Top News
Hassett reiterated his strong support for the independence of the Federal Reserve, while Bessent stated that one or two more interviews will take place this week.
Kevin Hassett, a leading candidate for the position of Federal Reserve Chair, reiterated his firm commitment to supporting the central bank's independence, seemingly in response to rumors the previous day about opposition from top officials close to Trump. Hassett remarked: 'The independence of the Federal Reserve is extremely, extremely important, and the voices of other members of the Federal Open Market Committee (FOMC) are equally significant. Therefore, any changes to interest rates must be driven by a consensus based on facts and data.'
U.S. Treasury Secretary Bessent, who is leading the selection process, indicated that one or two more interviews will take place this week. Bessent also dismissed claims that 'Hassett should be disqualified.' He projected that Trump will announce his nominee for the chairmanship in early January next year.
Trump is expected to interview Federal Reserve Governor Christopher Waller on Wednesday as part of the selection process for the next Federal Reserve Chair.
According to reports, U.S. President Trump will meet with another candidate for the Federal Reserve Chair, Federal Reserve Governor Christopher Waller, on Wednesday. Officials noted that the process is moving quickly, but as Trump continues to deliberate, the meeting could be postponed or canceled at any time.
Last week, Trump interviewed former Federal Reserve Governor Kevin Warsh. Trump stated that Warsh, along with Kevin Hassett, Director of the National Economic Council, are his top choices for the position.
Waller was nominated by Trump to join the Federal Reserve Board during his presidency and confirmed by the Senate at the end of Trump’s term in 2020. This year, he has become one of the leading advocates within the Fed for pushing rate cuts. The Fed cut rates by 25 basis points at each of its last three meetings. In July, Waller voted against keeping rates unchanged, advocating for a rate cut; that decision marked the last time the Fed kept rates steady in its recent series of meetings.
Trump signs proclamation further restricting entry of foreign nationals into the United States.
On December 16, the White House announced that President Trump signed a proclamation further restricting the entry of foreign nationals. The new policy imposes a full entry ban on five countries including Burkina Faso and individuals holding Palestinian travel documents, enforces a complete restriction on Laos and Sierra Leone, and implements partial restrictions on individuals from 15 countries.
Trump to Deliver National Address: Responding to Declining Poll Numbers, May Preview New Year Policies
Trump announced on social media that he will deliver a prime-time address to the nation at 9 p.m. EST on Wednesday (10 a.m. Beijing time on Thursday). This speech comes at a pivotal moment as Trump approaches the end of his first year back in the White House, with his approval ratings declining and the economy facing headwinds. Over the past year, Trump has focused on reshaping the U.S. economic and national security landscape. He imposed tariffs on trading partners and key industries and clashed intensely with allies over defense spending, immigration, and the Russia-Ukraine conflict. Domestically, he has continuously tested the boundaries of executive power, pushed for federal government restructuring, and implemented large-scale deportations of undocumented immigrants while tightening legal entry channels.
This address provides Trump with an opportunity to highlight his achievements and outline priorities for the coming year, as Republicans aim to retain control of Congress in the November midterm elections next year. Midterm elections typically result in losses for the president's party in Congress. The White House revealed that Trump will speak about his historic accomplishments, discuss future prospects, and may preview new policies for the upcoming year.
The unemployment rate in the US hit a new high in November since 2021, with nonfarm payrolls increasing by 64,000 in November, surpassing market expectations.
The growth of employment in the US remained weak in November, with the unemployment rate rising, indicating that the cooling trend in the labor market persisted after an unusually weak performance in October. Data released by the US Bureau of Labor Statistics on Tuesday showed that nonfarm payrolls increased by 64,000 in November, higher than the estimated increase of 50,000, while October saw a reduction of 105,000 jobs. The unemployment rate rose to 4.6% last month, up from 4.4% in September, reaching its highest level since 2021. Due to the US government shutdown preventing retrospective data collection, the Bureau of Labor Statistics was unable to publish the unemployment rate for October.
U.S. retail sales were flat overall in October, but core indicators significantly exceeded expectations, supporting growth in the fourth quarter.
Data released by the US Department of Commerce, delayed due to the government shutdown, showed that retail sales in October remained flat on a monthly basis, slightly below the expected growth of 0.1%, which also brought the year-over-year growth rate down to 3.5%. September's data was revised upwards to show growth of 0.1%.
U.S. retail sales in October were weighed down by a decline in auto sales and lower gasoline prices, remaining flat month-over-month, slightly below market expectations. However, after excluding volatile items such as autos and gasoline, core retail indicators performed significantly stronger than expected, indicating that consumer spending is accelerating at the start of the holiday shopping season. The control group of retail sales used for GDP calculations surged 0.8% month-over-month, marking the largest increase since June.
The Federal Deposit Insurance Corporation (FDIC) will announce a proposal related to banks applying to issue stablecoins.
The Federal Deposit Insurance Corporation (FDIC) is drafting a framework document outlining the specific process through which banks can apply to issue payment-type stablecoins via their subsidiaries. This marks a key first step in implementing this landmark legislation. The proposal must undergo public consultation before finalization and will provide detailed instructions on how eligible banks can submit applications for regulatory approval. In a statement, Acting Chairman Travis Hill said that this “tailored” process would enable the FDIC to assess the safety and soundness of the proposed operations by applicants.
GPT-5 demonstrates the ability to assist in scientific research within a real laboratory environment.
OpenAI has revealed for the first time that GPT-5 has demonstrated the ability to assist in scientific research within a real laboratory environment. OpenAI collaborated with biosecurity startup Red Queen Bio to develop a testing framework evaluating the performance of AI models in laboratories involving operations such as liquids, chemicals, and biological samples. During the experiment, GPT-5 proposed improvements to molecular cloning procedures; after human scientists implemented these suggestions, they fed the results back to GPT-5, which then iteratively optimized the solutions based on the feedback. The experimental results showed that GPT-5 improved the efficiency of a standard molecular cloning process by 79 times.
OpenAI appoints former UK Chancellor to lead 'Stargate' global expansion plan
According to the Financial Times, OpenAI has hired former UK Chancellor George Osborne to lead the global expansion of the “Stargate” initiative. George Osborne will serve as the head of OpenAI for Countries. This project, part of the $500 billion “Stargate” plan, aims to build data centers in the US. OpenAI’s appointment of Osborne follows its competitor Anthropic appointing former UK Prime Minister Rishi Sunak as an advisor in October this year.
Reports in April indicated that OpenAI was considering expanding the “Stargate” initiative beyond the US and officially launched OpenAI for Countries one month later. Since then, OpenAI has reached agreements with the UK and the UAE and stated it is in talks with 50 countries to assist in developing their “sovereign artificial intelligence.”
The US threatens to impose countermeasures on EU companies over digital tax issues.
The U.S. government has threatened to take retaliatory measures against the European Union in response to its taxation of American tech companies, specifically naming...$Accenture (ACN.US)$ 、 $SIEMENS AG(SIEGY.US)$ and $Spotify Technology(SPOT.US)$The Office of the United States Trade Representative issued a statement on Tuesday stating: “If the EU and its member states persist in restricting, constraining, and undermining the competitiveness of US service providers through discriminatory measures, the US will have no choice but to employ all available tools to counter these unreasonable actions.” “Should retaliatory measures become necessary, US law permits imposing fees or restrictions on foreign services, along with other measures.”
The focal point of the dispute lies in digital trade regulation, as the EU is advancing its regulatory and taxation measures on $Google-C (GOOG.US)$ 、 $Meta Platforms(META.US)$ and $Amazon(AMZN.US)$ and other major U.S. tech giants. U.S. government officials have accused the EU of violating the terms of its trade agreement with the United States, particularly the EU's commitment to 'addressing unreasonable barriers to digital trade.' Trump has repeatedly criticized such measures as non-tariff trade barriers that harm U.S. corporate interests and has threatened to impose 'substantial' tariffs on countries implementing these measures. Nevertheless, the EU continues to push forward with enforcing its digital regulations, recently issuing fines amounting to hundreds of millions of dollars against $Apple(AAPL.US)$ 、 $Meta Platforms(META.US)$ and X, owned by Elon Musk.
Bostic: Further Rate Cuts May Reignite Inflation and Undermine the Fed’s Credibility
Raphael Bostic, President of the Federal Reserve Bank of Atlanta, stated that further interest rate cuts could shift U.S. monetary policy toward a more accommodative stance, stimulating economic growth while also posing risks of renewed inflation and inflation expectations. Bostic does not hold voting rights on monetary policy this year and is set to retire in February next year.
Tech Giants Push Congress to Streamline Approval Processes for Artificial Intelligence and Chip Projects
Tech giants including OpenAI and $Meta Platforms(META.US)$ and $Microsoft(MSFT.US)$ are urging Congress to pass legislation reforming the federal permitting approval process to expedite progress on artificial intelligence (AI) infrastructure projects and semiconductor production within the United States. The full House may vote on the bill—known as the Streamlining Permitting Efficiency to Enhance Digital Competitiveness Act (SPEED Act)—this week. The bill passed a key procedural vote on Tuesday.
U.S. Stockpiling and AI Boom Drive Copper Prices to Historic Highs Amid Lurking Risks
Copper prices have surged again to historic highs—not due to the depletion of global copper resources but partly because of significant stockpiling of copper by the U.S., leaving other nations scrambling for the limited remaining supply. Goldman Sachs analysts have warned that investors heavily betting on data center construction opportunities may trigger speculative trends that could expose copper prices to the risk of sharp corrections.
AI Data Platform Databricks to Raise $4 Billion, Valuation Rises to $134 Billion
Databricks, a data analytics and artificial intelligence software company, announced that it is undergoing a Series L funding round, with the financing scale exceeding USD 4 billion, corresponding to a company valuation of approximately USD 134 billion, representing a 34% increase from the valuation in the previous funding round earlier this summer. The company’s annual recurring revenue has reached USD 4.8 billion, and it plans to allocate the funds toward investment in its core data analytics products and AI software. The company’s CEO stated that no specific timeline for an IPO has been determined.
WTI crude hits lowest level since early 2021 amid rising expectations of a Russia-Ukraine ceasefire and growing concerns over excess inventory.
According to CCTV News, Trump stated that a "peace agreement" to achieve peace between Russia and Ukraine is closer than ever before, significantly easing concerns over crude oil disruptions. Additionally, both the U.S. Energy Information Administration and the International Energy Agency have warned of unprecedented oversupply in the crude oil market, with global inventories reaching their highest level in four years.
On Tuesday, crude oil extended its decline from last Thursday, with intraday losses of approximately 2.6%, marking the fourth consecutive trading day of declines and cumulative losses exceeding 6%. Brent crude prices fell below the USD 60 and USD 59 per barrel levels successively, while West Texas Intermediate (WTI) crude briefly dropped below USD 55 per barrel, hitting its lowest level since early 2021.
U.S. Stock Market Recap
Mixed performance among the three major indices, with Tesla reaching a new all-time high.
On Tuesday Eastern Time, the three major indices showed mixed results, with only the Nasdaq Composite posting a slight gain. The S&P 500 Index fell for the third consecutive trading day. Tesla rose over 3%, reaching a new all-time high. Tesla’s market capitalization also surpassed that of Broadcom, making it the seventh-largest company by market value in the United States. At the close, the Dow Jones Industrial Average fell 0.62% to 48,114.26 points; the S&P 500 Index declined 0.24% to 6,800.26 points; and the Nasdaq Composite gained 0.23% to 23,111.46 points.
Data released before the market open on Tuesday showed that the U.S. economy added 64,000 jobs in November, slightly above the consensus estimate of 45,000. However, employment numbers for October were revised down by 105,000, and the unemployment rate rose to 4.6% in November, surpassing market expectations of 4.5% and reaching its highest level in over four years, raising concerns about the state of the U.S. economy.
Following the release of the latest employment data, market expectations for a Federal Reserve interest rate cut next month remained unchanged. The CME FedWatch Tool showed that the likelihood of another rate cut in January stayed at 24%, unchanged from the previous day.
Major technology stocks generally advanced. $Tesla (TSLA.US)$ rose 3.07% to reach a new all-time high. $Oracle (ORCL.US)$ rose 2.02%, ending a three-day losing streak. $Meta Platforms(META.US)$ rose 1.49%. $NVIDIA (NVDA.US)$ 、 $Apple(AAPL.US)$ Slight increase.
Popular Chinese stocks showed mixed performance. $Luckin Coffee (LKNCY.US)$ Dropped more than 7%, $PDD Holdings (PDD.US)$ initially closed down more than 1%. $Baidu(BIDU.US)$ 、 $Nio (NIO.US)$ 、 $XPeng Motors (XPEV.US)$ Slight increase.
Cryptocurrency-related stocks advanced. $Strategy(MSTR.US)$ 、 $Robinhood(HOOD.US)$ 、 $IREN Ltd(IREN.US)$ with a rise of over 3%, $Circle(CRCL.US)$ Up nearly 10%.
Shale oil concept declines, $Exxon Mobil(XOM.US)$ 、 $Chevron(CVX.US)$ falling more than 2%. $ConocoPhillips (COP.US)$ 、 $EQT Energy (EQT.US)$ 、 $Occidental Petroleum (OXY.US)$ Dropped more than 3%.
Individual stock news
Apple plans to expand its iPhone lineup to at least seven models by the fall of 2027 (currently five models).
This expansion plan includes $Apple(AAPL.US)$ the first foldable iPhone—expected to launch in the fall of 2026. When unfolded, this phone will be wider than it is tall, resembling a small iPad in form factor. By the fall of 2027, Apple will also release a 20th-anniversary commemorative edition iPhone, featuring curved designs on both front and back, eliminating black bezels, and increasing screen size.
The core objective of this iPhone product line expansion is to cover a broader range of consumer budgets and meet the needs of users with varying purchasing power.
UK investigates whether Google engaged in anti-competitive practices in the advertising technology sector.
On December 16, the UK Competition and Markets Authority (CMA) announced it was investigating $Google-C (GOOG.US)$ whether it has abused its dominant market position through its actions in the advertising technology sector.
Morgan Stanley: Tesla’s Robotaxi fleet could grow to 1,000 vehicles by 2026, with Tesla shares surging over 3% to reach a new high.
Morgan Stanley expects that, with the achievement of key milestones in technology and regulation, $Tesla (TSLA.US)$ Tesla's Robotaxi fleet will significantly expand by 2026. The bank noted that the unsupervised testing conducted in Austin serves as a critical validation of Tesla's strategy and is the most important catalyst in the near term. Morgan Stanley predicts that Tesla's Robotaxi fleet will grow from just a few vehicles currently to approximately 1,000 by 2026, driven by continuous improvements in safety metrics and the start of Cybercab production in April 2026.
Tesla plans to produce complete batteries at its Berlin-Brandenburg factory by 2027.
Tesla aims to manufacture complete batteries at its Berlin-Brandenburg facility near Berlin, with annual production reaching up to 8 gigawatt-hours starting in 2027. Currently, only components are manufactured in Germany, while the batteries are produced in the United States. The company plans to invest nearly €1 billion to achieve full battery production, enabling the plant to produce both batteries and vehicles at one location, thereby enhancing supply chain resilience and competitiveness in Europe.
Circle surged nearly 10% as Visa launched USDC settlement services in the United States.
Stablecoin issuer $Circle(CRCL.US)$ surged nearly 10%. In related news, Visa announced the launch of $USDCoin(USDC.CC)$ settlement services in the United States, marking a major step forward in the integration of stablecoins into mainstream financial services. U.S.-based card issuers and acquiring partners can now use Circle's USDC for settlements with Visa.
Pfizer anticipates slower revenue growth in 2026, with shares dropping over 3%.
Pfizer forecasts minimal to no sales growth for next year as the company strives to refresh its portfolio of blockbuster drugs through a series of costly acquisitions. In a statement on Tuesday, Pfizer projected revenue for 2026 to be between $59.5 billion and $62.5 billion, broadly in line with Wall Street expectations. This year's sales are anticipated to reach $62 billion, consistent with the guidance range provided by the company at the beginning of November. The company also expects adjusted earnings per share for next year to fall within the range of $2.80 to $3.00.
UBS Group surged nearly 5%, hitting its highest level since 2008. In related developments, Swiss lawmakers proposed a compromise on new capital rules for UBS Group, aiming to ensure its international competitiveness. The Swiss government previously suggested that UBS, which became Switzerland's sole global bank after acquiring the struggling Credit Suisse in 2023, should increase the capital adequacy ratio of its foreign subsidiaries to 100% from the current 60% to cover potential overseas losses.
On Tuesday, $UBS Group (UBS.US)$ rose nearly 5%, with share prices reaching their highest level since 2008. In terms of updates, Swiss lawmakers introduced a compromise proposal regarding new capital rules for UBS Group, seeking to ensure its continued competitiveness on the international stage. Earlier, the Swiss government proposed that UBS, which became the country’s sole global bank following the acquisition of the near-collapsed Credit Suisse in 2023, should raise the capital adequacy ratio of its foreign subsidiaries to 100%, up from the current 60%, to account for potential overseas losses.
UBS Group stated that this reform would imply the need to secure an additional $24 billion in capital. The Swiss government had proposed that UBS meet this requirement using Common Equity Tier 1 (CET1) capital. However, a group of lawmakers suggested that UBS should be allowed to use so-called Additional Tier 1 (AT1) debt to cover up to 50% of its foreign subsidiary capitalization requirements, which would alleviate the burden on the bank.
Gemini has launched its prediction market feature, Gemini Predictions, in the United States, with a rise of over 4%.
Cryptocurrency exchange $Gemini Space Station(GEMI.US)$ announced that its prediction market product, Gemini Predictions, is now fully available across all 50 U.S. states, enabling users to trade based on the outcomes of real-world events, offering near-instant execution and full transparency.
PepsiCo and Walmart face class-action lawsuits for alleged price manipulation.
$PepsiCo(PEP.US)$ and $Walmart(WMT.US)$ A new class-action lawsuit was filed against them in the U.S. District Court for the Southern District of New York by consumers, accusing both parties of conspiring in a decade-long price manipulation scheme that inflated the prices of PepsiCo beverages across U.S. retail channels. The proposed class-action lawsuit, filed this Monday, alleges that the two companies reached an agreement to offer Walmart preferential wholesale prices for PepsiCo products while forcing other retailers to pay inflated prices, which allegedly violates antitrust laws.
The plaintiffs argue that this agreement eliminated price competition, harming consumer interests by raising prices. The lawsuit seeks class-action certification on behalf of millions of PepsiCo consumers. The filing states: 'PepsiCo and Walmart jointly increased their profits by eliminating price competition and coordinating pricing.' In a statement, Walmart said it was aware of the litigation and emphasized its commitment to advocating for customers to ensure affordable goods and everyday low prices. PepsiCo has not yet responded to the matter.
Goldman Sachs Restructures Parts of Its Technology Investment Banking Division, Focusing on AI Infrastructure
According to foreign media reports, $Goldman Sachs (GS.US)$ is restructuring parts of its Technology, Media, and Telecommunications (TMT) investment banking division to better capitalize on the rapid growth of the artificial intelligence industry and its supporting infrastructure. An internal memo shows that Yasmine Coupal and Jason Tofsky will co-lead a newly established 'Global Infrastructure Technology' division, formed by integrating the existing telecommunications and CoreTech teams. Kyle Jessen will serve as the head of mergers and acquisitions for the infrastructure technology sector while continuing to oversee semiconductor operations. Another newly created division is 'Global Internet and Media.' A Goldman Sachs spokesperson confirmed the contents of the memo.
Truist Financial, one of the three largest super-regional banks in the United States, announces a $10 billion stock repurchase plan.
$Truist Financial(TFC.US)$ announced that its board of directors has approved a new stock repurchase program, authorizing up to $10 billion in repurchases of the company's issued common stock. This authorization is effective immediately and has no expiration date. The new authorization replaces the previous stock repurchase program, which had approximately $1.5 billion remaining in common stock repurchase capacity.
Under this program, Truist may repurchase shares from time to time through open market purchases, privately negotiated transactions, or other means (including through Rule 10b5-1 plans and other programs), at the discretion of management, who will determine the terms (including quantity, timing, and price) they deem appropriate.
According to The Wall Street Journal, sources said $Warner Bros Discovery(WBD.US)$ will inform shareholders that it intends to reject Paramount's acquisition offer as early as Wednesday and will recommend to shareholders its existing deal with $Netflix (NFLX.US)$ .
Reports claim that Luckin Coffee is looking to acquire Blue Bottle, with % Arabica also under consideration.
According to Bloomberg, $Luckin Coffee (LKNCY.US)$ and its investment firm Centurium Capital are also evaluating other acquisition targets, including the operator of % Arabica’s China business, which is backed by private equity firm PAG. Meanwhile, a potential deal for Costa Coffee, which was previously considered, may not proceed.
$Lemonade(LMND.US)$ rose more than 8%. Morgan Stanley analyst Bob Huang upgraded the stock to Hold and raised the target price from $53 to $85.
$Meta Platforms(META.US)$ : Launched SAM Audio, an AI model for sound separation.
Waymo is reportedly in talks for new funding, with a valuation of at least nearly $100 billion.
Recent reports indicate that Waymo, Tesla's strong rival in the autonomous driving sector, is seeking new funding at a valuation of approximately $100 billion. If media reports are accurate, Waymo’s valuation would have increased by at least more than double since October last year. The new round of financing is reportedly led by Waymo’s parent company Alphabet, with external investors being brought in. Some media outlets report that Waymo is seeking to raise over $15 billion, while others mention at least several billion dollars.
Top 20 US stock index turnover
Market Outlook
Northbound funds bought over HKD 600 million worth of Xiaomi and over HKD 300 million worth of XPeng Motors, while selling more than HKD 600 million worth of Alibaba.
On December 16 (Tuesday), southbound funds recorded a net purchase of HKD 82.1 million in Hong Kong stocks today.
$Xiaomi Group-W(01810.HK)$、$XPeng Motors-W (09868.HK)$、$Tencent (00700.HK)$with net inflows of HKD 6.33 billion, HKD 3.45 billion, and HKD 1.98 billion, respectively;
$Alibaba-W (09988.HK)$、$China Mobile (00941.HK)$、$SMIC (00981.HK)$with net outflows of HKD 6.32 billion, HKD 4.6 billion, and HKD 4.6 billion, respectively.
Cryptocurrency exchange HashKey sets IPO stock price at HKD 6.68 in Hong Kong
$HASHKEY HLDGS(03887.HK)$ The initial public offering (IPO) price in Hong Kong is set at HKD 6.68 per share, within the previously announced indicative range of HKD 5.95 to HKD 6.95, raising HKD 1.6 billion.
Mystery Strategy: Cumulatively acquired 12,290 units of Solana for approximately HKD 14.9 million
Hong Kong-listed company $Mystery Strategy (02440.HK)$ Announcement stated that on December 16, an additional 2,440 units of Solana were purchased on the open market via a cryptocurrency trading platform at a total cash consideration of approximately HKD 2.4 million. As of the date of this announcement, the Group has cumulatively acquired 12,290 units of $Solana(SOL.CC)$ 。
Lenovo: Accelerating collaboration with Infineon Technologies to advance the next phase of autonomous driving
Lenovo Group stated that Lenovo is intensifying its collaboration with Infineon Technologies to accelerate the next phase of autonomous driving. Lenovo's flagship domain controllers, AD1 and AH1, integrate Infineon’s AURIX™ microcontroller technology, providing robust support for advanced driver-assistance systems (ADAS), achieving excellent energy efficiency as well as high-speed data communication across in-vehicle networks.
China Real Estate Investment: Plans to Purchase and Hold BNB (Binance Coin) and Other Suitable Digital Assets
Hong Kong-listed Company $China Real Estate Investment (00736.HK)$ announced its plan to use its own funds, in compliance with relevant laws and regulations and under risk management controls, to purchase and hold BNB (Binance Coin) and other suitable digital assets on the open market as part of its strategic reserve assets.
First in China! Qwen APP Integrates Wanxiang 2.6, Enabling 'Role Co-performance' Capability
On December 16, $Alibaba-W (09988.HK)$ Qwen APP simultaneously launched the latest video generation model Wanxiang 2.6 and made it freely available to all users. Wanxiang 2.6 is the first domestic video model supporting role-playing functions, featuring capabilities such as audio-visual synchronization, multi-angle shot generation, and voice-driven functionalities. Based on the core capabilities of this model, Qwen APP introduced the 'AI Mini Theater' feature, which for the first time in China enables 'role co-performance,' allowing users to easily appear alongside friends or celebrities in AI-generated short films.
Within the 'AI Mini Theater,' users can create their exclusive digital avatars to co-star with friends or publicly available figures in AI-generated short videos. Additionally, Qwen APP supports convenient secondary creation, enabling users to 'one-click replace' characters within a video or use their digital avatar to perform in various storylines.
The battle for food delivery remains intense, with riders returning to Meituan.
According to Jiemian, $Meituan-W(03690.HK)$ the subsidy war between Meituan and Taobao Flash Purchase in the fourth quarter has cooled down, with new changes also emerging in delivery capacity. Since autumn and winter, subsidies for both platforms have been reduced not only on the user side but also significantly cut back on the rider side, according to multiple sources. From late September to November, there has been a nationwide trend of Taobao Flash Purchase riders returning to Meituan. In contrast, during July and August when the food delivery competition was at its peak, many Meituan riders migrated to Taobao Flash Purchase.
Today's Focus
Keywords: Micron Technology Earnings Report, HashKey, Medline IPO
In terms of economic data, there are no significant releases from China or the U.S. Investors may focus on relevant European economic data and crude oil inventory levels.
05:30 U.S. API Crude Oil Inventory (in million barrels) for the week ending December 12
15:00 UK November CPI Month-over-Month, UK November Retail Price Index Month-over-Month
17:00 Germany December IFO Business Climate Index
18:00 Eurozone November Final CPI Year-over-Year
19:00 UK December CBI Industrial Orders Balance
23:30 U.S. EIA Crude Oil Inventory (in million barrels) for the week ending December 12
In terms of financial events, Fed official Williams will deliver a speech; pay attention to his remarks on the U.S. dollar and other topics.
01:45 Bank of Canada Governor Macklem delivers a speech
22:05 FOMC Permanent Voting Member and New York Fed President Williams delivers the opening remarks at the 2025 Foreign Exchange Market Structure Conference hosted by the New York Fed.
In terms of earnings reports, major storage chip manufacturer $Micron Technology (MU.US)$ is scheduled to release its earnings report after the US stock market closes on the 17th. Investors hope to gain insights into the health of the storage industry through this report.
In terms of new stock offerings, both Hong Kong and US markets will see significant IPOs on December 17. Hong Kong’s first licensed virtual asset trading platform targeting retail users, $HASHKEY HLDGS(03887.HK)$ , plans to list on the Main Board of the Hong Kong Stock Exchange on December 17, potentially becoming the first crypto-asset stock in Hong Kong. Meanwhile, medical supplies giant $Medline(MDLN.US)$ is set to go public on Nasdaq on December 17, with a maximum fundraising scale of USD 5.37 billion, aiming to become the largest US IPO of 2025.
Morning Reading by Niuniu:
Time is the friend of a wonderful business, but the enemy of a mediocre one.
— [US] Charlie Munger
AI Portfolio Strategist goes live!One-click insight into holdings, fully grasp opportunities and risks.
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