Six years after the last summit in Copenhagen failed to reach a binding agreement, all the usual suspects are once again poised to gather – this time in Paris – in an effort to strike a deal on the thorny subject of climate change. The 21st Conference of the Parties (CoP) of the United Nations Framework Convention on Climate Change (UNFCCC) will play host to the governments of more than 190 nations with the aim of reducing global greenhouse gas emissions. Existing commitments on greenhouse gas emissions expire in 2020, so an agreement will be expected to cover action over the next ten years or so.
The economic effects of the Paris attacks are continuing to ripple outwards in the days and weeks after targeted terrorist activity ended in tragedy for 129 victims and their families in the French capital on Friday 13 November.
Predictably enough, perhaps, more than €2bn ($2.12bn) was wiped off shares in European travel and hospitality companies, as investors feared a downturn in bookings not only to France but right across the continent. Shares in airlines and tour operators dropped sharply on the first post-attack trading day, as talk of tighter border controls looked like deterring seasonal visitors. Air France shares fell by 6%, while Thomas Cook took a 4.8% hit.
With the US economy on the up and consumer confidence cautiously increasing, too, a December rate rise is looking more and more likely. In November, the Commerce Department reported that GDP grew at an annual rate of 2.1% over the July-September period, up from a previously estimated figure of 1.5%. Although this still represents at slowing in growth from Q2, it still may tip the balance when the Federal Reserve considers hiking interest rates for the first time in nine years.