—— UnitedHealth Veteran Executive Killed in NY; Salesforce Hits Record High as Earnings Beat Forecast; Record Number of UK Companies Delisted; Toronto Home Sales Keep Picking Up Amid Rate Cuts; Robinhood to Enter Asia Market Next Year; Smallest US Firms Lead Wage Gain
1. UnitedHealth Veteran Executive Killed in NY
The incident in which Brian Thompson, a senior executive at UnitedHealth Group Inc., was fatally shot appears to have been a premeditated attack. According to initial reports, the shooter was already present and waiting for Thompson as he arrived at the New York Hilton Midtown for an investor event. The assailant, who was approximately 20 feet away, shot Thompson in the chest and then fled the scene on foot.
Thompson was urgently taken to Mount Sinai West, where he was declared dead due to the severity of his injuries. The New York Police Department has confirmed that no arrests have been made yet and the investigation is still actively ongoing.
The suspect is described as a White male, dressed in a cream-colored coat, black and white sneakers, carrying a gray backpack, and wearing a black face mask. The police are likely continuing to search for the shooter, who was last seen fleeing the area.
Source: Bloomberg – UnitedHealth Executive Fatally Shot in NYC on Investor Day
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2. Salesforce Hits Record High as Earnings Beat Forecast
Salesforce Inc. experienced a surge in its share value, reaching an all-time high on Wednesday, following the announcement of their quarterly revenue surpassing expectations. This has sparked optimism regarding the company’s ambitious artificial intelligence strategy.
For the quarter ending on October 31, Salesforce reported a revenue of $9.44 billion, marking an 8.3% increase. This figure exceeded the average analyst prediction of $9.35 billion, as compiled by Bloomberg. Additionally, the adjusted operating margin was reported at 33.1%, surpassing the expected 32.2%.
The company, a leading provider of customer relationship management software, has shifted its focus in AI technology towards developing automated tools named agents. These agents are designed to perform tasks like customer support and sales development autonomously. Salesforce introduced its new product, Agentforce, in October, priced at approximately $2 per agent conversation.
Following this positive financial disclosure, Salesforce shares climbed by as much as 11%, reaching $367.20 shortly after the trading began in New York on Wednesday.
Source: Bloomberg – Salesforce Hits Record High With AI Boom Fueling Strong Growth
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3. Record Number of UK Companies Delisted
The UK stock market is experiencing a significant contraction, the fastest in over a decade, due to an increase in takeovers of London-listed companies.
This year, approximately 45 companies have been removed from the London stock market as a result of mergers and acquisitions, marking a 10% increase from last year’s total, according to Bloomberg data. This is the largest exodus from the market since 2010. The total value of deals targeting UK companies has surged by 81% this year, reaching over $160 billion.
Foreign private equity firms have played a significant role in this trend. Notably, US-based Starwood Capital Group completed its £674 million ($852 million) acquisition of London-listed Balanced Commercial Property Trust Ltd. last month. Similarly, Sweden’s EQT AB recently finalized its £2.1 billion acquisition of Keywords Studios Plc, a videogame services company. Additionally, Thoma Bravo completed a $5.3 billion purchase of cybersecurity software provider Darktrace Plc.
These acquisitions underscore the attractiveness of the British stock market to international investors, especially at a time when UK equities are trading at a record discount of more than 40% compared to global peers.
Many of the targeted companies are mid-cap firms listed on London’s AIM market, which is characterized by low trading volumes and minimal analyst coverage.
Source: Bloomberg – London Stock Market Shrinks at Fastest Pace in Over a Decade
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4. Toronto Home Sales Keep Picking Up Amid Rate Cuts
Home sales in Toronto have risen for the fourth consecutive month, influenced by declining interest rates that have encouraged buyers to reenter the market.
According to seasonally adjusted data from the Toronto Regional Real Estate Board, transactions in Canada’s largest city increased by 1.9% in November compared to the previous month. This rise in activity also led to a 0.8% increase in the benchmark home price in Toronto, bringing it to C$1.094 million ($777,940), marking the second consecutive month of price gains.
The resurgence in the housing market can be attributed to a series of interest rate cuts by the Bank of Canada. These reductions have provided relief to buyers who were previously caught between high home prices and elevated mortgage rates, opening new opportunities for them. Furthermore, expectations are set for further easing, with economists predicting another cut in borrowing costs by the central bank next week, as per a Bloomberg survey.
Jennifer Pearce, the president of the Toronto Regional Real Estate Board, commented on the situation, noting that despite selling prices still being significantly below their historic highs and monthly mortgage payments decreasing, there is a strong foundation for a robust market recovery in 2025.
Source: Bloomberg – Toronto Housing Sales Climb With Buyers Flocking Back to Market
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5. Robinhood to Enter Asia Market Next Year
Jeff Bezos, founder of Amazon.com Inc., along with Samsung, has invested $700 million in Tenstorrent, an AI chip startup aiming to challenge Nvidia Corp.’s dominance in the AI industry. This investment round, led by South Korea’s AFW Partners and Samsung Securities, values Tenstorrent at approximately $2.6 billion. Other investors include Bezos Expeditions, LG Electronics Inc., and Fidelity, drawn by the reputation of Tenstorrent’s founder, Jim Keller, and the potential growth in the AI technology sector.
Located in Santa Clara, California, Tenstorrent is developing more cost-effective AI solutions using open-source and common technology, avoiding expensive components like high-bandwidth memory (HBM), which Nvidia heavily utilizes.
Keller highlighted that competing with Nvidia using HBM is not viable as Nvidia controls significant market leverage due to its bulk purchasing and cost advantages. This strategic choice aims to offer an alternative, more affordable pathway to AI development.
The funds raised will be allocated to expanding Tenstorrent’s engineering team, investing in the global supply chain, and constructing large AI training servers to showcase its technology.
Source: Bloomberg – Robinhood Is Coming to Asia in 2025
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6. Smallest US Firms Lead Wage Gain
Wage growth among the smallest businesses in the U.S. saw an increase in November, marking the first acceleration since early last year, as reported by the ADP Research Institute.
In firms with fewer than 20 employees, wages grew at an annual rate of 4.2% in November, up from 3.9% in October. This represents the largest increase since early 2022. These small businesses are significant contributors to the U.S. economy, employing more than a quarter of the workforce.
This uptick in wages among the smallest firms could potentially raise concerns for Federal Reserve policymakers, who monitor the labor market for indicators that might suggest increased inflationary pressures. For slightly larger firms, employing between 20 and 49 people, there was also a modest acceleration in wage growth last month.
In contrast, for businesses with 50 or more employees, the wage growth rate in November either slowed down or remained the same as the previous month. Collectively, the two smallest categories surveyed by ADP encompass over 40% of the U.S. labor force.
Source: Bloomberg – Wage Growth at Smallest US Firms Accelerates Most in Two Years
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7. Citadel Commodity Trading Earns $4bn in Profit
Air travel is expected to become more expensive globally in 2025, although the rate of fare increases is predicted to moderate compared to the sharp rises experienced post-Covid. According to a forecast by American Express Global Business Travel Group Inc., the anticipated increases will reflect the ongoing higher operational costs and persistent supply chain disruptions affecting the airline industry.
The American Express report notes that while airfare prices will likely increase across various routes, the extent of these hikes will differ significantly by region. In North America and Europe, the increases are expected to be relatively modest, around 2%. Conversely, regions like Asia and Australasia, which were among the last to relax pandemic restrictions, may see more substantial fare increases of up to 14%.
Despiteitive outlook on passenger demand for 2025, airlines are facing challenges in expanding their capacity due to delays in the delivery of new planes from major manufacturers such as Airbus SE and Boeing Co.
Additionally, extended servicing times for jet engines are further restricting the availability of aircraft, thus limiting the ability of airlines to meet the rising demand and contributing to higher ticket prices.
Source: Bloomberg – Citadel Defies Commodities Slump to Rack Up $4 Billion in Gains
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本文内容来自《Financial Times》、《Bloomberg》，以及《The Real Deal》等多家财经新闻媒体。