Dear followers everywhere, welcome to a new global tour of the financial, business, corporate and energy markets around the world and everything new for today, Sunday, November 10, 2024… coming to you from Banker.
Starting with the American states, where Trump’s victory prompted hedge funds to move strongly towards oil and American stocks.
Hedge funds emerged as major buyers of US stocks, after months of caution ahead of the US presidential elections, as data from Goldman Sachs Group showed that the total trading volume of hedge funds, which includes buy and sell bets, jumped to its highest level in 7 months on Wednesday, with a rise in… Large buy positions.
Hedge funds also raised their bullish bets on West Texas Intermediate crude at the highest pace since March, after OPEC+ postponed the scheduled production increase and worsened tensions in the Middle East.
We are still in the United States, where Elon Musk’s wealth exceeded the $300 billion mark for the first time in about three years, driven by the significant rise in Tesla shares amid expectations that his strong relations with President-elect Donald Trump will enhance the company’s strength and status.
Musk has added more to his personal wealth than anyone else tracked by the Bloomberg Billionaires Index since Trump’s victory.
From the United States to China, which signed agreements with Indonesia worth $10 billion…
Official Chinese media reported that China and Indonesia signed agreements worth ten billion dollars at the China-Indonesia Business Forum in Beijing on Sunday, covering sectors including food, new energy, technology and biotechnology.
The next news in our global tour is about international arbitration’s refusal to review the Saudi billionaire Al-Amoudi’s case against Morocco
The International Center for Settlement of Investment Disputes rejected the World Bank’s request to review the decision it issued last July requiring Morocco to compensate Saudi billionaire Mohammed Al-Amoudi an amount of $150 million, following a complaint he filed against the Kingdom regarding the only oil refinery in the country, “Samir,” which he owned.
Among the company news in our global tour, Apple announced its entry into the field of smart glasses to compete with “Meta”.
Apple is exploring expansion into the field of smart glasses, by conducting an internal study of the products currently available in the market, which paves the way for the company to enter an increasingly popular category following in the footsteps of Meta.
The initiative, codenamed “Atlas,” began last week and includes collecting Apple employees’ opinions about smart glasses, according to people familiar with the matter.
The last news in our global tour is about Pakistan’s request to China to reschedule its debt.
Pakistan has asked China to reschedule another two-year, $3.4 billion in official and guaranteed debt, which is due during the IMF programme, in a move that highlights Islamabad’s dependence on China.
The Pakistani Express Tribune newspaper quoted government sources as saying that rescheduling the debt, amounting to $3.4 billion, is very important for Pakistan to fill the external financing gap, amounting to five billion dollars, identified by the International Monetary Fund, at the time of signing the rescue program last September.
