The crypto market
Bitcoin reaches new record high - streak continues
Bitcoin continues to surge and overnight reached a new high. At its highest, the cryptocurrency was up to $106,493, but traded around $104,500 at 10am.
This extends the rising streak to seven weeks, the longest since 2021. At the same time, the pressure has eased somewhat recently, which could mean that "a rebound could be on the way", according to IG analyst Tony Sycamore.
Bitcoin has rallied since Donald Trump's election victory in November, when the incumbent is expected to be more sympathetic to the industry than the Biden administration.
Bitcoin reaches new record high - streak continues
Bitcoin continues to surge and overnight reached a new high. At its highest, the cryptocurrency was up to $106,493, but traded around $104,500 at 10am.
This extends the rising streak to seven weeks, the longest since 2021. At the same time, the pressure has eased somewhat recently, which could mean that "a rebound could be on the way", according to IG analyst Tony Sycamore.
Bitcoin has rallied since Donald Trump's election victory in November, when the incumbent is expected to be more sympathetic to the industry than the Biden administration.
The backlash about bitcoin: "Sweden jumps on the bandwagon last"
Economist Klas Eklund has recently criticized the cryptocurrency bitcoin as a vulnerable currency with no underlying value. Now he receives a counterstab from Mariana Burenstam Linder, co-founder of the wealth advisor Burenstam & Partners and who was once a student of Eklund.
She instead sees bitcoin as an alternative to today's monetary policy and compares it to "digital gold".
- I am worried that Sweden and the Swedes will be the last to jump on the bandwagon. We are late in AI and now we are late on the bitcoin train, she says in Kryptopodden, according to EFN.'
Swedish inflation
Professional economists want the interest rate to be lowered by 50 basis points
The banks agree that the Riksbank will lower the interest rate again on Thursday, by 25 points to 2.5 percent. From the union point of view, greater relief than that is called for. The Union's chief economist Tobias Brännemo believes that it is "necessary" that the interest rate be lowered by 50 points.
- The interest rate will have to be lowered to a level that is expansive and not just, as the Riksbank previously believed, to a level where the interest rate stops holding back the economy, he says in a press release.
Professional economists want the interest rate to be lowered by 50 basis points
The banks agree that the Riksbank will lower the interest rate again on Thursday, by 25 points to 2.5 percent. From the union point of view, greater relief than that is called for. The Union's chief economist Tobias Brännemo believes that it is "necessary" that the interest rate be lowered by 50 points.
- The interest rate will have to be lowered to a level that is expansive and not just, as the Riksbank previously believed, to a level where the interest rate stops holding back the economy, he says in a press release.
Europe's growth
Eurozone unexpectedly close to growth: "Welcome lift"
Still tough for Europe's industry, but the service sector unexpectedly turned to growth. It shows fresh PMI numbers for the Eurozone which rose to 49.5 in November. A decline to 48.2 was expected according to the Trading Economics consensus forecast.
"Although the manufacturing sector is still deep in a recession, the recovery in service production is a welcome boost for the overall economy," writes Hamburg Commercial Bank's chief economist Cyrus de la Rubia in a comment seen by Direkt.
Eurozone unexpectedly close to growth: "Welcome lift"
Still tough for Europe's industry, but the service sector unexpectedly turned to growth. It shows fresh PMI numbers for the Eurozone which rose to 49.5 in November. A decline to 48.2 was expected according to the Trading Economics consensus forecast.
"Although the manufacturing sector is still deep in a recession, the recovery in service production is a welcome boost for the overall economy," writes Hamburg Commercial Bank's chief economist Cyrus de la Rubia in a comment seen by Direkt.
Political situation in Brazil
Lula: The only fault with Brazil is the interest rates
Too high interest rates are Brazil's only problem and the central bank bears all the responsibility, says Brazilian President Luiz Inacio Lula da Silva when he is interviewed on Sunday.
- The only thing wrong with this country is the current interest rate, which is over 12 percent.
The central bank raised interest rates by 100 basis points last week and signaled that more interest rate hikes are on the cards.
Tesla's future
Tesla disputes Musk's salary package: "Hell"
Elon Musk's options package - the largest in history - was stopped again by a judge in Delaware, USA, in early December. Now Tesla is faced with two choices: appeal the verdict or try a new option package that will probably lead to large additional costs for both the company and Musk. The FT reports.
- If they issue a new option package, paying the taxes will be hell, says a tax lawyer at the firm Greenberg Glusker to the newspaper.
The company would incur multibillion-dollar audit costs, and Musk would probably have to pay roughly $48 billion in taxes as soon as he received the shares, which are worth $129 billion today.
Tesla disputes Musk's salary package: "Hell"
Elon Musk's options package - the largest in history - was stopped again by a judge in Delaware, USA, in early December. Now Tesla is faced with two choices: appeal the verdict or try a new option package that will probably lead to large additional costs for both the company and Musk. The FT reports.
- If they issue a new option package, paying the taxes will be hell, says a tax lawyer at the firm Greenberg Glusker to the newspaper.
The company would incur multibillion-dollar audit costs, and Musk would probably have to pay roughly $48 billion in taxes as soon as he received the shares, which are worth $129 billion today.
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