Sterling jumps as business survey triggers unwinding of negative bets
Better than expected activity adds to dollar weakness to send currency to highest level since October
Economic news
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Bessent says Trump admin will be able to replicate tariffs even if it loses Supreme Court decision
The Treasury secretary cited several sections of 1962 Trade Act that give the president sweeping powers over import duties.
ECB urges Meloni party to rethink declaring Italy’s gold ‘belongs to the people’
Any law affecting legal status of gold reserves would risk Bank of Italy’s independence, warns central bank
Blue Owl executives and staff bought $200mn in shares after sell-off
Insider purchases intended to support stock in wake of abandoned merger
EU pushes magnet recycling to cut reliance on China
Proposed ban on export of permanent magnets is latest bid to secure critical minerals supply after China export restrictions
November private payrolls unexpectedly fell by 32,000, led by steep small business job cuts, ADP reports
The payrolls decline marked a sharp step down from October, which saw an upwardly revised gain of 47,000 positions.