Let's get to Rick Santelli. Hey Rick. >> Hi Carl.Indeed. These are December preliminary S&P global PMIs. On the manufacturing front coming in light at 51.8%.Also sequentially lower than last month's final 52.2%. That would be the lowest read since this summer July. If we look at the services 52.9%.We're expecting 54 in the rearview mirror. 54.1%. 52.9% equals where we were in June.To find a lower number, you're going back to April of this year. And finally, on the composite, 53.9% expected. 53 is what arriv ...

Core Insights - The growth of private sector activity in Germany in December fell short of expectations, with the manufacturing sector recording its worst performance in ten months [1][3] - The S&P Global Composite Purchasing Managers' Index (PMI) decreased from 52.4 in the previous month to 51.5, remaining above the neutral 50 mark due to the service sector's expansion for the fourth consecutive month [1][3] Economic Outlook - Cyrus de la Rubia, an economist at Hamburg Commercial Bank, stated that the service sector is stabilizing the overall economy and is expected to contribute significantly to positive GDP growth in the fourth quarter [3][5] - The German economy, driven by infrastructure and defense spending under Chancellor Friedrich Merz, is projected to recover next year while currently striving for modest growth [3][5] - The German central bank and other forecasting institutions anticipate growth in output for the fourth quarter, aided by the European Central Bank's earlier interest rate cuts [3][5] Manufacturing Sector Analysis - The Purchasing Managers' Index contrasts with recent manufacturing data, which had painted a more optimistic industry outlook [3][5] - In October, factory orders surged, particularly due to a rise in transportation orders covering aircraft, ships, trains, and military vehicles, with industrial production data also exceeding expectations [3][5]

Core Viewpoint - The article discusses the outcomes and expectations of China's economic performance as it approaches the end of the 14th Five-Year Plan and the beginning of the 15th, highlighting the resilience and vitality of the economy despite challenges [1][2]. Economic Performance and Outlook - The overall economic operation is stable, with a projected growth rate of around 5% for the year, leading to an economic total of approximately 140 trillion yuan [1]. - The construction of a modern industrial system is progressing, with advancements in technology and innovation, particularly in artificial intelligence, biomedicine, and robotics [1]. - Reforms and opening-up measures are advancing, with a focus on building a unified national market and addressing "involution" competition [2]. - There are positive developments in risk mitigation in key areas, including the orderly replacement of local government hidden debts and the completion of housing delivery tasks [2]. Challenges and Policy Directions - The article identifies ongoing challenges such as external environmental changes, weak domestic demand, and risks in key sectors [2]. - The economic foundation remains strong, with long-term supportive conditions for growth, including the advantages of the socialist system and a large market [3]. - The government plans to implement more proactive macroeconomic policies, maintaining necessary fiscal deficits and debt levels while enhancing the precision and effectiveness of fiscal spending [3][4]. Domestic Demand and Investment - Expanding domestic demand is a top priority, with domestic demand contributing 71% to economic growth in the first three quarters [5]. - The government aims to stimulate consumption by addressing structural changes and enhancing the supply of quality goods and services [5][6]. - Investment is expected to stabilize, with a focus on infrastructure and social welfare projects, while also encouraging private investment in high-tech and service sectors [6]. Technological Innovation and Market Development - The construction of international technology innovation centers in Beijing, Shanghai, and the Guangdong-Hong Kong-Macau Greater Bay Area is emphasized as a strategic move to enhance global competitiveness [7][8]. - The article discusses the need for a unified national market to improve resource allocation and market efficiency, addressing barriers to competition and market entry [9][10]. Trade and Foreign Investment - The government plans to expand high-level opening-up measures, including increasing service sector access and signing more trade agreements [11][12][13]. - Efforts will be made to optimize the business environment for foreign investment, including easing market access and enhancing support for foreign enterprises [13]. Regional Development and Coordination - The article outlines strategies for promoting regional coordinated development, focusing on the collaborative growth of different regions and supporting major economic provinces [14][15][16]. - Emphasis is placed on urban-rural integration and the development of new productive forces tailored to local conditions [15]. Green Transition and Employment - The government is committed to a green transition, with plans to achieve carbon peak and neutrality goals while enhancing the resilience of the energy system [16][17][18]. - Employment policies will focus on stabilizing job growth, particularly for key groups such as graduates and migrant workers, while promoting flexible employment and skills training [19][20]. Real Estate Market Stability - The article discusses the need for a stable real estate market, highlighting the potential for high-quality development despite current challenges [21][22]. - Measures will be taken to support the transformation of real estate companies and to encourage a new development model in the sector [22][23].

Group 1 - The core point of the article is that China Financial Investment Management (00605) announced a loan agreement involving a principal amount of 20.88 million Hong Kong dollars, set to be provided by Qianlong Lingda to borrowers EX and FL, with a term of two years [1] Group 2 - The loan agreement is scheduled to be executed on December 16, 2025, indicating a future financial commitment [1] - The agreement highlights the company's ongoing activities in financial management and lending operations within the market [1] - The principal amount of the loan reflects the company's capacity to engage in significant financial transactions [1]

Core Insights - The perception of wealth among Americans has shifted, with an average of $2.3 million now considered necessary to be deemed wealthy, reflecting a significant increase from previous years [1][4] - The financial landscape has changed, with many millionaires including their homes in asset calculations, leading to a lower amount of investable assets [2][4] - Different generations have varying definitions of wealth, with younger generations setting lower thresholds compared to older generations [5][6] Group 1 - A survey by Charles Schwab indicates that the average amount Americans believe is needed to be considered wealthy is $2.3 million, down from $2.5 million last year but up 21% from $1.9 million in 2021 [1] - 63% of respondents feel that more money is required to be considered wealthy compared to the previous year, citing inflation and economic conditions as contributing factors [1] - The founder of Solomon Financial notes that many millionaires include their homes in their asset calculations, which often results in lower investable assets [2] Group 2 - The survey reveals generational differences in wealth perception, with Gen Z defining wealth at $1.7 million and financial comfort at $329,000, while Baby Boomers set the threshold at $2.8 million [5][6] - Experts suggest that older generations view wealth through the lens of security, focusing on real estate and retirement assets, while younger generations prioritize lifestyle and experiences [5][6] - The pessimism among younger generations regarding home ownership is noted as a significant factor affecting their wealth perception, as home ownership has historically been a primary means of wealth accumulation in the U.S. [6]

Group 1 - The Schwab U.S. Dividend Equity ETF™ (SCHD) has slightly outperformed the broader market since a previous bearish call in late September 2025, attributed to a solid 13% rally [1] - The article highlights the author's extensive experience in finance, particularly in the oilfield and real estate industries, with over a decade of experience in complex due diligence and M&A transactions [1] - The author has developed a keen interest in equity research and analysis, providing services for a Dubai-based family office with over $20 million in assets under management [1] Group 2 - The author emphasizes the ability to analyze financial statements, evaluate market trends, and identify key growth drivers across different industries [1] - There is a commitment to staying updated on the latest developments and trends in the equity research industry, alongside a focus on professional development [1]

Market Overview - U.S. stock index futures are all down, with Dow futures down 0.02%, S&P futures down 0.05%, and Nasdaq futures down 0.11% [1] - Major European stock indices are also down, with the Euro Stoxx 50 down 0.28%, FTSE 100 down 0.46%, CAC 40 down 0.14%, and DAX 30 down 0.42% [1] - WTI crude oil is down 1.51% at $55.96 per barrel, and Brent crude is down 1.35% at $59.74 per barrel [1] - Gold prices are down 0.39% at $4318.3 per ounce [1] Market Insights - Morgan Stanley predicts gold prices will reach $4800 per ounce by Q4 2026, driven by increased central bank purchases, global growth concerns, and higher demand from stablecoin companies [1] - The OECD expects the AI investment boom to boost productivity, although trade uncertainties remain [1] - The Thai baht has reached a four-year high, prompting the Bank of Thailand to tighten scrutiny on dollar-selling transactions to prevent unwanted capital inflows [1] - The EU is reportedly proposing to relax new car emissions standards, potentially allowing the sale of plug-in hybrid vehicles and electric vehicles with fuel range extenders [1] Company News - TotalEnergies has signed a 21-year power agreement with Google to supply 1 TWh of renewable energy for Google's data center in Malaysia from a new solar power plant [1] - Apple has updated its Android Apple TV app to include Google Cast functionality, contrasting with Netflix's recent discontinuation of casting features [1] - Ford is recalling two vehicle types in the U.S.: 32,160 units of the 2022-2025 E-Transit due to axle detachment issues, and 780 units of the 2025-2026 Corsair and Escape for unfastened seatbelt retractors [1] - Volkswagen is recalling 3,138 units of the 2025 Tiguan in the U.S. due to a fault in the passenger detection system that may cause front airbags to fail [1] - Kering Group and Ardian have completed a real estate transaction on Fifth Avenue in New York, with Ardian holding 60% and Kering holding 40%, for a total of $900 million [1] - Ford is restructuring its electric vehicle business, halting production of the all-electric F-150 Lightning pickup and shifting focus to hybrid and range-extended models, incurring a $19.5 billion charge [1] Economic Data and Events - The U.S. non-farm payroll report for November is set to be released tonight at 21:30, with institutions warning that the data may be distorted due to government shutdowns, emphasizing the need to focus on private sector hiring [1]

Group 1 - UBS Group AG reduced its stake in Longpan Technology (02465) by 513,000 shares at an average price of HKD 14.8242 per share, totaling approximately HKD 7.6048 million [1] - After the reduction, UBS's latest holding amounts to 9.2385 million shares, representing a holding percentage of 7.70% [1]

Shares of B Riley Financial Inc (NASDAQ:RILY) rose sharply in pre-market trading after the company reported second-quarter financial results.B Riley Financial reported earnings of $4.50 per share for the second quarter, versus a year-ago loss of $14.35 per share. The company’s sales surged to $225.302 million from $94.885 million.B Riley Financial shares jumped 25% to $4.65 in the pre-market trading session.Here are some other stocks moving in pre-market trading.GainersBiodexa Pharmaceuticals PLC-ADR (NASDA ...

Metal Market - Domestic metal prices fell, with Shanghai tin leading the decline at 3.15%, followed by nickel down 2.36%, and both lead and zinc dropping over 1% [1] - In the black metal sector, all except stainless steel saw price increases, with iron ore rising 1.06% and both coking coal and coke increasing by over 1% [1] - On the international front, basic metals mostly declined, with London aluminum and lead showing slight gains of 0.45% and 0.15% respectively [1] Precious Metals - As of 15:03, COMEX gold fell by 0.46% and silver by 0.96%, while domestic gold and silver prices dropped by 0.6% and 0.3% respectively [1] Macro Environment - The National Development and Reform Commission emphasized the need to accelerate the establishment of a system to expand domestic demand, including removing unreasonable restrictions on consumption in sectors like automotive and housing [4] - The People's Bank of China conducted a net injection of 18 billion yuan through reverse repos, maintaining the operation rate at 1.40% [5] - Shenzhen's financial office is pushing for high-quality development in the capital market, supporting reforms in the ChiNext board and promoting venture capital initiatives [6] Currency and Economic Indicators - The central parity rate for the RMB against the USD was set at 7.0602, with the USD index stable at 98.28 as investors await key employment and inflation data from the US [7] - Upcoming economic data releases include China's electricity consumption and various manufacturing PMIs from Europe and the US [7][8] Oil Market - As of 15:03, both US and Brent crude oil prices fell by 0.65% and 0.61% respectively, influenced by improved prospects for peace between Russia and Ukraine [9] - Preliminary surveys indicated a potential decline in US crude oil inventories, while distillate and gasoline stocks may have increased [10]