News Recap • Week 52 2025

Check the news below and make sure to visit my latest Market Recap as well.

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Macro

• Mon The number of US workers who have multiple jobs surged by almost 500,000 to a record high 9.3 million in October. (The Kobeissi Letter)
• Tue The US economy grew by 4.3% in Q3, much more than the 3.2% expected by economists polled by Dow Jones. Consumer spending accelerated from 2.5% growth in Q2 to 3.5% in the latest quarter, proving that consumers are still willing and able to spend despite inflation worries and poor sentiment. The downside of a strong report like this is a lower likelihood of rate cuts. The odds of a cut in January are down to 15% after hitting 25% just a week ago. (CNBC)
• Tue Japan’s Finance Minister, Satsuki Katayama, said on Tuesday that the yen’s big declines do not reflect fundamentals and that Japan has a free hand in dealing with excessive moves in its currency. The statement was perceived as a stern warning of potential intervention and caused the yen to strengthen by over 1% against the US dollar. (Reuters)
• Tue The Conference Board’s US consumer confidence index came in at 89.1 for December, well below the 91.0 forecast. However, the reading for November was revised up from 88.7 to 92.9. (Reuters)

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Other

• Mon The Trump administration halted a series of wind energy projects. Danish Ørsted stock was one of the hardest hit, plummeting 11% on the news. (CNBC)
• Mon Japan voted to restart its largest nuclear power plant in an important pivot back toward nuclear energy 15 years after the Fukushima disaster. (Reuters)
• Mon Uber and Lyft announced a partnership with Baidu to launch robotaxi trials in the UK next year. Both Uber and Lyft got a boost by the news but are still down significantly since Tesla showed promising progress on the robotaxi front yearlier this month. (Reuters)
• Mon The FDA approved the first-ever GLP-1 pill from Novo Nordisk. The starting dose of 1.5 milligrams will be available for US customers in early January for $149 per month. The approval gives Novo Nordisk a head start over Eli Lilly in the obesity pill market. Shares in Novo rallied more than 9% on Tuesday but are still down close to 47% year-to-date. (CNBC)
• Tue Larry Ellison stepped in to personally guarantee $40 billion in Paramount Skydance’s bid for Warner Bros. Discovery, strengthening its case against Netflix’s competing bid. (Reuters)
• Wed Nvidia is acquiring assets worth $20 billion from chip startup Groq in a non-exclusive licensing agreement. It’s the largest deal on record for both companies. Groq was valued at $6.9 billion in its latest financing round in September. (CNBC)