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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
In 2024, the Dow Jones has surged nearly 18%, surpassing 40,000 for the first time in over three years, reaching 44,000 following Donald Trump's re-election. With 50,000 now in sight, historical trends suggest that record highs often lead to further gains, driven by strong earnings growth in the US economy. Investors are advised to focus on risk management rather than getting fixated on round numbers.
The DAX 40 reached a record high of 19,929.08 on December 1, despite weak economic indicators, including a declining ifo business climate index and a contraction in the services PMI. This surge occurs amid predictions of a 0.2% GDP contraction for Germany in 2024, raising concerns about a potential recession. While the index has gained 18% year-to-date, traders are advised to remain cautious due to overbought conditions and ongoing political and economic challenges in Europe.
EUR/USD, EUR/GBP, and GBP/USD remained stable following quiet Thanksgiving trading, with attention shifting to Friday’s Non-Farm Payrolls. EUR/USD is trading in a tight range above its November low of $1.0333, while EUR/GBP faces minor resistance at the 55-day SMA of £0.8345. GBP/USD's recovery from a six-month low at $1.2488 has lost momentum, currently at $1.275, with support noted at $1.2597.
The FTSE 100 remains in a sideways trend, trading below its November high of 8319 but above the 55-day SMA at 8231, with resistance expected between 8326 and 8372. The DAX 40 is close to its all-time high, having reached 19,681, just below the October record of 19,683, with potential support around 19,566 to 19,547. Meanwhile, the Nasdaq 100 is experiencing low volatility post-Thanksgiving, with resistance at 21,003 and support around 20,744 to 20,753, while the uptrend line at 20,655 may provide further support if needed.
EFG International has appointed Demis Stucki as its new COO, succeeding Martin Freiermuth, who has stepped down. Ioanna Archimandriti, the global head of HR, has also joined the executive committee. Both will report to CEO Giorgio Pradelli, focusing on operational efficiency and talent retention to drive sustainable growth.
UBS has revised its lithium market outlook, predicting a shift towards increased demand in 2025, with global demand expected to grow by 18% to 1.5 million tons LCE. Despite a surplus in 2024 leading to price declines, supply growth is anticipated to slow, particularly in China and Australia, as production curtailments take effect. The firm has raised its price targets for spodumene while maintaining a cautious stance on potential price surges due to the possibility of resumed production.
Credit Suisse has begun relocating its offices in Ticino, with the first major move occurring in Bellinzona, where customer-facing employees have transitioned to the UBS building. The Credit Suisse branch on Viale Stazione has closed, and further consolidations are planned for Locarno, Chiasso, and Lugano in the coming months. The Credit Suisse building in Lugano will undergo renovations to become a flagship branch for international clients, while the future of its properties in Chiasso and Locarno is under evaluation.
UBS has revised its lithium market outlook, predicting a shift from surplus to equilibrium by 2027-28 due to production cuts and project delays. The bank forecasts an 18% increase in global lithium demand to 1.5 million tons in 2025, while supply growth is expected to slow to 15% year-on-year. UBS has raised its spodumene price forecasts for 2025 and 2026, but remains cautious about potential price increases due to the possibility of reactivating curtailed production.
US growth has outperformed expectations due to fiscal policy and strong consumer spending, but this may wane as fiscal support diminishes and immigration slows. In contrast, Europe could see improvement with aggressive ECB cuts and potential fiscal expansion in Germany and China. The tech sector's dominance, particularly among the "Magnificent Seven," raises concerns over high valuations and declining earnings surprises, while increased capital expenditure on AI poses uncertainty about future monetization. Antitrust actions could also challenge the current low-competition environment benefiting these tech giants.
T-Mobile US CEO Mike Sievert will present a business update at the UBS Global Media and Communications Conference on December 9, 2024, at 12:45 p.m. ET. The presentation will be available via live webcast on T-Mobile's Investor Relations website, with an on-demand replay following the event. T-Mobile operates through brands including T-Mobile, Metro by T-Mobile, and Mint Mobile, offering advanced 4G LTE and nationwide 5G network services.
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