Core Insights - The U.S. higher education landscape is becoming less welcoming to international students, prompting a shift towards Europe, particularly Germany, as a viable alternative for education and career opportunities [1][4][62] - The "Say Ja to Germany" campaign, initiated by three leading German business schools, aims to attract international students and faculty by highlighting Germany's commitment to academic freedom and quality of life [4][8][32] Group 1: U.S. Higher Education Challenges - The Trump administration's policies have created an environment of uncertainty for international students, leading to a perception that they are expendable [1] - Changes to H1B visa regulations and increased scrutiny on international students have further complicated the landscape for foreign scholars in the U.S. [5][6] - The U.S. commitment to academic freedom is being challenged, with funding threats to universities over their diversity and inclusion policies [6][62] Group 2: European Opportunities - Several European countries, including the UK, Canada, and Australia, have implemented stricter regulations on international students, making Germany's open approach more appealing [2] - Germany's "Say Ja to Germany" initiative is a collaborative effort among Mannheim Business School, ESMT Berlin, and WHU to promote the country as a welcoming destination for international talent [4][7][32] - The campaign emphasizes Germany's strengths in academic freedom, research opportunities, and a supportive environment for international students [8][32][62] Group 3: Academic and Career Pathways - Approximately 85% of non-German full-time MBA graduates from Mannheim stay in Germany for work, reflecting the country's attractiveness for skilled professionals [25] - The German educational system is less expensive compared to the U.S. and UK, making it an appealing option for students seeking quality education without high fees [29][30] - The focus on soft skills and adaptability in business education is becoming increasingly important, especially in the context of AI and changing job markets [51][57] Group 4: Future Developments - Mannheim Business School plans to expand its master's programs to include specialized areas such as Finance and Operations & Supply Chain Management, aligning with emerging industry needs [48][49] - The initiative aims to enhance the school's profile and attract a diverse international student body, particularly from Asia and Eastern Europe [43][45] - The collaboration among top German business schools is expected to strengthen their collective visibility and reputation in the global education market [41][42][67]

Core Points - The Trump administration is engaging in a significant shift towards federal ownership in private companies, particularly in sectors deemed critical for national security, such as semiconductors and defense [2][3][4] - The administration's strategy includes acquiring equity stakes in various companies, which raises concerns about government influence on corporate decision-making and market dynamics [5][14][19] Group 1: Government Interventions - The administration has engineered deals to acquire stakes in companies like xLight, MP Materials, Intel, and others, indicating a trend towards partial nationalization [2][5][10] - A notable deal includes the government taking a 10% equity stake in Intel, making it the largest shareholder, which could influence the company's operations and strategic decisions [5][10][19] - The administration's actions are seen as a move towards "state capitalism," where the government directly influences corporate behavior under the guise of enhancing domestic capacity [4][5][27] Group 2: Economic Implications - The government's involvement in private companies may distort corporate decision-making, as seen with Intel's response to pressure from the administration regarding its operations [14][19] - The acquisition of stakes in companies could create an uneven playing field, disadvantaging smaller firms and startups that do not receive government backing [16][19] - The administration's approach may lead to inefficiencies and complacency in companies that are partially state-owned, reminiscent of past government enterprises [20][21] Group 3: Legislative and Political Context - The establishment of a U.S. sovereign wealth fund (SWF) was proposed, but critics argue that the U.S. does not need such a fund given its existing capital markets and significant national debt [7][8][11] - Congressional Republicans have largely remained passive in response to these developments, despite traditionally opposing such government interventions [2][35][36] - The potential for future Democratic administrations to leverage these government equity stakes for progressive agendas raises concerns about the long-term implications of current policies [37][38]

Core Viewpoint - The Agnelli family, through Exor, has firmly rejected Tether's offer to purchase Juventus, emphasizing that the club's history and values are not for sale [1][3]. Group 1: Tether's Offer - Tether proposed an all-cash offer of 2.66 euros per share for Exor's stake in Juventus, valuing the club at over one billion euros ($1.17 billion) and providing a 21% premium over the current share price of 2.19 euros [2][3]. - Tether plans to invest one billion euros to support Juventus if the acquisition proceeds [2]. Group 2: Juventus Financial Performance - Juventus has not reported an annual net profit for nearly a decade, and its shares have decreased by 27% in the current year [4]. Group 3: Tether's Stake and Strategic Intent - Tether has acquired over 10% of Juventus this year, making it the second-largest shareholder [5]. - The acquisition of a European soccer club could enhance Tether's credibility amid increasing regulatory scrutiny in the EU [5]. Group 4: Exor's Position and Future Plans - Exor, which holds a 65.4% stake in Juventus, has unanimously rejected Tether's offer and has no intention of selling any shares [3][6]. - Exor is streamlining its portfolio, having sold Iveco to Tata Motors and is in discussions to sell its news operations [6]. Group 5: Historical Context - The Agnelli family's connection to Juventus dates back to 1923, and there are indications of a gradual disengagement from Italy, although they have stated no intention to sell shares [7].

Market Overview - The Dow is up about 100 points, indicating a potential record close after a record yesterday [2][3] - The S&P 500 also closed at a record yesterday but is down about a third today, while the Nasdaq is down about half a percent [3][4] - The S&P equal weight index is outperforming the S&P 500, suggesting broadening participation in the market [4] Federal Reserve Insights - The Federal Reserve cut interest rates by a quarter percentage point, with dissent from three members [8][10] - Chicago Fed President Austin Goulby expressed a desire to wait for more inflation data before further cuts, indicating optimism for significant reductions in rates over the next year [9][10] - Kansas City Fed President Jeff Schmid believes inflation remains too high and the economy shows momentum, suggesting that policy is not overly restrictive [10][11] Technology Sector Performance - Broadcom's disappointing earnings report has significantly impacted the tech sector, contributing to its decline [6][7] - Despite the drop, Broadcom's stock is still up year-to-date due to investor confidence in its AI-related prospects [7] College Athletics and NIL Legislation - The Hustle Act aims to protect college athletes' name, image, and likeness (NIL) earnings by creating tax-advantaged savings accounts and capping agent fees [36] - NIL has become a multi-billion dollar business for college athletes, necessitating legislative measures to provide structure and support [37][38] - The legislation seeks to address the challenges faced by student-athletes in managing their new commercial opportunities while balancing academic commitments [39][41] Corporate Developments - Citigroup received an upgrade to overweight from JP Morgan, citing expected benefits from a solid economy and market activity [60] - Alphabet's price target was raised to $350 by TD Cowan, driven by increased search engagement and the success of its Gemini chatbot [61][62] - FMCC was double upgraded by Wedbush, with expectations of near-term action from the Trump administration to recapitalize the mortgage giant [63] Cryptocurrency Market - Bitcoin is rebounding after dipping below 90,000 earlier in the week, with analysts noting it has been stuck in a range of 85,000 to 95,000 for about a month [64] Electric Vehicle Sector - Rivian's stock is up significantly after NEM raised its price target, citing momentum in AI and autonomous driving [65][66] Banking Sector - UBS shares are rising after Swiss lawmakers proposed easing capital rules, which would lower funding costs for the bank [68]

Market Overview - The market is experiencing a rotation trade, with approximately 60% of S&P 500 stocks in the green, but the S&P 500 equal weight index is trading flat to negative, indicating a shift in market dynamics [2][4] - Volatility is relatively low, with the VIX at 14, suggesting a potential for an increase in volatility in the near future [4][10] - The yield on the 10-year benchmark is at 4.19%, reflecting a return to pre-FOMC meeting levels, indicating market caution regarding rate cuts [7][8] Federal Reserve Commentary - Fed speakers, including Austin Goolsby and Schmidt, express concerns about elevated inflation risks, leading to a cautious stance on rate cuts [5][8] - Upcoming Fed commentary and economic data will be crucial for market direction, with a focus on employment and housing data [11][12] Sector Performance - The technology sector is facing sell-offs, with companies like Broadcom and Oracle experiencing declines [4][9] - The healthcare sector is performing well, with stocks like UNH and Humana showing aggressive gains [14][15] Commodities Insights - Natural gas prices are down nearly 3%, influenced by warmer weather forecasts and an inventory buildup in the U.S. [16][18] - If natural gas remains around the $4 level for a few weeks, there is potential for a rebound to $5 or $6 due to expected winter weather disruptions [19][20] - In the metals market, platinum and palladium are seeing gains, driven by industrial demand and potential regulatory rollbacks on emissions [24][25]

近日，"粤车南下"香港政策正式公布后，符合进入香港市区条件的广东车主开始办理验车手续。12月12 日，南都N视频记者走访广州的车辆查验中心发现，车主们普遍反映"办理验车手续很方便"。有工作人 员提醒，申请"粤车南下"验车的车主需要注意，前挡风玻璃透光率不低于70%，"粘贴的反光车膜要符 合要求"。 需要注意的是，很多车主喜欢贴车膜，能否通过验车要看外观明不明显，"太明显就没法通过"，由于香 港运输署要求前挡风玻璃透光率不低于70%，内地很多车辆会贴膜挡光，不一定能通过。上述工作人员 提醒，另外车辆轮胎磨损严重、漏油漏水等，或者有明显损坏，也无法通过验车。 天河区另一验车点的工作人员告诉南都记者，现在每天有十多个车主来申请"粤车南下"验车，费用是 450元，一个小时就能办完验车手续。"发现有不合格的地方，我们会提醒车主整改"，如果车主贴膜透 光率不达标，他们可以提供撕膜服务，费用约200元。 "验车通过率还是很高的。"她提到，最近前来验车的车辆中，只有一两辆没有通过，"主要是因为轮胎 漏气或者磨损严重，需要重新换轮胎"。 1700人中签饮"头啖汤" 南都此前报道，10月31日，"粤车南下"香港政策正式公布，首批 ...

Group 1: Broadcom and AI Trade - Broadcom is facing margin concerns after a strong Q4 performance, with expectations of a 100 basis points sequential decline in Q1 gross margin due to increased AI revenue share [4] - The company has a significant backlog of $73 billion in AI product orders scheduled over the next six quarters, but this includes lower-margin system sales [5] - Broadcom's market capitalization has surpassed that of Meta and Tesla, highlighting its importance in the AI sector following a 78% year-to-date rally [3] Group 2: Cannabis Industry - Cannabis producer stocks are rising on reports that President Trump may advocate for reclassifying marijuana from Schedule I to Schedule III, which would recognize its medical applications [6][7] - A call was held involving Trump and several cannabis industry executives to discuss the reclassification proposal, although no final decision has been made [7] Group 3: Anheuser-Busch InBev - Anheuser-Busch InBev plans to close its Merrimack, N.H. brewery by early 2026 as part of a modernization effort, aligning with closures at other sites [8][9] - The company holds a leading position in the U.S. beer market with approximately 33% market share, with Michelob Ultra being the top-selling beer by volume [10]

Core Insights - The launch of the "Cluster Quick Loan" product by China Construction Bank aims to provide tailored financial support to Shanghai's five major advanced manufacturing industry clusters, including integrated circuits, biomedicine, and new energy vehicles [1][3][7] Group 1: Financial Innovation - The "Cluster Quick Loan" addresses the financing challenges faced by technology-driven enterprises, which often lack effective collateral and experience mismatches between funding needs and short-term loan durations [3][4] - The product utilizes a big data risk control model to integrate various credit factors, enabling online processing and offering favorable long-term, low-interest loan conditions [3][4] Group 2: Collaborative Ecosystem - A collaborative ecosystem involving government, banks, and enterprises is being established in Zhangjiang Science City, enhancing the efficiency of financial services for innovative companies [4][6] - The Zhangjiang Financing Service Center effectively breaks down information barriers between banks and enterprises, allowing for more accurate identification of quality tech companies [4][6] Group 3: Efficient Service Delivery - In Jiading District, a rapid financial service initiative has been implemented, identifying 383 key enterprises within three weeks, showcasing the efficiency of the "Jiading Speed" in financial product delivery [5][6] - The collaboration between various stakeholders has improved the quality and efficiency of financial services to the real economy [6] Group 4: Modern Industrial Support - The successful implementation of the "Cluster Quick Loan" is a practical step towards supporting Shanghai's strategic emerging industries and aligns with the city's goal of becoming a globally influential technology innovation center [7] - The shift from serving individual enterprises to focusing on industry clusters enhances service efficiency and risk management capabilities [7]

e a e .. a . e a Da - a . e - . P t 12 1 b r t 99 / 1 the 201 the results of r - 1 ) i . - t 2017 - - MENT PRODUCTION i ----- i r r r th last . ed of r E . r and the state 0 10 r @ t - TV . . ille tal b (8) - 1 and 5 e 16 200 在科技飞速发展的当下，AI眼镜与智能汽车的融合已成为行业发展的新趋势。各大车企纷纷跨界布局，开启了"眼镜+车机"的生态新纪元。 其中，车企推出的AI眼镜，包含AI助手，通过芯片与硬件，实现了诸多实用功能。用户不仅可以通过语音问答获取信息，还能实时查看车辆状态，实 现对车辆的远程控制，还能获取车辆信息、导航指引以及多媒体娱乐等功能，实现了更加沉浸式的智能化驾驶体验。 有行业人士认为，车企的跨界布局，标志着它们正从交通工具制造商向"出行生态构建者"和"AI科技公司"转型。通过AI眼镜与智能汽车的融合，车企能 够为用户提供更加全面、便捷的出行服务，打造全场景智能生活体验。 ...

M Global Foundation December 8, 2025 07:00 AM GMT Global Economic Briefing The Global 360 Our views around the world. Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of Morgan Stanley Research. Investors should consider Morgan Stanley Research as only a single factor in making their investment decision. For analyst certification and other impo ...