大类资产运行周报：美元降息预期有所抬升 债市周度收涨

Global Market Overview - The expectation of a US interest rate cut has increased, leading to a notable decline in the US dollar index and Treasury yields during the week of November 25 to November 29, with the dollar index falling by 1.60%[1] - Global stock markets showed mixed performance, with developed markets outperforming emerging markets; the MSCI Emerging Markets Index decreased by 0.80% while the MSCI Developed Markets Index increased by 1.17%[3] - The global bond market saw gains, with the Global Bond Index rising by 1.80% and the Global Government Bond Index increasing by 2.06%[3] Domestic Market Performance - In China, the manufacturing PMI for November was reported at 50.3%, while the non-manufacturing business activity index fell to 50%, down by 0.2 percentage points from the previous month[1] - The domestic stock market experienced an upward trend, with the Shanghai Composite Index rising by 1.81% during the week[39] - The bond market in China remained strong, supported by a net injection of 518 billion yuan by the central bank, with the overall bond market performance categorized as government bonds > corporate bonds > credit bonds[41] Commodity Market Trends - The commodity market faced a downturn, with the S&P GSCI Commodity Index declining by 2.01% and the RJ/CRB Commodity Price Index falling by 1.02%[3] - International oil prices saw a significant drop, attributed to concerns over supply and market fundamentals, with Brent crude oil prices decreasing by 4.24%[35] Future Outlook - Attention is focused on upcoming macroeconomic data releases, including the US non-farm payrolls, which could influence market trends in early December[2]