European lawmakers on Wednesday suspended the approval of the trade deal the EU and U.S. agreed in July.In a statement on Wednesday, European Parliament member Bernd Lange, and INTA chair on EU-US trade relations, said the recent plans by President Donald Trump to impose tariffs of between 10% to 25% on European nations go against the terms of the trade pact.Referring to Trump's address at the World Economic Forum in Davos on Wednesday, Lange said: "I guess he didn't revise his position. He wants to have Gr ...

Core Insights - Silver has reached a historic high of over $95 per ounce, marking a 31% increase year-to-date, with projections suggesting it could climb to $300 by 2026 [1][2][7] Group 1: Market Performance - Silver's recent surge is attributed to renewed demand for precious metals following geopolitical tensions from tariff actions by President Donald Trump against the European Union [2] - Silver has set fresh all-time highs, now ranking as the second-largest asset by market capitalization, only behind gold [2] - The rally in silver has outperformed gold, capturing significant attention in global markets [3][4] Group 2: Contributing Factors - The surge in silver prices is driven by a combination of factors including safe-haven buying, expectations of Federal Reserve rate cuts, tightening conditions in physical markets, and increasing industrial demand from sectors like solar energy and electric vehicles [5][6] - Analysts are optimistic about silver reaching $100 per ounce in the near term, with some suggesting it could happen as soon as tomorrow [6] - Long-term predictions indicate a potential rise to $300 due to structural imbalances between paper trading and physical supply [7]

Core Viewpoint - China reported a record trade surplus of $1.189 trillion in 2025, driven by strong export growth and a strategic shift in focus to other markets due to U.S. tariff tensions [1][4]. Group 1: Export Performance - Outbound shipments increased by 6.6% year-on-year in December, surpassing economists' expectations of a 3.0% increase [4]. - Monthly export surpluses exceeded $100 billion seven times in the previous year, indicating resilience against U.S. trade policies [5]. - The auto industry saw a significant export increase of 19.4%, with pure electric vehicle shipments rising by 48.8% [7]. Group 2: Market Strategy - Chinese firms are shifting their focus to Southeast Asia, Africa, and Latin America to mitigate the impact of U.S. tariffs [2]. - Economists predict that China will continue to gain global market share, aided by the establishment of overseas production hubs for lower-tariff access to the U.S. and EU [6]. Group 3: Economic Implications - The record trade surplus raises concerns about China's trade practices and overcapacity, as well as the global reliance on Chinese products [3]. - Chinese leadership is increasingly aware of the need to balance exports with imports, as indicated by Premier Li Qiang's call for expanding imports [8].

Core Insights - Gold and silver prices have declined as investors take profits after a significant annual rally, with CME Group increasing margins on precious metal futures for the second time in a week [1][2] Price Movements - Spot gold prices decreased by 0.8% to $4,313.59 per ounce, marking a one-week low [2] - Spot silver prices fell 6.2% to $71.77 per ounce, retreating from earlier gains above $80 [2] Annual Performance - Gold has risen over 64% year-to-date, on track for its best annual performance since 1979 and marking the third consecutive positive year [3] - Silver has significantly outperformed gold in 2025, with annual gains nearing 150%, also the best yearly performance since 1979 [4] Market Drivers - The rally in gold prices has been driven by U.S. interest rate cuts, tariff tensions, and strong demand from ETFs and central banks [3] - Silver's price surge is attributed to low supply, high demand from India, and industrial needs alongside tariffs [4]

Core Insights - The crypto market is experiencing significant volatility, particularly in October, which is traditionally seen as a bullish month, due to renewed US-China trade tensions [1][4] - Bitcoin has seen a decline of over 12% after reaching an all-time high above $126,000, negatively impacting the broader market [1][3] - Recent market rebounds are viewed as temporary and driven by short-covering rather than genuine improvements in trade relations [2][4] Trade Tensions - The Chinese commerce ministry has announced enhanced restrictions on rare earth metal exports, which are crucial for various industries [2] - US President Trump threatened a 100% tariff on Chinese imports, causing turmoil in global markets, including crypto [3] - The current 90-day tariff truce between the US and China is set to conclude soon, with potential new tariffs of 30% on Chinese imports and 10% on US imports into China [5] Market Reactions - Spot Bitcoin exchange-traded funds have experienced outflows exceeding $362 million, while spot Ether ETFs saw outflows of $428 million [3] - Analysts predict that upcoming tariff news will significantly influence market volatility as both countries seek leverage [6]

Trade Relations - India's Commerce and Industry Minister, Piyush Goyal, is visiting the U.S. to discuss a "mutually beneficial" trade agreement aimed at resolving tariff tensions, particularly regarding U.S. tariffs on Indian goods and oil imports from Russia [2][4] - The U.S. has imposed a 50% tariff on most Indian goods and an additional 25% tariff on Russian crude oil purchases, significantly affecting Indian exporters in labor-intensive sectors [3][4] - The goal is to finalize a bilateral trade agreement by autumn 2025, with a target to increase bilateral trade from $191 billion to $500 billion by 2030 [4] H-1B Visa Policy - A new executive order by U.S. President Donald Trump imposes a $100,000 one-time fee for H-1B worker visas, causing confusion among visa holders, particularly from India and China [5][6] - Major tech firms have advised employees to return to the U.S. before the deadline due to fears of potential re-entry restrictions [5][6] - The administration claims the H-1B program has been exploited to lower wages, while supporters argue it is essential for attracting skilled talent [6] Automotive Industry - Mitsubishi Motors achieved a significant victory in the Asia Cross Country Rally 2025, outperforming Toyota despite budget constraints [10][11] - This win marks Mitsubishi's first rally triumph in three years and highlights the company's strategic improvements under financial pressures [11]

Tariff Impact & Economic Outlook - UBS认为，即使总统实施所有关税，有效关税率也仅增加2% [3] - 市场已消化关税噪音，因税收减免和预期降息提供支持 [4][8] - 市场意识到已实施的关税将在下半年对经济产生影响，通货膨胀将上升，企业利润将受到一定程度的打击 [7] Tax Cuts & Corporate Performance - 美国公司享受永久性的企业税削减，税率从35%降至21% [9] - 税收减免、资本支出条款、奖金折旧和研发支出将支持企业降低有效税率，即使他们面临关税的不利因素 [11] Dollar Dynamics & Global Investment - 全球投资者可能对美国资产配置过多，导致美元下跌 [12] - 美元走弱有利于美国公司，因为当他们转换较弱的美元时，他们的外国收入看起来更好 [13] Fed Policy & Market Drivers - 市场上涨并非完全依赖美联储降息，更倾向于经济保持良好状态 [14] - 人工智能资本支出周期将推动市场向前发展 [16] Small Cap Opportunities - 小型公司估值偏低，但需要通胀降低、美联储降息以及关税问题不大等条件才能真正上涨 [17][18] - 目前的环境（通胀高企，增长放缓）对小型公司不利 [19]

Core Insights - SSR Mining Inc. (SSRM) stock reached a 52-week high of $13.48, closing at $13.45, driven by the restart of Seabee mine operations and high gold and silver prices [1][5] - Year-to-date, SSRM shares have increased by 45.1%, outperforming the industry growth of 21% and the Zacks Basic Materials sector and S&P 500 gains of 22.7% and 25%, respectively [1][5] Performance Comparison - SSR Mining has outperformed peers such as Pan American Silver (PAAS), Hecla Mining (HL), and IAMGOLD (IAG), which have year-to-date gains of 35.2%, 30.8%, and 29.1%, respectively [2] Growth Drivers - The current silver price is approximately $36.80 per ounce, near a 13-year high, influenced by U.S. trade policy changes and geopolitical uncertainties, with both silver and gold prices up 27% year-to-date [9] - The silver market is projected to face a deficit of 117.6 million ounces in 2025, marking the fifth consecutive year of deficit, which is favorable for silver prices [10] - Gold prices are expected to rise due to increased central bank purchases and ongoing geopolitical tensions [12] Operational Updates - Seabee mine operations resumed on June 13, 2025, after a two-week suspension due to power outages, with no reported damage [12] - In Q1 2025, Seabee produced 26,001 ounces of gold, a 9.4% year-over-year increase, with expectations of 70,000-80,000 ounces for the full year [13] - The cost of sales for Seabee is projected at $1,230-$1,270 per payable ounce, with an all-in sustaining cost (AISC) of $1,710-$1,750 per payable ounce for 2025 [13] Strategic Acquisitions - SSR Mining acquired the Cripple Creek & Victor (CC&V) mine on March 3, 2025, enhancing its U.S. presence and adding approximately 170,000 ounces to annual gold output [14][15] - The acquisition is expected to positively impact key per-share metrics, including NAV, gold production, mineral reserves, and free cash flow [15] Earnings Estimates - The Zacks Consensus Estimate for SSR Mining's earnings for 2025 and 2026 has increased by 52.4% and 16%, respectively, over the past 60 days [16] - The consensus estimate for 2025 earnings is $1.25 per share, indicating a year-over-year increase of 346%, while the estimate for 2026 is $2.02 per share, reflecting a 62% increase [18] Valuation Metrics - SSR Mining is currently trading at a forward 12-month price-to-earnings multiple of 8.16X, which is below the industry average of 14.44X and cheaper than IAMGOLD at 8.31X [19][20] Long-Term Growth Outlook - SSR Mining has a diversified portfolio with expected gold production at Marigold to exceed 270,000 ounces annually by 2027, with an 18% CAGR from 2024 [21] - Seabee's production is anticipated to average 75,000 ounces annually from 2024 to 2028, with ongoing exploration and resource development to extend mine life [22] Investment Consideration - The strategic acquisition of the CC&V Mine, combined with strong asset performance and rising gold and silver prices, positions SSR Mining favorably for growth, supported by an attractive valuation and upward earnings estimate revisions [25]