Stock market calm at Christmas, major corporate and international news

Stock market news

• Oil prices rose as U.S. inventories fell - Reuters, helped by additional fiscal stimulus in China.

• Alibaba and E-Mart to team up to form $4 billion South Korean e-commerce joint venture in a deal expected to help them become more competitive in the online retail sector.

• Holiday shoppers boost spending 3.8% despite higher prices. Sales rose during the holiday shopping season this year even as Americans struggled with high prices on many food items and other essentials, according to a new survey - AP.

• Chinese battery maker CATL plans to list in Hong Kong, according to a filing on the Shenzhen Stock Exchange.

• The Roaring Cat is back online - and GameStop (GME) stock is soaring. Has the Roaring Cat given meme stock traders a Christmas present? While it's not clear yet, GameStop fans are making their own purchases.

• U.S. oil exports to China are falling on falling demand, shifting purchases - Bloomberg They have fallen by nearly half this year as changes in the country's economy have hit demand and it has bought more barrels from other countries, pushing down oil prices.

• Microsoft (MSFT) is pushing its AI assistant on people and making them pay - WSJ. The tech company made Copilot part of its 365 subscription service in several markets and raised prices.

• Toyota (TM) shares rise for second day after ROE target report. Toyota shares rose for their biggest two-day gain since August on expectations for higher return on equity after the Japanese automaker said it planned to double its target.

• Mastercard says U.S. holiday retail sales beat last year's figures thanks to a surge in online sales.
 
• Futures fall in holiday trading

• BYD contractor denies Brazilian government claims of 'slave-like conditions'

• China revises 2023 GDP forecast upward, seeing little impact on 2024 growth.

• South Korea's Shinsegae to form joint venture with Alibaba International.

• Japan's Nippon Steel extends closing date for acquisition of US Steel.

• Dollar remains firm, Asian shares waver.

• Oil rises on China stimulus hopes, US stockpiles fall

• Chinese scammers are taking a cue from the game "Squid" to profit from debtors.

• Investors say Target's holiday ad campaign won't deliver big results.

• Amicorp Group to fight $1bn fraud claim by Malaysian bank 1MDB

• US Federal Reserve makes significant changes to bank stress tests in light of court rulings.

• Sources say Italy is demanding full disclosure from UniCredit about BPM's bid.

• Japanese company Daiwa plans to raise wages by at least 5% next year to attract talent.

• Malaysia's 1MDB sues Amicorp Group for more than $1 billion for alleged fraud.

• Westpac admits to overcharging more than 24,000 customers in New Zealand.

• How the secretive Swiss tried to hide the Credit Suisse crisis.

• A US consumer watchdog has sued major banks over "widespread" fraud on the payment app Zelle.

• Court orders recall of Signify Lighting products over patents, Seoul Semiconductor reports.

• JAL systems return to normal after flights were delayed due to a cyber attack.

• NASA spacecraft attempts to get as close to the Sun as possible.

• Toyota's global production falls for 10th straight month despite rising sales.

• Iran has lifted the ban on WhatsApp and Google Play, state media reported.

• Chinese company WuXi to sell Advanced Therapies division amid US restrictions.

Fundamental news

• The Central Bank of Turkey has cut the rate for the first time in two years. The central bank has reduced the key rate from 50% to 47.5% per annum.

• New U.S. jobless claims fall, but people remain unemployed longer
Initial claims for state unemployment benefits fell by 1,000 to 219,000.

• China revises 2023 GDP forecast but sees little impact on 2024 growth - Reuters. China revised the size of its economy up 2.7% on Thursday but said the change would have little impact on growth this year as policymakers promised more stimulus.

• Trump wishes a Merry Christmas to the 'future 51st state' of Canada. "Merry Christmas to Governor Justin Trudeau of Canada whose taxes on citizens are too high, but if Canada becomes our 51st state their taxes will be cut by over 60%, businesses will immediately double, and they will be militarily protected."
Ontario Premier:
Trump's plan to impose a sweeping 25% tariff on all Canadian products would be a 'disaster' that would hurt US stock markets - AP

• Romania will close more than 30 land border crossings from January 1, 2025, when it fully joins the Schengen area - Digi24 TV channel.

• Elon Musk is the person of the year according to El Mundo magazine. The publication compared him to Julius Caesar. The billionaire's influence is already "almost comparable" to the power of a sovereign state. And the "duet" of Musk and Trump is capable of radically changing the United States.

• Taiwan holds first large-scale exercises simulating military escalation with China - Reuters

• Three more cables between Finland and Estonia have failed. One of the underwater telecommunications cables belongs to Citic Telecom, the other two to Elisa. The cause of the failure is unknown, the Estonian Ministry of Economics said. It is possible that this was sabotage by Russian special services.