Trump threatens tariffs on those who shun the dollar
On Saturday, President-elect Trump threatened to slap prohibitive ...
On Saturday, President-elect Trump threatened to slap prohibitive 100% tariffs on BRICS countries unless they commit to stand with the US dollar and avoid establishing an alternative currency that would challenge USD’s dominance. It’s another indication that Trump will float tariffs against other countries as a means to achieve his economic goals.
What is BRICS? It’s an informal coalition of emerging economies—Brazil, Russia, India, China, and South Africa (hence the name)—that was created in 2009 and has grown to include other nations such as Argentina, Iran, and the UAE.
Do they want to move away from USD? Russia sure does. At a BRICS meeting in October, President Vladimir Putin complained about Western countries “weaponizing” the dollar to slap sanctions on Russia for its invasion of Ukraine in 2022. He’s led longstanding efforts among the BRICS countries to reduce the role of the US dollar as the world’s reserve currency and to advocate for developing alternatives.
Santa’s packing list will only get longer: Today...
Santa’s packing list will only get longer: Today is Cyber Monday, the biggest shopping day of the year. Save for a tiny blip in 2021, spending on the e-commerce extravaganza has increased every year since 2019, and is projected to rise again this year to a record $13.2 billion, according to Capital One Shopping Research. On Black Friday, Americans spent $10.8 billion on online purchases alone, per Adobe Analytics. Tomorrow is #GivingTuesday, a global movement that encourages donations to nonprofits and other charitable organizations the day after Cyber Monday. The GivingTuesday global network reported a record $3.12 billion in donations last year.
The comeback of Notre Dame: The Notre Dame Cathedral...
The comeback of Notre Dame: The Notre Dame Cathedral in Paris will reopen to the public on Saturday, five years after a fire devastated the iconic church in 2019. The painstaking restoration involved around 2,000 experts, the use of more than 1,300 stones to repair walls and vaults, the removal and cleaning of the 8,000 pipes on the Grand Organ, and three new bells. The estimated cost of the rebuilding effort was ~$737 million, which is less than the $891 million that was raised through donations.
President Biden pardoned his son, Hunter, who had been convicted on federal gun charges, reversing an earlier pledge not to pardon him.
Stellantis CEO Carlos Tavares resigned after almost four years leading the struggling maker of Ram and Jeep vehicles.
President-elect Trump nominated loyalist Kash Patel to run the FBI, an agency both he and Trump have bashed and sought to overhaul. The announcement indicates Trump is effectively firing Christopher Wray, the FBI director he appointed in 2017.
Lake-effect snow buried parts of New York, Pennsylvania, and Ohio with up to three feet of powder over the weekend, prompting the Buffalo Bills to ask for volunteers to help clear their stadium of snow before last night’s game. The Arctic blast will continue this week: Almost 70% of the continental US will experience temps below 32 degrees in the upcoming days.
News in the U.S. was on the lighter side during a shortened session that...
News in the U.S. was on the lighter side during a shortened session that followed the Thanksgiving holiday, but the major stock indexes rose on the final trading day of November, leading to new closing highs for the S&P 500® (SPX) and the Dow Jones Industrial Average® ($DJI). The Dow crossed the 45,000 level intraday, but it couldn’t hold above the line, though it still managed to record an all-time best.
Beyond the three major U.S. indexes today, gains were also recorded in the Russell 2000® (RUT), an index that tracks small caps, oil prices and gold. After recently giving up ground as it neared the $100,000 mark, Bitcoin rose 2.5% to $97,275.91. Among the notable declines for the day, Treasury yields retreated, while the dollar index eased to 105.79. Here's where the major benchmarks ended:
The SPX gained 33.64 points (0.6%) to 6,032.38; the $DJI rose 188.59 points (0.4%) to 44,910.65; and the Nasdaq Composite® ($COMP) advanced 157.69 points (0.8%) to 19,218.17.
The 10-year Treasury note yield fell five basis points to 4.19%.
The CBOE Volatility Index® (VIX) gave back 0.59 points to 13.51.
Proposed Colo. rules target ozone pollution from O&G ops
The Colorado Air Quality Control Commission will weigh tighter controls...
The Colorado Air Quality Control Commission will weigh tighter controls on ozone precursors from oil and natural gas operations at a February hearing. The proposed rules would mandate the use of zero-emission pneumatic controllers and expand requirements for leak detection technology and data collection during early production.
