华尔街见闻早餐｜2025年12月15日

Market Overview - Concerns over AI have led to a significant decline in U.S. stock markets, with the Nasdaq dropping nearly 2% and the S&P 500 falling over 1%, while the Dow Jones, despite a weekly drop, remains up over 1% for three consecutive weeks [1] China Economic Indicators - In November, China reported a new social financing of 2.49 trillion yuan and new RMB loans of 390 billion yuan, with an expanding M2-M1 spread [1] - Multiple Chinese ministries are responding to the central economic work conference, with the central bank indicating a flexible use of various monetary policy tools, including potential rate cuts [1] Corporate Developments - Vanke's "22 Vanke MTN004" medium-term note extension proposals were not approved, but the company has a five-day grace period to negotiate [1] - Kweichow Moutai is reportedly set to implement a quantity control policy, leading to a significant price increase for its Feitian Moutai liquor, which rose to 1,580 yuan per bottle in a single day [1] Technology Sector - Oracle has faced concerns as reports emerged of delays in the completion of some data centers until 2028, causing its credit default swaps (CDS) to rise to the highest level since 2009; however, Oracle has denied these claims, stating that all contracted data centers are on schedule [1] U.S. Federal Reserve and Economic Policy - JPMorgan CEO Jamie Dimon reportedly supports the appointment of Kevin Warsh as Federal Reserve Chair, warning that the appointment of another candidate could undermine the Fed's independence [1] - A debate among Federal Reserve officials regarding interest rate cuts and inflation continues, with differing views on the current economic risks [1]