华尔街见闻早餐FM-Radio | 2025年12月11日

Market Overview - The Federal Reserve announced its third interest rate cut of the year, interpreted as "not QE's QE," with Chairman Powell's speech slightly more dovish than expected [2][5] - U.S. stock indices closed higher, with small-cap stocks leading the market; Oracle's post-earnings drop of over 10% dragged Nvidia down by more than 1% in after-hours trading [2][11] - U.S. Treasury yields fell across the board, with the two-year yield dropping over 7.6 basis points [2][13] Economic Indicators - China's November CPI rose by 0.7% year-on-year, the highest since March 2024, while PPI showed a slightly larger decline [4][18] - The U.S. employment cost index fell to a four-year low of 3.5%, indicating easing inflationary pressures [5][19] Real Estate Sector - The real estate sector saw a significant midday surge, driven by discussions around Vanke's bond extension and market expectations for "mortgage interest subsidies" [5][19] Federal Reserve Actions - The Federal Reserve cut rates by 25 basis points as expected, with three dissenting votes; it plans to purchase $40 billion in short-term bonds [5][24] - Powell indicated that the scale of bond purchases may remain high in the coming months, with a gradual cooling of the labor market [5][24] Silver Market - The Silver Institute reported a surge in industrial demand for silver, driven by sectors like photovoltaics, electric vehicles, and data centers, projecting continued growth over the next five years [7][20] Oracle's Financial Performance - Oracle's earnings report showed revenue and cloud business figures below expectations, with capital expenditures exceeding forecasts by approximately $15 billion, leading to a post-market drop of over 10% [8][20] Meta's Strategic Shift - Meta is shifting its strategy under Zuckerberg's leadership, moving from open-source to a profit-oriented closed-source AI model, incorporating Alibaba's Qwen for training [9][21] Autonomous Driving Market - Bank of America reported that the market for autonomous ride-hailing could reach trillions, with a critical cost threshold of $2 per mile being a potential trigger for growth [10][21] Semiconductor Industry - AI server manufacturers reported record high revenues in November, with Wistron leading growth at 194.6% year-on-year, driven by increased demand for AI servers [23][30]