Global markets opened mixed as Thanksgiving thinned U.S. volumes: the S&P 500 and Dow edged higher while the Nasdaq showed strength in AI names but remained volatile. Investors rotated into safe havens—gold climbed and the dollar slipped—on growing Fed-cut bets and persistent geopolitical risks from the Hong Kong inferno to Russia-Ukraine talks.
A catastrophic high-rise blaze in Tai Po has killed scores and left hundreds unaccounted for, prompting emergency response and scrutiny of building safety. Insurers now face a major claims burden as developers and the market reassess Hong Kong property risks.
75 – Confirmed deaths so far in Hong Kong’s Tai Po tower fire.
A brazen shooting of National Guard members near the White House left one trooper dead and intensified investigation into the attacker. The incident has prompted federal orders to review immigration records tied to countries of concern and escalated political pressure on immigration policy.
OpenAI confirmed a security incident after analytics vendor Mixpanel was breached, exposing some API account data and triggering an internal probe. The company has cut ties with Mixpanel as it investigates scope and containment.
MediaTek Eyes Best Week in 23 Years on Google AI Gains
Shares of MediaTek jumped as progress on Google AI projects lifted chip demand, putting the Taiwanese supplier on track for a rare 23-year weekly surge.
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South Korea’s largest crypto exchange Upbit suffered a major Solana-era hack, with tens of millions of dollars stolen and trading services halted. The outage forced an immediate suspension of deposits and withdrawals while investigators trace the theft.
JPMorgan plans a gargantuan new London headquarters in Canary Wharf, a multibillion-pound bet on the city’s role as a global finance hub. The move follows the bank’s major New York build and signals continued real-estate muscle from Wall Street.
Monte dei Paschi CEO Probed for Market Manipulation
Milan prosecutors have opened an investigation into Monte dei Paschi’s chief executive over alleged market manipulation tied to a takeover battle, intensifying governance and legal risk at the lender.
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Moscow softened its rhetoric, saying it is prepared to engage with a US-backed 28-point peace outline, while Kyiv presses Europe to free up frozen Russian assets to fund its defence. The developments set the stage for high-stakes diplomacy as stakeholders seek leverage ahead of talks.
The dollar is sliding as growing bets on Fed rate cuts weigh on FX markets, marking its weakest week in months. Meanwhile, gold is rallying as investors price in easier US policy, pushing bullion toward a fourth monthly gain.
DHS ordered a full green-card review for nationals from ‘countries of concern’; EU advanced platform liability for financial scams; Australia moved to fold crypto platforms into financial licensing; Ottawa fast-tracked pipeline approvals amid new federal-provincial accord.
Chinese regulators barred a top Nvidia customer from using US-designed chips at new data centres, intensifying chip-access frictions. Major Chinese tech firms are relocating AI model training offshore to secure Nvidia hardware and sidestep controls.
Regulatory pressure and tax enforcement hit global finance: the SEC has opened inquiries into Jefferies’ disclosures tied to a collapsed borrower, while Dutch prosecutors fined Morgan Stanley over dividend tax evasion. The actions underscore rising enforcement risk for banks.
‘Moscow is ready for serious talks’ — a starting point, not an end.
— Vladimir Putin
OPEC+ looks set to keep output steady as members weigh Russia-Ukraine talks and demand uncertainty. The oil market has slumped into its worst monthly run since 2023 amid growth worries and geopolitical noise.
Asia markets are wobbling on renewed China property concerns after signs of weakening state support. Credit-linked moves in developer bonds are rattling investors and pressuring regional equities.
Ottawa and Alberta struck a pipeline framework to boost Pacific-bound oil exports, a deal that split cabinet and drew ministerial resignations. The pact aims to unlock new markets but faces political and First Nations opposition.
Europe is beefing up space spending with a multi-year budget lift designed to close gaps with US and China. The funding boost targets both civil programmes and a new military-grade surveillance push in orbit.
Defense startup Anduril is facing scrutiny after documents and tests revealed weapon and drone setbacks, including crashes and performance issues. The troubles have prompted internal reviews and raised questions about rapid deployment strategies.
Tokyo’s core inflation surprised to the upside, keeping the Bank of Japan on a potential tightening path even as fiscal measures are debated. The government is moving to fund stimulus with a large bond issuance as inflation dynamics shift.
Big-ticket market moves and exchange deals reshape Europe’s financial plumbing: Deutsche Börse has launched a €5.3bn bid for fund-platform Allfunds while trading firms arm regional units for market stress. The activity highlights consolidation and liquidity competition across markets.
UPS grounded a fleet of aircraft after a deadly crash, threatening capacity at a peak delivery moment and triggering safety inspections. The carrier has extended the groundings as investigators probe causes and regulators weigh next steps.
Japanese brewer Asahi has disclosed that a ransomware attack may have exposed up to nearly 2 million records, with the company narrowing the likely affected count to around 1.5 million customers. The episode adds to rising corporate cyber-risk and data-protection liabilities in Asia.