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European stock markets traded lower on Monday in the last full trading session of 2024, as investors braced for a quiet end to the year. The pan-European Stoxx 600 index fell 0.5% in early afternoon trading in London, with most sectors posting losses. Technology, industrial and media stocks led the declines, while oil and gas stocks managed to post gains. Trading volumes remained light as markets across the region prepared to close early or remain closed until January 2 for the New Year holidays. Despite Monday's modest performance, European stocks are on track to end the year with moderate gains.…

On New Year's Day, Ukraine officially cut off the flow of Russian natural gas to several European countries, marking the end of Moscow's long-standing dominance of European energy markets. The move, which had been widely anticipated, comes as the five-year transit agreement between Russia and Ukraine expired without renewal amid the ongoing war between the two nations. At around 8am local time on Wednesday, Russian state energy giant Gazprom confirmed that gas exports to Europe via Ukrainian pipelines had stopped. This development, which follows more than three decades of transit of Russian gas through Ukraine, highlights changing energy dynamics in…

Cars traveling through Manhattan will face new tolls starting just after midnight on January 5, 2025, as New York City implements the nation's first congestion pricing plan. However, the plan continues to face legal challenges, particularly from the state of New Jersey, which argues that the program could lead to environmental damage and economic consequences beyond the river. Key details on congestion pricing Under the congestion pricing system, motorists entering Manhattan below 60th Street will pay: Peak times (weekdays 5am-9pm, weekends 9am-9pm): $9 Off-peak times: $2.25 (a 75% discount) The Metropolitan Transportation Authority (MTA) expects a 10% reduction in cars…

President-elect Donald Trump ramped up his rhetoric on trade on Friday, warning the European Union that it must significantly reduce its trade deficit with the United States by buying more American oil and gas or face tariffs. “I told the European Union that it must make up for its huge deficit with the United States by buying our oil and gas on a large scale. Otherwise, it will just be tariffs,” Trump posted on his Truth Social platform shortly after 1 pm ET. The trade deficit between the United States and the EU in goods and services amounted to 131.3…

US President Joe Biden will visit the Vatican next month, marking what is likely to be his last international trip as president before his term ends. The White House announced that Biden will travel to Rome from January 9 to 12, where he will meet with Pope Francis, Italian President Sergio Mattarella and Italian Prime Minister Giorgia Meloni. “President Biden will have an audience with the Pope on January 10 to discuss global efforts to promote peace,” the White House said in a statement. Biden will also meet with Italian leaders to highlight the strong relationship between the United States…

The U.S. Federal Reserve is expected to cut its benchmark interest rate by a quarter of a percentage point this week, a move some analysts are calling a “hard reversal” in monetary policy. This decision comes alongside updated economic forecasts and interest rate projections as the central bank attempts to balance its goals against a backdrop of changing economic conditions and the incoming administration of President-elect Donald Trump. The expected rate drop would lower the Fed's key interest rate to a range of 4.25% to 4.50%, marking a full one percentage point reduction from September, when the central bank began…

The UK economy unexpectedly contracted in October, exacerbating fears of a prolonged economic slowdown as businesses and households grapple with uncertainty. According to the Office for National Statistics (ONS), gross domestic product (GDP) fell by 0.1% month-on-month, defying economists' expectations of a modest 0.1% increase. This contraction follows a similar 0.1% decline in September, marking the second consecutive month of negative growth and raising concerns about the country's economic trajectory. The ONS attributed October's decline to reduced output across all key sectors. However, on a three-month rolling basis, GDP showed a slight increase of 0.1% for the period ending in…

Chinese leaders reaffirmed their commitment to boosting the nation's economy by unveiling plans for more aggressive fiscal policy and moderate monetary easing at a high-level economic planning meeting that concluded Thursday. The meeting, led by President Xi Jinping, highlighted the government's determination to stabilize growth despite growing external pressures and domestic challenges. State-run CCTV reported the meeting after the mainland stock market closed. The iShares China Large Cap ETF (FXI) briefly rose 0.8% in premarket trading before paring gains. The annual economic conference highlighted the need for increased government spending, a higher fiscal deficit and the issuance of very long-term…

For decades, María Amparo Carvajal in Bolivia and Juana Ruiz in Colombia have dedicated their lives to defending human rights and supporting survivors of violence and oppression. Their tireless efforts were recognized this week when the US State Department awarded them the prestigious Human Rights Defender Award. Carvajal, originally from Spain, has been a central figure in Bolivia's human rights movement since 1971, the year Hugo Banzer took power in a coup. Banzer's regime, which lasted until 1978, was characterized by widespread human rights violations, motivating Carvajal to take action. In 1976 he founded the Permanent Assembly for Human Rights…

President-elect Donald Trump prepares to ring the opening bell of the New York Stock Exchange (NYSE), marking the ceremonial start of the trading day. This symbolic event comes at a crucial time as markets weigh the implications of his 2024 election victory, according to people familiar with the matter. The event is expected to be a significant moment for Trump, a native New Yorker who spent much of his life in Manhattan before moving to Florida. His return to the city for this occasion underlines his connection to the financial world and his enduring association with Wall Street. Historically, the…