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President-elect Donald Trump's proposed 25% tariffs on goods from Canada and Mexico are expected to significantly increase aluminum and steel prices in the US. Analysts from Citigroup highlight that Canada and Mexico are major suppliers, with Canada providing about 60% of US aluminum and 25% of steel imports.
The dollar strengthened after President-elect Donald Trump announced plans for additional tariffs on Mexico, Canada, and China, disrupting expectations for a more moderate economic approach. The Bloomberg Dollar Spot Index rose by 0.4%, while the Canadian dollar and Mexican peso fell significantly, with the latter dropping over 2%. In response to the dollar's rise, the People's Bank of China intervened to support the yuan by setting a stronger daily fixing than anticipated.
Allianz Global Investors anticipates a reversal in the dollar's rally early next year, predicting that China will retaliate against Donald Trump's trade tariff threats. Greg Hirt, the firm's chief investment officer, warns that markets may not be ready for such tariffs, which could negatively impact the US economy and hinder further dollar strength.
A hard-fought climate finance deal emerged from the latest COP, marked by significant drama, particularly India's strong objections to how contributions were counted. Article 6 on carbon markets was finally agreed upon after years of discussion, but concerns about credit integrity remain. Brazil is set to lead efforts to increase climate finance from $300 billion to $1.3 trillion ahead of the upcoming Belem COP.
President Claudia Sheinbaum of Mexico indicated that the country might retaliate against Donald Trump's proposed 25% tariffs on goods from Mexico and Canada. She emphasized that cooperation would be a more effective approach to address issues related to migration and illegal drugs, warning of severe economic repercussions from such tariffs.
Equinor's CEO, Anders Opedal, warned that a harsh winter could lead to intense competition for gas between Asian and European consumers, as supply remains tight. While he does not expect the extreme volatility of 2022, he noted that minor market changes could significantly impact prices due to the precarious supply-demand balance.
As global trade faces significant challenges reminiscent of the 1930s, international gangs and organized criminals are thriving. They are capitalizing on the situation by expanding their operations, moving goods across borders, and creating extensive supply chains while hiring talent worldwide.
Foreign institutional investors (FIIs) net bought shares worth Rs 1,158 crore on November 26, following a significant buying spree after 38 sessions of selling. In contrast, domestic institutional investors (DIIs) turned net sellers, offloading Rs 1,911 crore, marking a shift after 13 consecutive buying sessions. Year-to-date, FIIs have net sold Rs 2.83 lakh crore, while DIIs have net bought Rs 5.54 lakh crore in shares.
Hennessy has halted its plan to ship Cognac in vats to China, a strategy aimed at circumventing tariffs. This decision follows a strike by workers at the LVMH label in France, prompting management to suspend the shipments that were set to occur shortly.
The potential for significant currency market volatility looms as President-elect Trump threatens to impose tariffs on Mexico, Canada, and China, with strategists warning that these moves may serve more as negotiation tactics than actual policy. Analysts predict that such tariffs could lead to a stronger U.S. dollar and increased pressure on foreign currencies, particularly the Mexican peso, which could see dramatic shifts in response to tariff announcements. The market anticipates a prolonged negotiation process, with the possibility of retaliatory measures complicating the landscape further.
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