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Business activity in the euro area unexpectedly contracted this month, raising concerns about the region's economic outlook and prompting speculation that the European Central Bank may need to implement more aggressive interest-rate cuts. The euro has fallen to its lowest level since 2022 against the dollar, influenced by weakened purchasing managers' indices for services and manufacturing, alongside political instability in Germany and France and potential tariffs from a future Trump presidency in the US.
Negotiators at COP29 in Baku are striving to finalize a climate finance deal, with the US and EU proposing a $300 billion annual commitment from developed nations, tripling the current pledge. However, developing countries argue that their needs exceed this figure, with calls for at least $1.3 trillion annually by the next decade. Tensions remain high as discussions continue on the roles of major economies like China and Saudi Arabia in funding efforts.
The IMF has approved the third review of Sri Lanka's $2.9 billion bailout, releasing approximately $333 million, which brings total funding to around $1.3 billion. While signs of economic recovery are emerging, the country must still address a $12.5 billion bondholder debt restructuring and a $10 billion debt rework with bilateral creditors, including Japan, China, and India. The World Bank projects a 4.4% growth for Sri Lanka this year, marking the first increase in three years.
The International Monetary Fund (IMF) has approved the third review of Sri Lanka's $2.9 billion bailout package. However, the organization cautioned that the country's economy continues to face significant vulnerabilities.
Wall Street closed higher on Friday, with all three major indexes posting weekly gains, driven by strong business activity data that reached a 31-month high in November. The small-cap Russell 2000 index outperformed, rising 1.8% and 4.3% for the week. In contrast, Alphabet's stock fell 1.7% amid ongoing antitrust concerns.
Scott Bessent, a prominent figure in finance, has pushed for tax reform and deregulation to enhance bank lending and energy production. He noted that the market's rise following Trump's election reflected investor optimism for growth and a revitalized economy. Michael Oliver Weinberg, a former portfolio manager under Bessent, praised him as a sharp investor, likening his foresight to that of George Soros.
The municipal bond market is on track for its seventh consecutive November of gains, driven by strong investor demand despite muted issuance as state and local governments navigate election-related volatility. Long-term muni bond issuance through November 22 reached $23.4 billion, reflecting a 6% decline year-over-year.
Argentina's economy unexpectedly contracted by 0.3% in September, defying economists' expectations of 0.9% growth, as President Javier Milei implements aggressive austerity measures. Year-over-year, economic activity declined by 3.3%, according to government data released on Friday.
Canadian Prime Minister Justin Trudeau has reintroduced a spending strategy as inflation decreases and elections approach, leading to a bond selloff amid expectations of increased growth and a larger deficit. On Thursday, he unveiled a C$6.3 billion tax break and rebate package, which includes a two-month suspension of federal sales tax on various items and a C$250 payment for nearly 19 million Canadians, nearly half the population.
Donald Trump's victory on November 5th sparked a significant rally in the stock market, with the S&P 500 rising 2.5% and the Russell 2000 jumping 5.8% the following day, fueled by expectations of lower taxes and reduced regulation. However, the performance among the largest 3,000 American public companies has been mixed, with some anticipated "Trump trades" underperforming.
GDP Growth & Recession Forecasts
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euro area business activity declines raising concerns for economic outlook
11:00 23.11.2024
us and europe propose 300 billion climate finance deal at cop29
10:10 23.11.2024
IMF approves third review of Sri Lanka bailout amid economic recovery signs
09:26 23.11.2024
imf approves third review of sri lanka bailout amid economic vulnerabilities
06:52 23.11.2024
Wall Street gains as business activity hits 31-month high
05:12 23.11.2024
cott bessent advocates tax reform and deregulation for economic growth
01:18 23.11.2024
municipal bond market poised for seventh consecutive november gain
20:31 22.11.2024
argentina's economy contracts unexpectedly amid austerity measures
20:15 22.11.2024
trudeau unveils tax breaks and rebates ahead of looming election
19:12 22.11.2024
tock market reaction to trump victory shows uneven performance among companies
18:56 22.11.2024
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