US stocks on Friday ended a shortened trading session higher, closing out the best month of the year so far. This upward trajectory appears to accentuate what Bank of America strategists call the “extreme disconnect” between investor bullishness on US assets and bearishness on the rest of the world. Euro-area inflation climbed above the European Central Bank’s 2% target and the yen advanced more than 3% against the dollar this week as bets grow that the Bank of Japan will raise interest rates next month. But after a year in which US unemployment remained near record lows and the Federal Reserve arguably touched down in gentle fashion, Wall Street remains more than content about what’s looming on the horizon. “Earnings growth forecasts for 2025 in the US remain optimistic, at around 15%,” said William Davies, global chief investment officer at Columbia Threadneedle Investments. “This continued resilience is to some extent a little surprising, because the global economy is not without risks as we move into 2025.” —David E. Rovella

Chinese stocks rallied for the second time this week with traders pointing to expectations of greater economic support at a key policy meeting in December. The CSI 300 Index jumped as much as 2.3% on Friday, its biggest gain in three weeks. Technology, health-care and consumer staples sectors led the advance. A Bloomberg Intelligence gauge of Chinese developer shares rose more than 3%. Speculation that authorities will release further stimulus is growing ahead of the Central Economic Work Conference. Investors are pinning their hopes on Beijing to counter any impact from escalated trade tensions, given the threats emanating from the US.

Xi Jinping has built a sprawling security state to prevent anyone or anything from destabilizing Chinese society or his authoritarian government. But a new wave of deadly attacks is putting pressure on officials to expand domestic surveillance even further. China was stunned this month after dozens were hospitalized and 35 killed by a car-ramming in Zhuhai city that was the culmination of a spate of violence—mostly stabbings—that’s sparked nationwide anxiety.

Donald Trump’s inflammatory selection for America’s top intelligence post may be at risk of becoming his second post-election defeat when it comes to a slew of highly controversial cabinet picks. Tulsi Gabbard, the Democrat-turned-Republican who sided with Russia over its war on Ukraine, met secretly with a key Russian ally and is often praised by Russian state media, is under renewed scrutiny. Already the subject of caution by some Republicans, key Democrats are warning that if confirmed she’ll endanger national security, because allies will limit intelligence cooperation out of fear their secrets won’t be safe. Other Republicans meanwhile are lining up to defend her nomination.

Tulsi Gabbard speaks during the Conservative Political Action Conference  in Orlando, Florida, in 2022.  Photographer: Bloomberg

Embattled planemaker Boeing and its chief executive are clipping the wings of some top management. For members of the company’s executive council, catching a ride on corporate jets has long been a cherished perk. The 19 senior leaders counted on five Boeing-owned Bombardier Challenger 650 business jets and two customized 737 narrowbodies to help oversee the company’s sprawling operation. But no more.  The move is likely more about messaging than moving the needle on Boeing’s calamitous $58 billion debt load (aviation consultant Brian Foley estimates the company spends about $15 million per year flying its executives around). 

Saudi Arabia’s sovereign wealth fund is preparing to cut budgets for some local projects for a second year even as it increases overall spending, reflecting the kingdom’s shifting priorities in a trillion-dollar plan to overhaul the economy. The Public Investment Fund is said to have asked some portfolio companies for cuts upwards of 20% while some other developments may be accelerated. The potential reductions mark an ongoing shift in priorities for the oil giant, which has been grappling with lower fossil fuel prices at a time when foreign direct investment has been slow to materialize in some sectors.

Brazil President Luiz Inacio Lula da Silva nominated three new central bank board members on Friday as investors seek more aggressive interest rate hikes to cool the economy and tame inflation. Named were Nilton David, the head trader on Banco Bradesco’s treasury desk, as director of monetary policy, while Gilneu Vivan was tapped as director of regulation and Izabela Correa as director of institutional relations. Vivan and Correa are current central bank employees.

Enjoying Evening Briefing Americas? Get more news and analysis with our regional editions for Asia and Europe. Check out these newsletters, too:

• Markets Daily for what’s moving in stocks, bonds, FX and commodities
• Breaking News Alerts for the biggest stories from around the world
• Opinion Today for an afternoon roundup of our most vital opinions

Explore all newsletters at Bloomberg.com.