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.
At COP29, Namibia is actively seeking oil and gas investments, promoting its potential to double GDP by 2040 through exploration in four basins and partnerships with companies like BW Energy. However, experts caution that reliance on fossil fuels may lead to economic pitfalls similar to those faced by Nigeria and Angola, risking environmental degradation and stranded assets as the world shifts towards clean energy.
The S&P 500 is poised for another significant year in 2025, drawing on historical trends that suggest continued growth. Investors are encouraged to consider past performance as a potential indicator of future market behavior.
A recent survey by Empower reveals that Americans believe an annual salary of $270,000 is necessary to achieve financial success. Additionally, respondents indicated that a net worth of $5.3 million is the benchmark for being considered financially successful.
European Central Bank Governing Council member Mario Centeno indicated that discussions on larger interest rate cuts could occur if economic risks materialize, particularly due to US trade tariffs. He emphasized a preference for gradual and predictable adjustments, though more aggressive measures may be warranted if conditions worsen.
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