Market Beats | Commercial Real Estate Crisis Spreads to Apartment Buildings; Qatar Invests in Audi F1 Team; Wall Street Macro Trading Revenue Plunges; Canadian Publishing Company Sues OpenAI

1. Wall Street Macro Trading Revenue Plunges

2. U.S. Imposes 271% Tariff on Southeast Asian Solar Panels

3. Qatar Invests in Audi F1 Team

4. Commercial Real Estate Crisis Spreads to Apartment Buildings

5. Canadian Publishing Company Sues OpenAI

6. $6.2 Billion Flows into Bitcoin ETFs This Month

7. Miniso收入大涨近20%。

1. Wall Street Macro Trading Revenue Plunges

According to Coalition Greenwich data, more than 250 firms engaged in foreign exchange trading are expected to generate $32 billion in G10 spread trading revenue and $16.7 billion in FX trading revenue this year, down 17% and 9% from last year, respectively.

A series of year-end economic data has disrupted investors’ expectations for Federal Reserve rate cuts. Additionally, market fears over the intense U.S. presidential election have weakened confidence in macroeconomic investments.

On the bright side, Coalition Greenwich predicts that a potential Trump administration could create greater market volatility, providing more opportunities for traders. FX trading revenues could reach $17.2 billion in 2025 and $17.6 billion in 2026.

Experts also noted that increased competition in the industry has further compressed macro trading revenues.

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2. U.S. Imposes 271% Tariff on Southeast Asian Solar Panels

A preliminary investigation by the U.S. Department of Commerce found that crystalline silicon photovoltaic (PV) cells imported from Southeast Asia are being sold below cost. In response, the department is considering imposing tariffs of up to 271%.

U.S. solar panel manufacturers have complained that Southeast Asian imports are hurting domestic business and undermining government investments in supply chains.

Most crystalline silicon PV cells purchased by the U.S. come from Malaysia, Thailand, Vietnam, and Cambodia.

Following the announcement, shares of U.S. solar manufacturer First Solar surged as much as 3.8% today.

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3. Qatar Invests in Audi F1 Team

According to a joint statement released today, the Qatar Investment Authority (QIA) will acquire a minority stake in Audi’s F1 team parent company, joining a growing list of Gulf sovereign wealth funds investing in global sports.

QIA manages $510 billion in assets, and its investment in Audi F1 will support team development and infrastructure expansion at its Nürburg, Germany headquarters.

Qatar is already one of Volkswagen Group’s largest shareholders, and this investment strengthens ties between the two entities.

Audi, a globally recognized brand, aims to enter F1 racing in 2026.

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4. Commercial Real Estate Crisis Spreads to Apartment Buildings

Research from real estate firm Newmark Group suggests that apartment buildings may become the next major risk in the commercial real estate sector, as rising loan rates and operating costs continue to erode property valuations.

Approximately 46% of securitized multifamily loans set to mature by the end of 2025 or earlier are already in negative equity.

Muddy Waters Capital CEO Carson Block stated that while the issues in the office real estate market are widely acknowledged, multifamily properties are also deteriorating, particularly in Sun Belt regions.

The pandemic-era housing boom led many inexperienced investors to purchase apartment complexes using leverage and floating-rate loans.

In Sun Belt states, apartment rental prices have dropped sharply this year, resulting in an oversupply of units.

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5. Canadian Publishing Company Sues OpenAI

Five Canadian news publishers have filed a lawsuit against OpenAI, accusing the company of scraping copyrighted content to train its AI models, including ChatGPT, without permission.

According to a joint statement from the publishers, OpenAI has been profiting from their content without authorization.

An OpenAI spokesperson responded that its models are trained on publicly available content and comply with copyright laws.

Last year, The New York Times sued OpenAI and Microsoft, alleging that millions of its articles were used without permission to train AI models.

News Media Canada accused OpenAI of unfairly profiting at the expense of journalists.

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6. $6.2 Billion Flows into Bitcoin ETFs This Month

Bloomberg data shows that Bitcoin ETFs issued by BlackRock, Fidelity, and other firms have attracted $6.2 billion in inflows since early November, surpassing the previous record of $6 billion set in February.

Crypto experts at eToro suggest that under a Trump administration, cryptocurrency could become more integrated into U.S. retirement accounts, providing a major boost to the industry.

The U.S. SEC approved the launch of Bitcoin spot ETFs in January, and long-time crypto skeptic and SEC Chair Gary Gensler is expected to step down next year.

Last week, Bitcoin was just $300 away from its historic $100,000 milestone.

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7. Miniso Revenue Surges Nearly 20%

Miniso, the Chinese budget home goods, beauty, and personal care chain, reported a 19.3% increase in revenue to ¥4.52 billion ($630 million) for the quarter ending in September, slightly below analysts’ 20% growth forecast.

Additionally, Miniso’s gross margin rose from 41.8% last year to 44.9%.

Its strong earnings contrast with luxury and coffee chains, as young Chinese consumers, concerned about economic uncertainty, are shifting toward affordable products.

Overseas markets accounted for 37% of Miniso’s revenue this year, and the company plans to continue expanding in Europe and North America.

Miniso opened 859 new stores globally in the first three quarters of the year, bringing its total store count to 7,420.

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This content is sourced from Financial Times, Bloomberg, and The Real Deal, among other financial news outlets.