Megadeals hit new record as Wall Street’s animal spirits roar back

Asian stocks rose as they followed Wall Street's upward trend, driven by increasing expectations for interest rate cuts by the Federal Reserve. This rally reflects a broader recovery in global equities, with Bitcoin trading above $90,000 after recent volatility.

The Federal Reserve's Beige Book indicates a deepening K-shaped economic recovery, highlighting disparities in growth across different sectors. This report was discussed in detail on Bloomberg Businessweek Daily, with insights from economists and financial experts ahead of the crucial December FOMC meeting.

U.S. presidential envoy Steve Witkoff advised Yuri Ushakov, a senior aide to Russian President Vladimir Putin, on how to present a Ukraine peace plan to former President Donald Trump. This conversation is believed to have initiated the 28-point peace proposal that the U.S. has encouraged Ukraine to consider as a basis for negotiations.

Nobel laureate Paul Krugman has linked the recent collapse of Bitcoin to the diminishing influence of former President Donald Trump, suggesting that this downturn represents the unraveling of what he terms the 'Trump trade.' The Trump family has reportedly lost around $1 billion amid the cryptocurrency's decline over the past month.

Canada is actively pursuing a trade deal with India, marking a significant shift in relations after years of tension, particularly influenced by former President Trump's global alliance strategies. This development follows Canada's recent engagement with Beijing at the Asia-Pacific summit, indicating a broader diplomatic effort.

U.S. stock futures indicated a higher open as global markets rose, following broad gains on Wall Street. This positive momentum is attributed to delayed economic data that has increased expectations for a potential interest rate cut by the Federal Reserve next month.

China has reportedly purchased at least 10 cargoes of US soybeans following a phone call between former President Donald Trump and Chinese President Xi Jinping. This marks a significant development in US-China agricultural trade relations, especially after a period where China had not imported US soybeans for two consecutive months.

Americans are increasingly dissatisfied with the rising cost of living, with inflation rates surpassing those from the previous month when President Trump took office. This dissatisfaction is reflected in various economic indicators and public sentiment surveys.