dbg markets：ADP爆冷点燃降息预期，美股小盘股狂欢、铜金创历史

Group 1 - The unexpected decline of 32,000 jobs in the US ADP employment data for November marks the largest drop since March 2023, leading to a surge in expectations for a Federal Reserve interest rate cut [2] - Following the employment data release, stock index futures rose sharply, while US Treasury yields fell across the board, and the US dollar index dropped below its 50-day moving average, reaching a one-month low [2] - The Russell 2000 index experienced a significant rebound, closing up 1.91%, marking its largest single-day gain in two months, while the S&P 500 regional bank ETF rose by 2.08% [2] Group 2 - The technology sector showed mixed results, with Microsoft shares down 2.5%, resulting in a market cap loss of approximately $75 billion, while Tesla shares surged 4% due to reports of potential support for the robotics industry [3] - The Philadelphia Semiconductor Index rose by 1.83%, with notable gains in TSMC ADR and AMD, indicating a recovery in chip stocks [3] - Commodity markets also reacted positively, with copper prices hitting a new historical high, and gold and silver prices rising, reflecting increased risk appetite [3] Group 3 - The bond market fully priced in a December interest rate cut, with the 10-year Treasury yield falling to 4.06% and the 2-year yield to 3.49%, indicating a steepening yield curve [4] - The US dollar index decreased by 0.51%, leading to a strengthening of non-US currencies, with the offshore yuan appreciating for the third consecutive day [4] - European markets showed mixed performance, with the STOXX600 index slightly up, while major indices like DAX30 and CAC40 experienced minor fluctuations, reflecting a narrow trading range [4]