Core Insights - Nasdaq announced plans to launch an exchange in Midland, Texas, aimed at collaborating with local businesses to promote economic development [1] - The Texas exchange will be a dual-listing platform, allowing companies already listed elsewhere to participate [1] - This initiative is part of Nasdaq's strategy to expand its presence in the southern U.S. market, specifically targeting technology and innovation firms in Texas [1] - The exchange is expected to begin operations in the second half of 2026, pending regulatory approval [1] - Texas is recognized as a significant economic and energy hub in the U.S., with a vibrant technology and financial sector [1] - Nasdaq's move is set to further solidify Texas's status as a "Texas Financial Street" [1]

值得一提的是，近期关于OpenAI可能在未来两年寻求上市的传闻不绝于耳。麦库伊也称，纳斯达克是最佳 的上市地，未来愿意欢迎更多人工智能（AI）企业上市。 近期，全球IPO复苏进程引发关注，纳斯达克交易所无疑在聚光灯下。今年9月，纳斯达克拟修改规则，提 高上市企业的最低募资要求。 11月9日，纳斯达克副董事长兼全球资本主管鲍勃·麦库伊（Bob McCooney）在全美华人金融协会 （TCFA）年会期间接受了第一财经的采访。 麦库伊表示，今年IPO市场的复苏由多层因素推动。从地区分布来看，亚洲继续成为国际业务最主要的增 长动力，"今年以来仍有66家中国企业在纳斯达克IPO，虽规模多集中在600万~700万美元，但作为全球第 二大经济体，中国企业的上市需求仍将持续。" ...

Core Viewpoint - SCHMID Group N.V. is facing potential delisting from Nasdaq due to non-compliance with filing requirements, but the company plans to appeal the determination and seeks to maintain its listing status [1][2][3] Group 1: Nasdaq Delisting and Appeal - On November 12, 2025, SCHMID received a Determination Letter from Nasdaq regarding its non-compliance with filing requirements, which could lead to delisting unless an appeal is made [1] - The company intends to appeal the determination and will request a hearing, which could temporarily stay the suspension of its ordinary shares and warrants for 15 days [2] - If the appeal is successful, the company may request an extended stay to keep its shares listed during the appeal process [2] Group 2: Compliance and Reporting - SCHMID is working to complete and file its Annual Report on Form 20-F for the year ended December 31, 2024, with the SEC as soon as possible [3] - There is no guarantee that the company will be able to comply with all listing requirements even if an extension is granted by the Nasdaq Hearings Panel [3] Group 3: Business Operations - The receipt of the Determination Letter does not impact the company's business operations or its reporting obligations with the SEC [4] Group 4: Company Overview - SCHMID is a global leader in high-tech solutions across various industries, including electronics, photovoltaics, and energy systems, with over 800 employees worldwide [6] - The company focuses on developing customized equipment and process solutions, ensuring high efficiency and sustainability in manufacturing [7]

Group 1 - The Nasdaq is experiencing multi-year strength due to factors such as ongoing interest rate cuts by the Federal Reserve, which make borrowing cheaper and encourage corporate investment and consumer spending [1] - AI enthusiasm is driving earnings growth and significant investments in major tech companies, contributing to the Nasdaq's performance [1] - Strong consumer spending, supported by a solid economy and the holiday season, along with continued corporate earnings expansion in the tech sector, provides a solid foundation for Nasdaq gains heading into the new year [1] Group 2 - Potential headwinds for the Nasdaq rally include high valuations in tech stocks, which may be vulnerable if growth does not meet expectations [2] - Economic uncertainties such as potential trade tensions, new tariffs, or a cooling labor market could pose risks to the Nasdaq [2] - The Nasdaq's heavy reliance on a few mega-cap tech companies creates concentration risk, where any issues with these leaders could lead to broader market volatility [2] Group 3 - The Nasdaq is up 54% year-to-date, following a 26% return in 2024, and has rallied about 59% since April 2025 with minimal corrections [4] - The 50-day simple moving average (SMA) has supported the April rally, with only five retests, indicating a strong upward trend [4] - Despite concerns of overextension and potential corrections, the Nasdaq has continued to defy predictions of downturns, showing little sign of reversing its trend [4] Group 4 - The December Nasdaq futures contract will soon roll over to the March contract, with significant historical correlations observed in previous years [6] - The correlation percentages for years such as 1997, 2010, 2014, 2018, and 2021 are all above 87%, indicating a strong historical trend [6] - Current correlation trends show a steady uptrend into year-end, providing a potential roadmap for future market behavior [6]

Market Overview - Global financial markets are influenced by shifting monetary policy expectations, geopolitical developments, and varied economic data [2] - Commodity markets, currency pairs, and equity futures are reacting to these influential factors [2] Commodities Sector - Copper prices have declined, with the LME three-month contract dropping to USD 10,669.00 per ton [3] - The decline is attributed to skepticism regarding a potential US Federal Reserve interest rate cut in December, with only a 46% chance of a 25-basis-point cut indicated by the CME FedWatch Tool [3] Geopolitical Developments - The UN Security Council is preparing for a vote on a US-drafted resolution for an International Stabilization Force (ISF) in Gaza, which includes a controversial clause on a "pathway to a Palestinian state" [4] - The proposed ISF is expected to comprise approximately 20,000 troops, with initial deployment anticipated by January 2026 [4] Currency Markets - The Japanese Yen has weakened to a nine-month low against the US Dollar, trading around 154.82 per dollar, driven by uncertainty surrounding the Bank of Japan's rate-hike decisions [5] - The USD/CAD pair is maintaining gains near 1.4050, while the Canadian Dollar struggles due to declining crude oil prices, with WTI trading at approximately $59.30 per barrel [5] US Equity Markets - NASDAQ and S&P 500 futures indicate a higher open, supported by optimism surrounding the anticipated end of a US government shutdown [6] - Donald Trump has reversed his stance, now advocating for a vote to release Jeffrey Epstein files while simultaneously suing the Wall Street Journal for $10 billion [6] Economic Data - Thailand's economy grew by 3.2% year-on-year in Q4 2024, an acceleration from the 3.0% growth in Q3 [7] - Private consumption increased by 3.4% year-on-year, contributing positively to overall economic expansion [8]

Core Points - The Nasdaq experienced its largest intraday comeback since April, driven by Wall Street's buying of technology and artificial intelligence stocks [1] - The Nasdaq Composite rose by 0.1%, while the Dow Jones Industrial Average fell by 309 points, or 0.7%, and the S&P 500 was down 0.1% [2] - At one point, the Nasdaq was down 1.9% before reversing course, marking a significant recovery from its intraday low [3] Market Performance - The Nasdaq Composite's recovery highlights investor confidence in tech stocks despite recent sell-offs [1][3] - The Dow Jones Industrial Average's decline indicates broader market challenges, contrasting with the Nasdaq's performance [2] - The S&P 500's fluctuation, which saw it down 1.3% at its low before recovering, reflects volatility in the market [3] Treasury Yields - The yield on the 2-year Treasury note increased to 3.61%, while the 10-year yield rose to 4.15%, indicating rising interest rates [2]

Core Insights - Asia continues to be the primary growth driver for Nasdaq's international business, with 66 Chinese companies going public this year, primarily in the $6 million to $7 million range, indicating sustained listing demand from China as the world's second-largest economy [1][2] - The IPO market is recovering, with significant contributions from sectors such as healthcare, fintech, cryptocurrency, and AI, highlighting Nasdaq's appeal for tech-oriented companies [2][3] - Nasdaq aims to attract more AI companies, with OpenAI rumored to be considering an IPO in the near future, emphasizing Nasdaq as the ideal listing venue for such firms [4][5] Asian Market Dynamics - Asian regions, particularly Japan and Korea, are emerging as fast-growing IPO markets, with Japan's IPO count nearly doubling this year and stable interest from Korean companies [2][3] - The healthcare sector remains a strong area for Chinese companies looking to list, with some opting for SPAC mergers and direct listings on Nasdaq [3] Competitive Landscape - Nasdaq is competing with global exchanges like Hong Kong and Tokyo for IPOs, focusing on enhancing liquidity, service quality, and technology to attract companies [5][6] - Recent regulatory changes proposed by Nasdaq aim to tighten listing standards, including raising the minimum public float to $15 million and adjusting fundraising requirements for companies primarily operating in China [6]

Core Insights - XRP's market capitalization increased by $10 billion in less than 24 hours, reaching a total of $150 billion as its price rose by 3.6% to $2.50 [1] - The asset experienced a 10% increase over the week, driven by a surge in trading activity to $6.24 billion, which is up more than 51% from the previous session [3] - A significant factor in this growth was the launch of the Canary XRP ETF (XRPC) on November 13, 2025, providing institutions with a regulated entry point to XRP [6] Market Activity - XRP's price strength resumed on November 13, coinciding with the ETF's first trading day [4] - Following the ETF debut, investor positioning shifted rapidly, with traders anticipating competing ETF applications from Franklin Templeton and Bitwise [7] Adoption Trends - Longer-term adoption trends are favorable, with XRP's increasing role in healthcare payment systems and cross-border settlement pilots enhancing its visibility among enterprise and fintech users [8] - The market is now focused on the first inflow and outflow data for XRPC, expected on November 14, which will indicate the strength of demand [8]

Core Points - President Trump is hosting a dinner for Wall Street executives to garner support for his economic agenda [2][4] - Attendees include prominent figures such as JPMorgan Chase CEO Jamie Dimon, Goldman Sachs CEO David Solomon, and BlackRock CEO Larry Fink [1][4] - The dinner follows increased scrutiny of the administration's economic policies, particularly after a Democratic Socialist won the New York mayoral race focusing on living costs [5] Group 1 - The dinner is seen as an effort by Trump to engage with top business leaders and strengthen ties with corporate America [2][5] - The event is scheduled for 7:30 p.m. ET in the White House's state dining room [4] - Previous similar events included a dinner with technology leaders, indicating a pattern of engaging with industry executives [10] Group 2 - Jamie Dimon has previously served as a "sounding board" for Trump's economic policies during the 2024 campaign [7][9] - Dimon warned Trump about the potential risks of undermining Federal Reserve Chair Jerome Powell amid criticism of Powell's renovation expenditures [6]

Core Viewpoint - Nasdaq has announced its intent to launch a new dual listing venue called Nasdaq Texas, aimed at expanding its services for companies in Texas and providing new growth and investment opportunities for U.S. investors [3][6]. Group 1: Nasdaq Texas Launch - Nasdaq Texas will operate as a dual listing venue, allowing eligible companies to list and trade while benefiting from Nasdaq's technology and regulatory standards [4][6]. - The initiative is part of Nasdaq's broader effort to strengthen its presence in Texas, which includes over 200 listed companies in the state with a combined market capitalization exceeding $2 trillion [5]. Group 2: Industry Collaboration and Celebration - The announcement was made during the 8th Annual Permian Basin BBQ Cook-Off, highlighting the importance of the Permian Basin to America's energy future and the collaboration among industry leaders [2][4]. - Executives and innovators from the energy sector gathered to celebrate and discuss the future of the industry and Texas's economic growth [2]. Group 3: Business-Friendly Environment - The launch of Nasdaq Texas follows recent corporate law innovations by the Texas Legislature aimed at creating a more business-friendly environment, positioning Texas as a leading jurisdiction for companies seeking modern governance [6].