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Top Overnight News
A top trade adviser to Donald Trump said that the new administration would not look "fondly" on any attempt by China to manipulate its currency, responding to a Reuters report that authorities there were considering allowing the yuan to weaken next year. Peter Navarro, Trump's incoming senior counselor for trade and manufacturing, said the White House would not interfere with the Treasury Department's biannual review looking in to whether foreign trade partners are manipulating their currencies. RTRS
Trump considers options for preventing Iran from expanding its nuclear program, including the potential for airstrikes (Trump’s team feels Iran is uniquely weakened following events in Lebanon and Syria). WSJ
Trump explores merging bank regulators (FDIC, OCC, and Fed) in an attempt to eliminate duplication and promote efficiency, but any change would require Congressional approval and is likely to be controversial. WSJ
Elon Musk renewed his feud with the SEC, revealing that the agency is investigating Neuralink and may take action over his investments in Twitter. He’s also seeking to turn SpaceX’s Starbase site in Texas into a new city and move the company’s headquarters there. BBG
Broadcom reported EPS/EBITDA upside while overall sales fell slightly short (semiconductor revenue was above expectations) and the guide was fine (the sales outlook was inline while the EBITDA margin forecast is ~250bp higher). Shares spiked 15% during the earnings call as mgmt. delivered a bullish message on AI demand, VMWare accretion, and its relationship w/Apple (the company downplayed the Bloomberg report about it being at risk of displacement in the iPhone). BBG
Insurance stocks are rallying in Europe following bullish 2025 guidance from both Munich Re and Swiss Re. RTRS
UK economic data in Oct falls short of expectations, including GDP, industrial production, and manufacturing production (GDP contracted for the second consecutive month). BBG
Germany’s Bundesbank slashed its growth forecast for the country, warning of another year of economic stagnation and cautioning that a trade war with the US would trigger recession. FT
Trafigura reported a 62% drop in profit as it took $1.1 billion in losses related to alleged employee misconduct in its Mongolian oil business. The company is restating several years of prior accounts and took additional hits on its zinc smelting and retail fuel businesses. BBG
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