1. Asian stocks kicked off the New Year on a weaker note after an inauspicious end to an otherwise stellar 2024 for global equity investors.
The MSCI Asia Pacific Index edged lower as shares in Hong Kong and China opened down. Benchmarks in Australia and South Korea rose along with US equity futures. Japanese markets are closed through Jan. 6 and New Zealand remains on holiday.
2. Perfect storm fuels gold’s best yearly performance since 2010 as Trump 2.0 looms
Gold prices were poised for an annual surge of over 26%, their biggest yearly rise since 2010, driven by safe-haven demand and central banks’ rate cuts, although the mood could turn more cautious depending on policy shifts under a second Donald Trump presidency. Spot gold rose 0.7% to $2,622.85 p
3. Oil rises as investors return from holidays, eye China recovery
Oil prices nudged higher on Thursday, the first day of trade for 2025, as investors returning from holidays cautiously eyed a recovery in China’s economy and fuel demand following a pledge by President Xi Jinping to promote growth. Brent crude futures rose 46 cents, or 0.6%, to $75.10 a barrel by 0128 GMT after settling up 65 cents on Tuesday, the last trading day for 2024.
4. Cybertruck filled with fuel and fireworks explodes at Trump’s Las Vegas hotel
Police are investigating after a Tesla Cybertruck filled with fuel canisters and firework mortars exploded outside the Trump Hotel in Las Vegas, Nevada. The driver was killed and seven people were injured, police said without naming any of the individuals involved. Officials said all injuries were minor. The truck was rented in Colorado and arrived in the city Wednesday morning, less than two hours before the detonation, police said. Parked in front of the hotel near a glass entrance, the vehicle started to smoke, then exploded. In an evening address, President Joe Biden said the White House was tracking the incident and law enforcement was investigating “whether there’s any possible connection with the attack in New Orleans”, which left 15 dead early on New Year’s Day.
5. Alibaba to Sell China’s Sun Art to Buyout Firm at Big Discount
Alibaba Group Holding Ltd. agreed to sell its shares in Sun Art Retail Group Ltd. to private equity firm DCP Capital, unloading another high-profile physical commerce asset at a discount to focus on its core online business. China’s e-commerce pioneer expects gross proceeds of up to HK$12.3 billion ($1.6 billion) from selling its more than 70% holding in the chain of Costco-like hypermart stores. That’s significantly less than the $3.6 billion Alibaba paid just to double its stake in Sun Art in 2020 and falls far short of Sun Art’s 2024 market value of about $3 billion.
6. Pessimism Weighs on Asia Stock Traders Into 2025 on Tariff Risks
Asian stock investors are relatively pessimistic for the start of 2025, citing concerns over Donald Trump’s pledge to boost tariffs and the risk of a stronger dollar. Regional equities will trail their US peers at least through the first quarter, according to the majority of the 15 strategists and fund managers surveyed by Bloomberg in late December. They see Trump’s “America First” policies as boosting growth and inflation in the world’s biggest economy, supporting the dollar and limiting the scope for central banks to cut interest rates.
7. Nvidia invested $1bn in AI deals in 2024
Nvidia invested $1bn in artificial intelligence companies in 2024, as it emerged as a crucial backer of start-ups trying to gain from the AI revolution the Big Tech group’s chips are powering. The semiconductor giant, which surpassed a $3tn market capitalization in June on the back of huge demand for its high-performing graphics processing units (GPUs), has pumped ever greater sums into some of its own customers in the burgeoning sector.
8. Warren Buffett’s Berkshire Hathaway Bought This Stock as 2024 Wound Down
Berkshire Hathaway bought up more VeriSign shares as the final days of 2024 ticked away. The purchases were made through Berkshire Hathaway insurance unit Geico, which now owns 7,996,889 VeriSign shares, according to a form Berkshire filed with the Securities and Exchange Commission. Berkshire Hathaway now has total ownership of 13,269,836 VeriSign shares when including stock owned by the pension plans of other units.
9. Get your house in order, Europe or face ‘ongoing decline,’ economists warn
The euro zone ended a topsy-turvy year, Germany and France, undergoing political and economic turbulence that stranded the region’s two largest economies without a budget in place for this year. Economists say the trajectory for both countries is worrying, warning that the absence of growth, fiscal imbalances and political intransigence could lead to decline and a loss of standing for Europe, as a whole.
10. Growth in China’s factory activity slows, Caixin PMI shows
China’s factory activity grew in December but at a slower-than-expected pace, as overall sales were dampened by falling export orders amid concerns over the trade outlook, a private-sector survey showed on Thursday. The data echoed an official survey on Tuesday showing manufacturing activity expanded modestly, reinforcing calls for more stimulus to spur growth this year as Donald Trump will soon take office and likely intensify U.S.-China trade tensions.
11. South Korea’s Export Momentum Grows on Demand from China
South Korea’s exports-maintained growth momentum in December as demand from China increased while semiconductor sales stayed resilient. The value of shipments adjusted for working-day differences increased 4.3% from a year earlier in December, according to data released Wednesday by the trade ministry. That compared with a 3.7% rise initially reported for the full month of November. Unadjusted exports rose 6.6% while overall imports increased by 3.3%, resulting in a trade surplus of $6.5 billion.
12. ECB hopes to hit 2% inflation target in 2025, Lagarde says
THE European Central Bank’s (ECB) 2 per cent inflation target is in sight, according to President Christine Lagarde. “We have made significant progress in 2024 in bringing down inflation and hopefully 2025 is the year when we are on target as expected and as planned in our strategy,” she said in a video posted on X on Wednesday (Jan 1). “Of course, we will continue our efforts to ensure that inflation stabilizes sustainably at that 2 per cent medium-term target.”
13. South Korea plane crash: What did the two survivors say after deadly Jeju Air accident?
The two flight attendants who survived a deadly plane crash and were plucked from the wreckage of the aircraft are not able to recall anything about the incident. On Sunday, a Jeju Air plane carrying 181 people from Thailand to South Korea crashed after skidding off the runway at Muan International Airport while attempting landing for the second time.
Singapore’s economy grew 4 percent in 2024, comfortably beating forecasts, according to preliminary government figures. Gross domestic product (GDP) expanded 4.3 percent in the October-December period, Singapore’s Ministry of Trade and Industry said on Thursday, lifting full-year growth to its strongest performance since 2011, excluding the post-COVID-19 pandemic rebound in 2021.
14. Singapore economy grows 4%, beating forecasts