Gold prices plummeted by 3% following Scott Bessent’s selection as Treasury secretary by President-elect Donald Trump, and reports of a potential ceasefire deal between Israel and Hezbollah, reducing the appeal of the safe-haven metal. Spot prices of gold dropped to $2,616.80 per ounce, with futures trading at $2,628.5. The selloff was attributed to Bessent’s appointment, progress towards an Israel-Hezbollah ceasefire, and a decrease in physical demand from Asian central banks and traders.
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L'Oreal looks to U.S. 'land of opportunity' as China disappoints
L'Oreal, the world's largest beauty group, aims to reduce its reliance on the Chinese market for growth, shifting focus to opportunities in the U.S. CEO Nicolas Hieronimus highlighted a decline in North Asia sales, with China accounting for 17% of total sales. Despite weaker consumer demand in recent quarters, fourth-quarter sales increased to 11.08 billion euros, with U.S. sales rising 1.4% and Hieronimus expressing optimism about the market's potential for growth. Full Article
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