Economy

Fed vs inflation
Trump on Fed candidate: “He’s fantastic”

Donald Trump describes Federal Reserve member Christopher Waller as “fantastic”, after interviewing him for the job as replacement for Fed chief Jerome Powell.

Trump stated that three or four finalists remain in the process, writes Reuters.

The FT has previously written that Fed colleagues and economists have Waller as their favorite candidate.

Clearly lower inflation than expected in the US – 2.7 percent

US inflation in November clocks in at 2.7 percent at an annual rate. This is clearly lower than the 3.1 percent expected, according to Trading Economics’ consensus forecast. In September, the annual rate was 3.0 percent. Core inflation was also lower than expected.

The CPI data is the first since the US’s 43-day government shutdown. Ahead of the report, analysts have expressed skepticism about the high quality of the figures due to disruptions linked to the lockdown.

Both the Stockholm Stock Exchange and Wall Street are reacting positively.

ECB vs. inflation
ECB leaves deposit rate unchanged at 2 percent

The European Central Bank is resting on its laurels and keeping the deposit rate unchanged at 2.00 percent. This is according to a press release.

The announcement is in line with economists' expectations, who also predict that the rate will remain there until 2026.

- Many interest rate cuts have already been implemented in several of these countries - policy rates are no longer tight, says Mike Riddell, fund manager at Fidelity International, to Bloomberg.

According to the ECB, inflation in the eurozone is now expected to be around 1.9 percent in 2026, up slightly from previous levels as the central bank believes that inflation in the services sector will fall more slowly than previously thought. 

ECB President: “We are in a good position”

Domestic consumption has strengthened the economy in the eurozone. This was said by ECB President Christine Lagarde during Thursday's press conference after leaving the deposit rate unchanged, several media reports.

“We reaffirmed that we are in a good position, which does not mean that we are standing still,” Lagarde said, adding that the interest rate decision was made unanimously.

Lagarde reiterated that inflation and long-term inflation expectations are considered to be in line with the ECB’s target.

Crypto market
Report: North Korea has stolen billions in crypto

Hackers in North Korea have stolen $2 billion in digital assets such as crypto this year, according to a report from Chainalysis. The analysis firm also states that this beats last year’s record in North Korea, which amounted to $1.3 billion.

The country also contributed significantly to the global increase in crypto thefts, which last year amounted to more than $3 billion. A large part of that comes from a single incident, when hackers with links to the North Korean state hacked the Dubai-based crypto exchange Bybit in February.

$1.2 billion in ethereum was stolen.

Trump’s deals
Billion-dollar deal sent Trump up Media shares

Donald Trump's media company had a strong day on Wall Street and surged 44 percent after the news that it will merge with the unlisted energy company TAE Technologies. The deal is said to be worth $6 billion.

According to the agreement, shareholders in both companies will each own 50 percent of the merged company.

The merger is also said to be an investment in the increased energy demand from AI and data centers, writes Yahoo Finance.

Despite today's rush, Trump Media shares are down almost 70 percent this year.