Syrian National Army soldiers celebrate after rebel forces led by Hayat Tahrir al-Sham took control of central Hama and surrounding villages on December 6, 2024 in Hama, Syria.
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This report comes from today’s CNBC Daily Open, our international markets newsletter. CNBC Daily Open keeps investors updated on everything they need to know, no matter where they are. Like what you see? You can subscribe here.
What you need to know today
Syria’s Assad regime collapses after 50 years
Syrian President Bashar Assad According to reports, the rebels fled to Russia after storming the capital Damascus over the weekend, ending the Assad family’s 50-year rule in Syria. Russian state news agencies TASS and RIA Novosti cited an unnamed Kremlin source as saying Assad and his family were granted asylum in the country.
South Korean president survives impeachment vote
South Korean President Yoon Seok-yeol survived a weekend impeachment vote after his ruling People Power Party boycotted the vote. The impeachment motion was supported by all 192 opposition MPs but failed to pass the required 200 votes as only three People’s Party members voted in favor of the motion.
Kospi leads Asian losses, S&P and Nasdaq hit new records
KOSPI shares plunged more than 2.7% on Monday as the fallout from President Yoon’s brief declaration of martial law continued to roil the country. Elsewhere in the United States, both the S&P 500 and the Nasdaq Composite Index rose to new highs on Friday after November employment data raised hopes that the Federal Reserve will cut interest rates after its December 18 U.S. meeting.
China consumer inflation falls to five-month low
China’s overall inflation rate fell to a five-month low in November, weaker than expected. The country’s inflation rate rose 0.2% from the same period last year, lower than the 0.5% expected by economists polled by Reuters. Core inflation, which excludes food and fuel prices, rose 0.3% in November from 0.2% in October.
(PRO) China’s electric vehicle market will benefit by 2025
Traditional foreign automakers will exit the Chinese auto market in 2024, meaning 2025 appears to be the year when a handful of local electric vehicle companies can consolidate their leadership in the world’s second-largest economy.
bottom line
Russian revolutionary Vladimir Lenin is often quoted as saying: “There are decades when nothing happens, and there are weeks when decades and decades happen.”
While it would be difficult, even absurd, to argue that nothing has happened in the past few decades, a lot has certainly happened in the past two weeks.
Syrian President Bashar Assad reportedly fled to Russia over the weekend, ending 50 years of Assad family rule; South Korea’s president survived an impeachment vote after declaring martial law for the first time in more than 40 years; and last week, the French government It collapsed after a vote of no confidence, the first time this has happened in France in more than 60 years.
Will political turmoil cast a shadow on the typical year-end rally that typically sees markets rise?
To be honest, it’s hard to say. On the one hand, the impact of these political developments is not yet fully known and will create uncertainty, but on the other hand, U.S. economic data appears to support market gains.
Traders expect the Fed to be the market’s Santa Claus this year. according to CME Fedwatch Toolsthere is an 85% chance that the Federal Reserve will cut interest rates by 25 basis points next week, which may push the market higher.
However, as we enter 2025, many other dark clouds loom on the horizon, not least the incoming administration of President-elect Donald Trump. All in all, 2024 may be coming to an end, but the final three weeks seem determined to get out there and rock.
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