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The number of billionaires has surged by 50% over the past decade, with their total wealth reaching $14 trillion, driven largely by tech advancements. A UBS survey reveals that 40% plan to invest in real estate and safe havens like gold, reflecting concerns over geopolitical risks and stock market valuations. Notably, 31% intend to increase cash reserves, indicating a cautious approach amidst economic uncertainties.
Gold prices are attempting to recover after hitting a two-week low, needing to close above $2650 for a sustained upward move. Meanwhile, WTI crude oil has fallen back to $68 after a failed rally, with potential declines targeting $66.60 and September's low at $64.80. Natural gas prices also dropped after a brief recovery, facing pressure that could lead to October lows at 2640.
The FTSE 100 has reached a six-week high of 8389, nearing the October peak of 8397, with potential to target 8500 if it surpasses recent highs. The DAX 40 is on track for its seventh consecutive gain, finding minor support around 20,264, while the S&P 500 has hit a new record high of 6094 ahead of US employment data, with resistance at 6107 and support at 6026.
In 2025, market growth is anticipated, particularly in U.S. equities, driven by lower interest rates and advances in artificial intelligence, with the S&P 500 projected to reach 6,600 points. However, risks such as tariffs and potential stagflation loom, necessitating careful monitoring of central bank policies. Italy's GDP is expected to slow, contrasting with stronger growth forecasts for Spain and India.
VPBank has partnered with Thế Giới Di Động to implement a payment agency model, encouraging users to update their biometrics and identification documents. Customers can win an iPhone 16 Promax and other prizes worth up to 7 billion VND. Starting January 1, 2025, banks will cease transactions with customers who do not comply with new regulations.
UBS Group AG (NYSE:UBS) saw a 17.5% increase in shares held by Quantinno Capital Management LP in Q3, with other institutional investors also adjusting their stakes. The bank reported a quarterly EPS of $0.43, exceeding estimates, and has a current "Hold" rating from analysts, with some upgrading it to "Buy." UBS's stock is trading at $32.79, with a market cap of $105.14 billion and a 12-month high of $33.34.
India is set to see a significant increase in billionaire entrepreneurs over the next decade, driven by rapid urbanization, digitalization, and expanding manufacturing capabilities, similar to China's growth until 2020. The number of Indian billionaires has more than doubled in the past decade, reaching 185, with their collective wealth tripling to USD 905.6 billion. Family businesses play a crucial role in this economic transformation, with India ranking third globally in publicly listed family-owned businesses, contributing to diverse sectors including pharmaceuticals, edtech, fintech, and food delivery.
UBS's emergency takeover of Credit Suisse in March 2023, authorized by the Federal Council without parliamentary approval, is under scrutiny by the Parliamentary Investigation Committee (PUK). The upcoming report will assess the legality of the takeover and the actions of the involved authorities, potentially leading to regulatory changes affecting UBS. Criticism has emerged regarding the rapid decision-making process and the lack of transparency from officials prior to the merger.
Bitcoin has surged back above $100,000, driven by investor optimism for a crypto-friendly US government and expectations of interest rate cuts by the Federal Reserve. The latest jobs report, showing 227,000 non-farm payrolls, has fueled these hopes, despite a slight rise in the unemployment rate to 4.2%. As Bitcoin approaches this milestone, increased volatility is anticipated, with speculators eager to capitalize on potential gains.
India is set to see a significant increase in billionaire entrepreneurs over the next decade, driven by rapid urbanization, digitalization, and expanding manufacturing capabilities, according to a UBS report. The number of Indian billionaires has more than doubled in the past ten years, with their collective wealth tripling to USD 905.6 billion. Family businesses, which are among the highest globally, have played a crucial role in this economic transformation, contributing to growth across various sectors including pharmaceuticals, edtech, and fintech.
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