NEW YORK (AP) — Stocks gained ground on Wall Street Monday to kick off their first full week of the new year. The gains were broad, with particularly big jumps for energy companies and banks. Elsewhere, industrial companies and retailers joined in to help boost major indexes. The S&P 500 rose 43.58 points, or 0.6%, to 6,902.05. The benchmark index is just below its record set in late December. The Dow Jones Industrial Average set a record, rising 594.79 points, or 1.2%, to 48,977.18. The Nasdaq composi ...

Core Viewpoint - The article discusses the calculation of the taxable amount for business ledger stamp duty, detailing the basis for taxation and applicable rates. Group 1: Tax Calculation Method - The taxable amount for stamp duty on business ledgers is calculated by multiplying the tax base by the applicable tax rate [4]. - The tax base for taxable business ledgers is the total amount of paid-in capital (share capital) and capital reserves recorded in the ledger [4]. - If the paid-in capital (share capital) and capital reserves recorded in subsequent years exceed the amounts for which stamp duty has already been paid, the taxable amount is calculated based on the increase [4]. - The applicable tax rate for business ledger stamp duty is 0.29% of the total amount of paid-in capital (share capital) and capital reserves [4]. Group 2: Tax Policy for Small Enterprises - From January 1, 2023, to December 31, 2027, small-scale VAT taxpayers, small and micro enterprises, and individual businesses will have their resource tax (excluding water resource tax), urban maintenance and construction tax, property tax, urban land use tax, stamp duty (excluding securities transaction stamp duty), land occupation tax, and education fees halved [7]. - The announcement regarding tax policies for small enterprises aims to support their development [7]. Group 3: Exemptions and Special Cases - Certain contracts and property transfer documents related to the disposal of non-performing assets by banking financial institutions and financial asset management companies are exempt from stamp duty [8]. - Newly established business ledgers for insurance guarantee fund companies are also exempt from stamp duty [8].

Company and Industry Insights - Nvidia and AMD are expected to generate significant attention at CES, with Nvidia's CEO Jensen Huang likely to discuss the company's AI strategy, focusing on datacenters, physical AI, and robotics, along with updates on the Cosmos foundation model and autonomous technology for 2026 [3][4] - AMD's CEO Lisa Su will deliver the opening keynote at CES, where she is anticipated to announce major updates to the Ryzen CPU line and showcase developments in AI PCs, gaming, datacenters, and automotive computing [5] - Versant Media Group is set to begin trading following its spinoff from Comcast, positioning itself as a hybrid cable-digital media company with a focus on expanding beyond traditional media [7][8] - The U.S. government plans to invest in Venezuela's oil infrastructure, which has the world's largest proven crude reserves of over 303 billion barrels, indicating potential opportunities for U.S. oil majors [9]

Group 1 - In late January 2025, short-term rates on certificates of deposit are projected to be 4.5% or greater, indicating a favorable environment for investors seeking fixed-income opportunities [1] - The article emphasizes that the best profit opportunities in individual stocks arise from those that are less widely followed or do not accurately reflect current market opportunities [1]

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the Federal Open Market Committee (FOMC) and its economic projections, focusing on interest rate policies and inflation expectations. Core Insights and Arguments - **Interest Rate Cuts**: Most FOMC participants supported the December rate cut, with expectations to continue lowering rates into 2026 if inflation aligns with projections [2][4][8] - **Diverse Opinions**: A few participants expressed concerns about the labor market data justifying a rate cut, indicating a split in opinions among the members [3][8] - **Inflation Concerns**: Despite inflation remaining above target, most participants anticipated further rate cuts if inflation decreases as expected [4][8] - **Labor Market Outlook**: There is a notable concern regarding the labor market, with many participants indicating that a neutral policy stance could help prevent significant deterioration in labor conditions [3][9] - **Balance Sheet Discussion**: The FOMC approved "Reserve Management Purchases" to manage reserve balances in the banking system, addressing tensions in repo markets [10] Important but Overlooked Content - **Economic Projections**: The December summary of economic projections indicates a change in real GDP expected at 1.7% for 2025 and 2.3% for 2026, with unemployment rates projected to decrease slightly over the years [6] - **Volatility in Claims**: Initial claims for unemployment insurance are expected to rise slightly, reflecting seasonal volatility around the holidays [11][14] - **Manufacturing Index**: The FRB of Dallas manufacturing index fell to -10.9, indicating continued contraction in the manufacturing sector for five consecutive months [19][23] - **Pending Home Sales**: The pending home sales index rose by 3.3% in November, although it remains historically low, indicating a mixed outlook for the housing market [27] This summary encapsulates the key points discussed in the conference call, highlighting the FOMC's stance on interest rates, inflation, and economic projections, along with additional insights into the labor market and housing sector dynamics.

Core Insights - Increased interest from Chinese and local issuers in listing debt and equity securities in Dubai indicates growing confidence in the Chinese economy and the strengthening economic corridor between China and the Middle East [1][4] Group 1: Market Developments - Emirates NBD Bank recently issued an offshore yuan bond worth 1 billion yuan (approximately US$143 million) on Nasdaq Dubai, marking a return to the dim sum bond market and allowing global investors access to yuan-denominated bonds outside China [2] - The issuance of the 1 billion yuan bond, which has a 2.4% coupon maturing in 2028, reflects strong investor confidence in the Chinese economy and highlights the demand for yuan-based funding and investment [4] - The Dubai International Financial Centre (DIFC) is home to several Chinese banks that are active in financial services and trade financing, particularly in relation to the Belt and Road Initiative [5] Group 2: Market Positioning - Dubai's debt market is robust, with Nasdaq Dubai hosting over US$145 billion in outstanding debt securities as of December, making it a leading platform for international fixed-income instruments, especially in the sukuk market [6] - The equity market in Dubai is still developing compared to Hong Kong, indicating potential growth opportunities in this sector [5] - The interest in dim sum bonds outside Hong Kong demonstrates a growing appetite for China-related financial products in Dubai [3]

Group 1 - The article discusses the outlook for the year 2026, focusing on market predictions and trends [1][2] - It is sponsored by Discovery Silver, a company listed on the TSX under the ticker DSV, indicating a focus on silver market dynamics [1][2] Group 2 - Ernest Hoffman is identified as a Crypto and Market Reporter for Kitco News, with over 15 years of experience in market news and journalism [3] - The article emphasizes the author's background and expertise in economic news, which may lend credibility to the insights provided [3]

Core Viewpoint - Archer-Daniels-Midland Company (NYSE:ADM) faces challenges due to regulatory delays and weakening margins, leading to a downgrade by Morgan Stanley from Equal Weight to Underweight with a reduced price target of $50 from $57 [2]. Financial Performance - ADM shares have increased over 15% since early 2025, but this rally lacks support from earnings momentum [3]. - The company's profit in the agricultural services and oilseed segment dropped 21% in Q3 to $379 million, primarily due to a 93% decline in crushing profits [4]. - ADM has lowered its 2025 profit outlook for the third consecutive quarter, now expecting adjusted earnings of $3.25 to $3.50 per share, down from an earlier forecast of about $4.00 and below analysts' estimate of $3.79 [5]. Market Conditions - Ongoing uncertainty regarding US biofuel policy and global trade disruptions have negatively impacted oilseed crush margins, affecting ADM and other agribusiness firms [3]. - The company is experiencing steady pressure from ample global crop supplies and volatile commodity markets, which continue to squeeze profitability [3].

以一笔总额100万元、期限30年的首套房公积金贷款为例，采用等额本息还款方式，利率下调后，月还 款额将从4135.57元降至4003.40元，每月减少132.17元；整个贷款周期总利息支出可节省4.76万元，有效 减轻借款人的长期还款压力。 职工若想查询本人贷款执行的具体利率，可通过"昆明公积金"微信小程序等官方渠道进行查询。 本报讯 记者徐晓俊报道 记者从昆明市住房公积金管理中心获悉，自2026年1月1日起，在2025年5月8日 前已发放的存量个人住房公积金贷款利率将自动下调。借款职工无需办理任何手续，即可享受降息带来 的月供减少实惠。 根据《中国人民银行关于下调个人住房公积金贷款利率的通知》，自2025年5月8日起，个人住房公积金 贷款利率已统一下调0.25个百分点。此次政策明确，对于在该日期前已发放的存量贷款，其利率调整将 于2026年1月1日自动生效。2025年5月8日（含）之后新发放的贷款，已直接执行下调后的新利率。 利率调整具体标准为：贷款期限5年（含）以下的，首套房利率由2.35%降至2.1%，二套房利率由 2.775%降至2.525%；贷款期限5年以上的，首套房利率由2.85%降至2.6%，二 ...

Core Insights - The yield on the 10-year Treasury note finished at 4.18% on December 31, 2025, while the 2-year note ended at 3.47% and the 30-year note at 4.84% [1] - The inverted yield curve, where longer-term Treasury yields are lower than shorter-term yields, is a reliable leading indicator for recessions, with the 10-2 spread turning negative before recessions [2][3] - The average lead time to a recession based on the first negative spread date is approximately 48 weeks, while using the last positive spread date yields an average lead time of 18.5 weeks [4][6] Treasury Yield Analysis - The 10-3 month spread also indicates lead times to recessions ranging from 34 to 69 weeks, with similar patterns observed as in the 10-2 spread [5] - The most recent negative spread for the 10-2 occurred from July 5, 2022, to August 26, 2024, while the 10-3 month spread was negative from October 25, 2022, to December 12, 2024 [3][5] Mortgage Rate Trends - The Federal Funds Rate (FFR) influences borrowing costs, and typically, an increase in the FFR leads to higher mortgage rates; however, recent trends show mortgage rates declining despite the Fed's rate-cutting cycle starting in September 2024 [7] - The latest Freddie Mac Weekly Primary Mortgage Market Survey reported the 30-year fixed mortgage rate at 6.15%, the lowest since October 2024 [7] Market Behavior and Federal Reserve Influence - Federal Reserve policy has significantly influenced market behavior, particularly in relation to Treasury yields and mortgage rates [8]