Good morning. At the moment’s e-newsletter will cowl:

• The billions of {dollars} poured into US shares in anticipation of Trump’s sweeping tax cuts

• How the capturing of a UnitedHealth Group government has triggered issues round company safety

• A Texas choose rejecting Boeing’s responsible plea settlement stemming from twin crashes of the 737 Max

Traders have pumped practically $140bn into funds made up of US shares. The push of shopping for made November the busiest month for inflows on information stretching again to 2000.

Driving the shopping for spree are merchants betting Donald Trump’s administration will unleash sweeping tax cuts and reforms in a boon to company America.

The president-elect has additionally vowed that his authorities will search to chop rules and taxes as a part of an agenda geared toward boosting development.

The S&P 500, Wall Road’s major equities barometer, has risen 5.3 per cent since election day, bringing its positive factors for this 12 months to twenty-eight per cent. Smaller corporations, that are seen as extra delicate to fluctuations within the US financial system, have carried out even higher for the reason that election, with the Russell 2000 final week hitting a file excessive for the primary time in three years.

Power within the US disguised weak point elsewhere, with buyers pulling cash from different markets seen as extra weak to a possible commerce battle. 

Funds that spend money on rising markets have suffered web withdrawals of $8bn for the reason that election, together with about $4bn exiting China-focused funds. Those who spend money on western Europe have misplaced about $14bn and Japan-focused funds have misplaced round $6bn, in line with information supplier EPFR.

“When there may be geopolitical danger on the earth the US is a secure haven, even when they’re the reason for that geopolitical danger, satirically,” stated Dec Mullarkey, managing director at fund supervisor SLC Administration. Learn extra in regards to the rally right here.

For extra on markets from Rob, join the Unhedged e-newsletter right here in case you’re a premium subscriber or improve your subscription right here. Right here’s what else we’re protecting tabs on immediately and over the weekend:

• Financial information: The Bureau of Labor Statistics releases jobs information for November

• Elections: Ghana holds presidential and parliamentary polls tomorrow. Romania has a presidential run-off vote the following day, tainted by official accusations of Russian meddling.

• Fedspeak: Michelle Bowman is because of converse on the Missouri Bankers’ Affiliation government administration convention

Be a part of us subsequent Wednesday as Monetary Occasions editor Roula Khalaf and different FT consultants focus on their predictions for the world in 2025. Register right here.

5 extra high tales

1. The capturing of a UnitedHealth government in Manhattan has triggered broad issues about company safety, with giant corporations dashing to evaluate whether or not their high staff have ample safety. Safety chiefs of teams on each side of the Atlantic are sharing intelligence and making inquiries with specialist corporations on methods to defend high executives.

• ‘Deny’, ‘defend’, ‘depose’: New York detectives are investigating inscriptions of phrases on bullet casings left on the scene of government Brian Thompson’s homicide.

2. A US choose has rejected Boeing’s responsible plea settlement stemming from twin crashes of the 737 Max, citing variety, fairness and inclusion concerns in deciding on a company monitor to supervise compliance with the deal. A choose in Texas stated utilizing the factors would “undermine confidence” that the choice was primarily based on competency.

• DEI pullback: US corporations are accelerating their retreat from such initiatives amid an all-out assault from conservatives emboldened by the election of Donald Trump.

• ‘Anti-woke’ ETF: A brand new fund aiming to punish corporations targeted on DEI is making Starbucks its first goal.

3. The chief of South Korea’s ruling celebration Han Dong-hoon has known as for President Yoon Suk Yeol to step down instantly after saying he’s fearful Yoon may try to impose martial legislation once more. Han had beforehand pledged to assist Yoon in an impeachment vote scheduled for Saturday however stated he had modified his stance. Learn extra right here.

4. Donald Trump has named enterprise capitalist David Sacks because the White Home’s synthetic intelligence and cryptocurrency tsar. Sacks, a confidant of Elon Musk, was one of many earliest and most vocal Silicon Valley supporters of Trump, internet hosting a fundraiser for the candidate in San Francisco in June. Right here’s what we all know in regards to the former PayPal government.

5. Emmanuel Macron has vowed to not step apart earlier than the tip of his time period, saying opposition events “selected chaos” by bringing down his premier in a historic no-confidence vote. The French president’s time period runs till 2027, however the ousting of Michel Barnier’s authorities is fuelling opposition requires him to step down early.

How properly did you retain up with the information this week? Take our quiz.

The Large Learn

Is China’s manufacturing juggernaut operating out of street? Donald Trump’s return will pose one of many sternest exams but for the nation’s formidable export sector. As home demand suffers from a deep property stoop, Beijing is beneath strain to rethink the financial system’s rising dependence on outbound commerce.

We’re additionally studying . . . 

• International chip battle: The race for semiconductor dominance has entered murky waters because the business ponders tariffs and extra beneath Trump 2.0, writes Chris Miller, creator of Chip Conflict.

• ‘Chancellor of peace’: Because the battle in Ukraine drags on, Germany’s Olaf Scholz is making an attempt to paint his rivals as warmongers forward of a snap vote in February.

• Sick man of Europe? Knowledge reveals a story about Britain’s illness-related inactivity disaster appears incorrect or at finest overrated, writes John Burn-Murdoch.

• Intel turmoil: After a riotous week at one of many world’s main chipmakers, is the corporate’s formidable transformation plan an excessive amount of?

Chart of the day

Donald Trump, a self-described “Tariff Man”, will discover import taxes a slipshod and infrequently ineffective manner of asserting American energy, writes Alan Beattie. Fairly merely, the US simply isn’t that massive in international commerce any extra.

The FT’s Ladies of 2024

From Charli XCX of “brat” fame to Europe’s former competitors commissioner Margrethe Vestager, we have a good time the ladies who’re remaking the world we reside in immediately. Learn FT Weekend’s record of 25 of the world’s most influential girls, written by the world’s most influential girls.