Hua Er Jie Jian Wen·2025-11-23 23:01Market Overview - The U.S. stock market rebounded last Friday, with major indices rising at least 0.9%, despite a weekly decline of nearly 2% [2] - Google shares surged over 3%, reaching a historical high with an 8% increase for the week [2] - Nvidia experienced a volatile week, initially dropping over 4% before closing down nearly 1%, with a total weekly decline of about 6% [2] - Oracle shares fell nearly 6%, while Eli Lilly rose over 1%, becoming the first healthcare company to reach a market capitalization of $1 trillion [2] - U.S. Treasury prices rose, with yields hitting new monthly lows, while the dollar index reached its highest level in nearly six months [2] Economic Indicators - The U.S. Labor Statistics Bureau canceled the October CPI release, with the November CPI report scheduled for December 18 [5] - The preliminary S&P Global Composite PMI for November was 54.8, the highest in four months, indicating a faster growth in the services sector [5][16] - The Eurozone's November manufacturing PMI unexpectedly fell back below the growth line at 49.7, while the services PMI reached a one-and-a-half-year high at 53.1 [17] Federal Reserve Insights - The Federal Reserve's vice chair indicated that there is still room for interest rate cuts, with market expectations for a December rate cut probability exceeding 70% [4][15] - The Fed's officials expressed concerns about rising debt risks associated with the AI boom, while also noting that the current monetary policy is in a mild tightening phase [20] Cryptocurrency Market - Bitcoin fell below $81,000, marking a potential record monthly decline, with a weekly drop exceeding 10% [5][17] - The total market capitalization of cryptocurrencies fell below $3 trillion, with investor sentiment reaching "extreme fear" levels [17][21] International Developments - The U.S. government is considering allowing Nvidia to sell H200 chips to China, which reportedly have double the performance of the H20 chips [23] - Japan approved a 21.3 trillion yen economic stimulus plan, the largest since the pandemic, raising concerns about the country's fiscal health [23] - The G20 summit emphasized multilateral cooperation and sustainable development, particularly in AI and data governance [19][22]