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Meanwhile, financial markets appear largely unaffected by the political developments in France. Instead, they are focusing on positive trends in the United States and the significant rise in cryptocurrency values.
In currency markets, the euro remained stable amid the political turmoil, and the US dollar weakened slightly. The Federal Reserve maintained a cautious stance, acknowledging a strong US economy but refraining from aggressive policy changes.
In corporate news, Shell and Equinor have announced a joint venture to merge their UK offshore oil and gas assets. Vodafone and Three's merger in the UK has received regulatory approval from the Competition & Markets Authority. Warpaint London has agreed to acquire Brand Architekts for GBP13.9 million, while DS Smith reported a 39% decline in half-year profits due to weak packaging prices and higher input costs. Frasers Group experienced a one-third drop in half-year profits, attributing it to weaker consumer confidence ahead of the UK budget.
In the US, President-elect Donald Trump nominated Paul Atkins as the chair of the Securities & Exchange Commission. This decision has been positively received by the cryptocurrency industry, with Bitcoin surpassing USD100,000 for the first time, fueled by expectations of deregulation under the new administration.
Things to read today:
- Japan's bold bid to become a semiconductor superpower (Financial Times).
- Past performance is indicative of future results, but only sometimes (Klement on Investing).
- The list of 2024 articles that Bloomberg's editors enjoyed reading, if they didn't write them (Bloomberg).
- UK uncovers vast crypto-currency laundering scheme aimed at Russian gangsters and spies (Financial Times).
