Group 1: Precious Metals Futures - Spot gold has surpassed $4,350 per ounce, with a daily increase of 0.41%; it previously broke $4,340 per ounce, rising by 0.17% [1] - New York futures gold has exceeded $4,380 per ounce, with a daily rise of 0.36%, having earlier touched $4,370 per ounce, increasing by 0.14% [3][4] - Spot silver has first broken $67 per ounce, with a daily increase of 2.41%, while New York futures silver also surpassed $67 per ounce, rising by 2.74% [5][6] - In the domestic market, the main silver futures contract has increased by 3% to 15,747.00 yuan, having previously risen by 2% to 15,590.00 yuan [7][8] Group 2: Macro and Market Impact - The Director of the White House National Economic Council, Hassett, stated that the core inflation rate is essentially at or below target levels, indicating that the Federal Reserve has ample room for interest rate cuts [10] - Federal Reserve Governor Milan mentioned that the Fed has not initiated a new round of quantitative easing [11] - The University of Michigan survey indicates that short-term and long-term inflation expectations have reached an 11-month low [12] Group 3: Stock Market Performance - The U.S. stock market saw all three major indices close higher, with the Dow Jones up by 0.38%, the Nasdaq rising by 1.31%, and the S&P 500 increasing by 0.89%; major tech stocks such as Micron Technology, Oracle, and AMD rose over 6% [13]

Core Viewpoint - The Federal Reserve has lowered interest rates by 25 basis points to 3.75%, with some dissent among members regarding the decision, while also announcing the restart of reserve management purchases [2] Group 1: Federal Reserve Actions - The Federal Reserve's new interest rate is set at 3.75%, down from the previous 4.00% [2] - There were three dissenting votes during the meeting, with two members opposing the rate cut and one advocating for a larger cut of 50 basis points [2] - The latest Summary of Economic Projections (SEP) indicates that 6 out of 19 officials do not support the rate cut, and the median path for 2026 remains unchanged [2] Group 2: Economic Indicators - Initial jobless claims in the U.S. for the week ending December 6 were reported at 236,000, higher than the expected 220,000 [2] - The U.S. trade deficit for September was revised to $59.3 billion, which is narrower than the expected $63.3 billion, marking the smallest deficit since June 2020 [2] - China's CPI for November increased by 0.7% year-on-year, the highest since March 2024, while the M2 money supply growth was reported at 8%, below the market expectation of 8.2% [2] Group 3: Upcoming Events - Key upcoming events include the Bank of England's interest rate decision on December 18, the European Central Bank's deposit rate announcement, and the U.S. November CPI and non-farm payroll data release on December 18 [3]

Core Insights - The initial value of the one-year inflation expectation in the U.S. for December is 4.1%, which is lower than the expected 4.5% and the previous value of 4.5% [1] Summary by Categories - **Inflation Expectations** - The one-year inflation expectation for December is reported at 4.1% [1] - This figure is below the market expectation of 4.5% [1] - The previous inflation expectation was also 4.5% [1]

Group 1 - On November 10, the Shanghai gold spot price was quoted at 928.10 CNY per gram, showing a discount of 7.88 CNY compared to the futures main price of 935.98 CNY per gram [1] - The Shanghai gold futures closed at 935.98 CNY per gram, with a daily increase of 2.00% and a trading volume of 320,688 contracts [1] - The U.S. Senate advanced a federal government temporary funding bill, which received the necessary 60 votes to move forward, potentially ending a record 40-day government shutdown [1] Group 2 - As of last Friday, the Shanghai gold price increased by 0.32% over the week, while the Shanghai silver price rose by 0.65% during the same period [2] - The People's Bank of China maintained its gold purchases, with gold reserves reported at 74.09 million ounces at the end of October, an increase of 30,000 ounces from the previous month [2] - The U.S. consumer confidence index for November fell to 50.3, below the previous value of 53.6 and the expected value of 53.2 [2]

Report Industry Investment Rating - No information provided in the content Core Viewpoints - The report presents a comprehensive overview of the futures market, including overnight and spot prices, important fundamental information, macro news, fund flows, and arbitrage tracking. It covers various commodities such as soybeans, palm oil, and crude oil, as well as international and domestic economic and political events that may impact the market. Summary by Relevant Catalogs Overnight行情 - Overnight closing prices and percentage changes are reported for various futures contracts, including palm oil, Brent crude, and soybeans. Currency exchange rates and their percentage changes are also provided [1]. Spot行情 - Spot prices, basis, and basis changes for DCE palm oil, DCE豆油, and DCE豆粕 are presented for different regions [2]. Important Fundamental Information 产区天气 - Rain is expected in central and southern Brazil this week, which is beneficial for soybean crops. In Argentina, soybean sowing is expected to accelerate this month, but long - term weather may turn dry [5]. 国际供需 - Sabah in Malaysia is the biggest beneficiary of the oil palm replanting financing incentive plan, receiving 61 million Malaysian ringgit in grants. The US EPA will decide on small refineries' exemption applications. Brazilian soybean sowing progress and Canadian rapeseed export data are also reported [7][8]. 国内供需 - On November 7, the total trading volume of soybean oil and palm oil decreased. The trading volume of soybean meal increased, and the oil mill's operating rate decreased. China's soybean and edible vegetable oil import data are provided, along with pig - raising profits and agricultural product price indices [11][12]. Macro要闻 国际要闻 - The US Senate failed to pass a motion on a federal employee appropriation bill, and the government "shutdown" persists. US consumer confidence and inflation expectations are reported [15]. 国内要闻 - The US dollar/Chinese yuan exchange rate decreased, and the central bank conducted reverse repurchase operations with a net withdrawal of funds. China's CPI and foreign trade data are reported, and the import qualification of US soybean enterprises is restored [17][18]. 资金流向 - On November 7, 2025, the futures market had a net capital outflow of 1.017 billion yuan, with different flows in commodity, stock index, and bond futures [21]. 套利跟踪 - No specific information provided in the content

Core Insights - The initial value of the one-year inflation expectation for November from the University of Michigan is 4.7%, compared to a forecast of 4.6% and a previous value of 4.6% [1] - The initial value for the five to ten-year inflation expectation is 3.6%, with a forecast of 3.8% and a previous value of 3.9% [1] Summary by Category - **One-Year Inflation Expectation** - Current initial value: 4.7% - Forecast: 4.6% - Previous value: 4.6% [1] - **Five to Ten-Year Inflation Expectation** - Current initial value: 3.6% - Forecast: 3.8% - Previous value: 3.9% [1]

Economic Events and Data Summary - Key focus on China's October trade balance and foreign exchange reserves, which are pending release [1] - U.S. Federal Reserve officials, including Musalem and Williams, are scheduled to speak, indicating potential insights into monetary policy [1] - Germany's September adjusted trade balance and the UK's October Halifax adjusted house price index will be released, providing insights into European economic conditions [1] - France's September trade balance data will be available, contributing to the understanding of the Eurozone's trade dynamics [1] - Switzerland's October consumer confidence index is set to be published, which may reflect consumer sentiment in the region [1] - Canada will report October employment numbers, which are crucial for assessing labor market conditions [1] - The U.S. will release preliminary data on November's one-year inflation expectations and the University of Michigan's consumer confidence index, both of which are key indicators for economic outlook [1] - Upcoming data on U.S. oil drilling activity will be released, which can impact energy sector dynamics [1] - Federal Reserve Governor Milan is scheduled to discuss stablecoins and monetary policy, highlighting ongoing discussions in the financial sector [1]

Group 1 - The final value of the one-year inflation expectation in the US for October is 4.6%, matching the forecast and the previous value [1]

Group 1 - The initial value of the one-year inflation expectation in the United States for October is 4.6%, which is lower than the forecast of 4.7% and the previous value of 4.7% [1]

Core Insights - The U.S. non-farm payroll report for September has not been released due to the government shutdown, with the ADP employment number showing a decrease of 32,000, the largest drop since March 2023, against an expectation of a 50,000 increase and a previous value of 54,000 [1] - Market participants are increasing bets on two further interest rate cuts by the Federal Reserve within the year [1] - The Bank of Japan's monetary policy meeting summary indicated that two members proposed a rate hike [1] - China's official manufacturing PMI for September rose to 49.8 [1] - The Bank of Canada’s meeting minutes suggest that inflation risks have diminished, shifting the policy focus towards addressing economic weakness [1] Upcoming Events & Indicators - On October 6, OpenAI will hold the 2025 Developer Conference in San Francisco [2] - On October 8, the Reserve Bank of New Zealand will announce its interest rate decision, and Federal Reserve Governor Barr will speak [2] - On October 9, the Federal Reserve will release the minutes from its monetary policy meeting, and the European Central Bank will publish the September monetary policy meeting minutes [2] - On October 10, the U.S. will report the preliminary one-year inflation expectations for October and the preliminary consumer confidence index from the University of Michigan [2]