1. Forward P/E ratios of the 25 biggest US stocks.

2. Electricity prices in Europe have rallied by ~60% year-to-date.

3. Still, utilities have underperformed the wider market despite the shift higher in electricity prices, structural growth, and the tailwind from lower rates.

Here is the Utilities sector (blue) versus the European Index, year-to-date.

4. China will cut interest rates by the largest amount in a decade next year, says Goldman Sachs and Morgan Stanley.

5. The Swiss Index has been the worst-performing benchmark among major European markets in 2024, weighed down by heavyweights Nestle and Roche.

However, with volatility likely to pick up with the incoming Donald Trump administration’s policy announcements next year, the SMI could see some resurgence.

The Swiss equity market has one of the lowest beta to global stocks and could fare better in the first quarter on rising uncertainty about global growth, according to JPMorgan strategists led by Mislav Matejka.

While the country’s stocks are still exposed to global trade risks, “what will help in 2025 is the defensive exposure in Switzerland,” says Stefan Meyer, an analyst at UBS.

6. “Agentforce”.

Salesforce’s new artificial intelligence “agents” are racking up big numbers but not big money yet.

With its stock now up 46% since it introduced the AI agent platform in September, investors are making a major bet that profits from the business are coming, writes Heard on the Street’s Dan Gallagher.

7. “A craze for betting is sweeping over America”.

The economist summed up today’s environment.

Sports, meme stocks, election betting, it’s all on the table.

“Some believe the widespread degenerate behavior is a positive, but for most, it’s a negative.

Regardless, it’s here for the time being, and speculators around the globe are betting big on the party continuing.”

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