Business & Finance Summary

Roomba manufacturer iRobot filed for bankruptcy today after 35 years in business, according to Bloomberg. The company has reached a restructuring support agreement, which will transfer control to Shenzhen-based investors.

In other news, a survey by Teneo indicates that 68% of CEOs plan to increase their spending on AI by 2026, despite currently experiencing spotty returns. Meanwhile, U.S. stock futures have risen ahead of the last full trading week of the year.

However, Friday saw a decline in stocks, particularly in the tech sector, as investors rotated out of AI stocks. In Asia, shares slipped following Wall Street's worst day in three weeks. Additionally, China's currency is projected to strengthen, potentially breaking the 7.0-per-dollar barrier, driven by U.S.

Federal Reserve rate cuts and improving trade relations. Investors are also awaiting clearer economic data from the U.S., which has been delayed due to a government shutdown. The Bank of England is expected to cut rates to 3.75%, reflecting easing inflation concerns.

American Express reported an increase in consumer spending, with premium cardholders seemingly unaffected by inflation worries. Market trends indicate a complex landscape as companies like Volkswagen invest significantly to regain market share in China, and firms navigate the challenges of a rotating economy.