Before ChristmasU.S. stocks "flash down" intraday, eventuallyThere are eight weeks in a row。The S&P is approaching all-time highs, making its longest weekly winning streak since 2017. Nike fell heavily after the earnings report, closing down nearly 12%. The pan-European stock index rose for six consecutive weeks, the longest winning streak in a year, and the European gaming giant Ubisoft fell more than 8% intradayTencent's major shareholder Prosus fell 20% intraday.
After the release of the U.S. PCE inflation indicator,The U.S. dollar index hit a new five-month low；The two-year Treasury yield refreshed its daily low;The 10-year yield was near a five-month low before turning higher.
* Falling from the high of the month for several days, it is still rising for two consecutive weeksThe biggest weekly gain in two months。**Two straight gains to a three-week high,It rose more than 1% intradayLondon aluminum rose nearly 4%., hitting a new high in nearly three months, London copper fell to a three-week high, and London nickel fell nearly 4% in a week.
In the Chinese market, during the U.S. stock market, the Chinese concept stock index closed down more than 2%.NetEase fell more than 16%, and Tencent fell nearly 10%., Station B fell 5%, while NIO rose more than 1%;The offshore yuan fell below 7 intraday16 hit a new one-week low, once rose more than 300 points and then turned down. The three major A-share indexes all closed down, game stocks crashed in the afternoon, and new energy broke outHong Kong stock NetEase lost a year's gains in one day, Tencent fell more than 12%, and the Hang Seng Index closed down more than 4%.
The Politburo of the Communist Party of ChinaThe convening of a special democratic life meeting emphasized the consolidation and expansion of the achievements of theme educationGather strong forces for the great cause of building a strong country and national rejuvenationGeneral Secretary of the Communist Party of ChinaPresided over the meeting and delivered an important speech.U.S. stocks: The Dow fell 005%, the S&P 500 rose 017%, the Nasdaq rose 019%。Central Bank of ChinaPublish a blockbuster report:Construct a new model for real estate development and promote the early implementation of the Financial Stability Law.
Ministry of FinanceWe will intensify efforts to resolve existing hidden debts, and actively and steadily plan to promote a new round of fiscal and taxation system reform.
Online gamesDraft of the New Regulations: No inducement rewards such as continuous recharge shall be set, and all online games must set user recharge limits;Gaming stocks tumbled, 12 listed companies responded to the impact.
U.S. inflation cooled more than expected in NovemberCore PCEA year-on-year increase of 32%，This is the lowest since April 2021。U.S. NovemberNew home salesThe decline exceeded expectations, and sales hit a one-year lowHouse prices fell 6% year-on-yearInventories continue to increase. U.S. NovemberDurable goods ordersMonth-on-month growth of 54%，It is the largest growth rate since December last year
European stocks: Europe's STOXX 600 index closed up 014%。Germany's DAX 30 index closed up 012%。France's CAC 40 index closed down 0014%。
A shares: The Shanghai Composite Index closed at 291478 points, down 013%。The Shenzhen Component Index closed at 922131 points, down 039%。The GEM index closed at 182584 points, down 037%。
Bond market: The yield on the benchmark US 10-year Treasury bond**069 basis points, at 38950%。The two-year Treasury yield fell 243 basis points at 43231%。
commodity: WTI closed down 0$33, down 045% to 73$56 barrel. Brent closed down 0$63, down 079% to 79$07 barrel. COMEX closed up 087% at 2069$10 oz. London aluminum rose 365%。
Domestic macro
The Political Bureau of the Communist Party of China held a special democratic life meeting to emphasize that the consolidation and expansion of the achievements of the theme education, for the great cause of building a strong country and national rejuvenation to gather strong forces, the general secretary of the Communist Party of China presided over the meeting and delivered an important speech Next year is the 75th anniversary of the founding of the People's Republic of China, and it is a key year to achieve the goals and tasks of the "14th Five-Year Plan".It is necessary to adhere to the guidance of the thought of socialism with Chinese characteristics in the new era, fully implement the spirit of the 20th National Congress of the Communist Party of China and the Second Plenary Session of the 20th Central Committee, adhere to the general tone of the work of seeking progress while maintaining stability, completely, accurately and comprehensively implement the new development concept, comprehensively deepen reform and opening up, promote high-level scientific and technological self-reliance and self-reliance, effectively enhance economic vitality, prevent and resolve risks, improve social expectations, consolidate and enhance the positive trend of economic recovery, and comprehensively promote the construction of a strong country and the great cause of national rejuvenation with Chinese-style modernization. The People's Bank of China released a blockbuster report: building a new model of real estate development and promoting the early implementation of the Financial Stability Law. China's central bank saidGross domestic product (GDP) increased by 3% year-on-year, the employment situation was generally stable, the balance of payments remained balanced, the RMB exchange rate remained basically stable at a reasonable and balanced level, and the financial system was generally operating steadily. It is necessary to give full play to the risk disposal function of deposit insurance, steadily promote the accumulation of financial stability protection and the formulation of rules, promote the early introduction and implementation of the Financial Stability Law, and improve the long-term mechanism for maintaining financial stability. Ministry of FinanceIntensify efforts to resolve existing implicit debtsActively and prudently plan to promote a new round of fiscal and taxation system reform. In 2024, the proactive fiscal policy should focus on high-quality development and strive to promote Chinese-style modernization. Focus on doing a good job in eight aspects. People's **Interview***Director Zheng Shajie: How to implement the decision-making and deployment of the **Economic Work Conference. Zheng Shajie saidIt is necessary to focus on the central task of economic construction and the primary task of high-quality developmentIn accordance with the overall requirements, main objectives and key tasks of economic work determined by the first economic work conference, we will be uncompromising, vigorous and resolute, realistic and pragmatic, dare to do good and do a good job in implementation, adhere to the principle of "seeking progress in stability, promoting stability with progress, and establishing first and then breaking", increase macroeconomic regulation and control, and continue to promote the economy to achieve effective qualitative improvement and reasonable quantitative growth. National Conference on Housing and Urban-Rural Construction: Adhere to the positioning of housing for living and not speculation, and adapt to the new situation of major changes in the relationship between supply and demand in the real estate market. Construct a new model of real estate development, establish a new mechanism for the linkage of "people, housing, land and money", improve the basic system of the whole life cycle of housing from development and construction to maintenance and use, implement the construction of the "three major projects", accelerate the solution of the housing problems of new citizens, young people and migrant workers, and make efforts to build good houses and create a new track in the housing field. Domestic companies
Draft of the New Online Game Regulations: Inducement rewards such as continuous recharge shall not be set, and all online games must set user recharge limits;Game stocks fell sharply, and 12 listed companies responded to the impact draft and pointed out that minors should not be rewarded in online game live broadcasts. Online game publishing business units must not set up compulsory battles in online games, and when providing random drawing services, they should make reasonable settings for the number and probability of drawing, and must not induce online game users to spend excessively. When online game operations units terminate the publication or operation of online games, they should make an announcement at least 60 days in advance. Tencent responded,The new draft does not fundamentally change the key elements of the game, such as the business model and operation rhythm. For companies whose game business comes from overseas, the Consultation Paper has less impact on the company. Tesla's Shanghai energy storage gigafactory project was officially launched, with an annual production capacity of up to 10,000 units. The Shanghai Megapack plant will start construction in the first quarter of 2024 and officially start production in the fourth quarter of 2024. Most of the battery packs produced will be exported. Overseas macro
U.S. inflation cooled more than expected in November, with core PCE rising 3% year-on-year2%, the lowest since April 2021. Cooling inflation continues to strengthen the Fed's outlook for interest rate cuts next yearExpectations for a rate cut in March have been almost fully priced in。New home sales in the United States fell more than expected in November, with sales hitting a one-year low, home prices falling 6% year-on-year, and inventories continuing to increase. Analysts say the poor performance of new homes comes at a time when mortgage rates are fallingQuite unexpected, highlighting the bumpy road to recovery in the U.S. housing market. U.S. durable goods orders rose 5% month-on-month in November4%, the largest growth rate since December last year. U.S. durable goods orders surged in NovemberThis mainly benefited from the surge in aircraft ordersIn addition, orders from the auto industry picked up after the end of the general strike. However, corporate spending on equipment has been somewhat weak. IMF: The dollar's share of global central bank reserves fell to its lowest level since the fourth quarter of last year. The share of the US dollar in global foreign exchange reserves in the third quarter of this year was, up from 59 in the second quarterThe decline of 4% was the lowest since the fourth quarter of last year. The risk of recession in the UK has increased, and the final GDP value in the third quarter has shrunk by 01%, less than expected. A weaker economy could increase the pressure on the Bank of England to pivot to interest rate cuts sooner rather than later, as economic momentum wanes. Japan's inflation accelerated to cool in November, but the service ***23%, the largest increase since October 1993. This suggests that inflation is spreading across the broader economy as import-driven inflationary pressures begin to subside. The United States said that more than 20 countries participated in the Red Sea escort: at least 8 countries have not disclosed their identities, and some participating countries have limited support. Overseas companies
BlackRock wanted to take a controlling stake in Warburg Pincus, but talks fell apart. BlackRock is still looking for a target to acquireto enter the alternative investment space and further enhance its position in private equity. Sam Altman threw out the 2023 year-end summary and shared 17 suggestions with everyone. OpenAI's latest financing may make the valuation exceed 100 billion. OpenAI is on track to become the second-highest-valued startup in the U.S. after SpaceX, more than triple its valuation when Microsoft pledged to invest earlier this year. **OpenAI is also financing its chip joint venture, seeking to raise up to $10 billion from Emirati internet giant G42, according to the company. NIO Day released its flagship model.
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