Fears are mounting that the U.S. could soon experience its own version of Britain’s “mini-budget” crisis, with bond strategists warning that Donald Trump‘s return to the White House brings with it the specter of currency volatility and surging bond yields.

President-elect Trump has pledged to deliver a litany of pro-growth initiatives, including tax cuts, steep tariffs, and plans to roll back corporate regulation.

The former president’s economic agenda has ratcheted up concerns about a surge in consumer prices, which strategists say could spark significant shifts in bond yields and investor behavior.

They warn a scenario that mirrors Britain’s mini-budget crisis of 2022 is not out of the question.

“Foreign central banks and institutional investors, traditional buyers of US 10y Treasurys, are slowly diversifying away from Treasurys on debasement worries attached to concerns over inflation, debt, and geopolitics,” Alim Remtulla, chief foreign exchange strategist at EFG International, told CNBC by email, with reference to 10-year U.S. Treasurys.

“As a result, more price sensitive investors need higher yields to invest in Treasuries. This isn’t at crisis levels yet, as [the U.S. dollar] is outperforming,” he continued. “But there are worries that the US could experience a run on its currency and yields like the UK experienced in the Fall of 2022.”

Britain’s mini-budget crisis refers to a tumultuous period under former Prime Minister Liz Truss and ex-Finance Minister Kwasi Kwarteng.

Shortly after taking up their posts in early September 2022, Truss and Kwarteng triggered a crash in government bond prices when they presented plans for big tax cuts in an unscheduled fiscal announcement.

The British pound tumbled to an all-time low against the U.S. dollar after the measures were announced, while the sell-off in U.K. government bonds was so severe that the Bank of England staged an emergency intervention.

Truss and Kwarteng resigned over the turmoil after less than two months in their respective offices, and the majority of the measures were reversed.

Althea Spinozzi, head of fixed income strategy at Saxo Bank, said Trump’s return to the White House has the potential to reshape the U.S. bond market “in profound ways,” with the trajectory of Treasury yields set to climb as markets adjust to higher inflation expectations.

The benchmark U.S.10-year Treasury may yet breach the 5% mark, Spinozzi said, without specifying a timeline, noting that this level acts as a “magnet” in the current economic environment.

“A Trump presidency also brings the specter of currency volatility. Concerns about the U.S. fiscal position, fueled by increased borrowing to fund tax cuts and spending, might prompt fears of a selloff in Treasuries, mirroring the turmoil seen in the U.K. in 2022,” Spinozzi said.

“The U.S. dollar’s unique position as the world’s reserve currency and the unparalleled depth of the Treasury market provide a degree of resilience,” she continued.

“That said, a sustained rise in yields could weigh on the dollar’s strength over time, particularly if inflation expectations become unanchored or global investors begin seeking alternatives,” Spinozzi said.

The 10-year Treasury yield traded more than 4 basis points higher at 4.424% on Wednesday morning. Yields and prices move in opposite directions, and one basis point equals 0.01%.

Bond yields tend to rise when market participants expect higher consumer prices or a growing budget deficit.

Paul Ashworth, chief north America economist at Capital Economics, told CNBC that while a U.S. version of Britain’s mini-budget episode is possible, the dollar’s position as the world’s reserve currency “makes it hard to see a sudden crisis developing.”

“But the so-called term premium component of Treasury yields could increase, indicating that investors are becoming a little nervous about swallowing the increased supply of bonds,” Ashworth said.

“Of course there is a prospect of that happening. You can’t rule any of this out,” Thierry Wizman, global interest rates and currencies strategist at Macquarie Group, told CNBC via video call.

“If this does happen, it’s likelier to be as a result of the U.S. going its own way with regard to deficit spending,” Wizman said.

“If every country is looking equally irresponsible, then the chances of this happening are slim, certainly on a sustainable basis. But when all the countries are experiencing high debt ratios and high deficits, then it‘s less likely because in effect there is nowhere to run, with the possible exception of physical assets like gold.”

Referring to the behavior of private institutional investors, Wizman said a divergence would be necessary to facilitate a U.S. version of Britain’s mini-budget crisis.

“It would take another country, another region like the euro area supplanting the U.S. with regard to fiscal responsibility. That’s tough to see happening,” he added.

— CNBC’s Jenni Reid contributed to this report.

India’s Adani Group on Thursday denied allegations of bribery and fraud made by U.S. authorities in relation to the group’s chair Gautam Adani, saying all claims were “baseless.”

Shares of companies in India’s Adani Group plunged after Gautam Adani, one of the world’s richest people, was indicted in a New York federal court on charges regarding an alleged bribery and fraud scheme. Shares in Adani Green Energy, the firm at the center of the allegations, slumped 17.9%.

Adani and several other defendants are accused of having paid Indian government officials more than $250 million in bribes to obtain solar energy supply contracts worth more than $2 billion in profits.

The company’s 62-year-old chair, his nephew Sagar Adani, and fellow company executive Vneet Jaain are charged with misleading U.S. and international investors about their company’s compliance with antibribery and anticorruption practices as they raised more than $3 billion in capital to fund energy contracts.

An Adani Group spokesperson said the allegations made by the U.S. Department of Justice and the U.S. Securities and Exchange Commission against directors of Adani Green Energy are “baseless and denied.”

“The Adani Group has always upheld and is steadfastly committed to maintaining the highest standards of governance, transparency and regulatory compliance across all jurisdictions of its operations. We assure our stakeholders, partners and employees that we are a law-abiding organisation, fully compliant with all laws,” the spokesperson said in an emailed statement.

They added that “all possible legal recourse will be sought,” following the allegations.

Shares of Adani investor GQG Partners also cratered around 20% on Thursday.

This is a breaking news story. Please refresh for updates.

– CNBC’s Boon Ping and Dan Mangan contributed to this story.

Japan’s exports posted a 3.1% rise in October compared to a year ago, rebounding from a fall in September that marked a 43-month low.

The climb beat expectations of a 2.2% rise from economists polled by Reuters, and is a reversal from the 1.7% fall in September.

Government data showed that Japanese exports increased the most to the Middle East region, recording a 35.4% rise, compared to the same period a year ago.

Imports to Asia’s second largest economy by GDP rose 0.4%, compared to expectations of a 0.3% fall from the Reuters poll.

As such, Japan’s trade deficit expanded to 461.2 billion yen ($2.98 billion), wider than the Reuters poll expectations of 360.4 billion and compared to September’s revised figure of 294.1 billion yen.

In a Nov. 19 note, Daniel Hurley, who is global equities portfolio specialist at T. Rowe Price, said that the key area to monitor for Japan equities would be U.S. President-elect Donald Trump’s plans for tariffs and trade relationships with partners.

Tariffs are clearly the biggest risk for an open and exporting economy like Japan’s, he said, while also pointing out that the country has a very close relationship with the U.S., and Trump in particular.

He added: “Any escalation of tensions between the U.S. and China on tariffs and trade is likely to weigh upon global trade and global growth. Japan, as an open and cyclical economy, will be impacted by any deterioration in global trade and the global economy.”

Shares of 7-Eleven owner Seven & i soared nearly 11% on Wednesday after a report said the company’s founding family was raising more than $50 billion to take the company private within this fiscal year.

According to a report by Japanese public broadcaster NHK, the founding family will raise over 8 trillion yen ($51.66 billion) from “three Japanese megabanks and major American financial institutions,” according to a Google translation of the report in Japanese.

The funds will be used by a special-purpose company to carry out a tender offer for Seven & i shares, with the goal to complete the plan by March 2025.

Should this acquisition go through, it will be the largest buyout of a Japanese company to date, NHK said.

Seven and i said “no decision has been made regarding a proposed deal with Junro Ito, Ito Kogyo, ACT [Alimentation Couche-Tard] or other third parties at this time,” Reuters reported.

Junro Ito is Seven & i’s vice president and the son of late Masatoshi Ito, founder of Seven & i. Ito-Kogyo is a company affiliated with the vice president, and is Seven and i’s second-largest stakeholder with an 8.2% stake.

Canadian convenience store operator Alimentation Couche-Tard initially made an offer of $14.86 per share to take over Seven & i in August. The offer was rejected, with Seven & i saying it “grossly undervalues” the company

ACT then reportedly raised its offer in October by over 22% to $18.19 per share, valuing Seven & i at 7 trillion Japanese yen, or about $47 billion. Seven & i said in a statement last month that it “has maintained, and intends to continue to maintain, the confidentiality of its current discussions with ACT at this time.”

In September, Seven & i was designated as “core” to national security in Japan, although the company said the designation was not related to the ACT takeover bid, according to a Reuters report.

A foreign investor must file for a national security review with the Japanese government if it intends to acquire a stake of 1% or more in a “core” Japanese firm.

China’s central bank on Wednesday kept major benchmark lending rates unchanged, as Beijing assesses the effects of its recent stimulus measures. 

The People’s Bank of China said it would keep the 1-year loan prime rate at 3.1%, and the 5-year LPR at 3.6%.

Market watchers polled by Reuters had expected PBOC to keep the lending rates unchanged this month.

There was “no immediate need to adjust the LPR this month,” said Bruce Pang, chief economist and head of research for Greater China at JLL, adding that the Chinese leaders were likely still assessing the impact of recent measures aimed at boosting the economy.

The record-low net interest margins at Chinese commercial banks have limited their ability to support lower lending rates, Pang said, “while another policy rate cut before the end of the year seems unlikely, there remains potential for interest rate cuts in 2025.”

The 1-year LPR affects corporate and most household loans in China, while the 5-year LPR acts as a benchmark for mortgage rates.

The rate decision came after a cut of 25 basis points to both the 1-year and 5-year LPRs last month, and followed China’s October economic data that underscored lackluster momentum in the economy, despite the recent barrage of stimulus announcements.

In October, China reported slower-than-expected industrial production and fixed asset investment growth. The annual decline of real estate investment from January to October also steepened from a year ago.

Only retail sales beat expectations, with a 4.8% year-on-year increase, indicating that recent stimulus had started seeping into certain sectors of the economy.

Since late September, Chinese authorities have ramped up stimulus announcements to spur economic growth, which has been dragged down by a prolonged property crisis as well as weak consumer and business sentiment.

Earlier this month, the Ministry of Finance unveiled a 5-year fiscal package totaling 10 trillion yuan ($1.4 trillion) to tackle local government debt problems, while signaling more economic support could come next year.

China’s central bank also planned to maintain supportive monetary policy, said Governor Pan Gongsheng, who had indicated in October that there was still room to cut several key policy rates by end of the year.

Morgan Stanley expects China’s growth to slow to around 4% in each of the next two years, and has downgraded Chinese equities to “slight underweight” in a note dated Sunday, naming a deflationary environment and rising trade tensions as risks.

“We see a low limited chance that Chinese government will front-load enough fiscal stimulus to target consumption and housing,” the analysts said.

Goldman Sachs also estimated that China’s GDP growth could decelerate to 4.5% in 2025, from 4.9% this year, according to the bank’s note on Monday.

Goldman, however, maintained “overweight” stance on China equities, forecasting a 13% upside to the benchmark CSI 300 index next year.

Donald Trump’s election victory, which is likely to bring higher tariffs on Chinese exports, has added to the uncertainty over China’s export-heavy economy.

If you are one of the many Americans planning an escape next year, this unique adventure might be exactly what you’re looking for.

Residential cruise line Villa Vie Residences announced the Tour La Vie program which offers passengers the opportunity to live aboard its ship, the Villa Vie Odyssey, for up to four years.

Villa Vie’s CEO, Mikael Petterson tells CNBC Make It the new program was planned before Election Day. And while is is not a reaction to the outcome, the offering is is well-timed.

“Although our latest campaign Tour La Vie was put together before the results of the election, we feel we have a perfect product for those who’d want leave the country for any reason,” he said in an email statement.

Early this month, CNBC reported that in a survey by Arton Capital, which advises the wealthy on immigration programs, 53% of American millionaires said they’re more likely to leave the U.S. after the election, no matter who wins. 

“Onboard, we may have differing political views, but our community comes together through our passion for exploring the world in a very real way that goes far beyond politics,” Petterson said.

The Tour La Vie offers travelers four options:

• 1-Year Escape from Reality, starting at $49,000/year
• 2-Year Mid-Term Selection, starting at $47,000/year
• 3-Year Everywhere but Home, starting at $43,333/year
• 4-Year Skip Forward, starting at $40,000/ year

The “Skip Forward” trip will include more than 425 ports in over 140 countries across all seven continents.

The Villa Vie Odyssey just entered the second month of a 15-year tour around the world, after a series of delays. The cruise line initially offered residents three options for life aboard the ship: Own a Villa, Rent a Villa and a flex-plan called Endless Horizon.

Amenities on the ship include a fitness center and spa, a business center, three restaurants, 5 bars and lounges and complimentary alcoholic beverages.

A press release shared with CNBC Make It says passengers who join the Tour La Vie will have the flexibility to meet the ship at any scheduled port over the next four years.

According to an itinerary available on Villa Vie’s website, the Odyssey arrived in the Caribbean on November 14 and will be there through the end of December.

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Chinese Vice Premier He Lifeng on Tuesday vowed to boost Hong Kong’s competitiveness by investing in the city’s innovation and delivering supportive financial policies.

Speaking at the third Global Financial Leaders Investment Summit, hosted by the Hong Kong Monetary Authority, He reiterated Beijing’s commitment to “explore and implement” measures aimed at building Hong Kong as an “international financial center.” That’s according to CNBC’s translation of his spoken Mandarin.

Beijing’s stimulus measures have already “benefited” Hong Kong, said He, who oversees a key economic and financial policymaking body. “The upward trajectory of the economy is more certain.”

To strengthen its financial industry, Hong Kong needs to leverage measures from mainland China as well as its global connections, Li Yunze, minister of China’s National Financial Regulatory Administration, said in a panel following He’s speech.

Almost 80% of mainland businesses that seek an offshore listing would go to Hong Kong, Li said, stressing the city’s future “has always been intertwined with” China.

During the same panel, Wu Qing, head of China’s securities regulator, said that Hong Kong will continue pursuing policies that attract more foreign investment.

Some of the world’s largest banks have moved to scale back operations and cut jobs in Hong Kong and mainland China amid a prolonged dearth in listing and deal-making activities.

An exodus of capital made the city’s Hang Seng the worst-performing major index last year, marking fourth straight years of decline. And Hong Kong’s stock market saw proceeds from initial public listings (IPOs) and follow-on share sales shrink 16% in the first six months this year, compared to a year ago, according to LSEG data.

Still, operators of Hong Kong’s stock exchange have pointed to signs of pickup in the third quarter as Beijing unveiled a raft of stimulus measures to bolster its flagging economy.

Vice premier He, a close confidant of President Xi Jinping, has been tasked with tackling China’s government debt crisis and protracted property downturn, which have strained the regions financial stability and stunted economic growth momentum.

Earlier this month, Chinese authorities took further steps to attract foreign investment, including lowering the capital threshold for foreign investors holding a non-controlling stake in an enterprise. Under the new regulations, foreign individuals are now allowed to invest in publicly-listed companies.

PBOC governor Pan Gongsheng also said in a meeting on Nov. 7 that that China would continue to implement accommodative monetary policy and bolster ties between domestic and foreign financial markets. Representatives from 11 foreign institutions including HSBC, Standard Chartered and Citigroup attended that meeting, according to a statement.

Thailand’s same-sex marriage legislation, scheduled to come into effect in January 2025, could attract an additional 4 million tourists to the country per year, according to a report commissioned by the travel company Agoda.

The report published Thursday estimates the country’s marriage equality law may increase tourism arrivals by 10%, netting the country an extra $2 billion in tourism revenue per year, within two years.

Arrivals are expected to come, not only from same-sex couples and their wedding guests, but from the broader LGBTQ community and beyond.

“Thailand is set to attract a growing number of travellers and expatriate workers who seek not just a vacation spot but a place where they can feel truly accepted,” according to the report, titled “The Economic Impact of Marriage Equality on Thailand’s Tourism Industry.”

Thailand’s new legislation — scheduled to go into effect on Jan. 22, 2025 — is projected to add 76,000 full-time jobs to its tourism industry, while raising the country’s gross domestic product by .3%, according to the report from the public policy consultancy Access Partnership.

The new law will make Thailand the third place in Asia to allow same-same marriage, following Taiwan in 2019 and, on a more limited basis, Nepal in 2023. The law is also set to grant same-sex couples rights related to child adoption, health care and inheritance.

To calculate the potential economic impact of Thailand’s new legislation, the report examined the effect of same-sex marriage legislation in other countries.

“Other markets, such as New Zealand and the United States, saw notable increases in same-sex weddings following introduction of marriage equality legislation,” Timothy Hughes, Agoda’s vice president of corporate development, told CNBC Travel.

New Zealand legalized same-sex marriage in 2013. By 2016, the majority of same-sex weddings in the country were for visitors, the report said.

Australians made up more than half (58%) of same-sex weddings in New Zealand from 2013 to 2017, according to the report citing Statistics New Zealand. This figure fell to 26% in 2017, after Australia passed its own same-sex marriage law, it said.

Agoda’s report also analyzed other factors that influence international tourists, including the attractiveness of a destination, the affordability of travel, the ease of entrance, and the perceived level of acceptance of LGBTQIA+ issues.

Finally, the report also considered the availability of viable alternative destinations for LGBTQIA+ or travelers in the region.

“Within 5 hours flying of Thailand are more than 3.6 billion people in markets that do not have marriage equality,” said Hughes.

He highlighted the economic opportunity from Indian travelers, predicting Thailand will become a top destination “for Indian LGBTQIA+ couples and those ready to celebrate with them.”

The planning, for some, has already begun.

Ann Chumaporn, a Thai rights activist and co-founder of Bangkok Pride, said her organization is arranging a mass wedding event for same-sex couples on Jan. 23, 2025 — the first day that marriage registrations can be filed, she said.

“We have over 300 couples registered, and our goal is to reach 1,000 couples nationwide,” she told CNBC Travel. “We already have international couples registered.”

The Thai government also has its sights set on hosting WorldPride, a global pride event that netted New South Wales $185.6 million Australian dollars ($120 million) when Sydney hosted in 2023, according to Agoda’s report.

Rainbow tourism, as it is known, is valued at $200 billion worldwide, according to the report.

In an era of fierce competition for tourists — especially whose who splurge on weddings and related celebrations — Thailand has a “unique strategic opportunity,” said Marcus Ng, director of Access Partnership.

“While we cannot predict what other markets might do, what this report demonstrates is that there is a clear economic benefit to inclusivity for both the tourism sector and the wider economy.”

Shares of Samsung Electronics jumped on Monday after the company unveiled a surprise plan to buy back about 10 trillion South Korean won ($7.19 billion) worth of its own stock over the next 12 months.

The South Korean tech giant’s stock rose more than 7% in Seoul, after shares had already surged 7.21% on Friday, following news that the company reached a preliminary agreement with its largest workers union, which went on strike in July.

Samsung last bought back shares in November 2017, according to data maintained by LSEG.

In a regulatory filing, the company said that 3 trillion won of shares will be bought back in the next three months and canceled. While the repurchase of the remaining 7 trillion won worth of shares will be “authorized accordingly by the Board, which will decide on ways to enhance shareholder value, including when and how to use the treasury shares,” it added.

Shares of Samsung had hit a four year low on November 15, after the company posted a disappointing profit guidance for its third quarter and amid worries about tariffs after U.S. President-elect Donald Trump won the presidential election.

The company has fallen behind rival SK Hynix in the race to supply high bandwidth memory, or HBM chips, that are a key component used by AI leader Nvidia, with analysts telling CNBC that “it is fair to say that Samsung has not been able to close the gap with SK Hynix on the HBM development roadmap.”

HBM is a type of dynamic random access memory, known as DRAM. DRAM is often used in laptops, workstations and PCs.

According to South Korean media, SK Hynix is the first chipmaker in the world to supply fifth-generation HBM3E chips in March to Nvidia.

— CNBC’s Arjun Kharpal contributed to this report.

K-pop businesses mostly continued to struggle in the third quarter of the year, with three of South Korea’s four largest agencies posting poorer financial results compared to last year.

The K-pop industry has been seeing a slowdown due to declining album sales and the inactivity of record-breaking groups such as Blackpink and BTS. Members of BTS have been serving their mandatory military service, while Blackpink only announced to reunite as a group in 2025.

Streaming revenue, at least during the first half of this year, has been unable to cover the loss from album sales.

Shares of SM Entertainment, JYP Entertainment and YG Entertainment, listed on the small-cap Kosdaq have lost 16%, 43% and 10.41%, respectively so far this year, while Hybe, listed on the blue-chip Kospi, has seen its stock drop over 11% year to date.

Here’s how the “Big Four” K-pop companies fared in the third quarter:

Hybe, the largest K-pop company by market cap, did not detail the reasons for its downbeat earnings, but a Nov. 6 note issued by Yuanta Securities analyst Hwan-wook Lee said sales shrank due to limited artists and activities during the 2024 Olympics, while profitability was also hurt by higher costs owed to the launch of KATSEYE, a localized group in the U.S.

SM Entertainment CFO Jang Jeong Min said during the company’s earnings call that revenue decreased due to a decline in album sales, while operating profit was also weighed down by production costs of a debut program and weaker earnings from subsidiaries.

Samsung Securities analysts Minha Choi and Yeonghoon Kang said in a Nov. 11 note that YG Entertainment’s operating loss was “not surprising,” as the company’s artists were relatively “inactive.” For the third quarter, just Babymonster — a rookie group — and solo artist Lee Seunghoon released material.

JYP Entertainment was the lone bright spot in the industry, as it saw a “dramatic rebound to profitability” and threw an “earnings surprise,” according to a Nov. 14 note issued by NH Securities. The note said this was due to “full-fledged” activities by boy group Stray Kids, which kicked off its world tour in the second half of 2024.

While K-pop investors might want to put 2024 behind them, given dismal year-to-date stock returns and largely poor financial results, they can look forward to 2025, research firm Citi Research suggests.

Citi analysts John Yu and Alicia Yap said in a note earlier this month that they are “turning constructive” on the sector, as its revenue was set to accelerate.

On a year-on-year basis, Citi expects that the aggregate revenue of the Big Four agencies to grow by over 21% in 2025 and nearly 15% in 2026.

Return of top groups BTS and Blackpink and improved monetization of fandom platforms will help shore up revenues, according to Citi.

For example, DearU, an SM subsidiary and in which JYP has an 18.1% stake, has tied up with Tencent Music to provide its direct messaging service to users of Chinese music-streaming platform QQ Music.

DearU is a fan communication platform known for its Bubble messaging service, where fans pay a monthly subscription fee to receive exclusive messages from artists.

Hybe’s Weverse platform, which specializes in hosting artists’ content, is also launching a new subscription membership model in December.

Citi analysts state that the return of popular groups “will do more than just drive album and concert revenues — it should also boost ROI across multiple businesses. Fandom platforms, for instance, will see an increase of user traffic, and younger artists under [the] same labels can showcase opening acts at top artists’ concerts.”

A foreign exchange tailwind is also expected due to the weakening of the Japanese yen, with Citi expecting JYP to benefit most due to its relatively higher revenue exposure to Japan.

The firm is more optimistic on Hybe and SM, although the analysts say they prefer Hybe for its balanced IP portfolio, as opposed to SM, which is more dependent to China momentum due to the nationality of its artist line up.

As for YG, they call it a “high delta play” — which means the stock can see large swings — with the return of Blackpink.

The analysts, however, are downbeat on JYP, and say that the company will face a challenge in maintaining long-term growth as newer artists struggle to find success.

Citi’s optimism also echoes reports issued earlier this year.

In March, Goldman Sachs said that the K-pop sector is “misunderstood.” At the time, Goldman argued K-pop companies should be evaluated not by album sales, but instead by offline concert audiences, and forecast a “high potential for valuation re-rating.”

Goldman said there was a substantial fanbase growth opportunity for K-pop companies in the near-term in Japan, and is also bullish about the growth of the global fanbase, especially in the U.S.

The firm said that K-pop is becoming mainstream globally, with artists performing in major U.S. festivals like the Coachella Festival and Lollapalooza — there’s “a long runway of growth ahead” for the sector.

Morgan Stanley also wrote in a note earlier this year that K-pop was “on the verge of expanding its global fan base.”

“After more than 20 years of cultivating a devoted following in Asia, the South Korean pop music phenomenon is poised to take a leap into the mainstream, generating investment opportunities in the process.”