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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.
Japan plans to resume trade discussions with President-elect Donald Trump, focusing on the elimination of tariffs on cars and auto parts. This agenda aligns with a previous agreement made during Trump's first term, which allowed US farmers better access to the Japanese market while Japan avoided additional tariffs on its auto exports to the US.
Asian equities dipped as investors awaited US jobs data. Meanwhile, the yen remained stable after experiencing fluctuations against the dollar, following a record increase in base salaries for regular workers in Japan.
India has surpassed China in attracting clean technology investments, completing deals worth approximately $2.4 billion in the third quarter, significantly outpacing China's figures. This surge is fueled by India's commitment to enhancing local clean energy capacity and the potential to become a technology exporter, highlighting the sector's strong appeal to investors.
Macquarie has identified its top investment picks for 2025, focusing on markets in Korea, Japan, and Hong Kong. Each of these selections is projected to deliver over 50% upside, highlighting significant growth potential in these regions.
India's steel imports from China have reached a record high, worsening the financial struggles of local steel producers who face competition from cheap Chinese products and declining domestic prices. Despite strong demand fueled by rapid economic growth and increased infrastructure spending, the influx of stainless steel, hot-rolled coils, and other grades from China poses significant challenges for the Indian market.
The long-standing belief that a weak yen benefits Japanese stocks is fading as the correlation weakens amid differing global monetary policies. Since a significant drop in summer, the Topix index has remained stagnant, despite the yen fluctuating between a 14-month high and a near 38-year low.
Megan Greene, a rate-setter at the Bank of England, cautioned that high mortgage rates will continue to hinder UK consumer spending recovery. She highlighted a significant contrast in consumer behavior post-pandemic, noting a spending surge in the US that has not yet materialized in the UK or continental Europe.
Italy's economy is expected to grow significantly less than previously forecasted, with a Finance Ministry official indicating a likely expansion of only 0.5% in 2024, aligning with Istat's revised projections. The government's current growth estimate stands at 1%, while Istat has reduced its target from 1.1% to 0.8%.
President Vladimir Putin has lifted the requirement for payments for Russian natural gas to be made through Gazprombank, allowing European buyers to use other banks. This move alleviates concerns over US sanctions potentially disrupting gas supplies to Europe, leading to a 2.3% drop in European benchmark prices.
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