China Resumes Gold Purchase | US Court Upholds Tiktok Sale | US Consumer Card Borrowing Surges

China’s central bank resumes gold purchases after six-month hiatus in November

China's central bank, the People's Bank of China (PBOC), resumed buying gold for its reserves in November after a six-month hiatus.

The PBOC had previously paused its 18-month gold buying streak in May 2024.

China's gold holdings increased to 72.96 million fine troy ounces at the end of November, up from 72.80 million troy ounces a month earlier.

The resumption of gold purchases may support Chinese investor demand, which had been muted since the pause in May.

US appeals court upholds TikTok law forcing its sale

A U.S. federal appeals court upheld a law requiring ByteDance to sell TikTok by January 19, 2025, or face a ban.

The law cites national security threats due to TikTok's access to vast amounts of American user data.

TikTok and ByteDance argue the law is unconstitutional and violates free speech rights.

The decision could be appealed to the Supreme Court.

US consumer borrowing jumps on surge in credit-card balances

US consumer borrowing surged in October 2024, with credit card balances rising by $15.7 billion.

Total credit outstanding increased by $19.2 billion, surpassing economists' forecasts.

Non-revolving credit, such as auto loans and student loans, increased by $3.5 billion.

Despite rising incomes, many lower-income Americans are experiencing greater financial strain.

Market Updates

• FTSE 100 logs worst day in over three weeks.

• US job market bounces back from impact of strikes, hurricanes.

• Rouble rebounds past 100 mark vs US dollar after Putin’s decree on rouble payments for gas.

• Oil reports weekly loss on oversupply fears despite OPEC+ output extension.

Joke of the Day!

What did the grape say when it was stepped on?

Nothing, it just let out a little wine.

Generative AI Photo of the Day!

Prompt: Digital illustration of a beach scene crafted from yarn. The sandy beach is depicted with beige yarn, waves are made of blue and white yarn crashing onto the shore. A yarn sun sets on the horizon, casting a warm glow. Yarn palm trees sway gently, and little yarn seashells dot the shoreline.