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India is unlikely to import Shinkansen bullet trains from Japan due to stalled price negotiations and changes in project norms. Instead, the focus has shifted to a Make-in-India approach, with a contract awarded to BEML Ltd and Medha Servo Drives in September 2024. Ongoing discussions with Japan have not reached a consensus on pricing or test run timelines, complicating the project further.
Hungary has expressed concerns that US sanctions on Gazprombank threaten the energy security of Central Europe, potentially increasing the risk of a Russian gas cutoff. Foreign Minister Peter Szijjarto described the sanctions as an "attack on our sovereignty" and is consulting with energy ministers from Turkey, Azerbaijan, Bulgaria, and Serbia in Istanbul.
The election of Donald Trump is prompting European officials to reconsider their reliance on U.S. space cooperation, with calls for increased investment in European space capabilities. Concerns about potential cuts in German space spending and the need for autonomy are driving discussions on enhancing Europe's space industry, especially in light of upcoming elections and geopolitical challenges.
Turkey's central bank has increased reserve requirements for short-term lira deposits from 15% to 17% to reduce excess liquidity and enhance the effectiveness of its monetary policy. Additionally, the reserve ratio for banks' foreign-exchange liabilities in lira has been lowered from 5% to 4%.
Kenya plans to draw down a $1.5 billion loan from Abu Dhabi in tranches to comply with borrowing limits set by an International Monetary Fund program. The initial access is expected to be around $700 million at the beginning of 2025, with the remaining funds disbursed later, subject to changes in timelines.
Europe's economy faced another setback in November, as surveys indicated a downturn. Amidst this, the Bank of England is preparing for a potential 25 basis point rate cut, influenced by ongoing political uncertainties, including the implications of a possible Trump trade war that could severely impact European markets.
In a notable shift in diplomatic relations, President Joe Biden greeted Mohammed bin Salman with a fist bump in July 2022, despite previously labeling Saudi Arabia a "pariah" over the Khashoggi murder. This change reflects the growing importance of Saudi oil amid rising prices, highlighting a strategic pivot in U.S.-Saudi ties.
The dollar is poised for its longest streak of weekly gains in over a year, driven by rising geopolitical tensions that have heightened demand for the safe-haven currency. The Bloomberg Dollar Spot Index surged by 0.7% on Friday, reaching its highest level in two years, marking an eighth consecutive week of increases, the longest rally since September 2023.
Bank of America strategists are monitoring the Nasdaq 100's relative pricing against the S&P 500, which is nearing a critical level that could signal a shift away from US equities. A drop below this threshold may prompt investors to reconsider their positions in US tech stocks and the dollar, indicating a potential end to "US exceptionalism" trades.
The Reserve Bank of India (RBI) has reportedly instructed certain lenders to reduce speculative bets against the rupee. This marks a shift from previous years, as the RBI had not mandated banks to cut their positions, despite earlier restrictions on adding long positions on the dollar-rupee.
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