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With hours left in UN climate talks in Baku, negotiations are faltering over climate finance, as developing nations demand trillions while wealthy countries offer only hundreds of billions. The presidency's inexperience has led to a divisive text, risking a collapse reminiscent of past failed summits. As global tensions rise, the urgency for a viable agreement grows, with many fearing that a weak deal could exacerbate existing inequalities.
The euro has dropped to its lowest level since November 2022, trading at $1.0335, as traders anticipate aggressive interest rate cuts from the European Central Bank to support the economy. This decline follows disappointing data indicating a contraction in business activity in the region's largest economies, with the likelihood of a half-point rate cut next month rising to nearly 60%.
Pierre Moscovici, head of France’s state auditor, emphasized the need for political stability to address the country's significant budget deficit. He cautioned against a snap presidential election before Emmanuel Macron's term concludes in 2027, highlighting the urgent requirement for a clear strategy to reduce debt and deficit.
Elon Musk has dismissed a fictional "to-do list" featured on the cover of TIME magazine, clarifying he had no role in its creation. The list included goals like flying to Mars and slashing $2 trillion from the U.S. budget, which Musk reiterated as part of his mission to make humanity a multiplanetary species. He also noted his recent appointment as an adviser for the Department of Government Efficiency in Trump's upcoming presidency.
Germany's government collapsed amid disputes over the debt brake, a constitutional fiscal rule limiting government debt. Chancellor Olaf Scholz's push for reform clashed with former Finance Minister Christian Lindner's strict adherence to the rule, leading to early elections in February. As the new coalition forms, debates on the future of the debt brake and potential fiscal reforms are expected, with varying opinions on the necessity and extent of changes.
Markets surged mid-day, with the Sensex climbing 1,025.48 points to 78,181.27 and the Nifty gaining 324.90 points to 23,674.80, driven by strong performances in realty, banking, and IT sectors. Despite challenges like the Russia-Ukraine war and a prolonged selling streak by FIIs, the overall market sentiment remains positive, reflecting a correction rather than a crash.
Brian Arcese, portfolio manager at Foord Asset Management, suggests that a market correction could be healthy if U.S. economic growth and earnings stall, particularly given the high valuations of the S&P 500. He identifies potential catalysts for this correction, including slowing GDP growth and rising inflation, alongside high corporate earnings expectations. Arcese notes that while utilities remain relatively undervalued, the demand for electricity driven by data centers and AI growth presents investment opportunities.
Billionaires Elon Musk and Vivek Ramaswamy propose drastic deregulation and eliminating remote work to help reduce the growing American bureaucracy and save money. With federal employee numbers rising to nearly 2.4 million, the U.S. now spends more on debt interest than on defense, highlighting the urgent need for fiscal reform.
The French Social Security deficit for 2025 has been revised down from 16 billion to 15 billion euros following Senate amendments, according to Health Minister Geneviève Darrieussecq. Key measures include a new "solidarity contribution" expected to generate 2.5 billion euros, alongside increased taxes on tobacco and soft drinks. However, the Senate also approved less favorable revenue measures, impacting employer contributions and local civil servant pensions, with further debates on expenditure still pending.
The Indian economy is projected to have slowed to a six-quarter low of 6.5% in Q2 of FY25, down from 6.7% in the previous quarter, according to a Moneycontrol poll of 11 economists. Contributing factors include muted government spending, declining merchandise exports, and subdued quarterly results. In contrast, the economy had grown by 8.1% in the same quarter of FY24.
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climate talks in baku face collapse over funding disagreements and tensions
United States Dollar
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World Bank
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Andreas Siebert
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09:53 22.11.2024
euro hits two year low as rate cut bets rise sharply
09:44 22.11.2024
france requires political stability to address budget deficit issues
09:09 22.11.2024
Elon Musk dismisses TIME magazine's fictional to-do list and outlines goals
08:52 22.11.2024
germany faces early elections amid debt brake tensions and coalition collapse
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08:40 22.11.2024
markets rally as sensex gains over 1000 points amid positive sentiment
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07:54 22.11.2024
market correction anticipated as earnings growth and economic indicators slow
07:18 22.11.2024
billionaires propose drastic measures to reduce us government spending
06:30 22.11.2024
French Senate reduces social security deficit by one billion euros
06:27 22.11.2024
Indian economy slows to six-quarter low of 6.5 percent in Q2
06:04 22.11.2024
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