🚀 Far Right Growing in Europe

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Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. Provisional results from this year’s European Parliament elections revealed unprecedented success for far-right parties. The far-right Identity and Democracy group made substantial gains, and the right-wing European Conservatives and Reformists saw a modest increase. However, the center-right European People’s Party (EPP) maintained the most seats and retained its majority with allied parties. European Commission President Ursula von der Leyen, an EPP member, commended her party as the “strongest” in Parliament. In stark contrast, German Chancellor Olaf Scholz’s Social Democrats experienced their worst performance, dropping to third place behind the far-right Alternative for Germany. Italian Prime Minister Giorgia Meloni’s right-wing Brothers of Italy led the polls, and right-wing and far-right parties also garnered significant support in Austria, the Netherlands, and Poland. French President Emmanuel Macron, facing a substantial defeat to Marine Le Pen’s National Rally, called for a new election.

2. The gold mining industry is grappling with sustaining production growth due to increasingly elusive gold deposits, according to the World Gold Council. In 2023, mine production saw a mere 0.5% increase, following modest growth rates of 1.35% in 2022 and 2.7% in 2021. The scarcity of new deposits is attributed to extensive exploration of many areas. Developing a gold mine requires substantial investment and takes 10 to 20 years, with only about 10% of discoveries containing sufficient metal to warrant mining. To date, approximately 187,000 metric tons of gold have been extracted, primarily from China, South Africa, and Australia. The United States Geological Survey estimates around 57,000 tonnes of gold reserves remain.

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4. Headlines

   1. Apple’s lack of AI products is increasing pressure on the company amid the surge of interest in AI.

   2. Japanese automaker stocks fell after evidence of falsified data used by these companies.

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