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Published on: Thursday, December 07, 2017

  • Donald Trump has said the US recognises Jerusalem as the capital of Israel, a move that reverses decades of policy. While Israel has hailed the announcement, other leaders, including US allies Germany and Britain have condemned the move as US embassies in the Middle East and Europe brace for potentially violent protests in the wake of the announcement.
  • Bitcoin topped $US13,000 for the first time, pushing this week's gains to more than 30% amid speculation that the use of futures will help make digital currencies a legitimate asset class for mainstream investors. The largest cryptocurrency by market value has soared from less than $1,000 at the start of the year as optimism climbs for the distributed ledger technology known as block chain that is at the heart of bitcoin. The price surge has been accompanied by a growing chorus of warnings that the speculative frenzy is an asset bubble poised to burst.
  • Oil had its worse day in two months as a surge of gasoline supplies held in U.S. storage tanks signaled that refiners will need less crude. West Texas Intermediate oil futures slid 2.9 percent, while gasoline tumbled to its lowest in almost seven weeks. American gasoline inventories rose by 6.78 million barrels last week, the most since January, the U.S. Energy Information Administration said.
  • Pharma giants GlaxoSmithKline and Novartis have been taken to the Federal Court by the ACCC, who’ve accused the pair of making misleading claims about Voltaren Osteo Gel and Voltaren Emulgel, which have the identical active and inactive ingredients. The consumer watch dog alleges they’ve mislead osteoarthritis sufferers into paying 33% more for a "more effective" product that offers "targeted relief", when this was not the case.
  • Overnight, the Dow Jones index, fell 0.2% to 24,141, the S&P 500 remained flat at 2,630, and the Nasdaq was up 0.2% at 6,776. In Europe, the FTSE was up 0.3% to 7,348, the German DAX fell 0.4% to 12,999. The Euro Stoxx 50 finished lower at 0.3% at 3,562. The ASX SPI 200 finished 0.3% at 5,967 and the ASX 200 closed lower 0.4% lower at 5,946.

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