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SYMBOL
LAST
BID
ASK
HIGH
LOW
NET CHG.
%CHG.
SPREAD
SPX
S&P 500 Index
6857.13
6857.13
6857.13
6865.94
6827.13
+7.41
+ 0.11%
--
DJI
Dow Jones Industrial Average
47850.93
47850.93
47850.93
48049.72
47692.96
-31.96
-0.07%
--
IXIC
NASDAQ Composite Index
23505.13
23505.13
23505.13
23528.53
23372.33
+51.04
+ 0.22%
--
USDX
US Dollar Index
98.850
98.930
98.850
98.980
98.840
-0.130
-0.13%
--
EURUSD
Euro / US Dollar
1.16572
1.16579
1.16572
1.16590
1.16408
+0.00127
+ 0.11%
--
GBPUSD
Pound Sterling / US Dollar
1.33448
1.33459
1.33448
1.33472
1.33165
+0.00177
+ 0.13%
--
XAUUSD
Gold / US Dollar
4224.16
4224.57
4224.16
4229.22
4194.54
+16.99
+ 0.40%
--
WTI
Light Sweet Crude Oil
59.300
59.337
59.300
59.469
59.187
-0.083
-0.14%
--

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Iw Institute: German Economy Faces Tepid Growth In 2026 Due To Global Trade Slowdown

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Stats Office - Seychelles November Inflation At 0.02% Year-On-Year

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[Market Update] Spot Silver Prices Rose 2.00% Intraday, Currently Trading At $58.27 Per Ounce

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S.Africa's Gross Reserves At $72.068 Billion At End November - Central Bank

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[Market Update] Spot Silver Broke Through $58/ounce, Up 1.56% On The Day

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Dollar/Yen Down 0.33% To 154.61

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Kremlin Says No Plans For Putin-Trump Call For Now

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Kremlin Says Moscow Is Waiting For USA Reaction After Putin-Witkoff Meeting

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Cctv - China, France: Say Both Sides Support All Efforts For A Ceasefire, Restore Peace According To Intl Law

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[Chinese Ambassador To The US Xie Feng Hopes Chinese And American Business Communities Will Focus On Three Lists] On December 4, Chinese Ambassador To The US Xie Feng Delivered A Speech At The China-US Economic And Trade Cooperation Forum Jointly Hosted By The China Council For The Promotion Of International Trade And The Meridian International Center. Xie Feng Said That In November 2026, China Will Host The APEC Leaders' Informal Meeting For The Third Time In Shenzhen, Guangdong Province. In December 2026, The United States Will Also Host The G20 Meeting. Regarding How Chinese And American Business Communities Can Seize These Opportunities, He Suggested Focusing On Three Lists: First, Continue To Expand The Dialogue List; Second, Continuously Lengthen The Cooperation List; And Third, Constantly Reduce The Problem List

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India's Nifty Financial Services Index Extends Gains, Last Up 0.75%

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Eni : Jp Morgan Cuts To Underweight From Overweight

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Cctv - China, France: Signed Protocol On Sanitary, Phytosanitary Requirements For Export Of French Alfalfa Grass

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India's NIFTY IT Index Last Up 1.3%

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India's Nifty 50 Index Rises 0.35%

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Israel Sets 2026 Defence Budget At $34 Billion

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Russia Says Azov Sea's Port Of Temryuk Damaged In Ukrainian Attack

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Israel's Defense Budget For 2026 Will Be 112 Billion Israeli Shekels - Defense Minister Office

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One India Rate Panel Member Ram Singh Was Of View That Stance Should Be Changed To 'Accommodative' From 'Neutral' - Monetary Policy Committee Statement

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Reserve Bank Of India Chief: Will Continue To Meet Productive Needs Of Economy In Proactive Manner

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          Transforming the Public Sector Workforce

          Brookings Institution

          Economic

          Summary:

          How states are catalyzing awareness to drive action for workers without bachelor’s degrees.

          Over the past two years, there has been considerable momentum around “tearing the paper ceiling”—that is, removing unnecessary degree requirements from public and private sector jobs. This seemingly small act of changing a job’s minimum requirements can have a tremendous impact, unlocking half of the nation’s workforce for in-demand roles across the country.
          Among those who have joined the skills-based talent movement, the public sector has been particularly enthusiastic, especially at the state level. With 25 states now taking this decisive step in the past two years alone, many question what impact has resulted from these actions. Our recently published analysis reveals signs of progress: clear increases in public awareness about skills-based hiring and workers “skilled through alternative routes” (or “STARs”); sizable shifts in job posting behavior signaling openness to new sources of talent; and a demonstration of the groundwork necessary to shift behavior in a case study of Colorado.
          The pace of this policy change matches a marked shift in awareness of the issue. A National Skills Coalition poll shows almost 60% of U.S. voters perceive jobs with unnecessary degree requirements to be a significant challenge facing workers today. Our own tracking of public opinion reveals a similar trend, as awareness of the “paper ceiling” and the associated degree barriers, stereotypes, misconceptions, and lack of professional networks have increased 50% over the past year. Awareness of STARs as a vast, overlooked, diverse, and skilled workforce has grown at almost the same rate.
          Public sector actions in both red and blue states are shifting in response. Across the 25 states that began a journey to bring more STARs into their workforces more than two years ago, our analysis of executive orders and legislation reveals the potential for these public sector leaders to open more than 500,000 jobs to workers without a bachelor’s degree. This signal of their intentions to consider a broader talent pool is critical, as STARs have lost access to almost 7.5 million middle- and high-wage job opportunities in the past two decades, in roles such as secretaries, human resource assistants, customer service representatives, computer support specialists, medical diagnostic technicians, and more.
          Further, when we looked at the 18 states that took executive or legislative action on degree requirements at least a year ago, we find that in the 12 months following their commitment, 7% more middle- and high-wage state jobs—or 3,950 additional job postings—became open to workers without four-year degrees.
          Transforming the Public Sector Workforce_1
          These shifts cover a wide range of jobs, including financial managers, human resources, and health technologists, which are critical, in-demand roles that offer economic mobility opportunities to STARs. These roles also typically required degrees prior to the state’s action, illustrating that states are making good on their pledges to open more roles to STARs. Even more promising is that these are precisely the jobs for which STARs are gaining skills in their current lower-wage jobs; as such, state actions can shift access and expand opportunities for STARs to move into higher-wage jobs at scale.
          Still, state leaders recognize that the work is just beginning in fully implementing the intent of their skills-based policies. As states take organizational action, they remain eager to learn from one another, receive technical assistance to improve their practices, and encourage support from hiring managers for implementation. In response to this need, a coalition of state governments comprising the Transformers of the Public Sector cohort began work this month to break down barriers to public sector employment. Over the course of 12 months, the cohort—consisting of leaders from Arizona, California, Colorado, Connecticut, and Louisiana—will be provided with group technical assistance, individual coaching sessions, and peer-to-peer learning opportunities led by Opportunity@Work in partnership with ​​the Volcker Alliance. As part of the work, these state leaders will investigate current behaviors, test new approaches, and learn from their interventions. By this time next year, we’ll have qualitative and quantitative evidence of what works, where, and why. We will also have a sense for what progress can look like in a one-year timeframe in the public sector, which will inform how we support the implementation of similar actions in other states across the country.
          Since public sector employment accounts for over 15% of the U.S. labor force, the actions of public sector leaders directly influence the economic mobility of the labor force at-large. Removal of degree requirements from public sector jobs is a critical first step to ensure our public sector workforce represents the community it serves, and to show other employers across the labor market what could be possible. This is not the first time the public sector has led the way to open access to employment in the U.S., and if progress continues, the private sector will follow suit. As such, we must continue to ask how we might transform the next generation of the American workforce by anchoring​ hiring and promotion decisions​ on workers’ current skills and talents, regardless of where or how they acquired them.
          To stay updated on all economic events of today, please check out our Economic calendar
          Risk Warnings and Disclaimers
          You understand and acknowledge that there is a high degree of risk involved in trading. Following any strategies or investment methods may lead to potential losses. The content on the site is provided by our contributors and analysts for information purposes only. You are solely responsible for determining whether any trading assets, securities, strategy, or any other product is suitable for investing based on your own investment objectives and financial situation.
          Add to Favorites
          Share

          Sustainable Strategies in Spain: Pathways Forward

          BNP PARIBAS

          Economic

          The trends in the sustainable debt market and the importance of achieving a balance between decarbonisation and competitiveness were some of the topics addressed by corporates, investors and ESG experts at the BNP Paribas Sustainable Future Forum (SFF) in Madrid.
          Regulation took centre stage in the SFF agenda. ‘It is now essential to analyse which economic activities are receiving the investment they need and which are under-invested to close the investment gap,’ explained Helena Viñes, Chair of the European Commission’s Sustainable Finance Platform and member of the Board of Directors of the Spanish Securities Market Commission (CNMV). Viñes stressed that there is the need to identify which sectors are fundamental to reach net zero, as well as the technologies to be developed. Viñes also noted that ‘studies show a correlation between levels of alignment with the taxonomy and performance in financial markets’.

          Sustainable debt is a key instrument for corporate strategies

          According to Bloomberg EMEA corporate sustainable issuance (as of 8 November 2024), the market volume has been consolidated over the past four years. This means that one in four euros of corporate bonds in the region correspond to a sustainable bond issuance. A much higher level than in 2019, which was less than one in ten euros. For the EMEA syndicated loan market during the first nine months of the year, one in five euros correspond to a loan linked to sustainability, according to Dealogic 9M 2024.
          The issuance of sustainable debt is used by companies to support decarbonisation, as some of the speakers pointed out. Redeia initiated its sustainable financing strategy in 2017. ‘Since then, the company has committed to reaching 100% sustainable financing by 2030’, referenced Tomás Gallego, Redeia’s Financial Director.
          Sustainable debt is also a fundamental tool in the strategies of institutional investors as evidenced by Cristina Álvarez, Director of SRI at Caixabank Asset Management: ‘having investment options in sustainable fixed income products is crucial’.
          Speakers also stated that regulation and taxonomy are fundamental for transparency, communication, and homogenisation of information, facilitating the creation of a working framework between the areas of finance and sustainability within a company.
          ‘Using European standards when issuing green bonds provides security and the certainty of knowing that it is 100% taxonomy. In fact, it seems that many issuers are planning to report their percentage of alignment, even if it is lower than the percentage established by the standard, which will be very well received by investors,’ explained Helena Viñes.

          The role of biodiversity for corporates

          ‘Biodiversity is becoming an increasingly important lever for fully embedding sustainability into our business strategy’, as mentioned Sara Peña, Corporate Sustainability Director at Zelestra. Peña also highlighted that ‘our sustainable financing is currently linked to environmental and social objectives, but we are seeking to incorporate biodiversity goals with a more local sense’.
          Regarding the measurement of diversity and the need to develop homogenous metrics, Penelope Peron, Senior Associate ESG & Climate Consultant at MSCI, noted that ‘biodiversity metrics are less developed than climate metrics. While land-based metrics, such as those we have at MSCI like PDF and MSA, are improving, marine metrics remain a significant challenge due to monitoring complexities’.

          The economic cost of climate policies

          Mario Draghi’s recently published report on the Future of European Competitiveness underscores the potential of decarbonisation as an opportunity for Europe. However, the report emphasizes that without a coherent strategy to meet climate targets, decarbonisation risks undermining competitiveness and growth. One of the primary recommendations of the report is the establishment of a synchronised decarbonisation and competitiveness plan, which is essential for fostering sustainable economic growth.
          Lara Lázaro, researcher at the Elcano Royal Institute, pointed out that ‘the geopolitical and economic context has changed with respect to the one we had in 2019, with some sectors such as agriculture asking for less regulation and others such as renewable energies requesting an acceleration of permits’. In spite of this, Lázaro noted that the European Green Deal continues to be the guiding star of policy in the EU, ‘although some flexibility may be considered in certain dossiers, to strike a balance between decarbonization, competitiveness and energy security’.
          ‘The Draghi Report suggests developing asymmetric strategies for industry’, as Lara Lázaro explained. ‘It advocates for a differentiated strategy depending on the cost differential between the EU and its competitors (in e.g. photovoltaic solar panels, batteries, hydrogen, heat pumps, etc.)’, she concluded.
          In conclusion, SFF Madrid highlighted the importance of regulatory developments in driving the energy transition. However, progress must balance climate goals with industry competitiveness.
          To stay updated on all economic events of today, please check out our Economic calendar
          Risk Warnings and Disclaimers
          You understand and acknowledge that there is a high degree of risk involved in trading. Following any strategies or investment methods may lead to potential losses. The content on the site is provided by our contributors and analysts for information purposes only. You are solely responsible for determining whether any trading assets, securities, strategy, or any other product is suitable for investing based on your own investment objectives and financial situation.
          Add to Favorites
          Share

          AI-enabled Robotics and Automation

          UBS

          Economic

          We have been automating things for thousands of years to speed up a litany of laborious time-consuming tasks. Early automation tools were rudimentary and mechanical, but thanks to technological advances, automation has evolved into sophisticated systems capable of incredible feats of productivity and precision. The computing power of today’s processors and the advance of artificial intelligence (AI) make it possible not only to automate many human tasks, but also to extend or “augment” human abilities. As AI continues to develop, where might automation go from here?

          From gravity, to water, to steam

          Romans and the ancient Greeks used gravity to power their automation devices: water wheels ground wheat into flour and water screws drew water from ships’ hulls and irrigated crops. Waterpower continued to play a critical role into the early stages of the industrial revolution, when it was superseded by steam. Factories were built around central steam-powered turbines, with machines requiring more torque placed closer to the turbine and those needing less placed further away sometimes on different floors, connected via a series of drive-belts and pullies.

          Batteries

          Electricity was a significant step-change for automation because power could be delivered and independently controlled for each machine around the factory. Modern batteries take this a step further. Lightweight and rechargeable, they allow automation systems to be untethered from a fixed power supply and therefore mobile. Automated trollies (AGVs or AMRs) are used to deliver components to work-cells around the factory floor, airborne drones are used to perform inventory checks in logistics centers, and underwater drones to inspect and maintain subsea infrastructure, such as bridges and telecom cables.
          Thanks largely to the ambitions of electric vehicle makers, battery technologies are likely to make further advances, and this will enable even more mobile automation systems.

          Early programming

          While early automation systems used intricate mechanics to create synchronized movements, in the 18th century the concept of programming was developed to control weaving looms. The looms used strips of paper punctuated by a sequence of holes, and 200 years later early computers known as “adding and accounting machines” still used essentially the same concept: instead of paper strips, the machines read instructions from “punched cards”.
          Punched cards were superseded by magnetic tape and later discs, and eventually were made largely obsolete by solid state memory (DRAM and NAND). But regardless of the media used, floppy disc or DRAM, the machines all ran on pre-defined instructions and once set in motion would continue to run until switched off, or an error occurred. A modern robot programmed to weld car doors, will continue the welding sequence whether a car door is actually in front of it or not. This makes it dangerous. What if someone walked in front of the robot or, due to a problem further up the production line, the car door is not in the right place at the right time.

          Machine autonomy

          Over the last ten years, increases in the speed of processors have made it possible for automation systems to adapt to changes in surroundings, simply by building a library of different scenarios. In one scenario, if the car door is not in the correct position (perhaps determined by a vision system from Keyence or Cognex) the robot might pause its operation, and in another scenario, if someone walks too close to the robot (perhaps defined by a laser-based virtual safety fence from TI or Hexagon) the robot might slow down its motion or perhaps stop altogether. This approach provides the system some autonomy, but clearly the degree of autonomy is limited by the number of pre-programmed scenarios available to it.

          Machine learning and AI

          More recently, advances in AI technology, in particular machine learning, afford automation another significant step-change. In fact, machine learning may prove to be as significant to automation as the introduction of electricity in industry 150 years ago.
          With machine learning algorithms systems can learn by example or identify patterns and anomalies by themselves or through trial and error. This process can be accelerated by simulating millions of different scenarios virtually, in software. As this field advances, automation systems are likely to become more autonomous, able to adapt and respond appropriately to changes in the environment around them. This will make them easier to use, safer to work with and more capable of performing a wider range of tasks – not just in physical tasks, but also in cognitive challenges such as problem solving.
          As a result, the commercial opportunity for smarter, more autonomous automation systems is likely to be significantly larger than the niche market that has been established by their “mute and brute” predecessors. We therefore believe these technological advances will create a large and multi-decade-long opportunity for the patient investor.

          Endless frontier?

          While smarter automation is likely to provide a great leap forward in productivity growth for the global economy, address issues of labor shortages, and allow people to avoid dirty and dangerous tasks, could the same intelligent systems be applied to solve major challenges of our time, such as mitigating climate change, finding cures for chronic disease or solutions to tackle overcrowding in cities and wealth inequality?
          This may be the future, but today’s AI systems are still not advanced enough to tackle such complex, multifaceted, and interdependent problems. Some early progress has, however, been made. One of the stand-out and successful AI applications so far is AlphaFold, developed by Google DeepMind2, which produced an accurate estimate of the 3-dimentional structure of 200 million proteins. Google has made the database publicly available, giving researchers a deeper understanding of protein architecture and its implications for biological function. Prior to this, only 200,000 protein structures were understood. Kudos to AlphaFold! We believe that innovation leads to further innovation and that this process is naturally accelerating. We remain hopeful that significant new breakthroughs will follow.
          To stay updated on all economic events of today, please check out our Economic calendar
          Risk Warnings and Disclaimers
          You understand and acknowledge that there is a high degree of risk involved in trading. Following any strategies or investment methods may lead to potential losses. The content on the site is provided by our contributors and analysts for information purposes only. You are solely responsible for determining whether any trading assets, securities, strategy, or any other product is suitable for investing based on your own investment objectives and financial situation.
          Add to Favorites
          Share

          Are the Political Winds Shifting in Favour of Bond Investors?

          JanusHenderson

          Economic

          Monetary policy divergence

          For bond markets in 2025 the synchronous global inflation shock of 2021-22 will be receding even further into the distance whilst the divergent effects of US tariff threats will likely be at the forefront of investors’ minds.
          The former (inflation and its subsequent retreat) was always going to generate a greater degree of monetary policy divergence across central banks and has indeed been reflected through individual country performance in 2024. It is worth reflecting that the experience of central banks cutting and hiking almost in unison in the years 2020-22 was a historical aberration and more differentiation is something of a return to normality.
          The latter (US tariffs), if large enough in scale, has the potential to cause a profound new macro shock i.e. to catalyse disinflation and a negative growth impulse outside of the US versus an inflation shock within the US. At the time of writing, the threat of across-the-board global tariffs is not the base case in any of the outlooks from investment banks nor reflected in the pricing of bond markets. All have assumed relatively modest tariffs outside of China, i.e. that President Trump is more concerned with using tariffs as a stick to drive transactional agreements and hence result in muted tariff outcomes following negotiation. In contrast, the President’s actual statements on tariffs, going all the way back to the 1980s, reflect a deeper-held belief. That the global trading system has been detrimental to the US and needs fundamental realignment via meaningful across-the-board tariffs, with a particular focus on a strategic decoupling from China. Which approach President Trump chooses to take, for which countries, will be critical for individual bond markets in 2025.

          Fiscal winds shifting

          The 2020 US election coincided with the publication of Stephanie Kelton’s book “The Deficit Myth” and central bank concerns about a structural undershooting of inflation targets over the preceding decade. The 2024 election sees the exact opposite backdrop: too high consumer prices as a dominant popular concern and a hunt for cost savings to fund existing tax policies.
          In the Eurozone, another year of negative fiscal impulse has been proposed in budgets submitted to the European Commission (approx. -0.4% for 2025 versus -1.0% in 2024). In China, there is some hope of genuine stimulus in 2025 as the recent US$1.4trillion swap of local government for federal government debt was a disappointment to many expecting proactive growth enhancing measures.
          Meanwhile, in the US, Trump’s fiscal plans centre around an extension of existing tax policy, which is not a new fiscal impulse for growth and inflation but rather the status quo. The tightest percentage majority in the House of Representatives since the 1917-19 Congress acts as a severe constraint to additional tax cuts without offsetting cost cuts. No doubt, governments continue to labour under enormous debt loads, which can serve to crowd out the private sector (the UK is a great example of this) but the marginal newsflow is quiet on the fiscal front.

          Interest rate reference points

          This leads us to a recap of the underlying yardsticks by which bond investors will make their judgements on likely interest rate moves and forward bond returns. These continue to be driven by two key economic statistics. The first is core inflation, with a particular focus on what central banks judge as the best measure of domestically driven inflation i.e. core services inflation. This measure will always lag the decline in headline inflation that has been seen across the world (driven by weak commodity prices and year-on-year base effects) but some countries have made far better progress than others. The chart below highlights the progress made in different countries.
          Are the Political Winds Shifting in Favour of Bond Investors?_1
          The second statistic to which bond markets are always highly attuned is unemployment. Again, the heady days of the post pandemic hiring binge (2021-22) are long gone and a degree of slack or softening (which is verging on worrying) is a common feature across the developed world. In Canada, the rise in unemployment from 4.8% to 6.8% has already driven one of the most aggressive interest rate cutting cycles in 2024 with 175 basis points (bp) of rate cuts in just over six months. In contrast the US and the Eurozone have cut by 100bps versus the UK by 50bps.
          Are the Political Winds Shifting in Favour of Bond Investors?_2
          In summary, bond markets are priced for moderate interest rate cuts as central banks take their time getting rates back to what they deem neutral territory amidst expected soft landings across the developed world. In contrast, the political world is braced for the upheaval and chaos of Trump’s second term. Should the latter come to pass, bond returns in a number of countries could end up being positively exciting for investors.
          To stay updated on all economic events of today, please check out our Economic calendar
          Risk Warnings and Disclaimers
          You understand and acknowledge that there is a high degree of risk involved in trading. Following any strategies or investment methods may lead to potential losses. The content on the site is provided by our contributors and analysts for information purposes only. You are solely responsible for determining whether any trading assets, securities, strategy, or any other product is suitable for investing based on your own investment objectives and financial situation.
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          Investors Cash in: Gold and Silver See Year-end Profit Taking

          SAXO

          Economic

          Commodity

          Gold and silver investors are increasingly turning defensive ahead of year-end as they seek to protect and lock in gains following a very strong year. This year has seen gold’s record-breaking rally deliver the best annual return since 2010, while silver has managed to keep up with gold, reaching a 12-year high during the October run-up to the US presidential elections.
          Both metals currently trade up more than 27% on the year—a very impressive performance considering the headwind from a stronger dollar, which has climbed more than 6% against a basket of major currencies, currently on track to record its best year in a decade. In addition, US bond yields have been rising despite the start of a rate-hiking cycle, amid worries about fiscal instability as governments—particularly in the USA—continue to spend money they do not have, leading to an increased debt burden.
          Note below, the strong correlation between a rising yield gap between the US and Europe and the weaker euro against the dollar. In the short term, relative US yield strength, and investor demand for US equities, may continue to limit gold and silver’s upside potential as it drives the dollar higher.
          Investors Cash in: Gold and Silver See Year-end Profit Taking_1
          While the US rate-cutting cycle began in 2024, the prospect of aggressive cuts began to deflate almost as soon as the first cut was delivered back in September. From an expected December 2025 low around 2.75%, the Fed Funds futures market is now pricing in fewer than three additional cuts, including the one the FOMC is expected to deliver this Thursday, to around 3.9% by this time next year.
          So why have precious metals, despite these apparent headwinds, been doing so well in a year that has also seen equity markets perform very well, albeit concentrated in a few (US) megacap stocks?
          One year ago, when we wrote our Year of the Metals 2024 outlook, we foresaw gold and silver prices trading higher on a combination of US recession risks and falling inflation, leaving the door wide open to rate cuts. Additionally, these metals were already being supported by safe-haven bids following the October 2023 Hamas attack on Israel and Houthi rebels attacking ships in the Bab el-Mandeb Strait, thereby reducing shipping traffic through the Red Sea. On top of these factors, central bank buying was expected to continue due to a diversification focus away from the USD and US Treasury bonds.
          Investors Cash in: Gold and Silver See Year-end Profit Taking_2
          While a US recession failed to materialise and US rate-cut expectations faded, most of the developments that have supported these strong gains are unlikely to fade anytime soon and, therefore, will continue to support prices of both metals into 2025. They are several, and while we have mentioned most already, here is a quick summation:
          Central bank buying to diversify holdings away from the US dollar and government bonds.Interest rate cuts reducing the "cost" of holding gold compared to investing in secure short-term government bonds.Sticky inflation emerging as a theme, helping to offset the potential negative impact of reduced rate cut expectations.Safe-haven demand amid a fractured world with unresolved conflicts in the Middle East and Russia-Ukraine, along with risks of trade wars and tariffs lifting inflation in 2025.Chinese investors turning to gold amid record-low savings rates and property market concerns.Concerns over fiscal instability as governments around the world increase debt burdens, not least in the US as President-elect Trump rolls out his radical and high cost policies.
          All in all, these developments may continue to play an important role into 2025 and beyond, thereby providing precious metals with enough support to reach fresh highs in the coming year(s). With this in mind, we see gold reaching USD 3,000 next year, representing a 10% gain from current levels, while silver, supported by tightening supply and tailwind from industrial metals, may do even better. Based on the XAU/XAG ratio returning to 75 (ounces of silver to one ounce of gold) from the current level around 85, we could see silver targeting USD 40, representing a 25% upside.

          Will gold and silver see another Santa rally?

          This headline was given to an article I wrote a year ago in response to data that showed gold and silver had both seen strong December rallies in the previous six years. As it turned out, silver failed while gold went on to record a small 1.3% gain to end 2023 at USD 2,062. Fast forward and halfway through the month chances of a repeat have diminished, and while the fundamentally supportive outlook into 2025 in our opinion has not changed significantly, another positive month of December is currently being challenged by dollar and yield strength and the temptation to reduce positions following a record-breaking year.Investors Cash in: Gold and Silver See Year-end Profit Taking_3Investors Cash in: Gold and Silver See Year-end Profit Taking_4
          To stay updated on all economic events of today, please check out our Economic calendar
          Risk Warnings and Disclaimers
          You understand and acknowledge that there is a high degree of risk involved in trading. Following any strategies or investment methods may lead to potential losses. The content on the site is provided by our contributors and analysts for information purposes only. You are solely responsible for determining whether any trading assets, securities, strategy, or any other product is suitable for investing based on your own investment objectives and financial situation.
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          2025 China Market Outlook: Boosting Consumption, Steady Progress

          Pepperstone

          Economic

          Over the past year, Chinese authorities have made tangible efforts to stabilize the real estate market, maintain financial system stability, and address local government debt, though structural challenges like aging demographics and unemployment remain prominent.
          While risk assets such as the Hang Seng Index and CN50 initially benefited from policy support, the lack of detailed measures has led to tempered expectations, limiting the sustainability of bullish momentum.
          2025 China Market Outlook: Boosting Consumption, Steady Progress_1
          As 2025 approaches, markets are now positioning for what lies ahead. Key questions include: Will there be a shift in policy focus? What economic challenges will China face? What potential measures might authorities adopt? And could mainland and Hong Kong stocks witness a stronger recovery?

          Moderate Easing, Proactive Stimulus, Boosting Consumption & Increasing Deficit

          The year-end Politburo and CEWC meetings traditionally set the tone for the following year’s policies. The emphasis on "enhancing extraordinary counter-cyclical adjustments, implementing moderately accommodative monetary policy, and more proactive fiscal measures" signals stronger-than-expected stimulus.
          The term "moderate easing" in monetary policy—used for only the second time in 14 years—recalls the 2008–2010 period when China countered the global financial crisis with measures such as monetary expansion and a ¥4 trillion investment plan. These policies drove a short-term economic rebound, pushing the Shanghai Composite up 80% during the stimulus window. However, as the crisis impact faded and the side effects emerged, policy shifted to "prudent" in 2011.
          This time, "moderate easing" is paired with “proactive fiscal policy,” an unprecedented dual-loosening stance from the Politburo. Expectations for stabilizing the stock and property markets and driving structural reforms have also been communicated effectively.
          At the CEWC, notable shifts were seen in key areas. First, "boosting consumption" was prominently emphasized—only the second time in the last decade (the first being 2022). Notably, consumption now takes precedence over “investment returns” and “domestic demand,” with measures such as trade-in programs, lower borrowing rates, and demand creation in infrastructure and renewable sectors.
          Second, "raising the fiscal deficit ratio" was revisited for the first time since 2015, with the removal of "temporary" language indicating a firm commitment.
          Overall, the meetings suggest authorities will adopt a dual-easing approach in monetary and fiscal policy, addressing key economic pain points in consumption and real estate while managing market expectations.

          China-U.S. Trade Relations: The Elephant in the Room

          Despite the easing signals, China’s market reaction—similar to the post-Golden Week and post-Trump election periods—was brief. The lack of approved execution budgets ahead of the March National People’s Congress offers partial explanation, but unresolved tariff issues remain a significant overhang, increasing uncertainty for Chinese risk assets.
          Expectations of rising tariffs could front-load exports, potentially boosting Q1 GDP. However, prolonged trade barriers would directly hit exports and indirectly impact consumption and investments tied to export-related sectors.
          The enduring tensions between the two economic giants are a pivotal factor shaping 2025 market dynamics. Growth forecasts for China hinge heavily on tariff scenarios and the government’s policy response.
          Trump’s proposal for a 10% tariff—less extreme than the 60% floated during his campaign—has traders viewing the differences in timing, magnitude, and China’s countermeasures as key negotiation levers.
          Rather than preempt US moves, China tends to respond post-implementation. To stabilize domestic growth, potential measures include devaluing the yuan to support exports, cutting reserve ratios and interest rates, increasing monetary supply, and boosting fiscal deficits to drive domestic demand. Additionally, China may retaliate by imposing tariffs on US imports.
          Should tariffs fuel U.S. inflation, combined with Trump’s restrictive immigration policies challenging labor markets and growth, China’s policy resilience could become relatively more attractive.

          Balancing Act Ahead

          Looking ahead to 2025, China faces two key questions: the two key issues for China’s economy are policy direction and U.S. tariff risks. The central issue is whether policymakers have reached an “whatever it takes” moment.
          In my view, the answer is no. While a series of stimulus measures have been introduced since late September, the emphasis on “promoting stability through progress” at year-end meetings indicates that maintaining market stability remains the top priority. Instead of over-stimulating, China’s task next year will be to strike a delicate balance.
          China’s current growth relies heavily on exports and industrial production, while real estate and consumption remain weak. Authorities must consolidate existing strengths while stimulating domestic demand and other sectors. The PBoC may expand its balance sheet, purchase government bonds, and direct funds toward consumption, real estate, advanced manufacturing, and public welfare.
          2025 China Market Outlook: Boosting Consumption, Steady Progress_2
          Second, balancing US-China trade relations and the yuan’s exchange rate. While yuan devaluation could support exports, it risks higher import costs, imported inflation, and capital outflows, jeopardizing sustainable growth. A comprehensive policy mix is needed, including boosting consumption, supporting services and advanced manufacturing, nurturing new growth engines like renewables, and diversifying trade partnerships to mitigate external risks.
          Stimulating consumption remains key to achieving balance and growth. However, beyond trade-in programs for goods, stronger consumption of discretionary items depends on confidence in future income and economic prospects. Structural challenges—such as deflation, hidden local debts, high property inventories, and an aging population—mean market confidence cannot be rebuilt overnight.
          If the fiscal deficit ratio increases from 3% to 4% of GDP in 2025, it would require approximately ¥1.32 trillion in new government bond issuance. This could prompt the Ministry of Finance to issue ultra-long-term special bonds and local government special bonds to address these challenges. Traders will need to see tangible economic improvements in data to fuel sustained bullish momentum in A-shares and Hong Kong stocks.

          Staying Vigilant, Remain Flexible

          In conclusion, China’s economy stands at a critical juncture, facing domestic structural challenges and external tariff pressures. The effectiveness of policy measures will be key, though their outcomes remain uncertain.
          2025 is set to be a highly volatile market for China. For traders, staying vigilant, flexible, and ready to adapt to market shifts will be crucial to identifying opportunities and managing risks.
          To stay updated on all economic events of today, please check out our Economic calendar
          Risk Warnings and Disclaimers
          You understand and acknowledge that there is a high degree of risk involved in trading. Following any strategies or investment methods may lead to potential losses. The content on the site is provided by our contributors and analysts for information purposes only. You are solely responsible for determining whether any trading assets, securities, strategy, or any other product is suitable for investing based on your own investment objectives and financial situation.
          Add to Favorites
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          How Investors Are Adjusting to A Slower Green Transition

          Goldman Sachs

          Energy

          Economic

          As the transition to a low-carbon economy shows signs of slowing, investors are making adjustments. While they’re still focusing on technologies that may emerge as winners in a greener future, their focus on large incumbent companies and how they're managing their own green transition has increased, says Goldman Sachs Research’s Michele Della Vigna.
          Della Vigna and his team recently examined the roughly $75 trillion in investment that is estimated to be required to bring global net carbon emissions to zero by 2070. Global carbon emissions have risen higher than previously expected, and the goals set out in the Paris Agreement are unlikely to be achieved. But an ambitious path to containing temperature increases to 2 degrees Celsius of pre-industrial levels may still be attainable, according to Goldman Sachs Research.
          How Investors Are Adjusting to A Slower Green Transition_1
          At the 5th Annual Carbonomics Conference convened by Goldman Sachs in London in November, companies and investors showed a growing understanding that the path to net zero will take longer than once believed.
          “When we did the first Carbonomics conference, there was a lot of top-down discussion of how we reach a Paris-aligned scenario,” says Della Vigna, the head of Natural Resources Research in EMEA in Goldman Sachs Research. “Now investors and companies are focusing on a bottom-up view to find specific clean tech investments that can deliver returns above the cost of capital, and that can be financed.”
          Interest in clean technology investing has not waned, Della Vigna says. The strong attendance at the Carbonomics event, which attracted 30 CEOs, key policymakers, and more than 1,000 investors, is one indication of that, he says. We spoke with Della Vigna after the conference about the forecast for peak oil consumption, the outlook for incumbent energy companies, and how the energy transition is unfolding around the world.

          How are investors shifting their view of large producers of hydrocarbons?

          Investors are realizing that hydrocarbon demand is likely to grow for decades to come. We have pushed back peak oil demand to the middle of the next decade in our most recent report on the path to net zero carbon emissions. We also have pushed back peak gas demand to 2050. That means we need greenfield oil and gas development beyond 2040, which is very different from how some investors have been thinking about it.
          Oil and gas producers will need to innovate to discover new fields and to lower decline rates. They will need to use technology such as digitalization and generative artificial intelligence to improve their ability to do these things.
          I also think it’s becoming more important to continue to reduce the direct emissions in the industry — limiting methane emissions and flaring, for example. This is a huge focus for the industry, and it’s a huge differentiator in the minds of investors.

          Have expectations changed about which oil and gas assets might become stranded?

          I think some analyses about stranded assets were based on extremely unrealistic assumptions. The debate is shifting from concern about stranded assets to worries about insufficient availability of assets to provide the world a stable supply of hydrocarbons.
          When we looked at our database of the world’s largest oil and gas developments in our annual Top Projects report, we reached a concerning conclusion: That the industry’s reserve life for oil has halved in the last decade. Also: Non-OPEC production will peak in 2027. Unless technological innovation and increased investment unlocks more resources that come on stream before the end of this decade, we are going to have a very tight market. We are going to consume OPEC’s spare capacity very fast.

          What is the biggest motivator for clean-tech investors right now?

          Investment in this area is always driven by both market dynamics and regulation. Two years ago, with the introduction of the Inflation Reduction Act (IRA) in the US, we had the most substantial policy support for clean technology in history. Investors got super excited about the regulatory support.
          The recent US elections threw some cold water on that thinking. Now there is a greater focus on which technologies are evolving fast enough and moving low enough on the cost curve that they stand on their own financial merits even if some incentives end up changing in the coming years.

          What rises to the top when you think about investments this way?

          Solar, without doubt. Onshore wind, probably, but not offshore. Batteries and everything that has to do with electrification and grids. That’s because there is tremendous demand growth there, driven by data centers and broader economic growth and population growth. Those are clearly areas that are working.
          There are a couple of other places where we’re seeing good development. Carbon capture is becoming more and more widely used, on both sides of the Atlantic. Biofuels, having suffered a really difficult year, are starting to recover and to see better demand in North America and in Europe.

          What’s boosting carbon capture and biofuels?

          These technologies are needed in an energy transition where emissions will continue for longer. For cleaner industrial processes, electrification and clean hydrogen are taking a little bit longer. Therefore, we need carbon capture to retake some emissions from those plants. In transport, internal combustion engines will probably stay around for longer. Therefore, if we want to decarbonize, we need to blend more biofuels. Both these technologies work on existing infrastructure and don’t require a complete rethinking of the current setup for heavy industry and heavy transport.

          How do you explain increased investor interest in large incumbent companies in energy, materials, and other sectors?

          There’s a growing realization that the green transition will take a long time. And because of that, it’s important to be invested in companies in transition, rather than just looking for the end game. There’s also an understanding that unlocking capital at large scale from these companies is key in order to finance the $2-$3 trillion in infrastructure investment that will be needed if we want to achieve net zero carbon.
          These large companies are demonstrating capital efficiency. They're looking at their capital allocation across more traditional investments and some clean tech investments, and they're trying to balance the two to continue to deliver a double-digit return. That’s something a lot of the pure-play companies in green technology have really struggled to do.

          How is this type of investment unfolding differently in the US and Europe?

          The US has some big advantages. There is economic growth, and very supportive regulation that is leading to tremendous investment. We estimate the IRA has unlocked something around $800 billion of new investment in two years.
          Europe is a more challenging environment. But at the same time, the advantage of Europe is: Being a major hydrocarbon importer, it makes more and more sense to shift the energy network to be more locally supplied and renewables-based. If Europe could find stable regulation and access to capital, the green transition could become a tremendous investment that would really strengthen the region and provide a lower-cost energy supply.

          You cite the boost that clean tech in the US gets from the IRA. Does the outcome of the election erode that?

          It’s very rare for a government to reverse or unwind a package of incentives like that, even with a change of majority. Our view is that most likely the IRA stays in place. It may be applied more tightly, especially with some of the more marginal technologies, but we believe the bulk of it will remain in place.
          A lot of money under the IRA has gone to red states. Texas, for example, is actually becoming the clean-tech capital of the world in many ways, thanks to these incentives and a very efficient permitting system in the state. We believe the IRA will continue to lead to development and job creation in the US.
          To stay updated on all economic events of today, please check out our Economic calendar
          Risk Warnings and Disclaimers
          You understand and acknowledge that there is a high degree of risk involved in trading. Following any strategies or investment methods may lead to potential losses. The content on the site is provided by our contributors and analysts for information purposes only. You are solely responsible for determining whether any trading assets, securities, strategy, or any other product is suitable for investing based on your own investment objectives and financial situation.
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