Group 1: Investment Ratings - No investment ratings provided in the report Group 2: Core Views - Platinum is in continuous shock consolidation, and palladium is in narrow - range shock [1] Group 3: Summary by Directory Fundamental Tracking - **Price Data**: Platinum futures 2606 closed at 537.50 with a - 1.39% change, gold - exchange platinum at 549.47 with a 1.01% change. Palladium futures 2606 closed at 429.05 with a - 2.08% change, RMB spot palladium at 419.00 with a - 2.56% change [2] - **Trading Volume and Position Data**: Guangdong platinum trading volume was 6,135 kg (down 7,342 kg), NYMEX platinum was 18,004 kg (down 12,597 kg). Guangdong palladium trading volume was 3,099 kg (down 3,052 kg), NYMEX palladium was 10,569 kg (down 3,611 kg) [2] - **ETF and Inventory Data**: Platinum ETF holdings were 3,279,592 ounces (unchanged), palladium ETF holdings were 1,200,822 ounces (unchanged). NYMEX platinum inventory was 583,369 ounces (down 63,072 ounces) [2] - **Spread Data**: PT9995 to PT2606 spread was 11.97 (down 10.02), Guangdong platinum 2606 to 2610 spread was 11.50 (down 2.90). RMB spot palladium to PD2606 spread was - 10.05 (up 14.45), Guangdong palladium 2606 to 2610 spread was 4.90 (down 0.05) [2] - **Exchange - Rate Data**: The US dollar index was 96.86 with a - 0.78% change, USD/CNY (spot) was 6.92 with a - 0.24% change, USD/CNH (spot) was 6.92 with a - 0.20% change, USD/CNY (6M forward) was 6.83 with a - 0.45% change [2] Macro and Industry News - **Policy Statements**: Trump believes the interest rate should be 2 percentage points lower. Fed officials have different views on interest - rate cuts and inflation [5] - **Economic Data**: US December retail sales month - on - month rate was 0%, lower than the forecast of 0.4%. ADP report shows US private - sector employment increased by 6,500 per week in the four weeks to January 24 [5] - **Geopolitical News**: Negotiations on Greenland are in the early stage, and talks will be held in the coming months. There are developments in the US - Iran nuclear - issue negotiation [5] - **Corporate News**: Alphabet plans to issue bonds to raise about £4.5 billion and over 3 billion Swiss francs [5] - **Domestic Policy**: Li Qiang emphasizes the rational development of rare - earth resources and key - core technology research [5] Trend Strength - Platinum trend strength is 0, palladium trend strength is 0. The range of trend strength is [- 2,2], with - 2 being most bearish and 2 being most bullish [4]

Core Viewpoint - The unemployment rate in Australia decreased from 4.3% to 4.1% in December 2025, indicating a positive trend in the labor market [1] Employment Data Summary - Seasonally adjusted employment increased by 0.4% month-on-month and approximately 1.1% year-on-year, reaching 14.6841 million [1] - The number of unemployed individuals decreased by about 4.5% month-on-month and increased by approximately 4.2% year-on-year, totaling 628,600 [1] - Monthly working hours rose by 0.4%, while the underemployment rate fell by 0.5 percentage points to 5.7% [1] Trend Data Summary - The trend data shows a decrease in the unemployment rate from 4.3% to 4.2% month-on-month [1] - Employment numbers grew by approximately 0.2% month-on-month and about 1.2% year-on-year, reaching 14.6861 million [1] - The number of unemployed individuals decreased by about 1% month-on-month and increased by 6.2% year-on-year, totaling 646,600 [1] - Monthly working hours increased by 0.2%, with the underemployment rate remaining stable at 5.9% [1] Youth Employment Impact - An increase in the number of young individuals aged 15 to 24 entering the job market contributed to the overall employment rate improvement and the reduction in the unemployment rate [1]

Group 1 - The core viewpoint of the article is that Bosnia and Herzegovina's federal public revenue is projected to reach a record 8.771 billion marks in 2025, reflecting a year-on-year increase of 10.34% [1] Group 2 - As of December 31, 2025, the number of active business entities in the Federation of Bosnia and Herzegovina, including branches and subsidiaries, is expected to be 134,800 [1] - The total employment in the Federation is projected to reach 545,400 individuals [1] - Among the employed population, 176,700 are aged 35 and under, while 368,700 are aged 36 and above [1] - The male workforce is expected to comprise 302,600 individuals, while the female workforce is projected to be 242,800 [1]

Economic Data Release - The upcoming non-farm payroll report for November is set to be released on Tuesday at 9:30 PM Beijing time, amidst a flurry of economic data including retail sales and inflation reports [2] - The November non-farm payroll is expected to show an increase of 50,000 jobs, with the unemployment rate projected to reach 4.4% [2][7] Impact of Government Shutdown - The report will include data from October, as the Labor Statistics Bureau could not collect unemployment data for that month due to the government shutdown [4] - Economists predict that the October employment numbers may show a decline due to the Deferred Resignation Program affecting government workers, with estimates suggesting a loss of 70,000 jobs in October and a further decrease of 10,000 jobs in November [4][5] Employment Trends - Despite the potential negative impact from the government shutdown, most economists expect a positive job growth in November, with predictions ranging from a decrease of 20,000 to an increase of 127,000 jobs [4] - The healthcare and private education sectors are anticipated to drive job growth in November [4] Unemployment Rate Insights - Although the October unemployment rate will not be published, the November rate is expected to be around 4.4%, with some forecasts suggesting it could rise to 4.5% or even 4.6% due to federal employment declines [7][8] Additional Economic Indicators - The internal details of the establishment and household surveys will provide critical insights into the performance of various sectors in the U.S. economy [8] - Economists are particularly focused on employment growth in the goods-related sectors, while healthcare and possibly the restaurant industry are expected to continue leading job growth [8] Retail Sales and Consumer Spending - The U.S. Department of Commerce will also release October retail sales data, with a modest growth forecast of 0.1% [9] - The upcoming consumer price index (CPI) report for November will be affected by the government shutdown, leading to a focus on year-over-year indicators for inflation signals [9]

Core Viewpoint - The unemployment rate in Australia remained stable at 4.3% as of November 2025, according to the Australian Bureau of Statistics [1] Employment Data Summary - The number of employed individuals in Australia decreased by 0.1% month-on-month but increased by approximately 1.3% year-on-year, reaching 14.6557 million [1] - The number of unemployed individuals decreased by about 0.3% month-on-month but increased by approximately 11.7% year-on-year, totaling 662,300 [1] - Monthly working hours saw a slight decrease, while the underemployment rate increased by 0.4 percentage points to 6.2% [1] Labor Market Insights - Over the past six months, Australia's unemployment rate has consistently been at 4.3% for five of those months [1] - The year-on-year employment growth of 1.3% is below the population growth rate of 2.0% during the same period [1]

Core Insights - Australia's unemployment rate decreased from 4.5% to 4.3% in October 2025, aligning with levels seen in June, July, and August of the same year [1] - The number of employed individuals in Australia increased by 0.3% month-on-month and approximately 1.6% year-on-year, reaching 14.6832 million [1] - The number of unemployed individuals fell by about 2.5% month-on-month but rose by approximately 7.8% year-on-year, totaling 665,400 [1] Employment Data - The monthly hours worked increased by 0.5%, while the underemployment rate decreased by 0.2 percentage points to 5.7% [1] - Trend data indicates that the unemployment rate remained stable at 4.4%, with a month-on-month employment increase of about 0.2% and a year-on-year increase of approximately 1.5%, totaling 14.6784 million [1] - The number of unemployed individuals increased by about 0.5% month-on-month and rose by 10% year-on-year, amounting to 669,600 [1] Full-time and Part-time Employment - Full-time employment rose by 55,000 in October, with female full-time employment increasing by 29,000 and male full-time employment by 26,000 [1] - Part-time employment decreased by 13,000, primarily due to a reduction of 21,000 in female part-time employment [1]

Core Insights - Australia's unemployment rate increased from 4.3% to 4.5% in September 2025, marking the highest level since November 2021 [1] - The number of employed individuals rose by 0.1% month-on-month and approximately 1.3% year-on-year, reaching 14.64 million [1] - The number of unemployed individuals increased by about 5.2% month-on-month and 12.6% year-on-year, totaling 684,000 [1] Employment Data Summary - Seasonally adjusted employment figures show a month-on-month increase of 0.1% and a year-on-year increase of approximately 1.5%, totaling 14.647 million [1] - The number of unemployed individuals rose by about 0.6% month-on-month and 8.2% year-on-year, amounting to 661,500 [1] - Monthly working hours increased by 0.5% month-on-month, while the underemployment rate rose by 0.2 percentage points to 5.9% [1] Labor Participation Insights - The labor participation rate increased by 0.1 percentage points to 67%, slightly below the historical high of 67.2% recorded at the beginning of the year [1] - In September, there was an addition of 34,000 unemployed individuals and an increase of 15,000 employed individuals [1]

Core Insights - Some analysts believe that the July non-farm data and revisions indicate a softening U.S. economy [1] - The focus will quickly shift from comparing August data with July's initial values to further revisions of June and July data [1] - Uncertainty from Trump's tariff statements and extended deadlines has led U.S. businesses to refrain from making significant employment or investment decisions in Q2 [1] - With the potential for trade agreements and clarity on tariff levels, these economic figures may rebound quickly in Q3 and Q4 [1]

Core Insights - Australia's unemployment rate decreased to 4.2% in July 2025, down from 4.3% in June, reflecting a 0.1 percentage point decline [1] - The number of employed individuals in Australia increased by approximately 0.2% month-on-month and 1.8% year-on-year, reaching 14.6414 million [1] - The number of unemployed individuals decreased by about 1.5% month-on-month but increased by 3.1% year-on-year, totaling 649,000 [1] Employment Data Summary - The monthly hours worked increased by 0.3%, while the underemployment rate fell by 0.1 percentage points to 5.9% [1] - Trend data indicates that the unemployment rate remained stable at 4.2%, with a month-on-month employment increase of approximately 0.2% [1] - Year-on-year employment growth was 2%, aligning with the population growth rate [1] Employment Composition - Full-time employment rose by 60,000 in July, contributing positively to overall employment growth [1] - Part-time employment saw a decrease of 36,000, which negatively impacted the total employment figures [1] - The labor statistics supervisor noted that the employment growth rate has been declining in recent months despite being higher than the population growth rate for most of the past year [1]

Core Insights - Australia's unemployment rate decreased to 4.2% in July 2025, down from 4.3% in June, reflecting a 0.1 percentage point drop [1] - The number of employed persons increased by approximately 0.2% month-on-month and 1.8% year-on-year, reaching 14.6414 million [1] - The number of unemployed persons decreased by about 1.5% month-on-month but increased by 3.1% year-on-year, totaling 649,000 [1] Employment Data Summary - The monthly hours worked increased by 0.3%, and the underemployment rate decreased by 0.1 percentage points to 5.9% [1] - Trend data shows the unemployment rate remained stable at 4.2%, with a month-on-month employment increase of about 0.2% and a 1% rise in unemployed persons [1] - Monthly hours worked saw a slight increase of approximately 0.1%, with the underemployment rate unchanged at 5.9% [1] Employment Composition - Full-time employment rose by 60,000 in July, while part-time employment fell by 36,000, impacting overall employment growth [1] - Over the past year, the year-on-year growth in employment numbers has consistently outpaced population growth, although recent months have shown a decline in employment growth [1] - The year-on-year employment growth in July was 2%, aligning with the population growth rate [1]