Good morning. Wall Street welcomes one of its own as Treasury secretary. COP strikes a climate deal that nobody’s happy with. And Americans find a new Hamptons—in England. Listen to the day’s top stories.

Scott Bessent is set to become Donald Trump’s Treasury secretary after months of lobbying. A hedge fund manager by trade, he told the Wall Street Journal that Trump’s tax cuts and tariff pledges will be his focus. Read more reaction to the nomination in the Deep Dive below.

After a bitter fight at COP29, negotiators from almost 200 nations reached a deal to triple the amount of money available to help developing economies confront a rapidly warming world. Despite the $300 billion deal, hardly anyone felt like running a victory lap. Here are five takeaways from the summit and what to look for next year in Brazil.

For investment managers targeting climate change—which Trump has referred to as both a “scam” and a “hoax”—it’s time to start speaking in terms that don’t alienate the millions of Americans who voted for him. The Project 2025 plan to reshape the US government vows to prioritize fossil-fuel production and deemphasize environmental concerns—basically with a policy of “drill, baby, drill.” It looks increasingly as though Trump is, after months of distancing himself, now embracing at least some of its ideas. 

Israel may agree on a cease-fire deal with Hezbollah in Lebanon within days, the Israeli ambassador to the US said. The US-drafted proposal entails an initial 60-day suspension of hostilities. The United Arab Emirates arrested three suspects they say were involved in the killing of an Israeli-Moldovan rabbi whose body was found on Sunday.

Staying in the Middle East, Iran is bracing for the return of Trump’s so-called maximum pressure policy, with the country’s crude oil exports at the top of the expected sanctions list. Iran also plans to hold talks about its nuclear program with the UK, France and Germany this week. 

Scott Bessent. Photographer: Stefani Reynolds/Bloomberg

Bessent’s nomination had a calming effect on markets, sending currencies around the world higher against the dollar as traders considered him a “safe hands” candidate.

• His key policies include tariffs, a shadow chair for the Federal Reserve and maybe a weaker dollar. But safeguarding faith in the greenback at a time of massive debt and deficits should be his top priority, Bloomberg Opinion’s Robert Burgess writes.
• The appointment of a moderate may give China room to negotiate with the US over their trade tensions.
• The pick shows Trump’s reticence to rile Wall Street, where the hope is that Bessent will prioritize economic and market stability over scoring political points.
• He’s a “fiscal hawk,” who wants to rein in spending, one investor said. “Having a macro hedge fund guy feels like a good thing for markets,” according to another strategist.
• Bessent’s track record managing money and observing policy over many economic cycles shows he’s well-placed to succeed, Marc Rubinstein writes for Bloomberg Opinion.

Joe Biden and Donald Trump in the Oval Office. Photographer: Al Drago/Bloomberg

Transition? More like distraction, Matthew Yglesias writes. Trump’s focus on issues such as efficiency and health are a way to avoid major questions about how the president-elect plans to actually govern.

A Cotswolds party barn—proving to be a popular amenity. Photographer: Dean Hearne

The Cotswolds—800 square miles of rolling hills and small villages less than two hours away from London—are suddenly the place to be. A spate of new openings and an influx of Americans (Ellen DeGeneres and Portia de Rossi to name but two) have prompted comparisons to the Hamptons, the beachy summer playground of New York’s elite. Just make sure your house comes with a party barn.

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