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Dutchman Mark Rutte, longtime Putin critic, set to lead NATO alliance

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By Bart H. Meijer

AMSTERDAM (Reuters) – Mark Rutte, who looks set to be NATO’s next secretary-general, is a staunch ally of Ukraine and a fierce critic of Russian President Vladimir Putin, who honed his skills as a political dealmaker during nearly 14 years as Dutch prime minister.

Rutte, 57, has been one of the driving forces behind Europe’s military support for Ukraine since Russia’s 2022 invasion, and says defeat on the battlefield for Moscow is vital to secure peace in Europe.

His view is heavily influenced by the downing of an airliner over Ukraine in 2014, which the Netherlands blames on Russia, and in which 196 of the 298 victims were Dutch. NATO must be powerful to counter Moscow, and other European Union leaders must not be naive about Putin’s Russia, he says.

“He won’t stop at Ukraine, if we don’t stop him now. This war is bigger than Ukraine itself. It’s about upholding the international rule of law,” Rutte told the United Nations in September 2022, seven months after Russia’s full-scale invasion.

Rutte first took office in 2010 and went on to become the longest-serving Dutch prime minister before announcing last year that he planned to leave national politics.

After the downing of flight MH17, he went from being primarily domestically focused to one of the EU’s main dealmakers, playing an important role in European debates on immigration, debt and the response to COVID-19.

Under his leadership, the Netherlands has increased defence spending to more than the 2% threshold of GDP required of NATO members, providing F-16 fighter jets, artillery, drones and ammunition to Kyiv and investing heavily in its own military.

His path to replace Jens Stoltenberg, who steps down as NATO chief in October after nearly a decade at the helm, became all but certain after Hungary and Slovakia indicated on June 18 that they would back his nomination to lead the 32-state alliance.  

That left only Romania, whose President Klaus Iohannis was also vying for the job, opposed to Rutte’s candidacy. 

Stoltenberg said on Tuesday Rutte was a “very strong” candidate to replace him and a decision was near.

Under Stoltenberg, who joined a few months after Russia annexed Crimea from Ukraine in 2014, the alliance has added Montenegro, North Macedonia, Finland and Sweden as new members.

Some members of the North Atlantic Treaty Organization had hoped Estonian Prime Minister Kaja Kallas would become the first woman to lead NATO but others saw her as too hawkish towards Russia. 

TRANSATLANTIC BOND

Rutte will step aside formally as prime minister when the recently forged right-wing Dutch government replaces his centre-right coalition.

Rutte, who is unmarried, has lived all his life in The Hague and had hinted he might enjoy teaching after politics, but he cited the war in Ukraine as the reason for seeking an international post as he set his sights on the NATO leadership.

He is a strong backer of Ukrainian President Volodymyr Zelenskiy, whom he recalled meeting in Kyiv five years ago.

“It was clear even then: this is a man with a mission… I am convinced that Ukraine’s success largely depends on the mentality he conveyed from the very beginning,” Rutte told Reuters in April.

By contrast, even while warning of the threat posed by Putin, he has suggested the Russian leader is not as strong as he seems. 

“Don’t mentally overestimate Putin. I’ve talked to the man a lot. He’s not a strong man, he’s not a strong guy,” Rutte said in a debate with parliament in April.

Rutte cemented his bid to become NATO’s new chief last year while co-leading an international coalition that will deliver F-16 fighters to Ukraine and train Ukrainian pilots.

In his last months in office, he also signed a 10-year security pact with Ukraine, guaranteeing support from the Netherlands despite criticism by far-right leader and election-winner Geert Wilders.

Rutte has forged good relationships with various British and U.S. leaders and is widely seen as having been one of the most successful in the EU at dealing with U.S. President Donald Trump, who is standing for re-election.

© Reuters. FILE PHOTO: Dutch Prime Minister Mark Rutte speaks to the media on the day of a European Union leaders informal summit in Brussels, Belgium June 17, 2024. REUTERS/Johanna Geron/File Photo

This could prove valuable experience, as Trump’s possible return has unnerved NATO leaders since the former president called into question U.S. willingness to support other members of the defence alliance if they were attacked.

At the annual Munich Security Conference last year, Rutte said leaders should stop “moaning and whining about Trump”, and spend more on defence and ammunitions production, regardless of who wins the U.S. election.

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SCWO Stock Hits 52-Week Low at $0.71 Amid Market Challenges

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In a challenging market environment, shares of 374Water (SCWO) have touched a 52-week low, dipping to $0.71. The company, with a market capitalization of $104 million, maintains a strong liquidity position with a current ratio of 3.81 and more cash than debt on its balance sheet, according to InvestingPro data. The company, which specializes in water treatment solutions, has seen its stock price struggle significantly over the past year, reflecting a broader trend in the sector. Investors have been cautious, as evidenced by the stock’s 1-year change, which shows a substantial decline of 52.96%. InvestingPro analysis indicates the stock is currently in oversold territory, with 18 additional investment insights available to subscribers. This downturn highlights the volatility faced by environmental technology companies and raises concerns about future performance amidst uncertain market conditions. With a beta of -0.51, the stock typically moves opposite to market direction, potentially offering diversification benefits.

In other recent news, 374Water Inc. has secured approximately $12.2 million through a registered direct offering, involving the sale of common stock and warrants. The cleantech company expects the gross proceeds before fees and expenses to be around the $12.2 million mark, with D. Boral (OTC:) Capital LLC serving as the exclusive placement agent for the offering. The capital infusion is scheduled to be finalized by November 18, 2024, pending customary closing conditions.

In further developments, 374Water has initiated operations of its AirSCWO technology at the Iron Bridge Regional Water Reclamation Facility in Orlando. This marks a significant step in commercial biosolids processing, with the technology designed to efficiently process biosolids and PFAS contaminated wastes. The successful integration of the AirSCWO system into the Iron Bridge facility demonstrates the company’s capacity to destroy persistent organic pollutants, including PFAS.

The Florida Department of Environmental Protection supported the installation with a grant under the Bilateral Infrastructure Law emerging contaminant funding. Notably, CEO Chris Gannon highlighted the operational success in Orlando as crucial for showcasing the technology’s capacity to manage municipal, federal, and industrial organic waste streams at scale. The company anticipates additional commitments across the United States, including a deployment to Orange County Sanitation (CA) in 2025.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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Global shares and dollar firm in muted pre-Christmas trade

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By Alden Bentley, Samuel Indyk and Rae Wee

NEW YORK/LONDON (Reuters) -Wall Street topped off a global share rally in thin trade on Thursday as markets prepared for early Christmas Eve closes, while the dollar was buoyed by firmer Treasury yields and speculation that the Federal Reserve would slow its easing in 2025.

The was 0.47% higher in late morning trade, the rose 0.73% and the rose 0.99%.

U.S. stock trading wraps up at 1:00 p.m. EDT/1800 GMT, and the bond market closes at 2:00 p.m. Most financial centers around the world are closed on Wednesday for Christmas. The U.S. reopens on Thursday, while many financial centers have a second day off.

“Meagre news and data flow should keep the focus on a more hawkish Fed,” said Ipek Ozkardeskaya, senior analyst at Swissquote Bank.

MSCI’s gauge of stocks across the globe went up more than half a percent. The pan-European index rose 0.18%. 100 rose 0.19% and 40 rose 0.14%. German stocks were closed for the Christmas holiday.

In Asia, Chinese stocks rose after sources told Reuters that Beijing planned to issue a record amount of special treasury bonds next year as it ramps up fiscal stimulus to revive a faltering economy.

The blue-chip index and both ended 1.3% higher. Hong Kong’s advanced 1.1%.

The news came shortly after China’s finance ministry said authorities would ramp up fiscal support for consumption next year by raising pensions and medical insurance subsidies for residents, as well as expanding consumer goods trade-ins.

Still, investors remain cautious on the outlook for the world’s second-largest economy, particularly as it faces the threat of hefty tariffs from U.S. President-elect Donald Trump.

Elsewhere, MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.37%.

FED FOCUS

Investors are taking direction from last week’s 25 basis point Fed interest rate cut, its signals on the strength of the economy and its slow progress bringing inflation down to its 2% target. Markets are now pricing in about 35 basis points of easing for 2025, implying one quarter-point rate cut and around a 40% chance of a second.

U.S. Treasury yields pared gains after the Treasury saw solid demand for a $70 billion sale of five-year notes, but remained higher on the day. The two-year Treasury yield, which is sensitive to changes in Fed rate expectations, was up 0.9 bp at 4.359%, while the benchmark 10-year yield rose 2.6 bp to 4.625%, reaching a seven-month high at 4.629%. [US/]

“Like markets, the Fed will need to consider U.S. policies on tariffs and immigration in its inflation and growth outlook. We believe the subtle slowing in the U.S. labor market will still be the Fed’s paramount concern,” said analysts at Citi Wealth.

“While always uncertain, our base case expectation for a 3.75% policy rate is unchanged. It’s a far cry from the 1.7% U.S. policy rate average of the past 20 years.”

The Fed’s cut was the third one this cycle, taking the Fed funds rate to 4.25%-4.5%.

Ahead of Trump’s return to the White House in January, global central banks have urged caution over their rate paths due to uncertainty on how his planned tariffs, lower taxes and immigration curbs might affect policy.

Data on Monday showed U.S. consumer confidence unexpectedly weakened in December as the post-election euphoria fizzled and concerns about future business conditions emerged.

In currencies, the rose 0.14% hovering near a two-year high hit Monday, having climbed more than 2% in December so far.

The euro eased 0.15% to $1.0389, while the yen languished near last week’s five-month low, trading at 157.35 per dollar.

Japan’s Finance Minister Katsunobu Kato on Tuesday reiterated Tokyo’s discomfort with excessive foreign exchange moves and put speculators on notice that authorities are ready to act to stabilise a faltering yen.

© Reuters. FILE PHOTO: The German stock exchange is decorated for the Christmas season as the German share price index DAX graph is pictured in Frankfurt, Germany, December 23, 2024.    REUTERS/Staff/File Photo

rose 0.13% to $2,616.26 an ounce, having risen about 27% this year, heading for its biggest yearly gain since 2010.

rose 1.56% to $70.32 a barrel and rose to $73.73 per barrel, up 1.51% on the day. [O/R]

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Wall Street advances in short Christmas Eve session on megacap gains

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By David French

(Reuters) -Wall Street’s main indexes all ended higher on Tuesday, with gains in megacap and growth stocks bolstering benchmarks in a truncated Christmas Eve session.

Both the and the scored four straight sessions of gains. For the Dow, the run follows its 10-session skid earlier this month, its longest losing streak since 1974.

The benchmarks closed higher on the first day of a historically strong period called the “Santa Claus rally.” The on average has gained 1.3% in the last five days of December and first two days of January, according to data from the Stock Trader’s Almanac going back to 1969.

With megacap stocks having outsized influence on markets, their performance is often a key driver of indexes. When coupled with reduced trading volumes and few other catalysts, as many investors take time off for the holidays, this is even more pronounced.

All the so-called Magnificent Seven megacap technology stocks climbed on Tuesday, led by Tesla (NASDAQ:).

The automaker’s rise helped push consumer discretionary shares higher, making them the top gaining sector in the S&P.

Elsewhere, chip manufacturers were also buoyant. Broadcom (NASDAQ:) and Nvidia (NASDAQ:) were up, while Arm Holdings (NASDAQ:) climbed a day after losses from losing a court case.

Growth names rose despite U.S. Treasury interest rates remaining elevated – the benchmark 10-year note yielded around 4.61% on Tuesday. Traditionally, higher debt costs crimp growth stocks.

However, the long-term themes around technology development, including advancements in artificial intelligence, overshadow any near-term moves in Treasuries, said Charlie Ripley, senior investment strategist for Allianz (ETR:) Investment Management.

“This reinforces that view that the sector is going to remain strong, and should be well into the new year,” he said.

According to preliminary data, the S&P 500 gained 64.93 points, or 1.09%, to end at 6,039.00 points, while the Nasdaq Composite gained 264.31 points, or 1.34%, to 20,029.19. The Dow Jones Industrial Average rose 366.75 points, or 0.85%, to 43,273.70.

Stock markets shut at 1:00 p.m. ET on Tuesday and will be closed for Christmas on Wednesday.

After a stellar run to record highs following the November election, which sparked hopes of pro-business policies under U.S. President-elect Donald Trump, Wall Street’s rally hit a bump this month as investors grappled with the prospect of higher interest rates in 2025.

The U.S. Federal Reserve eased borrowing costs for the third time this year last Wednesday, but signaled only two more 25-basis-point reductions next year, down from its September projection of four cuts, as policymakers weigh the possibility of Trump’s policies stoking inflation.

Allianz’s Ripley said the themes which had driven the market higher in the past two months remained intact, and actions by the Fed had not killed the rally.

“Heading into 2025, things are set up with good positioning,” he said, noting factors including economic outlook, consumption in the U.S. and the labor market.

© Reuters. FILE PHOTO: A Christmas tree is seen outside of the New York Stock Exchange (NYSE) at Wall St and Broad St. in New York City, U.S., December 13, 2023.  REUTERS/Brendan McDermid/File Photo

Crypto-related stocks traded higher on Tuesday, including Microstrategy (NASDAQ:), Riot Platforms (NASDAQ:), and MARA Holdings, as the price of bitcoin advanced.

NeueHealth soared after the healthcare provider said New Enterprise Associates, its largest shareholder, and a group of existing investors will take the company private in a $1.3 billion deal.

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