Key global financial headlines from last night and this morning include:

1. **Trump Plans to Extend Travel Ban to Around 30 Countries** Following the shooting of two National Guard soldiers in Washington D.C. last week, the U.S. government is expected to expand its travel ban to approximately 30 countries as part of stricter immigration measures. A Department of Homeland Security official revealed that the expanded list will be announced soon. Currently, the U.S. fully bars travelers from 12 countries and imposes partial restrictions on seven others.

2. **U.S. Gasoline Prices Drop to $3 per Gallon, Lowest Since 2021** The average U.S. gasoline price has fallen to $3 per gallon, hitting its lowest level since 2021. According to AAA data, at least 30 states now have average retail prices below $3 per gallon. Lower crude oil prices and the seasonal switch to winter fuel blends are easing costs for drivers ahead of the holiday travel season.

3. **Amazon Rushes to Launch New In-House AI Chip, Challenging Nvidia and Google** Amazon.com’s cloud division is accelerating the rollout of its latest self-developed AI chip, Trainium3, to compete with Nvidia and Google. AWS VP Dave Brown confirmed the chip is already deployed in select data centers and will be available to customers starting Tuesday, with rapid scaling expected in early 2024.

4. **Citi Expands Investment-Grade Bond Trading Team for AI-Driven Surge** Citi is bolstering its U.S. investment-grade bond trading team in anticipation of record corporate debt issuance fueled by AI investments. The bank recently hired Chris Schuville, formerly of HSBC, to lead high-grade corporate bond trading, focusing on tech, media, and telecom sectors. Larry Liou will also join as a credit specialist and lead analyst.

5. **Bank of America Suggests 4% Crypto Allocation for Wealth Clients** Bank of America now advises its Merrill Lynch, Private Bank, and Merrill Edge clients to allocate 1%-4% of their portfolios to digital assets. Starting January 2024, its investment strategy team will cover four Bitcoin ETFs, targeting investors comfortable with high volatility.

6. **U.S. Online Holiday Spending Hits $44.2 Billion Over Five Days** Adobe Analytics reported $14.25 billion in Cyber Monday sales, pushing the five-day Thanksgiving weekend total to $44.2 billion—a 7.7% YoY increase. Earlier projections estimated $43.7 billion, up 6.3% from 2022.