Good Morning

US President-elect Donald Trump has appointed Fox News presenter Pete Hegseth to his cabinet as Secretary of Defense, a decision that has caused a stir as Hegseth has no experience in national security. However, the TV presenter is a long-time Trump supporter and veteran with a military background. In addition, Trump is planning a new department for “government efficiency” to be headed by Elon Musk and former presidential candidate Vivek Ramaswamy. This could cause conflicts of interest with Musk's companies Tesla and SpaceX, which receive government contracts and funding. Other personnel for Trump's administration include Kristi Noem for the Department of Homeland Security and John Ratcliffe as the new head of the CIA. There is also speculation about Marco Rubio as Secretary of State and Robert F. Kennedy Jr. for health policy.

China is deploying modernized H-6 bombers from the Cold War to demonstrate its military strength against Taiwan and the US. The H-6s can carry nuclear and long-range missiles and reach targets in the western Pacific, including US bases. During maneuvers, the bombers flew attacks on Taiwan and conducted joint patrols with Russia near Alaska, showing China's growing assertiveness.

In New Delhi, smog has continued to worsen, reducing visibility and potentially affecting air traffic. The city has become the world's most polluted place with an AQI of over 1,000, according to IQAir, while the Indian Air Quality Authority says it has a lower AQI of 350. Cold temperatures and dense fog exacerbate the problem. The government is considering measures such as artificial rain to reduce air pollution, while Pakistan also has similar restrictions in place to combat smog pollution.

The Biden administration has stated that Israel is not currently blocking aid to Gaza and has taken certain steps, such as opening border crossings. Humanitarian organizations such as Oxfam disagree and say that Israel has not met the established criteria. Despite some measures, the humanitarian situation in Gaza remains extremely critical and only limited aid is reaching the population.

A federal judge has ruled unconstitutional a Louisiana law that required schools to post the Ten Commandments in all classrooms. Judge John deGravelles argued that the law was “discriminatory and coercive” and violated religious rights. Louisiana would have been the only US state with such a requirement after Governor Jeff Landry signed the law in June. The decision could be appealed to the conservative 5th Circuit Court of Appeals. Plaintiffs, including members of various religions, see the law as an encroachment on their religious freedom.

Justin Welby, Archbishop of Canterbury, resigned and took responsibility for failing to adequately investigate allegations of abuse in the church. The Makin report criticized him for inadequate action against a serial abuser. Welby was ashamed of the church's failings. His successors are Martyn Snow, Graham Usher and Guli Francis-Dehqani, the first woman to hold this position.

There have been several developments in the Middle East conflict:

1. US attacks on militias: The US military has attacked pro-Iranian militia positions in Yemen and Syria. Over the weekend, airstrikes were carried out on weapons depots of the Huthi rebels in Yemen. These militias have used advanced weapons to target ships in the Red Sea and the Gulf of Aden.

2. deaths in the Gaza Strip: According to the UN Human Rights Office, around 70 percent of those killed in Gaza are women and children. Children between the ages of five and nine are particularly affected.

3. US military aid to Israel: The US has announced that it will not reduce its military aid to Israel, despite the threat to do so a month ago.

4. Israeli conscription: According to reports, Israel intends to issue new conscription orders for the ultra-Orthodox.

After the US election: Hedge funds lose billions through Tesla short selling: Following Donald Trump's election victory, Tesla shares are soaring to new heights. This hurts large short sellers in particular. They suffered a loss of five billion US dollars. (BBG)

Softbank: Tech investor increases AI investments: Japanese technology investor Softbank is returning to profit. This gives the group more scope for investments, announces CFO Goto. Handelsblatt has written down where the company sees opportunities. (HB)

Wirecard trial: Whistleblower not in court: The whistleblower whose information contributed significantly to the collapse of the DAX company in summer 2020 will be absent as a witness in the Munich Wirecard trial. The Singaporean lawyer has canceled his participation scheduled for this Wednesday at very short notice, the Munich I Regional Court announced. (MS)

At economic summit: Finance Minister Kukies sharply criticizes Unicredit: Germany's new Finance Minister gave his first major speech at the SZ Economic Summit. “The German government is very clear: taking an aggressive stake in a relevant bank in Germany such as Commerzbank using unfriendly methods and without cooperation is not an appropriate course of action,” he said yesterday afternoon in Berlin. (SUED)

Fulminant or highly risky? Stock market comeback of Siemens Energy: 335% share price increase in twelve months. Siemens Energy is growing like no other DAX company and is even outperforming US stars such as Nvidia. Investors are betting on the end of the wind power problems and the boom in other business areas. But risks remain, as manager-magazin analyzes. (MM)

After the US election: Hedge funds lose billions through Tesla short selling: Following Donald Trump's election victory, Tesla shares are soaring to new heights. This hurts big short sellers in particular. They suffered a loss of five billion US dollars. (BBG)

Japan: Massive investment in domestic chip and AI sectors: Japan's Prime Minister Shigeru Ishiba has announced an investment package of +$65 billion for the domestic semiconductor and AI sectors. The aim is to help Japanese tech players keep pace with cutting-edge global technologies. (FT)

AI startup Writer: Financing round brings valuation to $1.9 billion: The up-and-coming AI company has almost quadrupled its valuation in a new funding round - the Series C funding, led by Iconiq Growth, also includes new investors such as Premji Invest and Radical Ventures. In total, the full stack platform for generative AI has raised $326 million to date. (BBG)

Ecosia and Qwant: European search alliance against Google: The search engines Ecosia and Qwant are joining forces to challenge Google and Microsoft. With a new project called European Search Perspective, they want to develop independent web indexing for Europe. The aim is to better tailor search results to European preferences and promote ethical companies. (WIR)

• Trump plans to build a strategic Bitcoin reserve and loosen regulation. 
• Live Nation Entertainment steigert den Ticketverkauf um 15 % im Oktober und profitiert von einem Anstieg der Sponsoring-Verträge.
• Grab Holdings raises its annual sales forecast to up to USD 2.78 billion and expects EBITDA of up to USD 313 million.
• Luminar Technologies expands its business relationship with a Japanese OEM and makes progress with LiDAR integration in Volvo vehicles.
• Brenntag struggles with economic weakness and price pressure, which reduces the operating result by 5% to 281.1 million euros.
• United Internet lowers its sales forecast for the second time this year and now expects 6.35 billion euros.
• Cancom adjusts its sales forecast to between 1.65 and 1.75 billion euros, citing the political environment as the reason.
• Rheinmetall gains from Donald Trump's election as Europe may increase its defense spending.
• ETF inflows break record: $1.4 trillion in just 10 months
• After traffic light exit: German President Steinmeier gives green light for vote of confidence in December and new elections in February (SPG) 
• DAX: Collapses by 400 points - chemical companies lose the most (HB) 
• Bayer: Share falls to 20-year low (WIWO) 
• Infineon: Warns of further losses after quarterly loss (HB) 
• SIXT: Cuts forecast despite record sales (MM)
• Trump: Considers appointment of pro-crypto nominees to central financial authorities (WP) 
• Japan: Puts $65bn into chip and AI sector (BBG) 
• Softbank: Tech VC with billion-dollar profit in Q3 - thanks to IPO boost (RT) 
• Shell: Win climate protection trial in The Hague (CNBC) 
• Wall Street bankers: On track for 35% rise in bonuses (FT)
• Amazon: Wants to become Nvidia competitor
• USA plans to triple nuclear power capacity by 2050