Good morning

Donald Trump plans to nominate Senator Marco Rubio as Secretary of State, which would make Rubio the first Latino in the role if confirmed. Rubio is known for his tough stance and supports a strong foreign policy, particularly on China, Iran and Cuba. Recently, however, he has moderated some positions to more closely align with Trump's more restrained approach. Rubio's nomination reflects a shift in Republican foreign policy, which now emphasizes more caution and less military intervention, especially in Europe. Domestically, Trump wants to consolidate Latino support through Rubio's nomination. Rubio is also expected to place a strong focus on Latin America.

North Korea has ratified a mutual defense pact with Russia, which provides for mutual military support in the event of an armed attack. The agreement, signed by Kim Jong Un and Vladimir Putin in June, is intended to develop bilateral relations into a close alliance. According to reports, over 10,000 North Korean soldiers have been deployed to Russia in support of the Ukraine war, with some deployed close to the border with Ukraine.

The Israeli government has admitted to ordering the attacks on pagers of the Lebanese Hezbollah militia in Lebanon almost two months ago. Prime Minister Benjamin Netanyahu “confirmed on Sunday that he had authorized the pager operation in Lebanon”, his spokesman Omer Dostri told the AFP news agency, referring to the mass explosion of pagers in mid-September. A total of 39 people were killed and almost 3,000 others injured. Hezbollah, which is allied with the radical Islamic group Hamas, threatened Israel with a “new phase of reckoning”.

In Valencia, 130,000 people have taken to the streets to demand the resignation of the authorities, who did nothing for them during and after the flooding. More than 200 people lost their lives in the floods.

New Taiwanese law bans TSMC from producing 2-nanometer chips abroad. Taiwan has passed a law that prohibits semiconductor manufacturer TSMC from producing 2-nanometer chips outside the country - including in the USA. The aim of the law is to keep Taiwan's most advanced technologies, such as 2nm chip production, in the country to ensure national security.

Israel's Defense Minister Katz recently rejected all hopes of a ceasefire with Hezbollah in Lebanon. While Israel wants to keep up the pressure on the group, there are still heavy losses in the Gaza Strip, where several civilians and soldiers have been killed. The conflicts continue to escalate, also with increasing threats from Israel against Iran and its nuclear programs.

EU Foreign Affairs Representative Josep Borrell warned against premature concessions to Russia and emphasized that any agreement with Ukraine must be consistent.

The solidarity surcharge (Soli) was introduced in 1995 to finance reunification. Since 2021, only high earners and companies have been paying it. The FDP is taking legal action against the continued levying of the surcharge, as the “reconstruction of the East” has been completed. The Federal Constitutional Court is now examining whether the solidarity surcharge is unconstitutional. A ruling is expected in the coming months.

Following the end of the “traffic light” coalition, an agreement is expected on the date for new elections. CDU Secretary General Carsten Linnemann has indicated that new elections could take place in February, probably on February 16 or 20 - a compromise between the CDU's demands for a January date and the SPD's preference for March. Chancellor Scholz plans to call a vote of confidence in December, which should provide clarity. The Bundestag's election review committee is meeting today to examine the preparations for the election, while Federal Election Commissioner Ruth Brand is being criticized for possible delays in the organization of the election.

Residential cruise line has announced new “Skip Forward” packages for wealthy people unhappy with Trump's election. Anyone who wants to flee America can embark on a round-the-world voyage aboard the Villa Vie Odyssey ship for up to four years. The cheapest tickets in the “all-inclusive” system start at $255,999 for small single cabins. A double cabin costs from $319,998 for the four-year voyage. Visits to 140 countries on all seven continents are promised, so you can now avoid life in “Trump's America” nicely and in the company of rich like-minded people.

According to the ifo Institute, the lack of orders in Germany has reached the level of the 2009 financial crisis: 41.5% of companies, particularly in industry, report a lack of orders. The metal industry (68%), mechanical engineering (55%) and the chemical and automotive industries (44%) are particularly affected. The weakening demand is also affecting rental and transport companies, while tax and legal consultants are benefiting from full capacity utilization. This development could weaken Germany's position as an export nation and make economic recovery more difficult, as companies are holding back on investments due to the uncertain situation.

The Hong Kong stock market fell on Monday after Beijing unveiled a long-awaited stimulus package, which did not include any concrete consumer incentives. The Hang Seng Index lost 1.5% as investors were disappointed by the lack of clear growth stimulus. Besides debt restructuring, the package remained vague and falling commodity prices such as copper and iron ore point to a weak construction industry. Hopes are now pinned on the Central Economic Work Conference in December, where concrete measures are expected.

DAX: Closes near record high: Germany's leading index is approaching its old record high and closes well up on Monday. Shares in Delivery Hero, Continental and Hannover Re are in demand. On Wall Street, the “Trump trades” continue to dominate - Tesla in particular is benefiting, and Bitcoin also continues to rise. (TAG)

Baywa chaos continues: Bafin casts doubt on balance sheet: Long-serving Baywa CFO Andreas Helber is to step down at the end of March 2025. Until then, however, he will still be responsible for the annual report for the current year according to the Supervisory Board's plans - but Bafin now has problems with this. (MM)

Russia: Plans to merge largest oil companies: According to the Wall Street Journal, Moscow is working on a plan to merge its largest oil companies into a single national champion. In one of the possible scenarios, the state-backed oil giant Rosneft Oil would take over the other state producer Gazprom Neft - a subsidiary of natural gas exporter Gazprom - and the independent company Lukoil. (WSJ)

• MicroStrategy benefits from rising Bitcoin prices, supported by Trump's positive stance on cryptocurrencies.
• Riot Platforms rises, driven by the new Bitcoin high and increased demand for crypto infrastructure.
• Coinbase gains significantly as the Bitcoin rally creates new market opportunities through political support
• Hive Blockchain strengthens its capacity with 6,500 new ASIC mining devices and plans to reach 8 EH/s by mid-2025.
• Continental increased operating profit by 33% in the last quarter through a strict cost-cutting program and recorded a share price gain.
• Salzgitter is seeing a slump in profits and is openly reacting to a possible takeover by major shareholder Papenburg, which is causing the share price to fall.
• After traffic light exit: Opposition leader Merz is reportedly aiming for new elections on February 16 or 23 (DLF) 
• IG Metall boss: demands wage cuts from VW management (WIWO) 
• Continental: Increases profit - and lowers forecast for industrial division (HB)
• Deutsche Bank: Employees will only be allowed to work from home twice a week from 2025 (HB) 
• Incendiary letter: Shipyard dispute over scandal investor Lars Windhorst escalates (MM)
• US markets: Trump trades send stock markets higher (FT) 
• Money market funds: Record largest inflow of the year (RT) 
• Hedge funds: Losing +$5bn on Tesla short positions (BBG) 
• FTX: Insolvent crypto platform sues rival Binance and its founder for $1.8bn (FT) 
• Big Tech: Wants to redesign testing and benchmarking for AI models (FT)
• Delivery Hero: Plans billion-dollar IPO for Dubai subsidiary
• Traffic figures: New visitor record for ChatGPT - but the competition never sleeps
  

Trump's 10-point plan, which he wants to implement immediately upon inauguration: 1. restore the president's authority to fire improper bureaucrats.

2. firing corrupt actors in the national security and intelligence apparatus.
3. REFORMING the FISA courts, which are “so corrupt that judges don't seem to care if they are lied to on warrant applications.”
4. establish a Truth and Reconciliation Commission to declassify and publicize all documents relating to Deep State spying, censorship and corruption.
5. crackdown on government informants who collude with the Fake News to purposefully spin false stories and subvert our government and our democracy.
6. make offices of all Inspectors General independent and physically separate from the departments they oversee.
7. PLEASE Congress to establish an independent oversight system to monitor our intelligence agencies and ensure they are not spying on our citizens or spreading disinformation and campaigning against the American people.
8. move parts of the sprawling federal bureaucracy to new locations outside Washington, “just as I moved the Bureau of Land Management to Colorado.”
9. PROHIBIT federal bureaucrats from taking jobs with the companies they do business with and regulate, “like big pharma.”
10. advocate for a constitutional amendment limiting congressional term limits.