每日机构分析：12月10日

Group 1 - Moody's indicates that the U.S. labor market is approaching the edge of "employment recession," with a surge in layoffs among small businesses, stagnation in job vacancies, and rising unemployment rates among vulnerable groups, suggesting a potential broader employment contraction [1][3] - Standard & Poor's Global Ratings states that the most challenging phase for South Korean corporate credit may have passed, although overall credit conditions will remain under pressure until 2026, with clearer policy directions helping to reduce uncertainty [3] - Nomura Securities highlights market skepticism regarding the sustainability of the Bank of Japan's interest rate hikes, as negative real interest rates hinder the yen's strength, despite signals of a potential rate increase in December [1][2] Group 2 - Electus Financial notes that the yen is becoming a "vent" for market sentiment, affected by rising U.S. Treasury yields and concerns over Japan's fiscal and economic outlook, predicting continued yen weakness into the new year [1] - Neuberger Berman's Chief Investment Officer emphasizes that regardless of whether the Federal Reserve lowers rates this week, rates will eventually decline, reviving U.S. economic momentum and creating upward space for risk assets [3] - Deutsche Bank warns that the current pace of Fed rate cuts in a non-recession context is rare, which may support markets in the short term but could lead to economic overheating and inflation rebound, ultimately forcing the Fed to raise rates again [3]