As of December 8, today’s news is dominated by European CEOs expressing pessimism about local economic prospects while favoring U.S. investments, alongside significant developments in the energy and automotive sectors. Chief executives of large European companies are downbeat on Europe's economic prospects, albeit less so than six months ago, and have become more bullish about investing in the U.S. than at home, according to a survey published on Sunday. The survey of the European Round Table for Industry, which comprises about 60 CEOs and chairs of companies such as ASML, BASF and Vodafone, showed respondents found that the business case for investing in Europe was weakening further and that the European Union was too slow to implement required reforms. Meanwhile, U.S. utility company NextEra Energy has expanded its partnership with Alphabet's Google Cloud to build new energy supplies for the company's operations across the U.S., the groups said on Monday. NextEra and Google currently have 3.5 gigawatts of electricity generation - enough to power about 2.5 million homes - in operation or contracted. In other market developments, Danish cable manufacturer NKT and its partner Walsin Lihwa have inaugurated Taiwan’s first offshore power cable factory, expected to commence commercial production by 2027. This facility will enhance the region's capabilities in high- and medium-voltage cable systems crucial for offshore projects, reflecting growing demand for renewable energy infrastructure. Turning to the automotive industry, major car manufacturers and rental firms, including BMW and Toyota, have urged the EU not to set mandatory targets for electric vehicle purchases for corporate fleets, citing high costs and insufficient charging infrastructure as the primary barriers to EV uptake. This plea comes as the EU prepares to issue new proposals aimed at providing flexibility in meeting CO2 emissions targets. On the commodities front, copper prices reached record highs amid supply concerns, driven by China's commitment to stimulate domestic demand. However, prices experienced a retreat due to a stronger U.S. dollar, which is expected to rise following anticipated hawkish commentary from the Federal Reserve. From the international front, European leaders, demonstrating solidarity with Ukraine, met in London to discuss strategies at a critical juncture for Kyiv. They aim to utilize frozen Russian assets to support Ukraine, amid concerns that discussions could favor Moscow in peace negotiations. The group is also seeking U.S. security assurances to bolster deterrence against further Russian aggression.
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