Surge in US Mortgage Rates: Highest Since July, Demand Takes a Hit!

TECHNOLOGY

In a move that has consumers buzzing, Apple has agreed to pay $95 million to settle a class-action lawsuit that accused the tech giant’s virtual assistant Siri of eavesdropping on unsuspecting users. This proposed settlement, filed in an Oakland federal court, stems from allegations that for over a decade, Siri was secretly activated and recorded conversations without the users even saying “Hey, Siri.”

Even more shockingly, these recordings were purportedly shared with advertisers to tailor marketing strategies. While Apple maintains that they aren’t admitting any wrongdoing, if the settlement gets the green light, millions of past iPhone and device owners could claim compensation—up to $20 for each device involved! That’s a windfall for anyone who felt their privacy was breached.

LABOR

As the clock ticks down to a mid-January deadline, leaders from a US dockworkers’ union and their employers are gearing up for a fresh round of negotiations set for January 7. With the specter of a strike looming, this is a crucial moment for importers and exporters alike, as these major ports handle half of the nation’s container volume.

However, talks may hit a snag over the contentious issue of allowing semi-automated machines in port terminals. Earlier negotiations led to a tentative agreement for a staggering 62% wage increase over six years, but the tech discussion remains unresolved, keeping everyone on the edge of their seats.

FINANCE

In a surprising shift, Morgan Stanley has chosen to withdraw from the Net-Zero Banking Alliance, following other major players on Wall Street such as Citigroup and Bank of America. This move comes amid a politically charged environment, where prominent financial institutions face backlash over climate initiatives that some are labeling as “climate cartels.”

Despite pulling out of the alliance, Morgan Stanley reassured clients that they remain committed to achieving net zero emissions by 2030 and will continue to support sustainable practices. The message is loud and clear: while strategies may change, the goal of a greener planet remains steadfast.

GOLD

Luxury lovers, take note: Rolex has hiked the prices of its coveted watch models by as much as 8% following a significant surge in gold prices. Starting the year strong, the famous brand adjusted prices for their prestigious collections, with models like the yellow gold Day-Date and GMT-Master II seeing their values climb steeply.

With gold recording its most significant price increase in 14 years—soaring by 27%—Rolex’s move reflects the luxury market’s response to economic pressures, material costs, and inflation. These price changes signal not only the demand for elite products but also the brand’s ongoing prestige in the watchmaking world.

CURRENCY

In the realm of currencies, the euro has hit its lowest point against the dollar in over two years, dropping by 0.5% to $1.0306. Meanwhile, the pound has similarly plummeted, hitting an eight-month low at $1.2389. Concerns about Europe’s economic stability continue to weigh heavily on both currencies.

Fears of US trade tariffs impacting Europe’s export-driven economies, along with expectations that the European Central Bank may cut interest rates more aggressively than the Federal Reserve, are painting a grim picture for the euro and pound. Political instability in key European nations adds to the ongoing turmoil, leaving many to speculate on the future trajectory of these currencies.

“Weak growth is a widespread issue affecting major economies, with recession concerns looming larger as we close out 2024,” said Jane Foley, head of FX strategy at Rabobank. With predictions suggesting the euro could approach parity with the dollar by the second quarter, now is the time for investors to pay attention.