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German Economy Stagnates: Real Wages Rise Despite Challenges
Berlin, Saturday, 16 November 2024.
Germany’s economy is set to contract by 0.1% in 2024, marking the second consecutive year of negative growth. However, real wages are increasing due to falling inflation, offering a glimmer of hope amid economic stagnation and rising unemployment.
U.S. Retail Sales Surge in October, Driven by Auto Purchases
Washington, D.C., Friday, 15 November 2024.
October 2024 saw a notable 0.4% increase in U.S. retail sales, primarily fueled by a jump in automobile purchases. This uptick signals positive consumer spending momentum as the holiday shopping season approaches, despite economic pressures.
Global Oil Market Faces Surplus in 2025, IEA Reports
Paris, Thursday, 14 November 2024.
The International Energy Agency forecasts a global oil surplus exceeding 1 million barrels per day in 2025. This projection, driven by weak Chinese demand and rising non-OPEC+ supply, could significantly impact oil prices despite ongoing geopolitical tensions.
Banco BPM Acquires 5% Stake in Monte Paschi, Reshaping Italian Banking Landscape
Milan, Thursday, 14 November 2024.
Banco BPM’s strategic 5% acquisition in Monte dei Paschi di Siena marks a significant shift in Italy’s banking sector. This €1.1 billion deal, part of the government’s privatization efforts, could catalyze further consolidation and create a new powerhouse in Italian finance.
COP29 Seeks Trillions in Climate Finance for Developing Nations
Baku, Thursday, 14 November 2024.
The COP29 summit in Baku focuses on securing substantial climate finance for developing countries. Negotiators agree on the need for trillions but debate persists over funding sources and allocation methods, highlighting the urgency of global climate action.
ASML Bets on AI Boom to Drive 2030 Sales Targets
Veldhoven, Thursday, 14 November 2024.
ASML Holding NV reaffirms its 2030 sales forecast of €44-60 billion, banking on AI-driven semiconductor demand. The Dutch chip equipment maker expects 8-14% annual growth, highlighting AI’s pivotal role in shaping future technology markets.
EU Slaps Meta with €798 Million Fine for Classified Ads Dominance
Brussels, Thursday, 14 November 2024.
The European Union has fined Meta €798 million for abusing its market position by tying Facebook Marketplace to its social network. This landmark antitrust penalty underscores the EU’s commitment to regulating tech giants and ensuring fair competition in the digital marketplace.
Biden and Xi's Final Summit: Navigating Global Shifts as Trump Era Looms
Peru, Thursday, 14 November 2024.
President Biden will meet Chinese President Xi in Peru this Saturday, marking their last encounter before Trump’s administration takes over. The meeting aims to solidify progress on shared concerns and emphasize the need for stable communication channels during the transition of power.
Turkey's Housing Market Rebounds as Rent Cap Removal Fuels Demand
Istanbul, Wednesday, 13 November 2024.
Turkey’s housing market experiences a resurgence following the government’s decision to lift rent caps. Rising rents are pushing more Turks towards homeownership, while attractive deposit rates are prompting existing homeowners to sell. This shift in market dynamics is reshaping Turkey’s real estate landscape.
US Inflation Data Fuels Speculation on Fed's Next Move
Washington D.C., Wednesday, 13 November 2024.
October’s Consumer Price Index matched forecasts, with core inflation steady at 3.3%. This data, coupled with falling energy prices and slowing ‘supercore’ services, has increased market expectations of a Fed rate cut in December. Treasury yields dropped in response, reflecting investor relief.