Core Points - The article discusses President Trump's response to economic concerns, particularly inflation, during a speech at the McDonald's Washington Influence Summit [2] - Trump claims that the U.S. is experiencing "normal inflation" and attributes economic challenges to the previous administration, while emphasizing the need for time for his policies to take effect [2][3] - The article highlights the political implications of rising living costs, with the Democratic Party gaining victories in local elections by focusing on affordability issues [3][4] Economic Context - Trump asserts that energy costs have decreased, leading to a drop in prices for various goods, including gasoline [3] - The article notes that inflation and employment data for October are missing due to a government shutdown, contributing to public anxiety over rising living costs [3] - A recent poll indicates a significant drop in consumer confidence, reaching its lowest level since June 2022 [4] Policy Proposals - The Trump administration has proposed measures to improve housing affordability, including 50-year mortgages and transferable mortgage options [4] - Trump claims that domestic employment has increased by 1.9 million since his presidency began, and hourly wages have seen the fastest growth in 60 years [4] Trade and Tariff Issues - Trump criticizes Democrats for not acknowledging the severity of inflation and high energy prices, while also addressing the impact of tariffs on consumer goods [5] - The administration announced the removal of tariffs on certain imported goods, including coffee and avocados, which are not produced domestically in sufficient quantities [5] - The article mentions that the average price of beef in the U.S. has risen to $6.33 per pound, a 15% increase since Trump's presidency began [5] Political Dynamics - The article outlines the ongoing political battle between the two parties, with both sides blaming each other for inflation and economic challenges [6] - Trump's past economic policies are scrutinized, with critics arguing that they have contributed to current inflationary pressures [6]

Core Insights - Consumer confidence in the U.S. has plummeted to its lowest level since June 2022, reflecting growing concerns over inflation and living costs [1][3] - The Democratic Party has gained significant victories in recent local elections, focusing on the issue of living costs, which has resonated with voters [1][2] - Trump claims that the U.S. is experiencing "normal inflation" and emphasizes the need for time for his policies, such as tax cuts and manufacturing return plans, to take effect [1][3] Economic Context - Trump highlighted that energy costs have decreased, contributing to a decline in overall product prices, including gasoline [2] - The absence of inflation and employment data due to a government shutdown has left the public anxious about rising living costs [2] - Recent polling indicates a significant drop in consumer confidence, with the RealClearPolitics poll showing a decline in November [3] Policy Proposals - The Trump administration has proposed measures to improve housing affordability, including 50-year mortgages and transferable mortgage options [3] - Trump asserts that he is working to end the affordability crisis caused by the Biden administration, citing an increase of 1.9 million jobs since he took office and the highest wage growth in 60 years [3] Political Dynamics - The Democratic Party's focus on living costs has proven effective in recent elections, with candidates like Mikie Sherrill winning by significant margins [2] - Trump criticized Democrats for not acknowledging the severity of inflation and high energy prices during their tenure [5][6] - The Trump administration's recent decision to waive tariffs on certain imported goods, such as coffee and avocados, is seen as an acknowledgment of the impact of high tariffs on consumer prices [5]

消息面上，德昌电机控股公布截至2025年9月30日止六个月中期业绩，营业额为18.33亿美元，同比下跌 1%；股东应占溢利净额上升3%至1.33亿美元；或按完全摊薄基础后为每股14.21美仙。基本净溢利下跌 8%至1.23亿美元。董事会宣布派发中期股息每股17港仙。 公告指出，尽管全球经济在面对美国国际贸易政策急剧转变带来的冲击下展现韧性，但由于生活成本压 力加上劳动市场疲软，世界主要经济体的整体消费者信心维持审慎。在德昌电机的汽车和消费者领域及 工业硬件产品等主要终端市场，所受的影响好坏参半。多个新兴驱动应用领域呈现有利的增长动力，惟 因更多成熟期的产品增长缓慢，加上因需求及全球供应链配置持续不明朗，原始设备制造商客户延迟推 出新项目，导致整体增长受到抵销。 德昌电机控股(00179)跌超11%，截至发稿，跌11.59%，报29.6港元，成交额1.91亿港元。 ...

Core Insights - UBS expresses concerns about the current state of the U.S. economy, particularly the labor market, indicating significant underlying weakness that could pose serious risks to overall economic recovery [1][2] Labor Market Analysis - UBS's chief economist Jonathan Pinger highlights that the employment data reveals notable weakness, which may threaten the economic recovery [1] - The report notes a cautious approach from employers regarding hiring and layoffs, with a trend of "low hiring, low firing" observed throughout the year [1] - UBS warns that increasing business pressures could disrupt this balance, leading to potential job cuts and a stagnant hiring environment [1][2] Consumer Confidence - The report indicates that consumer confidence is being undermined, with the University of Michigan's consumer confidence index dropping to 50.3 in November, reflecting growing concerns about job prospects [1] - Rising unemployment risks are diminishing households' expectations for the future, while small business owners' confidence continues to decline due to inflation and labor market instability [1] Economic Outlook - UBS emphasizes that if hiring conditions do not improve, the U.S. economy may face significant downside risks, with a bleak labor market outlook suggesting severe challenges for overall economic recovery [2] - The report warns that a wave of layoffs combined with stagnant hiring could negatively impact consumer spending and household confidence [1][2]

新华财经北京11月11日电英国零售联盟（BRC）表示，由于消费者在政府即将发布预算报告前以及期待 黑色星期五促销活动时减少消费，零售销售增速有所减弱。 周二数据显示，英国10月总体零售销售年率增长1.6%，低于12个月的平均水平，为自5月以来最慢增 速。同店零售销售年率降至1.5%。疲软的增速主要受到非食品类商品消费的拖累，尤其是玩具、电子 产品和服装销售几乎没有增长。 （文章来源：新华财经） 英国经济似乎处于一种等待状态，尤其是财政大臣里夫斯预计将于11月26日公布预算，里夫斯计划在此 声明中提出增税措施以努力重建捉襟见肘的公共财政。包括Tesco和Sainsbury在内的英国超市上个月向 里夫斯警告称，任何增税措施"不可避免地会影响家庭"。 ...

Group 1 - Private sector added 42,000 jobs in October, showing a slight recovery but still significantly lower than earlier this year [3] - Industries such as trade, transportation, and utilities are actively hiring, while professional services and information sectors are experiencing job losses [3] - Cumulative layoffs in 2023 have exceeded 1.1 million, a 44% increase compared to the same period last year, with technology and retail sectors being the hardest hit [4] Group 2 - The University of Michigan's consumer confidence index dropped to 50.3 in November, the lowest level since 2022, influenced by rising prices and government shutdown concerns [4] - Current employment conditions are favorable for those employed but challenging for job seekers, indicating a "very uncomfortable economic situation" [5] - Market analysts suggest that the mixed data may lead the Federal Reserve to interpret the labor market's softening as a signal for potential changes in monetary policy [5]

Group 1 - Gold prices reached around $4050, continuing a strong oscillating trend supported by recent U.S. market data indicating slowing job growth and low consumer confidence [1] - The latest employment data showed a weak performance, with over 150,000 layoffs reported in October, the highest for this period in over 20 years, reflecting a slowdown in labor market growth [1] - Market expectations for a Federal Reserve rate cut in December have increased, with a nearly 66% probability of a 25 basis point cut, which lowers the holding cost of gold as a non-yielding asset [1] Group 2 - The University of Michigan reported a decline in the consumer confidence index to 50.3 in November, the lowest since June 2022, indicating increased economic uncertainty and rising demand for safe-haven assets like gold [1] - There are potential pressure factors in the market, as some U.S. government operations may resume, which could alleviate short-term economic risks and reduce demand for gold as a safe-haven asset [1] - The main contradiction in the gold market is the interplay between interest rate expectations and risk appetite, with recent weak employment data and declining consumer confidence providing support for gold prices [4] Group 3 - Technically, XAU/USD is trading around $4050, with short-term support at $4020 and resistance at $4080, indicating a strong momentum but potential for pullback as it approaches resistance [2] - Observers are closely monitoring the dollar's performance and U.S. monetary policy information to assess potential price changes and market volatility characteristics [4]

Core Viewpoint - The December monetary policy will be a "real balancing act" between employment and inflation targets, as inflation remains high without signs of decline, while the economy shows some resilience [1] Economic Conditions - Many Americans are struggling with housing and other living costs, indicating economic pressure on the middle and lower-income groups [1] - There is evidence that these groups are facing issues related to economic affordability, which poses risks to consumer confidence and spending [1]

Group 1 - The market is currently under the shadow of a prolonged U.S. government shutdown, leading to weakened economic data and increased risk aversion, with gold prices holding above $4,000 [1][2] - Gold prices rose to $4,002 per ounce, supported by safe-haven buying and a 68% probability of a Federal Reserve rate cut in December, as consumer confidence in the U.S. dropped to its lowest level since mid-2022 [1][2] - The World Gold Council reported a net inflow of 54.9 tons into gold ETFs in October, indicating a significant return of institutional funds [1] Group 2 - The euro gained some strength against the dollar, with the EUR/USD rising to around 1.1560, despite a decrease in Germany's trade surplus to €15.3 billion, reflecting ongoing economic weakness in the Eurozone [2] - The U.S. stock market faced pressure, with the Dow Jones Industrial Average dropping over 200 points, marking a three-week low, as consumer confidence weakened and the AI sector experienced volatility [2] - The ongoing government shutdown, now in its 38th day, has led to the suspension of certain social welfare programs, impacting low-income groups and contributing to cautious investor sentiment [2] Group 3 - The current market is characterized by high uncertainty due to the government shutdown, weakening consumer confidence, and rising corporate layoffs, while expectations for Federal Reserve rate cuts and safe-haven demand are supporting gold prices [3] - Short-term focus will be on the progress of government reopening and upcoming CPI data, which may influence the direction of the dollar and gold [3] - Investors are advised to monitor macro policy signals and data changes that could affect global risk appetite, while maintaining flexible multi-asset allocation and position management strategies [3]

Core Insights - The federal government shutdown has significantly impacted consumer sentiment in the US, bringing it to a near record low in November 2025, with the consumer sentiment index dropping to 50.3 from 53.6 in October, which is nearly three points below economists' expectations [1][2]. Consumer Sentiment - The consumer sentiment index's current level of 50.3 is the lowest since June 2022 and the lowest reported since at least 1978, indicating widespread concern among consumers about the economy due to the prolonged government shutdown [2]. - The decline in consumer sentiment is noted to be widespread across various demographics, including age, income, and political affiliation, reflecting a broad-based loss of confidence [3]. Employment Data - ADP reported that private employers added 42,000 new jobs in October, which, while better than expected, represents a significant slowdown compared to the three-month moving average of 188,000 jobs [4]. - Additionally, US-based employers announced 153,074 job cuts in October, marking a 175% increase from the previous year and the highest level of layoffs for any October since 2003 [4]. Economic Outlook - Analysts express concerns that the current economic management is leading to a loss of faith among Americans, as households face record debt and rising prices, contributing to the low consumer sentiment [5][6].