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European stocks opened higher, with the Stoxx 600 index up 0.5%, led by gains in household goods and autos. In Asia-Pacific, Australia's S&P/ASX 200 reached a record high, while Japan's Nikkei rose 1.3%. Meanwhile, Atos received a non-binding offer from the French government for its advanced computing activities, and UniCredit proposed acquiring Banco BPM for about €10 billion.
AUD/USD rose to 0.6525, buoyed by stabilizing commodity prices and the appointment of Scott Bessent as US Treasury secretary by President-elect Trump. The US dollar weakened against several currencies, while upcoming economic events include the October CPI release and a speech by RBA Governor Michelle Bullock. Recent Australian inflation data showed a slight decline, with expectations for the October CPI to rise by 2.3% YoY, amid ongoing government cost-of-living rebates.
SG Fleet's share price surged nearly 21% following an indicative M&A proposal, sparking investor speculation about a potential bidding war. The innovative vehicle leasing sector is thriving, driven by government incentives for electric vehicles, though future growth may be hindered by regulatory changes. Current shareholders face a strategic decision to hold or trim their positions amid market volatility and the nature of the private equity bid.
Asian indices are rising, buoyed by Wall Street's optimistic close and a decline in the US dollar. The Nikkei, ASX, and KOSPI have all posted gains, supported by strong US PMI data and President-elect Trump's Treasury Secretary nomination, which may enhance market sentiment.The US dollar's recent gains may be reversing, potentially allowing Asian markets to continue their upward trend. The upcoming US core PCE price index will be crucial in determining future rate expectations, as inflation remains a key concern.
UBS Global Wealth Management anticipates a positive outlook for US equities in 2025, driven by resilient growth and lower interest rates, with a focus on tech, utilities, and financial sectors. The firm also sees opportunities in AI-linked semiconductors and emphasizes the potential of diversified exposure to Asia, particularly India and Indonesia, amid geopolitical tensions. Additionally, UBS GWM projects the S&P 500 could reach 6,600 by year-end 2025, while gold is expected to hit new highs due to ongoing economic uncertainties.
A recent climate summit revealed tensions between rich nations and vulnerable island states, with a $300 billion climate proposal leaving many feeling abandoned. As China solidifies its dominance in clean energy, poorer countries express frustration over insufficient funding commitments, particularly as the U.S. faces a new political era.
A contentious climate summit has resulted in a $300 billion deal, with representatives from endangered island nations expressing frustration over the lack of substantial support from wealthier countries like the U.S., China, U.K., and Australia. The proposal includes a call for rich nations to contribute $250 billion annually to assist poorer countries, amid uncertainties about financing commitments, especially with a potential shift in U.S. leadership. Meanwhile, a coalition of countries, including the EU, Canada, and Mexico, is moving forward with ambitious greenhouse gas reduction targets by 2035, despite the challenges faced at COP29.
Developed countries are reportedly willing to increase their climate finance offer to $300 billion annually by 2035, up from a previous $250 billion, though this remains below the $390 billion proposed by Brazil. Meanwhile, a decision on the location for COP31 in 2026 is stalled between Australia and Turkiye, with both nations vying to host the summit.
Brisbane experienced a rainy week, forcing reliance on grid power, but solar energy is back as the sun shines. Australia has made progress in renewable energy, reducing emissions by 30% since 2015, with a target of 82% renewable electricity by 2030. AGL is expanding its renewable projects, including significant battery storage, as the country transitions away from coal.
Chinese electric vehicle sales surged, with 53% of new auto sales being plug-in vehicles in October, led by BYD. Solid-state battery advancements were highlighted, including new factories from Chery and Honda. Tesla expanded into the Philippines, while Hyundai unveiled the IONIQ 9, expected to be a hit in the US market.
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