Report Summary 1. Report Industry Investment Rating - No information provided regarding the industry investment rating. 2. Core Viewpoints - On Wednesday, the freight index (European line) futures prices rose slightly, with the main contract EC2602 closing up 0.92% and far - month contracts rising between 1 - 2%. Shipping companies' planned price hikes in late December drove up the futures prices. The latest SCFIS European line settlement freight index was 1483.65, down 155.72 points from last week but up 9.5% month - on - month. China's manufacturing PMI in November showed a slight recovery, and the new export orders index rose to 47.9, indicating a pre - Christmas recovery in terminal transport demand. Spot freight rates from Maersk and MSC increased slightly. Geopolitical conflicts remained deadlocked, while Germany's economic performance boosted market confidence in the eurozone. The current freight market is highly influenced by news, and futures prices are expected to fluctuate more. Investors are advised to be cautious and control risks [2]. 3. Summary by Directory 3.1 Futures Market - **Futures Prices**: EC main contract closed at 1083.100, up 9.1; EC secondary main contract closed at 1254.5, up 21.30. The price difference between EC2602 - EC2604 was - 5.10 lower at 457.00, and the price difference between EC2602 - EC2606 was - 15.40 lower at 285.60. The EC contract basis was - 161.62 lower at - 56.45 [2]. - **Futures Positions**: The main EC contract's open interest decreased by 156 to 18997 hands [2]. 3.2 Spot Market - **Spot Freight Index**: SCFIS (European line) weekly was 1483.65, down 155.72; SCFIS (US West line) weekly was 948.77, down 159.08; SCFI (composite index) weekly was 1403.13, up 9.57; CCFI (composite index) weekly was 1121.80, down 0.99; CCFI (European line) weekly was 1449.34, up 16.38 [2]. - **Other Spot Indicators**: The Baltic Dry Index daily was 2600.00, down 17.00; the Panamax Freight Index daily was 1915.00, up 19.00. The average charter price for Panamax ships was 17695.00, unchanged; the average charter price for Capesize ships was 36180.00, down 860.00 [2]. 3.3 Industry News - **Geopolitical News**: China and Russia held strategic security consultations, reaching new consensus on major strategic security issues. The US and Ukraine held high - level talks to improve the peace plan. The OECD predicted that the global economic growth rates for this year and next would be 3.2% and 2.9% respectively, with the US economy expected to grow 2% and 1.7%, and the eurozone economy 1.3% and 1.2% [2]. 3.4 Key Points to Watch - On December 4th, key data includes the eurozone's October retail sales month - on - month rate at 18:00, the US November Challenger job - cuts in thousands at 20:30, and the US initial jobless claims for the week ending November 29th in thousands at 21:30 [2].

Group 1: Federal Reserve and Economic Outlook - The expectation for a Federal Reserve interest rate cut in December has significantly increased, boosting precious metal prices [2][5] - The potential nomination of Kevin Hassett as the next Federal Reserve Chair has led to strong market expectations for a dovish stance from the Fed [2] - Recent U.S. economic data has shown mixed results, with a notable increase in job creation but a rise in the unemployment rate, indicating potential economic challenges [3][4] Group 2: Precious Metals Market Dynamics - Silver prices have surged due to a significant drop in inventories at the Shanghai Futures Exchange, reaching a near 10-year low, raising concerns about short-term supply tightness [1][5] - The global decline in silver inventories has led to a noticeable squeeze in the physical market, which may further drive up international silver prices [5][6] - The potential for tariffs on silver imports by the U.S. government could exacerbate supply constraints, contributing to upward pressure on silver prices [6]

Market Overview - A-shares experienced a rebound with the Shanghai Composite Index rising 0.65% to close at 3914.01 points, and the Shenzhen Component Index increasing by 1.25% to 13146.72 points, indicating improved trading activity with nearly 1.9 trillion yuan in total turnover and around 3400 stocks gaining [1] - The upcoming economic work conference is expected to boost bullish sentiment, while external liquidity improvements may support valuation recovery, suggesting a systemic slow bull market for A-shares in the medium term [1] Metals Sector - Precious metals, particularly silver, have shown strong performance, with spot silver surpassing $57 per ounce and both Shanghai silver and copper reaching historical highs [3] - Macro factors, including a likely 25 basis point rate cut by the Federal Reserve and a relatively weak US dollar, are supporting the financial attributes of metals like silver and copper [3] - Industrial demand for metals is increasing due to AI and new energy developments, with low inventory levels indicating a real supply gap [3] - The copper supply is constrained by declining ore grades and insufficient capital expenditure, while demand is driven by significant projects like the AI research initiative launched by former President Trump [3] - The China Nonferrous Metals Industry Association has taken measures to curb excessive expansion in the industry, halting around 2 million tons of illegal capacity [3] Gaming Sector - The gaming sector is recovering, with the gaming ETF rising 1.64% following the National Press and Publication Administration's approval of 184 domestic game licenses in November, the highest monthly issuance this year [4] - The normalization of game license approvals has significantly reduced supply-side uncertainties, allowing major companies to launch quality products, which is expected to enhance revenue and performance [4] - Public funds have increased their holdings in the media and internet sector, with the gaming sub-sector's allocation rising to 1.68%, highlighting the sector's attractiveness [5] - Many leading gaming companies possess strong cash flow attributes, with some blue-chip stocks offering dividend yields of 3%-4%, providing defensive value in a low-interest-rate environment [5] - The introduction of AI tools has improved production efficiency in the gaming industry, with reports indicating a 40%-50% increase in 2D art production efficiency and over 30% reduction in outsourcing costs [5] Gold Sector - The gold sector is active, with COMEX gold prices breaking through $4270, and gold ETFs showing positive performance [6] - The expectation of a rate cut by the Federal Reserve has risen significantly, supporting gold prices, while geopolitical uncertainties, including the Russia-Ukraine conflict and tensions between China and Japan, enhance gold's appeal as a safe-haven asset [6] - The long-term outlook for gold remains positive due to the anticipated Fed rate cut cycle, increasing geopolitical risks, and a global trend towards de-dollarization [6] AI and Computing Sector - The computing sector continues its upward trend, with communication ETFs and AI-focused ETFs showing significant gains [8] - Strong demand for AI infrastructure capital expenditure is expected, with major cloud providers projected to increase their capital spending significantly in the coming years [8] - The competition among AI giants is driving demand for computing power, benefiting related A-share companies in the chip and server markets [8] - The AI industry is rapidly developing, with substantial investments expected to sustain growth over a longer lifecycle compared to previous technological revolutions [9]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - The freight rate market is currently highly influenced by news, and the futures price is expected to experience increased volatility. Investors are advised to exercise caution, pay attention to the operation rhythm, and control risks. They should also track geopolitical, shipping capacity, and cargo volume data in a timely manner [2]. - The improvement in the trade - war situation, a substantial turning point in the geopolitical conflict towards easing, and the arrival of the shipping peak season in the fourth quarter all have certain impacts on the market [2]. 3. Summary by Relevant Catalogs Futures Market - EC2602, the main contract of the container shipping index (European line) futures, closed up 3.02%, and the far - month contracts closed up between 1 - 2%. The shipping companies' price increase announcements for late December drove up the futures price of the container shipping index (European line) [2]. - The EC2602 - EC2604 spread increased by 14.80, while the EC2602 - EC2606 spread decreased by 1.20. The EC contract basis decreased by 176.32. The main contract's open interest decreased by 129 lots to 18,614 lots [2]. Spot Market - The latest SCFIS European line settlement freight rate index was 1,483.65, down 155.72 points from last week, with a month - on - month increase of 9.5%. The SCFI (composite index) increased by 9.57, and the container ship capacity increased by 0.04 to 1,403.13 (in ten thousand TEUs) [2]. - The CCFI (composite index) decreased by 0.99, while the CCFI (European line) increased by 16.38 to 1,121.80. The Baltic Dry Index decreased by 80, and the Panamax freight index increased by 10. The average charter price of Panamax ships remained unchanged at 17,695, and that of Capesize ships increased by 2,970 to 34,595 [2]. - Maersk's 50 - week opening offer for 40 - foot containers was $2,100 - $2,200, down $300 from the previous week, which led other shipping alliances to follow suit and reduce freight rates, causing a significant decline in the futures price [2]. Industry News - The National Development and Reform Commission held a symposium for private enterprises to discuss high - quality service development during the "15th Five - Year Plan" period [2]. - After the new round of US - Ukraine negotiations, US Secretary of State Rubio said the talks were "productive," and the US will strengthen diplomatic efforts in the next week. The US Middle East envoy is expected to visit Moscow [2]. - The European Space Agency's Council Ministerial Meeting in Bremen, Germany, approved a budget of approximately 22.1 billion euros for the next three years (2026 - 2028), aiming to maintain Europe's leading position in space exploration [2]. Fundamental Factors - In November, China's manufacturing PMI data showed a slight recovery, in line with seasonal patterns. The new export order index rose to 47.9, indicating a pre - Christmas recovery in terminal transportation demand [2]. - The Russia - Ukraine conflict has entered its fourth year, with both sides in a "positional and attritional war." Western aid to Ukraine has decreased, and the conflict remains deadlocked [2]. - Germany's better - than - expected economic performance has boosted market confidence and stimulated the economic recovery of the eurozone. If the German new government's proposed fiscal expansion policy has more specific details, it will enhance investors' confidence in the eurozone's medium - term growth [2].

Report Summary 1. Investment Rating - No investment rating information is provided in the report. 2. Core View - On Tuesday, the futures price of the container shipping index (European line) dropped significantly. The main contract EC2602 closed down 7.78%, and the far - month contracts closed down between 1 - 2%. The poor implementation of the freight rate increase plan led to a sharp decline in the near - month futures prices. The recovery of terminal transport demand is not solid, and the spot freight rate expectations continue to fall. Geopolitical conflicts remain deadlocked, while the German economy boosts market confidence. The freight rate market is highly affected by news, and futures prices are expected to fluctuate more violently. Investors are advised to be cautious and pay attention to operation rhythm and risk control, and track geopolitical, capacity, and cargo volume data in a timely manner [2]. 3. Summary by Relevant Catalogs Futures Market Data - **Futures Prices**: The main contract EC2602 closed at 1126.400, down 14.6; the second - main contract closed at 1338, down 25.9. The EC2602 - EC2604 spread was 327.10, down 99.40; the EC2602 - EC2606 spread was 115.50, down 94.90. The EC contract basis was 185.87, up 115.10 [2]. - **Futures Positions**: The main contract's open interest was 17016 hands, an increase of 920 [2]. Spot Market Data - **Shipping Indexes**: The SCFIS (European line) (weekly) was 1639.37, up 281.70; the SCFIS (US West line) (weekly) was 1107.85, down 130.57. The SCFI (composite index) (weekly) was 1393.56, down 57.82; the container ship capacity was 1227.97 (in ten thousand TEUs), up 0.06. The CCFI (composite index) (weekly) was 1122.79, up 28.76; the CCFI (European line) (weekly) was 1432.96, up 29.32 [2]. - **Freight Indexes**: The Baltic Dry Index (daily) was 2275.00, up 20.00; the Panamax Freight Index (daily) was 1928.00, up 16.00. The average charter price of Panamax ships was 17564.00, unchanged; the average charter price of Capesize ships was 29150.00, down 1165.00 [2]. Industry News - **Sino - US Relations**: On the evening of November 24, Chinese President Xi Jinping had a phone call with US President Trump. Sino - US relations have been generally stable and positive since the Busan meeting [2]. - **Ukraine - Russia Conflict**: The US and Ukraine completed a new 19 - point peace agreement draft, but sensitive issues remain to be decided. European countries warned that an agreement cannot be quickly reached in the short term, and Russia said the European peace plan is not constructive [2]. - **Sino - Japan - Korea Relations**: China's Foreign Ministry Spokesperson Mao Ning responded to the media report that China rejected Japan's proposal for a Sino - Japan - Korea leaders' meeting in January next year, stating that the three parties have not reached a consensus on the meeting date, and Japan's wrong remarks on the Taiwan issue have damaged the cooperation atmosphere [2]. Key Data to Watch - November 26, 21:30: US initial jobless claims for the week ending November 22 (in ten thousand people); US durable goods orders monthly rate for September [2]. - November 26, 22:45: US Chicago PMI for November [2].

Group 1: Global Trade and Economic Impact - The escalation of U.S. tariff policies is significantly altering global trade structures and economic growth paths, with average tariffs rising from approximately 2% to about 15% under the Trump administration, leading to a projected 20% decline in exports to the U.S. compared to a no-tariff scenario [2][14] - The World Trade Organization (WTO) warns that Trump's tariffs are causing unprecedented damage to the international trade system, predicting only a 0.5% growth in global goods trade by 2026 [2] - The global economic growth rate is expected to slow to 2.9% in 2026, down from 3.2% in 2025, partly due to the delayed impact of tariffs as companies are currently in a phase of inventory digestion [3][5] Group 2: U.S. Economic Outlook - Despite the absence of stagflation in the U.S. currently, risks remain as tariffs begin to affect consumer prices, and the labor market shows signs of slowing down [3][7] - The potential for stagflation in the U.S. economy cannot be ruled out for 2026, as the transmission of tariffs to consumer prices is just beginning [7] - The U.S. economy's resilience is currently supported by significant capital expenditures in data centers driven by AI, despite tariffs being a drag on growth [7] Group 3: European Economic Dynamics - Europe is facing long-term structural challenges, including an aging population and high debt levels in countries like France and Italy, compounded by geopolitical risks such as the Russia-Ukraine conflict [8][9] - However, there are positive developments, such as the "Draghi Report" proposing systemic reforms for stronger growth and Germany's commitment to significantly increase infrastructure and defense spending [9] Group 4: Currency and Capital Flow - The dominance of the U.S. dollar is being questioned, but there are no ideal alternatives, as options like the euro and gold have their limitations [10] - A decline in the dollar's role could lead to reduced demand for U.S. Treasury bonds, resulting in higher overall interest rates, which could have profound implications for the U.S. economy [11] - If the Federal Reserve's rate cuts outpace those of other central banks, it may lead to capital outflows from the U.S. as investors seek higher returns elsewhere [13][12] Group 5: China's Economic Transition - China is at a critical stage of economic transition, with traditional sectors like real estate declining while high-end manufacturing in AI, electric vehicles, and sustainable energy is on the rise [4][15] - The growth data and price pressures in China will continue to be affected by old industries in the near term, but the emergence of high-end manufacturing is expected to drive growth into the 2030s [15]

Market Overview - A-shares experienced a slight stabilization today, with the Shanghai Composite Index rising by 0.05% to 3836.77 points and the Shenzhen Component Index increasing by 0.37% to 12585.08 points, amidst a total trading volume of 1.7 trillion yuan [1] - The military and media sectors led the market, while the dividend style saw a pullback, indicating a recent adjustment phase influenced by external economic pressures and high valuations [1] Gaming Sector - The gaming sector showed strength today, with the gaming ETF (516010) rising by 3.15%, recovering from last week's losses, indicating a "post-pullback offensive window" for investment [3] - In Q3 2025, the gaming industry's revenue reached 30.362 billion yuan, marking a year-on-year growth of 28.6% and a quarter-on-quarter increase of 9.48%, with profits growing by 112% to 5.777 billion yuan, reflecting strong profitability and continued industry momentum [3] - AI's impact on cost reduction is significant, with management expense ratios decreasing from 10% in Q1 2023 to 7% in Q3 2025, and R&D expense ratios dropping from 12% to 11% in the same period, enhancing profit margins [3] Media and Internet Sector - In Q3 2025, public funds increased their holdings in the media and internet sector, with the market value proportion rising to 2.50%, and the gaming sub-sector's allocation increasing to 1.68%, indicating a positive outlook for valuation and liquidity recovery [4] - The gaming industry remains resilient due to high fundamental growth, ongoing AI cost reduction trends, and a favorable supply of game licenses, suggesting improved investment opportunities [4] Hong Kong Market - The Hong Kong market rebounded significantly, with the Hang Seng Index rising by 1.97% to 25716.50 points, and the Hang Seng Tech Index increasing by 2.78% to 5545.56 points, indicating a systemic recovery in the internet sector [6] - Despite recent volatility due to hawkish signals from the Federal Reserve and concerns over AI valuations, there is potential for marginal improvement in risk appetite following upcoming policy meetings [6][5] Gold and Innovation Drug Sectors - The gold ETF (518800) saw a slight increase of 0.31%, supported by fluctuating interest rate expectations and geopolitical tensions, which have bolstered safe-haven demand [6] - The innovation drug sector reported a revenue of 48.56 billion yuan in the first three quarters of 2025, reflecting a year-on-year growth of 21.41%, with a significant reduction in net profit losses, indicating a positive trend in the industry [8] - The establishment of a commercial insurance directory for innovative drugs is expected to create a potential funding pool of approximately 20 billion yuan, enhancing the financial landscape for the sector [8]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The trade war situation has improved, and there is a substantial turning point in geopolitical conflicts, but it has not yet affected the trade sector. Japan's actions may exacerbate geopolitical risks. China's export performance was weak in October, and freight rates lack support. With the arrival of the fourth - quarter shipping peak season, the demand side may pick up. The current freight rate market is highly influenced by news, and futures prices are expected to fluctuate more violently. Investors are advised to be cautious, pay attention to operation rhythm and risk control, and track geopolitical, shipping capacity, and cargo volume data in a timely manner [6][34]. 3. Summary by Directory 3.1 Market Review - The futures prices of the container shipping index (European line) declined collectively this week. The main contract EC2602 closed down 3.78%, and the far - month contracts fell between 1 - 3%. The latest SCFIS European line settlement freight rate index was 1357.67, down 147.13 points from last week, a 9.8% month - on - month decrease, which drove down the futures prices [5][33]. - The price of the main contract of the container shipping index (European line) futures decreased slightly this week. The trading volume and open interest of the EC2602 contract increased, and market trading warmed up [10][13]. 3.2 News Review and Analysis - Japan's actions, including the prime minister's wrong remarks on Taiwan and the issue of Japanese aquatic product exports, may have a negative impact on the market [18]. - Statements from the State Council Premier at the SCO meeting and the Fed's policy meeting minutes are considered neutral [18]. - The US's modification of patent rules and restrictions on Chinese enterprises are negative, while the Netherlands' suspension of the administrative order against Anshi Semiconductor is neutral to positive [18]. 3.3 Weekly Market Data - The basis of the container shipping index (European line) futures contracts shrank, and the spread widened this week [21]. - The export container freight rate index rebounded rapidly this week. Global container shipping capacity continued to grow, and the shipping capacity on the European line recovered with the approaching peak season. The BDI and BPI declined due to geopolitical factors [24][27]. - The charter price of Panamax ships fluctuated at a high level this week, and the spread between the offshore and on - shore RMB against the US dollar converged [29]. 3.4 Market Outlook and Strategy - The futures prices of the container shipping index (European line) declined collectively this week. China's manufacturing PMI in October declined more than seasonally, and the new export order index dropped significantly. The freight rate expectation continued to fall as shipping companies' price - support actions did not fully materialize. The Middle East situation postponed the expectation of Red Sea re - navigation. Germany's economic performance boosted market confidence [5][33]. - Considering the overall situation, although there are positive signs in trade and geopolitics, the freight rate lacks support. With the peak season approaching, the demand side may improve. The market is volatile, and investors should be cautious and track relevant data [6][34].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - On Wednesday, the futures prices of the container shipping index (European line) declined collectively. The main contract EC2602 fell 2.66%, and the far - month contracts fell between 1 - 2%. The latest SCFIS European line settlement freight rate index dropped 147.13 points from last week, a 9.8% decline, leading to a drop in futures prices. The recovery of terminal transportation demand is not solid. Shipowners are more active in price support, but the implementation needs to be observed. The resumption of shipping in the Red Sea is postponed due to the unstable Middle - East situation. The German economy boosts market confidence, and if the German government's fiscal expansion policy has clear details, it will enhance investors' confidence in the medium - term growth of the eurozone. Currently, the freight rate market is affected by news, and futures prices are expected to fluctuate more. Investors are advised to be cautious and control risks [1]. 3. Summary by Relevant Catalogs Futures Market Data - EC main contract closing price: 1162.7, down 44.9; EC secondary main contract closing price: 1640.100, down 22.30. EC2602 - EC2606 spread: 258.10, EC2602 - EC2604 spread: 477.40, down 35.00. EC contract basis: - 282.43, up 38.00. EC main contract open interest: 40244, up 1384 [1]. Spot Market Data - SCFIS (European line) (weekly): 1357.67, down 147.13; SCFIS (US West line) (weekly): 1238.42, down 91.29. SCFI (composite index) (weekly): 1451.38, down 43.72; container ship capacity: 1227.97 (ten thousand TEUs), up 0.31. CCFI (composite index) (weekly): 1094.03, up 35.86; CCFI (European line) (weekly): 1403.64, up 36.79. Baltic Dry Index (daily): 2216.00, down 63.00; Panama - type freight index (daily): 1882.00, up 5.00. Average charter price of Panama - type ships: 17564.00, unchanged; average charter price of Cape - type ships: 30147.00, up 2377.00 [1]. Industry News - Chinese and Japanese diplomatic officials held consultations, and China was dissatisfied with the results. China called on Japan to correct its mistakes. Premier Li Qiang called for free trade and strengthened cooperation at the SCO meeting. The US modified patent invalidation application rules, and China will safeguard the legitimate rights of Chinese enterprises [1]. Key Data to Watch - November 20, 15:00: Germany's October PPI monthly rate. November 20, 21:30: US September unemployment rate, US September seasonally - adjusted non - farm payrolls (in ten thousand people), US initial jobless claims for the week ended November 15 (in ten thousand people). November 20, 23:00: Eurozone's November preliminary consumer confidence index [1].

1. Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints of the Report - On Monday, the futures prices of the container shipping index (European line) rose collectively. The main contract EC2602 closed up 6.73%, and the far - month contracts rose between 1 - 3%. The latest SCFIS European line settlement freight rate index was 1357.67, down 147.13 points from last week, a 9.8% month - on - month decline, falling again. The manufacturing PMI data in China in October declined more than seasonally, and the new export order index dropped significantly by 1.9 percentage points to 45.9, with export growth turning from an increase to a decrease, indicating that the recovery foundation of terminal transportation demand is not solid. Shipping companies are more active in price support than before, and cooperate with blank sailings to adjust capacity, promoting a rebound in freight rates. The geopolitical situation, especially the Israel - Palestine conflict, is in a very delicate and unstable stage, delaying the expectation of the resumption of navigation in the Red Sea. The better - than - expected German economy has boosted market confidence and stimulated the economic recovery in the eurozone. If the proposed fiscal expansion policy of the new German government has clearer details, it will enhance investors' confidence in the medium - term growth of the eurozone. The current freight rate market is greatly affected by news, and the futures price is expected to fluctuate more sharply. Investors are advised to be cautious, pay attention to the operation rhythm and risk control, and track geopolitical, capacity and cargo volume data in a timely manner [1]. 3. Summary According to Relevant Catalogues 3.1 Futures Market Data - EC main contract closing price: 1726.00, up 108.8; EC second - main contract closing price: 1187.7, up 24.6. - EC2602 - EC2605 spread: 538.30, up 91.00; EC2602 - EC2606 spread: 322.10, up 95.00. - EC contract basis: - 368.33, down 268.13. - EC main contract open interest: 38880, up 837 [1]. 3.2 Spot Market Data - SCFIS (European line) (weekly): 1357.67, down 147.13; SCFIS (US West line) (weekly): 1238.42, down 91.29. - SCFI (composite index) (weekly): 1451.38, down 43.72; container ship capacity (10,000 TEUs): 1227.97, unchanged. - CCFI (composite index) (weekly): 1094.03, up 35.86; CCFI (European line) (weekly): 1403.64, up 36.79. - Baltic Dry Bulk Index (daily): 2125.00, down 48.00; Panamax Freight Index (daily): 1897.00, unchanged. - Average charter price (Panamax ship): 17564.00, unchanged; average charter price (Cape - size ship): 26315.00, up 2265.00 [1]. 3.3 Industry News - The US Trade Representative Greer will visit Europe from November 19th to 22nd for more trade negotiations. Greer said that the tariffs imposed by the EU on US export products are still too high. - The Ministry of Culture and Tourism has reminded Chinese tourists to avoid traveling to Japan recently, and the Ministry of Education has issued a study - abroad warning. - The European Council announced that EU finance ministers agreed to abolish the rule that allows goods worth less than 150 euros to enter the EU duty - free. - South Korea and the US reached an agreement on tariffs and defense issues and signed a memorandum of understanding on a $350 billion investment project by South Korea in the US. For South Korean products exported to the US with a tax rate of 15% or more, the US will no longer impose "additional tariffs", and products with a tax rate lower than 15% will be raised to 15%. The US will also reduce the tariffs on South Korean cars, auto parts, wood, sawn timber and wood products to 15% [1]. 3.4 Key Data to Focus On - November 18th, 22:15: US industrial production monthly rate for October. - November 18th, 23:00: US NAHB housing market index for November. - November 18th, 23:00: US factory orders monthly rate for August [1].