UK Assets Rise as Global Sentiment Picks Up

Recent data indicates a significant decline in UK construction activity, with business optimism at its lowest since December 2022, as reported by S&P Global. The Future Activity Index shows that only 31% of construction firms anticipate growth in the next year, while 25% expect a downturn, reflecting concerns over client investment and economic prospects.

US initial jobless claims fell by 27,000 to 191,000 for the week ending November 29, marking the lowest level in over three years. This decline reflects a significant improvement in the labor market, as reported by Bloomberg's Enda Curran.

Saudi Arabia has reduced the price of its flagship crude oil to the lowest level in five years, reflecting ongoing signs of a surplus in the global oil market. This decision comes amid increasing production levels and a well-supplied market, which has pressured oil prices downward.

French President Emmanuel Macron's recent visit to China included a meeting with President Xi Jinping, resulting in the signing of a dozen cooperation agreements aimed at enhancing bilateral relations. Bruno Bezard, Managing Partner at Cathay Capital, emphasized the importance of such state visits for maintaining government communication and strengthening business ties.

Liverpool Street has been named the UK's busiest station once again, with approximately 98 million passengers recorded entering and exiting the station until the end of March, according to the regulator.

Zipcar announced it will cease UK operations starting January 1, 2026, leaving groups like Rotherhithe Community Kitchen without access to essential vehicles for delivering meals to vulnerable residents. This decision has disrupted the volunteer group's plans, which had relied on Zipcar's car-sharing services for two years.

The cryptocurrency market is experiencing a significant downturn, with the value of its riskiest tokens plummeting by $200 billion, leading to widespread abandonment by retail investors who are facing substantial losses and questioning the integrity of the market.

Applications for US unemployment benefits fell to 216,000 last week, marking the lowest level in over three years, indicating that employers are retaining workers despite recent layoff announcements. This decline of 6,000 claims from the previous week suggests a more stable labor market.