'Brazenness': Report claims super-rich have shrugged off fears that used to contain themBy Chris Prentice and Amanda Cooper NEW YORK/LONDON (Reuters) -Global shares turned lower on Monday as traders focused on U.S. inflation data and chip stocks fell, while Beijing’s promise of stimulus and the sudden collapse of the Syrian government lifted oil and gold prices. U.S. inflation data this week could cement a December interest rate cut by the Federal Reserve at its meeting next week. China’s decision on Monday to alter the wording of its stance toward monetary policy for the first time since 2010 helped global sentiment. Beijing pledged to introduce stimulus to encourage economic growth next year. The rapid collapse over the weekend of Syrian President Bashar al-Assad’s 24-year rule complicates an already fraught situation in the Middle East. Friday’s U.S. monthly employment data was strong enough to soothe any concerns about the resilience of the economy, but not so robust as to rule out a rate cut from the Federal Reserve next week. MSCI’s gauge of stocks across the globe fell 2.05 points, or 0.23%, to 871.68. The Dow Jones Industrial Average fell 111.93 points, or 0.26%, to 44,528.20, the S&P 500 fell 27.07 points, or 0.44%, to 6,063.20, and the Nasdaq Composite fell 85.88 points, or 0.43%, to 19,773.89. Shares of chip maker Nvidia lost over 3% after China’s market regulator said it had opened an investigation into the company over suspected violation of the country’s antimonopoly law. “In addition to being reminded that December is positive ‘close to three-fourths of the time,’ we have seen record equity inflows, full positioning from asset managers and the highest ever reading from the Conference Board’s survey of retail investor expectations,” Morgan Stanley’s chief investment officer, Lisa Shalett, said in a note. “Complacency indicators are flashing, however, and while we appreciate technicals’ short-term validity, we encourage long-term investors to be measured in their enthusiasm,” she said. European shares closed at their highest levels in six weeks on Monday, led by mining and luxury stocks, after China’s promise of renewed stimulus to support the economy. The STOXX 600 index edged up 0.1%, and notched its eighth consecutive session of gains. COULD EXPECTED FED RATE CUT BE DERAILED? Last week’s U.S. November payrolls report showed 227,000 jobs were created, compared with expectations for a rise of 200,000, while October’s hurricane-distorted number was revised up. Markets now imply an 85% chance of a quarter-point cut at the Fed’s Dec. 17-18 meeting, up from 68% ahead of the jobs figures, and markets have a further three cuts priced in for next year. The next test is Wednesday’s U.S. inflation report. The dollar index, which measures the greenback against a basket of currencies including the yen and the euro,rose 0.13% to 106.08, with the euro down 0.07% at $1.056. U.S. Treasury yields rose as traders waited to see whether stubbornly high price pressures could derail expectations for a Fed rate cut next week. The yield on benchmark U.S. 10-year notes rose 4.2 basis points.[US/] The European Central Bank is widely expected to deliver a quarter-point cut on Thursday. In Asian markets, Chinese stocks and bonds rallied after China’s Politburo was quoted as saying that the country will adopt an “appropriately loose” monetary policy next year, rather than a “prudent” one, marking the first time it has changed the wording of its stance in around 14 years. MSCI’s broadest index of Asia-Pacific shares outside Japan closed higher by 0.88%. South Korean stocks slid 2.8%, while the won currency weakened, even as authorities pledged all-out efforts to stabilise financial markets amid uncertainty over the fate of President Yoon Suk Yeol. This week is full of central bank meetings, aside from the ECB’s. The Swiss National Bank could cut rates by as much as half a point given slowing inflation, as could Canada’s central bank when it meets on Wednesday. The Reserve Bank of Australia meets on Tuesday and is one of the central banks expected to hold fire, while Brazil’s central bank is set to hike again to contain inflation. “With geopolitical uncertainty high and conflicting signals from hard and soft data, monetary policy remains the only game in town to support economic activity, especially in the absence of strong political leadership in Paris and Berlin,” said Barclays economist Christian Keller. In France, President Emmanuel Macron had yet to name a new prime minister after Michel Barnier’s minority government collapsed last week over his austere budget. Geopolitical concerns lifted both oil and gold. Gold rose 1.06% to $2,660.94 an ounce. U.S. gold futures rose 0.92% to $2,663.00 an ounce. “Events in Syria over the weekend could impact the crude market and increase the geopolitical risk premium on oil prices in the weeks and months to come amid yet more instability in the Middle East region,” said Jorge Leon, Rystad Energy’s head of geopolitical analysis. China’s move to boost confidence also helped lift crude prices. Brent futures rose 1.56% to $72.22 per barrel and U.S. crude gained 1.89% to $68.47. (Additional reporting by Wayne Cole in Sydney; Editing by Bernadette Baum, Mark Potter, Deepa Babington and Leslie Adler) Disclaimer: This report is auto generated from the Reuters news service. ThePrint holds no responsibility for its content. var ytflag = 0;var myListener = function() {document.removeEventListener('mousemove', myListener, false);lazyloadmyframes();};document.addEventListener('mousemove', myListener, false);window.addEventListener('scroll', function() {if (ytflag == 0) {lazyloadmyframes();ytflag = 1;}});function lazyloadmyframes() {var ytv = document.getElementsByClassName("klazyiframe");for (var i = 0; i < ytv.length; i++) {ytv[i].src = ytv[i].getAttribute('data-src');}} Save my name, email, and website in this browser for the next time I comment. Δ document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() );The top U.S. auto safety regulator has ended a preliminary investigation into bankrupt electric vehicle (EV) maker Fisker, after a software update went out to fix an issue shifting into park. On Monday, the National Highway Traffic Safety Administration (NHTSA) announced that it closed a preliminary investigation into the Fisker Ocean SUV, after an issue with the EVs resulted in drivers not being able to shift into park (via Reuters ). The preliminary investigation was looking into 7,745 Ocean units, and Fisker subsequently issued a recall and deployed a software update to fix the issue. Those who complained said that the issue could cause unintended vehicle movements, though Fisker released its OS 2.0 with an “Auto Vehicle Hold” feature that prohibits the EV from rolling when subject to gravity, according to a statement from the NHTSA. Fisker also faced additional safety probes from the NHTSA earlier this year, into issues that the exterior and interior door handles were not opening the EV’s doors. The EV maker also went on to issue a recall, and it fixed the issue by having customers bring their Ocean units into a service center. Another NHTSA probe was opened in May due to reports of unexpected braking . In addition, Fisker has been hit with multiple subpoenas from the Securities and Exchange Commission (SEC) , which argued against the EV maker’s liquidation plans, due to a prohibited nonconsensual third-party release. Interestingly, Fisker owners were also in limbo following the EV maker’s decision to file for bankruptcy, though several of them went on to form the Fisker Owners Association (FOA), which launched 23 approved service centers in North America . In March, Fisker was reportedly expecting a buyout deal that was alleged to be with Nissan , though it later fell through as the company’s shares dropped to less than 9 cents, causing the company to be delisted from the New York Stock Exchange. Fisker was approved for bankruptcy in October , as well as being approved to sell 3,231 remaining Ocean units to American Lease , and to transfer essential data and support services to the firm’s own servers. What are your thoughts? Let me know at zach@teslarati.com , find me on X at @zacharyvisconti , or send us tips at tips@teslarati.com .
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ANN ARBOR, Mich. (AP) — Maddie Zimmer and Ilse Tromp both had two goals and an assist in the first half and Northwestern beat Saint Joseph's 5-0 in the championship match of the NCAA Division-I women's field hockey tournament at Phyllis Ocker Field on Sunday. It was the second championship for the second-seeded Wildcats (23-1-0), who have played for the title in four straight seasons. Northwestern beat Liberty 2-0 in 2021 before losing to North Carolina the past two seasons. No. 4 seed Saint Joseph's (20-4-0) was in uncharted waters with its first trip to the final. The Hawks eliminated top-seeded North Carolina in the semifinals to advance. The Tar Heels have won the championship in half of their 22 trips to the final. Northwestern grabbed the lead 6:25 into the first quarter when Zimmer used an assist from Tromp to score. Zimmer had an assist on Olivia Bent-Cole's eighth goal of the season for a 2-0 advantage, and Tromp found the net with 25 seconds left with assists from Lauren Hunter and Ashley Sessa for a 3-0 lead. Hunter and Sessa again had the helpers on Zimmer's 10th goal of the campaign, and Hunter and Regan Cornelius assisted on Tromp's 11th goal of the season 2:42 later for a 5-0 lead at halftime and that was that. Annabel Skubisz finished with her school-record 14th shutout of the season for Northwestern. Zimmer and Tromp are the second duo to score multiple goals for their school in a championship match. Zimmer was named the tournament MVP. It was the second championship for Wildcats coach Tracey Fuchs. Northwestern joins North Carolina and Old Dominion as the only schools to reach the championship match in four straight seasons. Six schools have won multiple titles.
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Chris Mubiru leads Northwestern State over North Alabama 71-58Former Ghana international Emmanuel Agyemang-Badu has issued a rallying cry to the Black Galaxies ahead of their CHAN qualifier return leg against Nigeria. Agyemang-Badu stressed that losing is not an option for Ghana, especially after failing to qualify for the 2025 Africa Cup of Nations. "We can't lose against Nigeria," he emphasised. The former midfielder urged the team to adopt an attacking approach and go all out for a win. "We should be very careful not to go and defend," he said. "This is only one game, and when you lose, you are not going anywhere." Agyemang-Badu called on the team to draw inspiration from their previous victory over Nigeria in the CHAN qualifiers. Ghana beat Nigeria on penalties to qualify for the last edition, and Agyemang-Badu hopes they can repeat the feat on December 28. The winner of the two-legged tie advances to the CHAN 2025 tournament to be held in Kenya, Uganda, and Tanzania next year.China eyes negotiations as Trump threatens new tariffs
The presidential crisis that shook South Korea following the abrupt and short-lived introduction of martial law earlier this month, and the rapid fall of the long-standing regime of Bashir al Assad in Syria this week, highlight how fragile the stability of client states can be when patriarchal major powers shift their attention elsewhere. In the case of the US and Korea, that distraction was the aftermath of the presentational elections and continued anxiety about Donald Trump’s future strategic policy direction. In the case of Russia-Syria relations, it’s Moscow’s preoccupation with the ongoing war in Ukraine and reliance on the Iranian regime to keep an eye on the now-toppled Assad government. The Kremlin now has to deal with the fallout of the rapid changeover of power in Syria, the prospect of its long-term geopolitical dependent fragmenting into several conflicting pieces and the risk of losing a strategically important naval base in Tartus and an air base in Khmeimim. Dilemmas for Putin, with compliments to Assad Despite being offered asylum in Russia, Assad is unlikely to hold any real value for the Russians. In fact, Russian President Vladimir Putin has many reasons to be annoyed and upset with the ousted dictator. Russia’s swift intervention in the Syrian civil war in September 2015 did not just save the Assad regime. By December 2017, Damascus was successful in retaking the bulk of its territory, largely with the help of its Russian allies. Now, all these gains are gone. The same goes for the thousands of weapons and munitions supplied to the Syrian military by Russia, including some advanced air defence systems. They are now in the hands of rebel forces, and some Russian sensitive technologies may now end up being handed over to the West. The Russians will also be concerned about the potential spike in radicalism and terrorism across the former Soviet Central Asia and in Russia. Neutralising terrorism risks to Russia was one of the key reasons behind Moscow’s 2015 intervention. Now, the defeat of the Assad regime may trigger acts of politically motivated violence in Russia, similar to the March 22 Crocus City Hall concert massacre that killed 145 people and left another 551 injured. Putin will not want to see a recurrence of such a tragedy. Finally, the Kremlin does not want to see the end of its forward military presence in Syria’s Tartus and Khmeimim. Since 2015, Russia has been steadily converting its material-technical support facility in Tartus into a fully-developed forward naval base. Although the main mission of the Tartus base is to support the operation of Russia’s reanimated Mediterranean Squadron, it also allows the Russian navy to control the strategically viable Suez Canal as well as project limited power in the Red Sea and the Gulf of Oman. Like the expanded Tartus, the air base in Khmeimim was a game changer for the Russians in terms of wielding the federation’s power across the region. The expansion of the base, including the construction of a second 3km-long airstrip, allows the Russian Air Space Force to station long-range strike aircraft, among them Tu-22M3 intermediate bombers and MiG-31K modernized long-range strike aircraft. By operating from Khmeimim, these onboard weapons systems put the entire Persian/Arabian Gulf sub-region within their reach, thus giving the Kremlin a new suite of force options. Furthermore, Russia’s military presence in Syria has supported Moscow’s return to power in Africa, a factor that would be front of mind for strategists and decision-makers in the Kremlin. Few options left on the table Despite some media reporting that the Russian military has started withdrawing some assets from Syria, I seriously doubt that they would just walk away. The stakes are too high, and Moscow will feel the fallout from losing forward presence in Syria not just in the country but also across the Middle East as well as in Africa. The Russians are therefore likely to use all options available to them to get the incoming government in Syria to honour the 49-year lease agreement of Tartus and Khmeimim, which was signed and ratified in 2017. In the worst case, they will dig in and resist. To force a deal, the Kremlin will likely bring in elements of Syria’s former defence, security and intelligence apparatus, with whom the Russians developed close and trusted ties over the years. Without such an agreement, the Russians will have to find somewhere else to put their weapons. One of the options is Sudan where the Russian navy is already planning to establish a stand-alone naval support facility. Given the state of instability in the country, this alternative may prove to be as ambiguous as the future of Russia’s presence in Syria. At least for now. The acceleration of Russian efforts to establish a naval facility in the Indo-Pacific would be a more feasible option. If Russia is to leave Tartus its capacity to project power to the Red Sea and the north-west Indian Ocean by means of the Mediterranean Squadron would be severely curtailed. This in turn would apply more pressure on the Russian Pacific Fleet, which area of responsibility may be pushed again to as far as the Gulf and the Suez Canal. Thus the need for a forward naval base, for example in Myanmar (one of the possibilities). Regardless of what Moscow might do next, a rapid change of power in Syria is bad news for Putin and something he does not need to deal with at a time when the Kremlin is trying to develop its strategy for Donald Trump 2.0. And the timing of this development is equally bad. If Putin is to lose a stronghold in Syria, it would give Trump more confidence in pressuring the Kremlin to compromise on Ukraine. On December 19, Putin will host his annual press conference. I will be surprised if no questions about Russia’s future in Syria are asked. And I will be very intrigued to hear what Putin has to say on the matter. Dr. Alexey Muraviev is Associate Professor of National Security and Strategic Studies at Curtin University, Perth, Western Australia.
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