24X National Exchange will soon let you trade US stocks for 23 hours per weekday.

The trading platform expects to go live in the back half of 2025. It is currently awaiting final approvals from the Securities & Exchange Commission.

“Traders are most at-risk when the market is closed in their geographic location,” as per Dmitri Galinov – the chief executive of 24X National Exchange.

We wish to fix this problem by “facilitating around-the-clock US equities trading for broker-dealers and their institutional and retail customers,” he added in a press release on Friday.

Why isn’t 24X aiming for 24 hours a day trading?

The push for round-the-clock trading has garnered support in recent years in a bid to make equities as attractive as cryptocurrencies that never stop trading even on the weekends or holidays.

Brokerage firms like Interactive Brokers and Robinhood Markets already allow their clients to trade select securities for extended hours.

But 24X National Exchange now plans on taking a step further, enabling 23 hours a day of trading, pausing only for one hour per day for software upgrades and functionality testing.

“We will deliver the cost efficiency, speed, resilience, and adaptability that the company’s financial institutional customers have long come to expect,” according to CEO Dmitri Galinov.

24X Exchange to offer a superior trading experience

On Friday, 24X National Exchange also confirmed that it will first commit to capturing the “expanding demand in the [Asia Pacific] region for overnight liquidity in US equities.”

Similar to the NYSE and Nasdaq, the new exchange will remain closed on US market holidays.

All in all, 24X Exchange will deliver a superior trading experience to global customers via continuous tech innovations and improvements, as per its press release today.

24X National Exchange was launched in 2019. Over the past five years, it has enabled clients to enjoy increased liquidity and lower cost across multiple assets via a single trading interface.

Why is there demand for round-the-clock trading?

Extended trading hours are sought after as market-influencing events can occur anytime.

Longer trading hours allow investors to react to news in real time. This leads to more efficient price discovery and reduces the likelihood of large gaps between closing and opening prices.  

Round-the-clock trading is also attractive because it can help lower volatility by spreading volume over more hours.

Institutional investors particularly appreciate extended trading hours as they must gradually execute large orders.

Longer trading hours bring more traders to the financial markets as well as those with busy schedules can then choose to trade outside of regular hours.

They also make it easier for traders in different time zones to participate in the market.

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In a move that has sparked significant political and public debate, President Joe Biden issued a pardon for his son, Hunter Biden, on Sunday night.

The decision marks a sharp reversal from Biden’s previous stance, where he vowed not to use his executive authority to intervene in his son’s legal troubles.

The pardon addresses federal gun charges and tax evasion allegations, shielding Hunter Biden from potential prison time and amplifying ongoing political discourse about presidential powers and justice system impartiality.

Biden justified his decision: ‘Enough is enough’

In a statement released on Sunday, President Biden justified his decision, pointing to what he described as political bias in the judicial process against his son.

“I believe in the justice system, but raw politics has infected this process, leading to a miscarriage of justice,” Biden said.

“Every attack on Hunter has been an attempt to break him—and me. Enough is enough.”

Biden acknowledged the difficult balance between his father and leader roles.

“This decision wasn’t taken lightly. It reflects my belief in justice and my duty to protect my family against undue persecution,” he added.

The pardon comes ahead of Hunter Biden’s scheduled sentencing for gun-related convictions on December 12 and tax evasion charges on December 16.

The president’s executive amnesty effectively nullifies both cases.

Controversy surrounding the pardon

The decision has drawn sharp criticism from political opponents, particularly Republicans, who have long alleged that Hunter Biden received preferential treatment because of his father’s political influence.

GOP leaders argue the pardon undermines the judicial system’s credibility and sets a troubling precedent.

“This is yet another example of the Biden administration shielding its own while the rest of America plays by different rules,” said House Speaker Kevin McCarthy.

Hunter Biden’s legal troubles have been a focal point of Republican attacks for years, with particular attention on his foreign business dealings and allegations of corruption.

The pardon is likely to intensify scrutiny on the president, especially as the GOP continues to pursue investigations into the Biden family’s business and financial ties.

The president’s evolving stance

President Biden’s decision represents a significant shift from his earlier public declarations.

In June, following Hunter Biden’s conviction on federal gun charges, Biden stated firmly, “I will not pardon him.”

White House officials and even First Lady Jill Biden echoed this position, emphasizing their respect for the judicial process.

However, sources close to the administration revealed that discussions about a potential pardon began as early as June, following Hunter’s conviction.

The president reportedly grappled with the implications of granting clemency but ultimately felt compelled to act in what he described as a moment of “moral clarity.”

The pardon comes at a pivotal moment in US politics.

Moreover, the pardon places a spotlight on the use of executive clemency and its role in high-profile cases involving family members of public officials.

Legal experts, including Neil Eggleston, a former White House counsel to President Barack Obama, defended Biden’s decision, emphasizing the broad latitude afforded to presidents in granting pardons.

“The clemency power has few limitations and certainly extends to a Hunter Biden pardon,” Eggleston was quoted saying by CNBC.

A father’s defense

In his statement, Biden also addressed Hunter’s struggles, including his battle with addiction.

“Hunter has been five and a half years sober, even in the face of unrelenting attacks and selective prosecution. I am proud of his resilience,” Biden said.

The pardon, however, does not erase the legal, political, and public scrutiny surrounding the Biden family.

As Republicans continue to push investigations into Hunter Biden’s business dealings and ties to his father, the decision underscores the complex intersection of personal loyalty, political accountability, and executive authority.

For now, President Biden has taken a definitive stand, one that will undoubtedly shape the narrative of his final year in office and the broader debate over justice and politics in America.

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China’s manufacturing sector recorded its strongest growth in five months in November, offering fresh signs of recovery in the world’s second-largest economy.

The Caixin/S&P Global Manufacturing Purchasing Manager’s Index (PMI) hit 51.5, significantly surpassing forecasts of 50.5 in a Reuters poll.

This marks the second consecutive month the index has stayed above the 50-point threshold, indicating expansion in the manufacturing sector.

The Caixin PMI primarily tracks the performance of small- and medium-sized enterprises, as well as private firms, providing a broader view of China’s economic health beyond the large state-owned enterprises captured in the official PMI data.

The official PMI, released earlier on Saturday, also showed growth, rising to 50.3 in November from 50.1 in October, exceeding market expectations of 50.2.

Stimulus efforts begin to show results

The stronger-than-expected growth reflects the initial impact of China’s recent stimulus measures aimed at reviving its faltering economy.

Introduced in late September, these policies include increased fiscal spending, measures to stabilize the struggling property market, and a reduction in the reserve requirement ratio (RRR) by the People’s Bank of China.

This RRR cut has injected additional liquidity into the financial system by lowering the amount of cash banks must hold in reserve.

While the manufacturing data paints a positive picture, challenges persist in other sectors.

China’s industrial profits declined by 10% in October year-over-year, marking the third consecutive month of contraction.

Additionally, real estate investment dropped by 10.3% from January to October compared to the same period last year, highlighting the property sector’s ongoing struggles.

However, retail sales in October outperformed expectations, hinting at a rebound in consumer spending.

These mixed signals underscore the complexity of China’s recovery trajectory as it navigates internal and external economic pressures.

In a September Politburo meeting, Chinese leaders intensified efforts to boost growth, pledging support for infrastructure development and fiscal spending.

Early November saw the unveiling of a five-year, 10 trillion yuan ($1.4 trillion) plan to address mounting local government debt, with indications that further economic support will follow in 2024.

External challenges loom for China

Despite these positive indicators, external risks remain a concern.

Donald Trump’s re-election in 2024 has raised fears of renewed trade tensions between the US and China, particularly the possibility of higher tariffs on Chinese goods.

Such measures could weigh heavily on China’s export-driven economy, potentially offsetting gains in domestic growth.

The November data provides a cautiously optimistic outlook for China’s economy, but significant hurdles lie ahead.

Sustained recovery will depend on the continued effectiveness of stimulus measures, the stabilization of the property sector, and the resolution of external trade challenges.

As China navigates these complexities, its policymakers are likely to remain focused on fostering growth while managing risks, ensuring a balanced approach to economic revival.

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Asia-Pacific markets traded slightly higher on Monday, kicking off a data-packed week with investors closely watching economic indicators from China, Japan, South Korea, and other regional economies.

Fresh manufacturing and retail figures, coupled with updates on trade and inflation, are expected to provide insights into the region’s economic recovery amid global uncertainties.

China’s PMI signals growth

China’s official manufacturing purchasing managers’ index (PMI) for November rose to 50.3, its highest since April and above economists’ expectations of 50.2, according to a Reuters poll.

This marked an improvement from October’s reading of 50.1.

However, the non-manufacturing PMI dipped slightly to 50.0 from 50.2, indicating stagnation in the service sector.

The composite PMI held steady at 50.8, signaling moderate expansion.

Meanwhile, the Caixin/S&P Global manufacturing PMI, which focuses on smaller manufacturers, showed further growth with a reading of 51.5, exceeding the forecast of 50.5.

These figures highlight the impact of China’s recent stimulus measures in bolstering industrial activity, even as challenges remain in other sectors, including real estate and consumer spending.

Asia-Pacific market indices

Elsewhere, Australia reported a robust 3.4% year-on-year rise in retail sales for October, the fastest pace since May 2023.

Monthly, sales grew by 0.6%, beating the forecasted 0.4% increase.

The data reflects strong consumer confidence despite global economic uncertainties.

In South Korea, the Kospi index traded near the flatline, while the small-cap Kosdaq rose 0.13%.

Preliminary trade data showed exports grew by 1.4% year-on-year in November, falling short of expectations for 2.8% growth and marking a sharp decline from October’s 4.6% increase.

The data suggests a slowdown in the country’s export-driven economy.

Japan’s Nikkei 225 and the broader Topix index posted modest gains, with the Topix rising 0.68%.

Investors in Japan are looking forward to updates on domestic economic policies and external trade developments.

Hong Kong’s Hang Seng index rose 0.21%, while mainland China’s CSI 300 gained 0.26%.

The Hang Seng Mainland Properties Index advanced 0.5%, supported by accelerating growth in China’s new home prices in November, offering some respite to the struggling property sector.

US markets close on a high note

On Friday, US markets ended a shortened trading session on a strong note.

The S&P 500 and Dow Jones Industrial Average recorded their best monthly performances of 2024.

The Dow rose by 0.42%, while the S&P 500 and Nasdaq Composite gained 0.56% and 0.83%, respectively.

A surge in semiconductor stocks contributed to the rally after reports suggested that potential restrictions on semiconductor equipment sales to China might be less stringent than initially feared.

Notable gains included Lam Research, up over 3%, and Nvidia, which rose more than 2%.

GQG Partners stock tumbles after UBS downgrade

Shares of Australian-listed investment firm GQG Partners, a significant investor in India’s Adani Group, plunged by over 15% on Monday.

The drop came after UBS downgraded the stock from “buy” to “neutral” and slashed its target price from AU$3.30 to AU$2.30.

This marks UBS’s first-ever downgrade of GQG since it began coverage in 2022. The stock was trading at AU$2.08 as of the afternoon in Sydney.

GQG is the fourth-largest investor in Adani Enterprises, and the downgrade reflects growing caution over the firm’s investment portfolio amidst heightened scrutiny of Adani Group’s financial practices.

Investors are bracing for more economic data as the week unfolds.

Indonesia is set to release its November inflation numbers, providing insights into price stability in Southeast Asia’s largest economy.

Additionally, PMI readings from various Asian economies will offer a clearer picture of manufacturing activity across the region.

As global markets grapple with uncertainties ranging from inflation to geopolitical tensions, Asia-Pacific remains a focal point for investors seeking signs of economic resilience and growth opportunities.

By closely tracking economic indicators and market trends, analysts hope to gauge the region’s recovery trajectory and the potential implications for global trade and investment.

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