Japanese Bank Stocks Surge as Bond Yields Fuel Rate Hike Bets 
Fed’s Hammack Says Bond Yield Surge Is Not Driven by Inflation Fears 
Gold Holds Near $4,275 as Rising Treasury Yields Fuel Fed Rate Hike Bets 
US Comfortable With Canada Trade Standoff as Import Bans Loom 
Soybean Futures Slip as Traders Await Trump-Xi Trade Signals 
Asian Stocks Fall as Bond Yields Surge Ahead of Trump-Xi Summit 
Oil Prices Jump 3% as Houthi Attack Revives Supply Fears 
Trump to Ease U.S. Fuel-Economy Standards 
U.S. Treasury Yields Surge as 30-Year Hits 22-Year High 
Japanese Yen Rebounds as Trump Flags Currency Weakness 
Dollar Falls as Oil Eases, Yen Jumps on Intervention Signals 
Wall Street Ends Flat as Oil, Treasury Yields and Fed Jitters Rattle Markets 
Australia Unemployment Hits Five-Year High Despite Strong Jobs Growth 
European Stocks Fall as Bond Yields and Geopolitical Risks Weigh 
Asian Stocks Fall as Surging Bond Yields Rattle Markets 
ECB May Stop Rate Hikes After December, Capital Economics Says 
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2024 Expected to be the Hottest Year on Record
According to the European Union's Copernicus Climate Change Service (C3S), 2024 is "virtually certain" to surpass 2023 as the hottest year since global records began. This announcement comes just ahead of the COP29 climate summit in Azerbaijan, where countries are expected to discuss increasing funding to combat climate change.
Record Temperatures Driven by Climate Change
From January to October, global temperatures were significantly above average, and only an unprecedented drop in temperatures would prevent 2024 from becoming the hottest year recorded. C3S Director Carlo Buontempo emphasized that the main cause of this record is climate change, which is impacting all continents and ocean basins.
2024 will also mark the first time the planet exceeds a 1.5°C increase in global temperature compared to the 1850-1900 pre-industrial period. This milestone highlights the urgency of addressing climate change, as carbon emissions from fossil fuels remain the primary driver.
Urgent Action Needed at COP29
ETH Zurich climate scientist Sonia Seneviratne expressed concern over the slow pace of global climate action and urged governments at COP29 to accelerate efforts to reduce fossil fuel dependence. The 2015 Paris Agreement aims to limit global warming to 1.5°C, but C3S now predicts the world will exceed this limit around 2030.
Extreme Weather Events Intensified by Climate Change
The impact of rising temperatures is already evident. In October, catastrophic flooding in Spain, severe wildfires in Peru, and devastating floods in Bangladesh underscored the increasing frequency of extreme weather events driven by climate change.
