SWHY(SZ:000166) 申万宏源宏观·2025-11-12 16:04Group 1 - The U.S. government has ended its shutdown after a bipartisan agreement, impacting 670,000 federal employees who were furloughed, while 1.52 million continued to work without pay [52][53]. - The U.S. ADP employment data for October exceeded expectations, with an increase of 42,000 jobs compared to the forecast of 30,000, alleviating concerns about economic weakness [65][67]. - The ISM manufacturing PMI for October fell to 48.7, indicating contraction, while the services PMI rose to 52.4, suggesting stability in the employment market [61][65]. Group 2 - Global stock indices mostly declined, with the S&P 500 down 1.6% and the Nasdaq down 3.0%, while the Hang Seng Index rose by 1.3% [2][3]. - The U.S. 10-year Treasury yield remained stable at 4.11%, while yields in other developed markets increased, such as France's 10-year yield rising to 3.46% [17][21]. - The dollar index decreased by 0.2% to 99.55, with most currencies appreciating against the dollar, including the euro and yen [25][32]. Group 3 - Commodity prices mostly fell, with WTI crude oil down 2.0% to $59.8 per barrel and Brent crude down 2.2% to $63.6 per barrel [36][41]. - Precious metals showed mixed performance, with COMEX gold remaining stable at $3,995.2 per ounce, while COMEX silver fell by 1.4% to $48.0 per ounce [41][45]. - The prices of industrial metals also declined, with LME copper down 1.6% to $10,744 per ton [41].