Economic Update for Today, December 2nd: Syrian Civil War, Gold Price Fluctuations, Bitcoin, and Global Political Events Impacting Financial Markets. Let’s go through the key highlights of the day with LiveTrade to stay informed on the economic situation and build appropriate investment strategies.
1. Syrian Civil War Resurges
The Syrian civil war escalates with a large attack by opposition forces on Aleppo, causing the Syrian army to lose several key areas. Russia has launched airstrikes in support of Assad’s government, while Turkey and opposition groups have joined the battle. Iran affirms its continued support for Assad, accusing the U.S. and Israel of being behind the attacks. The assault has resulted in over 400 deaths and thousands affected, threatening the food and military supply in Aleppo.
2. Gold (XAU/USD)
Gold prices have dropped sharply as the USD rose by 0.4%, pushing gold down by $25 before recovering to $2,632 per ounce. Former U.S. President Donald Trump has threatened a 100% tariff if BRICS replaces the USD. In the short term, gold may drop to $2,610 per ounce, but if it recovers, resistance will be at $2,654 – $2,669 per ounce. In the long term, if the downward trend continues, the price could fall to $2,561 per ounce.
3. Bitcoin
According to Coinmarketcap data, as of 7:55 AM on December 2nd, 2024 (Vietnam time), Bitcoin is trading at $97,419, up by 0.95% in the past 24 hours. The trading volume of the largest cryptocurrency is at $37.6 billion. Today’s economic news shows that the cryptocurrency market is maintaining its growth amid political and financial volatility.
4. Syrian Rebels Attack Aleppo, Russia Supports Assad
The Hayat Tahrir al-Sham (HTS) group attacked Aleppo, killing dozens of government soldiers. Russia has conducted airstrikes in support of Assad’s government and has committed to providing military aid within the next 72 hours. HTS has taken control of most of Aleppo, pushing back government forces, but the Syrian army has counterattacked and regained some areas. Rebels have expanded their assault south of Aleppo to cut off key supply routes.
5. Zelensky Sets Conditions for Ceasefire
Ukrainian President Zelensky has, for the first time, accepted a concession, stating that Ukraine is willing to temporarily accept Russia holding occupied territories if Ukraine is allowed to join NATO. This is in contrast to his previous stance of defending Ukraine’s territorial integrity. The U.S. and U.K. have increased military support for Ukraine, while Russia continues its strategy of depleting forces in eastern Ukraine.
6. President-elect Donald Trump Appoints Massad Boulos and Charles Kushner to Senior Cabinet Positions
President-elect Donald Trump has appointed Massad Boulos and Charles Kushner to senior positions in his cabinet, further consolidating influence from family relationships. Massad Boulos will serve as Senior Advisor on the Middle East, while Charles Kushner has been nominated as the U.S. Ambassador to France. These decisions reflect Trump’s strategy to maintain political and economic support through close personal ties, despite controversy over the objectivity of these appointments.
7. Syrian President Meets Iranian Foreign Minister
On December 1st, Syrian President Bashar al-Assad met with Iranian Foreign Minister Abbas Araghchi to discuss regional matters. Assad reaffirmed Syria’s commitment to fighting terrorist organizations across its territory, emphasizing that the fight against terrorism benefits not only Syria but also the stability and security of the entire region. Araghchi confirmed Iran’s commitment to supporting Syria in this struggle.
8. ASB Bank New Zealand Forecasts Interest Rate Cut
ASB Bank of New Zealand forecasts that the Reserve Bank of New Zealand will cut interest rates by 50 basis points in February 2025 due to signs of an economic slowdown.
9. Russian Ministry of Defense Report on Killed Fighters in Syria
The Russian Ministry of Defense reported that over the past 24 hours, the Syrian army has killed at least 320 fighters and destroyed 63 pieces of military equipment, thanks to Russian air support. Today’s economic news also tracks the conflict’s impact on the regional economy.
10. White Helmets Report Casualties in Airstrikes
The White Helmets, representing the Syrian opposition, reported at least 25 deaths in an airstrike by the Syrian and Russian armies in northwestern Syria on Sunday, December 1st.
11. Vietnam Prime Minister Sets GDP Growth Target of 8%
The Prime Minister of Vietnam has set a GDP growth target of 8% for 2025 while promoting measures to restore and develop a sustainable economy.
12. President Biden Grants Pardon to Son Hunter Biden
President Joe Biden has used his pardon power to forgive his son Hunter Biden ahead of his sentencing on December 12th. This decision has sparked controversy, especially as Biden had previously stated he would not use executive power for personal issues.
13. Donald Trump Criticizes Biden’s Pardon Decision
Donald Trump criticized President Biden’s decision to pardon Hunter Biden, calling it an abuse of power and an action contrary to justice.
Conclusion
Today’s economic update for December 2nd covers important information about the situation in Syria, fluctuations in gold and Bitcoin markets, and political events impacting the global economy. These developments not only affect the region but could also influence future financial and political decisions worldwide.
