全球财经媒体昨夜今晨共同关注的头条新闻主要有： 美国申请失业救济人数下滑，为就业市场颠簸的一年画上句号 尽管领取救济金的失业人数已从近期的高点有所回落，但几乎没有迹象表明特朗普重返白宫的第一年里 疲软的就业环境有所改善。 来源：环球市场播报 美国劳工部周三公布的数据显示， 截至12月27日当周，美国各州首次申请失业救济人数意外减少1.6万 人，经季节性因素调整后为19.9万人，为11月底以来最低 。接受路透调查的经济学家曾预测申请人数将 升至22万。由于元旦假期，该报告提前一天公布。 美国劳动力市场几乎停滞不前。经济学家表示，劳动力供求受到了特朗普自今年1月开始担任第二任总 统以来政策急剧转变的影响，其中最引人注目的是他大幅提高进口关税和积极打击移民，这限制了工人 1、 美国申请失业救济人数下滑，为就业市场颠簸的一年画上句号 2、美国与盟友商讨加强对乌克兰的安全保障 3 、谷歌创2009年以来华尔街最佳表现，AI业务势头强劲跑赢科技同行 4 、"大空头"投资人迈克尔・伯里称未做空特斯拉 5、10年期美债收益率2025年全年收跌 收官日逆势走高 6、黄金和白银价格双双下挫 但全年仍料创逾40年来最大年度涨幅 的 ...

随着投资者等待美国联邦储备委员会本年度最后一次政策会议，以探寻央行对 2026 年美国经济的看 法，铜及其他工业金属价格走高。 伦敦金属交易所铜价一度上涨 1.3%，至每吨 11641.50 美元，收复了前一交易日的大部分跌幅。投资者 预计美联储将在周三晚些时候宣布降息 25 个基点，市场关注的核心将是美联储主席杰罗姆・鲍威尔如 何阐述央行对明年经济增长、通胀及利率的看法。 美国前总统唐纳德・特朗普物色接替鲍威尔出任美联储主席的热门人选凯文・哈塞特周二表示，他认为 存在充足空间来大幅下调利率。 作为电气化和能源转型的关键金属，伦敦金属交易所铜价今年已累计上涨超 30%。本周早些时候，受 市场担忧大量铜流向美国以提前规避可能的进口关税、进而导致其他地区供应短缺的影响，铜价一度触 及每吨 11771 美元的历史新高。 伦敦金属交易所铜价一度上涨 1.3%，至每吨 11641.50 美元，收复了前一交易日的大部分跌幅。投资者 预计美联储将在周三晚些时候宣布降息 25 个基点，市场关注的核心将是美联储主席杰罗姆・鲍威尔如 何阐述央行对明年经济增长、通胀及利率的看法。 美国前总统唐纳德・特朗普物色接替鲍威尔出任美联储主 ...

Core Viewpoint - Citi predicts that copper prices will average $13,000 per ton in Q2 of next year due to supply shortages caused by U.S. stockpiling, with multiple bullish factors supporting the upward trend until 2026 [1][4]. Group 1: Price Predictions - Citi's analysts forecast a 2.5% increase in global copper end-use consumption next year [4]. - Currently, copper prices have risen by 1.97% to $11,675 per ton, surpassing earlier highs this week [2]. - The copper market is expected to enter a structural shortage next year, with a significant supply gap projected over the next decade due to strong demand and limited supply [6]. Group 2: Market Dynamics - The expectation of U.S. import tariffs is causing metal flows to the U.S., leading to inventory depletion in other major regions [6]. - Global exchange copper inventories have surged to over 656,000 tons, the highest level since 2018, with about 60% stored in U.S. warehouses, indicating regional imbalances in the market [9]. - JPMorgan describes the current situation as a "more volatile and urgent bullish mid-stage" for copper prices, driven by the U.S. siphoning effect [9]. Group 3: Long-term Outlook - Citi emphasizes that macroeconomic and fundamental improvements will support its confidence in rising copper prices, driven by lower interest rates, U.S. fiscal expansion, European military restructuring, and energy transition [10]. - Goldman Sachs shares a long-term bullish stance based on structural factors, including strong demand in power infrastructure, AI, and defense sectors, alongside constrained mining supply [10].

Core Insights - In November, the U.S. private sector experienced a significant job loss of 120,000 positions, marking the largest decline in nearly two and a half years, primarily driven by small businesses [1] - This marks the third instance of job losses in the private sector within four months, indicating a general slowdown in hiring activities [1] - The report from Automatic Data Processing (ADP) highlighted a reduction of 32,000 jobs in the overall market, the largest drop since March 2023 [1] Employment Trends - Small businesses accounted for the loss of 120,000 jobs, attributed to increased costs from import tariffs [1] - In contrast, medium-sized businesses added 51,000 jobs, while large enterprises saw an increase of 39,000 jobs [1] Economic Implications - The ongoing trend of job losses could lead to a rise in the unemployment rate and negatively impact the economy [1] - The upcoming Federal Reserve meeting is expected to address these employment trends, potentially concluding the speculation around interest rate cuts [1]

Group 1 - Copper prices have reached a record high, driven by a significant increase in delivery requests at the London Metal Exchange, the largest since 2013, primarily fueled by applications from Asia [1] - Following a surge in copper orders from Taiwan and South Korea, copper prices rose by 2.4%, exceeding $11,400 per ton, surpassing the peak set on Monday [1] - The recent price increase is attributed to market expectations of supply shortages, with traders moving large quantities of copper to the U.S. ahead of potential import tariffs [1][3] Group 2 - Year-to-date, copper prices have increased by approximately 30%, with the latest trading at $11,400.50 per ton on the London Metal Exchange [3] - Other metals have also seen price increases, with aluminum rising by 0.9% and zinc by 0.8% [3] - Supply issues have been a dominant factor in the copper market, with unexpected production halts reported from mines in Indonesia to Chile [1]

Core Insights - LME copper prices reached a one-week high due to ongoing inventory outflows to the US [1][4] - The three-month copper contract rose by $45, or 0.42%, closing at $10,818 per ton [1][2] - LME copper inventory has decreased by 42% this year, contributing to a tight market [4] Price Movements - Three-month copper: $10,818.00, up $45.00 (0.42%) [2] - Three-month aluminum: $2,800.50, down $11.50 (-0.41%) [2] - Three-month zinc: $2,993.00, down $7.00 (-0.23%) [2] - Three-month lead: $1,980.50, down $3.50 (-0.18%) [2] - Three-month nickel: $14,872.00, up $173.00 (1.18%) [2] - Three-month tin: $37,547.00, up $163.00 (0.44%) [2] Market Dynamics - The outflow of copper inventory to COMEX has created a supply squeeze, raising concerns about potential US import tariffs [4] - The LME spot copper contract premium over the three-month forward rose to $25 per ton, the highest since mid-October [4] - The Yangshan copper premium, an indicator of Chinese copper import demand, fell by 6% to $32, a four-month low [4] Technical Analysis - LME copper has broken through the 21-day moving average resistance, which is now at $10,828 per ton [5] - Copper prices previously reached a historical high of $11,200 per ton due to supply concerns from the Grasberg mine [5] - Other LME metals showed mixed performance, with lead hitting a low not seen since October 20 [5]

Core Viewpoint - COMEX copper inventory has surpassed 400,000 short tons for the first time, driven by arbitrage trading attracting copper inflows into the U.S. [1] Group 1: Inventory and Price Dynamics - As of November 21, COMEX copper inventory reached 402,876 short tons, more than tripling since the beginning of the year and breaking the previous record of 399,458 short tons set in January 2003 [1] - Current LME copper price is approximately $10,780 per ton, while COMEX copper price is about $5 per pound, equivalent to around $11,023 per ton, indicating a profitable arbitrage opportunity for transporting copper to the U.S. [1] Group 2: Market Reactions and Future Outlook - The surge in inventory began in March as traders rushed to ship copper to the U.S. before the planned import tariffs, although refined copper was ultimately exempted from the 50% tariff effective August 1 [1] - U.S. copper import policies are still under review, and inventory continues to rise, with traders stockpiling metal in anticipation of potential future tariffs on refined copper [1] - According to the U.S. Geological Survey, the refined copper consumption in the U.S. for 2024 is projected to be 1.58 million tons, meaning that the current COMEX inventory represents nearly a quarter of the country's annual demand [1]

特朗普签署行政命令，取消巴西牛肉、咖啡和其他一些受7月所宣布40%关税影响的农产品进口关税。该命令将影响11月13日或之后进口至美国的巴西产品，部分需要退还已征收的关税，会根据标准退税程序进行退税。 https://t.co/DecG0Ee3UI ...

Group 1 - The core concept of non-compete agreements is that they restrict employees from working for competing companies or starting similar businesses for a specified period after leaving their current employer [2][4]. - Non-compete agreements are applicable only to specific categories of employees, including senior management, senior technical personnel, and other employees with confidentiality obligations [4][5]. - The terms of non-compete agreements, including scope, region, and duration, must be mutually agreed upon by the employer and the employee and cannot violate legal regulations [4][8]. Group 2 - Employers can stipulate non-compete clauses in employment contracts or confidentiality agreements and are required to provide economic compensation to employees during the non-compete period [8][9]. - If an employee violates the non-compete agreement, they are obligated to pay a penalty to the employer as per the agreement [8][9]. - Employers must pay the economic compensation in cash on a monthly basis during the non-compete period and cannot include this compensation in the regular salary or bonuses [10][11].

Core Points - The U.S. White House announced an executive order signed by President Trump on November 14, adjusting the scope of "reciprocal tariffs" by excluding certain agricultural products from additional tariffs previously imposed under the "Reciprocal Tariff Executive Order" [1] - The executive order states that the adjustments are based on assessments of domestic product demand and capacity, as well as recommendations from government agencies, in response to the "national emergency" declared in the original order [1] - The updated tariff exemption list and potential adjustments for "allied partners" will take effect on November 13, 2025, at 12:01 AM Eastern Time [1] - The order also mandates modifications to the "U.S. Harmonized Tariff Schedule" and the processing of potential tariff refunds [1] - On the same day, the Swiss Federal Council announced a reduction in U.S. tariffs on Swiss products from 39% to 15% following trade negotiations [1] - The negotiations, led by Swiss Federal Councillor and Minister of Economic Affairs Parmelin, aimed to lower the current 39% import tariff on numerous Swiss goods, which has been in effect since August 7, 2025 [1]