Sunday☕️

01 Dec 2024 — 4 min read

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On Thanksgiving Day, global online spending hit $33.6 billion. On Black Friday, U.S. shoppers spent $10.8 billion online, up 10.2% from last year, according to Adobe. Salesforce estimated an even higher U.S. total for Black Friday at $17.5 billion, up 7%. Globally, Black Friday spending reached $74.4 billion, a 5% increase from 2023, according to Salesforce. For comparison, last year’s Black Friday online sales were $9.8 billion in the U.S. and $70.9 billion globally.

Economics & Markets:

As of November 2024, inflation in the U.S. stands at 2.6%. Core inflation, which excludes food and energy, is at 3.3%. The Federal Reserve’s current interest rate is set at 4.50% to 4.75%.
Yesterday’s commodity market:

Politics:

Yesterday, President Trump announced three key appointments. Kashyap Patel will serve as FBI Director, focusing on crime reduction, dismantling gangs, and combating trafficking. Sheriff Chad Chronister was named DEA Administrator to tackle the drug crisis with over 32 years of law enforcement experience. Charles Kushner will serve as U.S. Ambassador to France, leveraging his business and diplomatic expertise to strengthen U.S.-France relations.

BRICS: Brazil, Russia, India, China, and South Africa—is an economic alliance focused on reducing reliance on Western financial systems and the U.S. dollar. By combining their strengths in manufacturing, energy, IT, and raw materials, they aim to build an alternative global framework, with their ultimate goal being the creation of a gold-backed currency.
However, BRICS economies are highly reliant on U.S. trade, with exports to the U.S. driving much of their growth. A tariff, such as a 100% tax on imported goods, dramatically increases costs for producers. For instance, if a Chinese manufacturer sells products to the U.S., a 100% tariff doubles the cost to export, raising prices for the consumer, driving buyers toward cheaper alternatives.
If applied across BRICS nations, such tariffs would collapse their export revenues, weaken currencies, and undermine efforts to establish a new currency. Meanwhile, the U.S. maintains its dominance through economic strength and military power, which reinforces trust in the dollar. As the U.S. works to preserve its global influence, BRICS continues to push its economic alliance forward.

Environment & Weather:

South Korea experienced its heaviest snowfall in 117 years, with Seoul and its surrounding areas receiving 7.1 inches (18 cm) of snow overnight, surpassing the previous record of 4.9 inches (12.4 cm) set in 1972. This historic snowfall caused significant disruptions across the region.

The blizzard also heavily impacted transportation and safety measures across South Korea. A total of 150 flights were canceled, including 71 at Incheon International Airport, while restrictions were placed on 89 ferries. Additionally, seven national parks were closed to ensure visitor safety amid hazardous conditions.

Space:

Yesterday featured several notable space missions showcasing advancements in global space initiatives. At 9:25 AM, the China Aerospace Science and Technology Corporation (CASC) launched a demo flight using its Long March 12 rocket from the Wenchang Space Launch Site. This mission is part of CASC’s efforts to test and develop new space technologies.
In the United States, SpaceX carried out two successful launches. At 12:00 AM, a Falcon 9 rocket launched additional Starlink satellites from Cape Canaveral, Florida, further expanding SpaceX’s global broadband internet network. Later, at 3:10 AM, another Falcon 9 launched the NROL-126 mission from Vandenberg Space Force Base, California, carrying a classified intelligence satellite for the U.S. National Reconnaissance Office. Both missions included successful booster landings on SpaceX drone ships.

On Friday, Roscosmos, Russia’s state space agency, launched the Kondor-FKA n°2 satellite on a Soyuz 2.1a/Fregat-M rocket from the Vostochny Cosmodrome. This Earth observation satellite is designed to enhance Russia’s geospatial intelligence capabilities. These missions highlight the ongoing innovation and progress in space technology by multiple nations.

Statistic: