券商中国·2025-12-11 06:14Core Viewpoint - The recent interest rate cut by the Federal Reserve, which was expected to be a positive factor, has instead led to market declines, raising concerns about potential AI bubbles and future monetary policy directions [1][5]. Group 1: Federal Reserve Actions - The Federal Reserve cut interest rates but maintained a forecast of only one rate cut by 2026, indicating a hawkish stance [5]. - The Fed's decision to expand its balance sheet by purchasing $40 billion in the first month is seen as a move to enhance market liquidity [5]. - Fed Chairman Jerome Powell suggested that current interest rates are at a "neutral level," which may limit future rate cuts [5]. Group 2: Oracle's Earnings Report - Oracle's stock plummeted by 11.55% after disappointing earnings, with concerns that AI orders may take longer to fulfill [3]. - The company's cloud business revenue grew by 34% to $7.98 billion, while infrastructure revenue increased by 68% to $4.08 billion, both slightly below analyst expectations [3]. - Oracle reported a free cash flow of -$10 billion for the second fiscal quarter, with capital expenditures reaching $12 billion, raising concerns about cash flow management [3]. Group 3: Japanese Monetary Policy - The Bank of Japan's potential for up to four interest rate hikes by 2027 has been highlighted, with expectations of a rate increase next week [7]. - The strengthening of the yen may reduce import cost sensitivity for Japanese companies, potentially impacting global commodity prices [7]. - Recent bond auction results showed strong demand for Japanese 20-year bonds, indicating market resilience despite previous volatility [7].