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The political drama in France adds a note of suspense as President Emmanuel Macron, undeterred by the departure of Prime Minister Michel Barnier post no-confidence vote, vows to cast a new lead for his administration, seeking to craft a "government of general interest" with the urgent task of budget passage. In this climate, a curtain of caution has descended upon the FTSE 100, with the index down 0.2%.
The European Union's trade script faces edits as Italy echoes France's reluctance to sign the current draft with South America's Mercosur bloc.
Across the pond, President-elect Donald Trump has appointed David Sacks as the "White House AI & Crypto Czar," a move that spotlights the narrative of artificial intelligence and cryptocurrency in the saga of American competitiveness. Sacks' mission: to pen a legal framework for the crypto realm and tackle the thorny issues of Big Tech bias and censorship.
In corporate news, Direct Line Insurance has nodded to a takeover bid from Aviva at a handsome 275 pence per share, a 73% premium to the applause of the market on November 27. Aviva has to declare its intentions firmly by December 25. Lastly, Wheaton Precious Metals has penned a deal to acquire a golden stream from Allied Gold Corp, an infusion of USD 175 million to bring the Kurmuk project in Ethiopia to life, with the first act of production slated for mid-2026.
Things to read today:
- Why investors don't mind AI being a money pit (The Verge).
- Christine Lagarde: how to turn European savings into investment, innovation and growth (The Economist).
- Elon Musk spent more than $250 million to help elect Donald Trump (New York Times).
- Who's behind the rise of gold in 2024 (Bloomberg).
- Alternative meat could be good for the climate. Will anyone eat it? (MIT Technolgy Review).
- Managers tried to buy low and sell high, but they weren't very good (Wall Street Journal).
