid increasing international uncertainties.
UK government borrowing in October reached £17.4 billion, significantly exceeding the £13.3 billion forecast by economists, marking the second-highest deficit for the month on record. This brings total borrowing for the first seven months of the fiscal year to £96.6 billion, which is £1.1 billion higher than the same period last year.
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