The day's headlines, shared across various social media platforms on November 29, captured a flurry of significant global events and updates. From shifts in the financial markets to political unrest, scientific breakthroughs, and entertainment updates, these headlines provided a comprehensive overview of the day's most pressing news stories.
Global Market Dynamics
Asian stocks briefly touched one-week highs, while bonds rallied and the US dollar fell, following hints at potential US interest rate cuts. Amid these shifting dynamics, the New Zealand dollar rose after its central bank suggested another rate hike might be necessary to curb stubborn inflation. The Hang Seng remained flat, marking its continued lack of positive growth since July. Meanwhile, Brent crude futures steadied at $81.75 a barrel, and Singapore iron ore futures saw a 9.6% increase in November, reaching $130.50 a tonne.
Political Unrest and Calls for Solidarity
In response to the ongoing Israeli siege of Gaza, the World Federation of Trade Unions, representing over 105 million workers across 133 countries, called for international action on November 29. This call to action coincided with the United Nations International Day of Solidarity with the Palestinian People. The federation decried the atrocities committed against the Palestinian people, including hospital bombings and the tragic statistic of one child dying every 10 minutes. Their rallying cry: 'Workers of the world, stand with Palestine.'
Business Developments and Loss
The business world saw significant developments and loss. Charlie Munger, vice-chair of Berkshire Hathaway, passed away at the age of 99. A Virgin Atlantic plane, powered by a unique blend of waste cooking oil, animal fats, and other unconventional fuels, completed its journey to New York. Permira, a private equity group, selected banks for the impending market listing of its luxury Italian sports shoe brand, Golden Goose. In another major shift, infrastructure giant Ferrovial agreed to sell its entire 25% stake in Heathrow, Britain's busiest airport, for 2.37 billion pounds.
US Currency Trends
The US dollar and Treasury yields fell amidst growing expectations of the Federal Reserve halting policy tightening and potentially cutting interest rates next year. Marking its fifth day of weakening, the US currency fell against all its Group-of-10 peers and most of its emerging-market counterparts in Asia.