Group 1 - Finnish Prime Minister Orpo formally apologized to the citizens of China, South Korea, and Japan for recent racist remarks made by a member of parliament, emphasizing that racism and discrimination have no place in Finnish society [2] - Oracle's stock fell nearly 5.4% after a major investor withdrew from a $10 billion data center project, raising concerns about the company's debt levels and spending [3][4] - The Nasdaq index dropped nearly 2%, with significant declines in AI-related stocks, including Broadcom, Nvidia, and AMD, as investors continued to pull out of the AI sector [3][4] Group 2 - Google launched a new AI model, Gemini 3 Flash, which is set to replace the previous version as the default model for Google Search, indicating a competitive push against OpenAI [7] - Amazon restructured its AI team, integrating its general AI team with chip development and quantum computing research, in response to competitive pressures from Microsoft and Google [8][9] - Xiaomi's AI model, Xiaomi MiMo-V2-Flash, was introduced by a new team member, showcasing advancements in speed and cost-effectiveness compared to other leading models [11] Group 3 - FIFA announced a total prize pool of $727 million for the 2026 World Cup, with a 50% increase compared to the 2022 Qatar World Cup, attributed to the expansion of participating teams from 32 to 48 [13] - Vanke proposed a new extension plan for its maturing medium-term notes, extending the principal repayment period by 12 months and adjusting interest payment schedules [14][15] - Alibaba's investment arm reduced its stake in Huayi Brothers, decreasing its holding from 3.47% to 2.40%, which is expected to stabilize the company's shareholding structure [16]

Group 1 - The Ministry of Industry and Information Technology of China is committed to promoting new industrialization and providing more cooperation opportunities for foreign companies, including AMD, in the fields of digital economy and artificial intelligence [1][1] - CICC has announced a major asset restructuring plan to absorb and merge with Dongxing Securities and Xinda Securities, with a share swap price set at 36.91 CNY per share for CICC, 16.14 CNY for Dongxing Securities, and 19.15 CNY for Xinda Securities, with the merger expected to balance shareholder interests [1][1] - The State Development and Reform Commission has issued a notice on the benchmark levels for clean and efficient coal utilization, aiming to enhance the clean energy system in China [1][1] Group 2 - The global silver market is experiencing a historic surge, with prices surpassing 66 USD per ounce, marking a year-to-date increase of over 130%, significantly outpacing gold [3][3] - The European Parliament has approved a plan to gradually stop importing Russian natural gas by the end of 2027, pending final approval from EU member states [3][3] - The asset management products total scale reached 80.03 trillion CNY by the end of Q3 2025, according to the China Securities Investment Fund Industry Association [1][1]

Market Performance - The three major U.S. stock indices closed lower on December 17, with the Dow Jones down 0.47% at 47,885.97 points, the S&P 500 down 1.16% at 6,721.43 points, and the Nasdaq down 1.81% at 22,693.32 points [3]. - Major technology stocks collectively declined, with Tesla dropping over 4%, Nvidia nearly 4%, and Google over 3% [2][5]. Sector Performance - The Philadelphia Semiconductor Index fell by 3.78%, with significant declines in major chip stocks such as ASML, ARM, and AMD, each dropping over 5%, and Broadcom down over 4% [5]. - Chinese concept stocks mostly declined, with the Nasdaq Golden Dragon China Index down 0.73%. Notable declines included Century Internet and NIO, both down over 3%, while Dingdong Maicai surged over 22% [6]. Commodity Market - Precious metals futures saw a general increase, with COMEX gold futures rising by 0.9% to $4,371.40 per ounce and COMEX silver futures up 4.92% to $66.44 per ounce [6]. - Crude oil prices also increased, with light crude oil futures for January delivery rising by $0.67 to $55.94 per barrel (up 1.21%) and Brent crude for February delivery up $0.76 to $59.68 per barrel (up 1.29%) [8]. Monetary Policy - The Federal Reserve's monetary policy remains restrictive, with room for potential interest rate cuts in the future. Fed Governor Christopher Waller indicated that there is no urgency for rate cuts, suggesting a gradual approach towards neutral policy rates to address slowing inflation while maintaining economic resilience [9].

Market Overview - US stocks experienced a decline, with the S&P 500 dropping 1.16% to 6,721.43, the Nasdaq Composite falling 1.81% to 22,693.32, and the Dow Jones Industrial Average decreasing by 228.29 points, or 0.47%, settling at 47,885.97. This marks the fourth consecutive negative day for both the S&P 500 and the Dow [1][11]. Company-Specific Developments - Oracle's stock fell by 5.4% following a report that Blue Owl Capital withdrew from financing a $10 billion data center project in Michigan, citing concerns over Oracle's debt and spending. Oracle has disputed this report, asserting that the project is still progressing [2][10]. - Other major AI-linked stocks also saw declines, with Broadcom dropping over 4%, Nvidia nearly 4%, Advanced Micro Devices more than 5%, and Alphabet falling over 3%. Month-to-date, Oracle and Broadcom have declined more than 11% and approximately 19%, respectively [3][11]. Industry Insights - There is a noticeable rotation from large-cap growth stocks to large-cap value stocks, as investors adopt a more defensive posture in anticipation of future market conditions. The key question being raised is who will successfully monetize the significant investments in AI [5][12]. - The rotation away from highly valued tech names into more fairly valued sectors is expected to continue into 2026, with uncertainty around monetary policy potentially leading to increased market volatility [6][12]. - Analysts are focusing on free cash flow as a critical factor in determining the profitability of AI investments, emphasizing that while balance sheets can be manipulated, free cash flow cannot [7][12]. Economic Context - Recent economic data, including the November jobs report, has influenced market sentiment, with analysts looking for signals regarding the Federal Reserve's future interest rate decisions. Fed Governor Chris Waller indicated that there is still room for potential interest rate cuts, suggesting a scope of "50 to 100 basis points" [8][12].

Market Overview - On December 17, U.S. stock indices closed lower, with the Dow Jones down 0.47%, S&P 500 down 1.16%, and Nasdaq down 1.81% [1] - Major technology stocks experienced significant declines, with Oracle dropping over 5%, Tesla down over 4%, and Nvidia falling nearly 4%, resulting in a total market value loss of $164.8 billion (approximately 1160.8 billion RMB) [2] Sector Performance - The Philadelphia Semiconductor Index fell by 3.78%, with notable declines in stocks such as ASML, ARM, and AMD, each dropping over 5%, while Broadcom fell over 4% and TSMC and Intel dropped more than 3% [2] - The Nasdaq Golden Dragon China Index decreased by 0.73%, with individual stocks like Huya down over 4% and several others, including NIO and Li Auto, down over 3% [3] Commodity Market - WTI crude oil prices surged, with an increase of over 3% during the day, closing up more than 2.9% due to geopolitical concerns following U.S. President Trump's order to block all sanctioned oil tankers from entering Venezuela [4] - Silver reached a new historical high at $66 per ounce, while gold was reported at $4338 per ounce [4] Cryptocurrency Market - The cryptocurrency market saw a collective decline, with Bitcoin dropping to $86104 per coin, reflecting a decrease of 1.87% [5] - Over the past 24 hours, more than 154,000 traders experienced liquidation, totaling $526 million in losses [5] Federal Reserve Outlook - According to CME's FedWatch Tool, the probability of a 25 basis point rate cut by the Federal Reserve in January is 24.4%, while the probability of maintaining the current rate is 75.6% [5]

Market Overview - US stock market experienced a broad decline, with the Dow Jones and S&P 500 indices falling for four consecutive trading days [2] - The Dow dropped by 228.29 points (0.47%) to close at 47,885.97, while the Nasdaq fell by 1.81% to 22,693.32, and the S&P 500 decreased by 1.16% to 6,721.43 [2] - The VIX, a measure of market volatility, surged by 6.9% to 17.62 [2] Technology Sector Performance - Major tech stocks saw significant declines, with Nvidia down 3.8%, Microsoft down 0.1%, Amazon down 0.6%, Apple down 1.0%, Meta down 1.2%, Google down 3.1%, and Tesla down 4.6% [2] - The Philadelphia Semiconductor Index fell by 3.3%, with Broadcom down 4.4% and AMD down 5.3% [3] Oracle's Data Center Investment Concerns - Oracle's stock fell by 5.4% after its largest data center partner, Blue Owl Capital, withdrew funding support for a $10 billion data center project [3] - Oracle's clarification announcement did not alleviate market concerns regarding its investment plans in artificial intelligence [4][5] Broader Economic Indicators - The MBA reported a 3.8% decline in mortgage applications due to rising average interest rates for 30-year mortgages [3] - The market is concerned about the sustainability and return on investment of significant capital expenditures in the artificial intelligence sector [5] Oil and Precious Metals Market - International oil prices rebounded significantly, with WTI crude oil rising by 1.21% to $55.94 per barrel and Brent crude oil increasing by 1.29% to $59.68 per barrel [6] - Precious metals saw gains, with COMEX gold futures up 1.00% to $4,347.50 per ounce and COMEX silver futures rising 5.64% to $66.237 per ounce, both reaching historical closing highs [6]

Market Overview - The U.S. stock market experienced a decline, with the Dow Jones Industrial Average falling by 0.47% to close below 48,000 points, the Nasdaq dropping by 1.81%, and the S&P 500 decreasing by 1.16% [1] - The VIX, a measure of market volatility, surged by 6.9% to 17.62, indicating increased investor anxiety [1] Technology Sector Performance - Major tech stocks saw significant declines, with Nvidia down 3.8%, Microsoft down 0.1%, Amazon down 0.6%, Apple down 1.0%, Meta down 1.2%, Google down 3.1%, and Tesla down 4.6% [2] - The Philadelphia Semiconductor Index fell by 3.3%, with notable drops in chip manufacturers such as Broadcom down 4.4% and AMD down 5.3% [3] Corporate Developments - Oracle's stock dropped by 5.4% following news that its largest data center partner, Blue Owl Capital, would no longer fund a $10 billion data center project, raising market concerns despite Oracle's clarifying announcement [3] - Warner Bros. Discovery's stock fell by 2.3% after the board rejected a $108.4 billion hostile takeover bid from Paramount-DreamWorks, opting instead for a more certain offer from Netflix [3] Commodity Market Movements - International oil prices rebounded significantly, with WTI crude oil increasing by 1.21% to $55.94 per barrel and Brent crude oil rising by 1.29% to $59.68 per barrel [3] - Precious metals saw gains driven by risk-averse sentiment, with COMEX gold futures rising by 1.00% to $4,347.50 per ounce and COMEX silver futures increasing by 5.64% to $66.237 per ounce, both reaching historical closing highs [3] Regulatory and Policy Updates - The Ministry of Finance reported that from January to November 2025, stamp duty revenue reached 404.4 billion yuan, a year-on-year increase of 27%, with securities transaction stamp duty at 185.5 billion yuan, up 70.7% [3] - The National Development and Reform Commission, along with five other departments, issued a notice promoting clean and efficient coal utilization, encouraging upgrades and modifications to existing projects to meet benchmark levels [4]

Market Outlook - The stock market is expected to see a third consecutive year of gains, but forecasts suggest a potential decline in 2026, with the S&P 500 projected to finish around 6,500, which is over 3% below its recent close [1][9] - Analysts are generally cautious about stock returns moderating after three years of significant gains driven by AI stocks, with concerns about a potential AI bubble impacting market leaders [3] Historical Context - Historical trends indicate that midterm election years tend to be challenging for stocks, with increased volatility and poor performance since 1950 [4] - Leadership changes at the Federal Reserve have historically coincided with market turbulence, raising concerns about the potential impact of political pressures on the Fed's independence [5][6] Sector Analysis - The tech sector, particularly AI-related stocks, is under scrutiny as investors reassess valuations and spending on AI infrastructure after a prolonged bull market [7] - Broadcom's recent earnings report exemplifies the high expectations for AI beneficiaries, as despite exceeding estimates, the stock fell significantly, indicating market pressures on AI stocks [8][10]

Market Overview - Major stock indices experienced a decline, with the Nasdaq falling by 418.14 points (1.8%) to 22,693.32, the S&P 500 down by 78.83 points (1.2%) to 6,721.43, and the Dow decreasing by 228.29 points (0.5%) to 47,885.97 [2] - The decline was attributed to renewed weakness in stocks, particularly in the tech sector, highlighted by Oracle's significant drop [2] Company-Specific Developments - Oracle's stock plummeted by 5.4% to a six-month closing low following a report that its largest data center partner, Blue Owl Capital, would not support a $10 billion deal for a new facility in Michigan, although Oracle stated the project is still progressing [3] - Other major tech companies, including Nvidia, Broadcom, and Advanced Micro Devices, also experienced notable declines [3] Sector Performance - Semiconductor stocks faced severe losses, with the Philadelphia Semiconductor Index dropping by 3.8% [4] - The NYSE Arca Computer Hardware Index fell by 3.1%, indicating considerable weakness in computer hardware stocks [4] - Networking stocks also declined significantly, while sectors outside of tech, such as airlines, brokerages, and housing, showed notable weakness [4] Energy Sector - In contrast, energy stocks performed strongly as crude oil prices rebounded from their lowest levels since early 2021, following President Trump's order for a blockade of sanctioned oil tankers in Venezuela [5] International Markets - In the Asia-Pacific region, stocks mostly rose, with Japan's Nikkei 225 Index increasing by 0.3% and China's Shanghai Composite Index jumping by 1.2% [6] - European markets showed mixed results, with the U.K.'s FTSE 100 Index up by 0.9%, while the French CAC 40 Index fell by 0.3% and the German DAX Index decreased by 0.5% [6] Bond Market - Treasuries showed a lack of direction, closing roughly flat, with the yield on the benchmark ten-year note slightly increasing to 4.151% [7] Future Outlook - Trading on Thursday is expected to be influenced by a report on consumer price inflation and its implications for interest rates [8]

TH103 showed mean 10-letter gain in visual acuity and rapid, robust anatomic improvement at Month 1, following a single injection TH103 was generally well tolerated, supporting further dose escalation beyond 2.5 mg TH103 showed a 27 to 51-fold lower plasma Cmax by pharmacokinetic analysis compared with current leading agents, indicative of increased intraocular retention Accelerating enrollment in ongoing Phase 1b/2 multi ascending dose-finding study; preliminary efficacy and safety data expected 2H 2026 K ...