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Bank of America Corp. has positioned itself as Wall Street's leading advocate for the pound, forecasting an 8% increase against the dollar by the end of 2025. The bank anticipates the currency will reach 80 pence per euro, its strongest level since the Brexit vote, driven by robust UK growth, fiscal stimulus, and high interest rates.
Vietnam faces the risk of becoming a target for tariffs from the new Trump administration, as its trade surplus with the United States continues to grow significantly. Industry executives and analysts have raised concerns about the implications of this escalating trade imbalance.
Serbia is negotiating with Russia to extend its natural gas supply contract, which is set to expire in March. The country aims to maintain volumes similar to the current agreement with Gazprom PJSC, leveraging its strong relations with Moscow, according to Deputy Prime Minister Aleksandar Vulin.
India's central bank has permitted banks to increase interest rates on deposits from non-resident Indians to attract foreign exchange and mitigate the rupee's decline. This decision comes as the currency has reached new lows, prompting the monetary authority to utilize its foreign-exchange reserves to stabilize its value amid global challenges.
Saxo Bank has unveiled its unconventional predictions for 2025, highlighting scenarios that are unlikely but could disrupt financial markets if they materialize. Among these forecasts, Chief Macro Strategist John Hardy discusses the potential for Nvidia to surpass Apple in value and Donald Trump to significantly weaken the US dollar.
Ghana's ruling party faces potential defeat in the upcoming election despite a $3 billion IMF bailout and public debt restructuring. While the national balance sheet has improved, citizens grapple with a 60% depreciation of the cedi since 2022, soaring living costs, and new taxes impacting businesses.
Donald Trump has appointed former senator David Perdue as ambassador to China, emphasizing his extensive international business experience and ties to the region. This choice contrasts with other national security appointments, suggesting a focus on economic diplomacy rather than traditional approaches. Perdue's past support for trade agreements and his corporate background raise questions about his influence on Trump's aggressive trade policies and relations with China.
India's central bank has maintained the benchmark interest rate at 6.50% while revising its GDP growth forecast for fiscal year 2025 down to 6.6% from 7.2%. Rising inflation, which hit a 14-month high of 6.21%, and a slower-than-expected economic growth of 5.4% in the July to September period have complicated the RBI's efforts to balance growth and inflation. Despite calls for lower borrowing costs from government officials, the RBI chief has ruled out immediate rate cuts, citing risks to the economy and currency stability.
Ursula von der Leyen has moved to finalize a controversial trade deal with the Mercosur bloc, a move that has sparked outrage in France, which opposes the agreement. As tensions rise within the EU, the bloc faces challenges in forming a unified response to external pressures, including a potential trade war with China.
Indian benchmark indices, Sensex and Nifty 50, are expected to open flat to positive on December 6, following GIFT Nifty's performance. On December 5, the market closed higher, with the Sensex rising by 809.53 points to 81,765.86 and Nifty gaining 240.95 points to 24,708.40, marking a fifth consecutive session of gains.
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