Rio Tinto Group and Glencore Plc have been discussing combining their businesses, which if successful would rank as the largest-ever mining deal and create a behemoth to rival longstanding leader BHP Group
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BREAKING: Donald Trump is expected to propose forming an America-first crypto reserve that would “prioritize digital coins founded in the US,” per NY Post. This would include coins like Solana, USD Coin and Ripple.
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UBS forecast USD/CNY to hit 7.5 by June 2025. while growth is expected to accelerate in China, effective tariff rates could rise dramatically and be a headwind. CNY has only partially priced in this. US activity likely to stay robust, economic data is likely to stay strong in the near term; ongoing tariff worries for the rest of the world, if new tariffs are introduced, the US dollar could appreciate further; US dollar to stay stronger for longer; expect the Fed to cut for a total of 50bps of easing, in 2Q and 3Q
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Economists say the latest GDP data only fuels the case for a rate cut next month, although BOE policymakers will be factoring in inflationary pressures, such as resilient wage growth and uncertainty over Britain’s economic outlook. Capital Economics: “Together with December’s softer-than-expected CPI inflation print, today’s release revealed that the economy continued to have little momentum towards the end of last year, leaving us content with our view that the Bank of England will cut interest rates from 4.75% to 4.50% in February”
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BREAKING: UK economy ekes out 0.1% growth in November, below expectations. Monthly real gross domestic product (GDP) fell by 0.1% in October, following a decline of 0.1% in September and growth of 0.2% in August
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Malaysia: YTL Digital Bank Berhad, a joint venture between YTL Digital Capital Sdn Bhd and Sea Limited, has officially introduced Ryt Bank. The digital bank joint venture has received their digital banking licence and they have also been given the green light to commence operations from December 20, 2024
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Standard Chartered: If the cryptocurrency [Bitcoin] drops below that key support level again, however, forced or panic selling could invite even steeper declines, according to Standard Chartered’s Geoff Kendrick. “A clean break below $90,000 (beyond the temporary dip seen on Jan. 13) could see bitcoin break to the low $80,000s, driving a further 10% decline in digital assets across the board”
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The Vietnamese dong is likely to test new lows as the country’s growing trade surplus with the US puts it at risk of targeted tariffs from the incoming Donald Trump administration. The local currency may fall close to 26,000 per dollar this year, according to Michael Wan, a senior currency analyst at MUFG Bank Ltd. That suggests a more than 2% depreciation from current levels. Analysts see a sustained rise in the greenback and slowing global demand as adding to headwinds for the dong
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Saudi Arabia last year increased the valuation of its unexploited mineral resources from $1.3 trillion to $2.5 trillion, boosted by the discovery of rare earth elements and metals. The kingdom announced a new mineral investment project valued at $100 billion, with $20 billion already in the final engineering phase or under construction
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