Ge Long Hui·2025-12-21 12:47Group 1: Global Asset Performance - Commodity prices showed mixed performance, with IPE crude oil futures down 1.1% and the S&P-Goldman Commodity Index down 0.5%, while COMEX copper rose 2.3% and London gold increased by 1.0% [1][4] - Emerging market stocks underperformed compared to developed markets, with the Nikkei 225 down 2.6% and the Hang Seng Index down 1.1%. The Shanghai Composite Index remained flat, while the S&P 500 rose 0.1% [1][4] - The 10-year U.S. Treasury yield fell by 3 basis points to 4.16%, while domestic 10Y government bond futures prices dropped by 0.1% [1][4] Group 2: Economic Indicators in the U.S. - In November, the U.S. added 64,000 non-farm jobs, slightly above expectations, but the unemployment rate rose to 4.6%, higher than the anticipated 4.5% [6][12] - The November CPI year-on-year growth was 2.7%, down 0.3 percentage points from September and significantly below the expected 3.1% [8] - Retail sales in October showed a year-on-year growth of 3.5%, down 0.7 percentage points from September, primarily due to declines in auto sales and gasoline prices [11] Group 3: Policy Developments - The Federal Reserve may pause interest rate cuts, with the new chairperson expected to be announced in early 2026 [20][22] - The European Central Bank maintained interest rates steady for the fourth consecutive meeting, indicating that the rate-cutting cycle may be nearing its end [20][22] - The Bank of Japan raised its policy rate by 25 basis points to 0.75%, signaling potential for further gradual increases in the future [21][22]