Morgan Stanley(US:MS) Jin Tou Wang·2025-12-25 03:06Group 1 - The current U.S. job market is facing challenges, with concerns about potential layoffs in 2026, but Morgan Stanley believes many companies can avoid large-scale layoffs [2] - The two major macro themes for the U.S. in 2025 are increasing layoffs and persistent inflation, influenced by tariff pressures that led companies to reduce hiring earlier this year [2] - Morgan Stanley's chief U.S. economist Michael Gapen's team suggests that companies need to continue raising prices in 2026 after raising them throughout 2025 to stabilize employment [2] Group 2 - The paper gold price is currently experiencing a downward trend, influenced by expectations of Federal Reserve policies and fluctuations in the U.S. dollar, facing short-term adjustment pressure [3] - Despite the short-term challenges, the medium to long-term outlook for paper gold remains supported by safe-haven demand, with the potential for upward movement if prices stabilize above key support levels [3] - The MACD indicator suggests caution regarding the strengthening of bearish forces in the paper gold market [3]