Jin10 data global financial morning briefing

17 Dec 2025 09:51
17 Dec 2025 09:52

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Economics
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Jin10 data global financial morning briefing

Source: CNBC

The US unemployment rate hit a four-year high in November! The race for the Federal Reserve chair has evolved into a three-way contest; Trump is set to deliver a national address, with the US possibly retaliating against the EU, News.az reports, citing Futunn.

... What major events occurred around the world yesterday and this morning?

Today's Top Picks

The US unemployment rate in November hit a four-year high.

US media: Waller to be interviewed by Trump on Wednesday.

US Treasury Secretary Bessent: Speculation suggests the Fed Chair nominee will be announced in early January next year.

Trump will deliver a nationwide address during prime time tomorrow, potentially previewing new policies for the coming year.

The US threatens retaliation against the EU's digital services tax plan.

The Central Financial Affairs Commission: Expanding domestic demand is the top priority for next year.

NDRC: Vigorously boost consumer spending intentions and further implement special initiatives to stimulate consumption.

Big moves emerge again in the 'Lithium Capital of Asia'.

360 embroiled in 'accounting scandal'; Zhou Hongyi issues statement: Extremely inaccurate with serious repercussions.

Market Recap

On Tuesday, due to mixed non-farm payroll data, the US Dollar Index plunged below the 98 mark during the US session but later recovered most losses, closing down 0.06% at 98.21; the benchmark 10-year US Treasury yield closed at 4.145%, while the 2-year US Treasury yield, sensitive to Fed policy rates, settled at 3.500%.

Spot gold briefly rebounded above $4,330 per ounce but failed to hold, retreating again near the $4,300 level to consolidate, ultimately closing down 0.07% at $4,302.36 per ounce; spot silver slightly rebounded after a sharp decline in the Asian session, ending down 0.54% at $63.72 per ounce.

Oil prices continued to decline amid ongoing concerns over a supply glut and growing prospects for a peace agreement between Russia and Ukraine. WTI crude briefly fell below $55 during trading, ultimately closing down 2.59% at $55.03 per barrel, while Brent crude settled 2.61% lower at $59.05 per barrel. This marks the first time in nearly four years that WTI crude has fallen below $55 per barrel.

The three major U.S. stock indices posted mixed results, with the Dow Jones Industrial Average closing down 0.62%, the S&P 500 index declining by 0.244%, and the Nasdaq Composite rising 0.23%. Tesla (TSLA.O) surged 3% to hit a new high, NVIDIA (NVDA.O) gained nearly 1%, and Circle (CRCL.N) jumped almost 10%. The Nasdaq Golden Dragon China Index closed down 0.34%, with NetEase (NTES.O) falling nearly 2%.

Major European stock indices retreated, with Germany's DAX 30 Index closing down 0.63%, the UK's FTSE 100 Index dropping 0.68%, and the Euro Stoxx 50 Index shedding 0.6%.

Hong Kong's key equity indices extended their declines, with the Hang Seng Tech Index plunging as much as 2.7% intraday. By the market close, the Hang Seng Index had fallen 1.54%, and the Hang Seng Tech Index dropped 1.74%, both hitting recent multi-week lows. On the sector front, large-cap tech stocks continued their downward trajectory: Alibaba (09988.HK) slid nearly 3%, JD.com (09618.HK), NetEase (09999.HK), and Xiaomi Group (01810.HK) all declined more than 2%, while Baidu (09888.HK), Meituan (03690.HK), and Tencent Holdings (00700.HK) fell over 1%. Gold stocks led a retreat in non-ferrous metal shares; defense, wind power, steel, lithium battery, semiconductor chip, shipping, solar energy, and automobile stocks also saw declines. Meanwhile, Guoxia Technology (02655.HK) surged 118% on its first day of listing.

China’s A-share major indices remained under pressure throughout the trading session. By the close, the Shanghai Composite Index was down 1.11%, the Shenzhen Component Index fell 1.51%, and the ChiNext Index dropped 2.1%. The total market turnover amounted to RMB 1.75 trillion. Sector-wise, dairy stocks outperformed, with Royal Dairy Group surging to the daily limit and Joy Life Group rising over 9%. Retail stocks also strengthened, with Yonghui Superstores and Bailian Group among several stocks hitting the daily limit. In contrast, the film exhibition sector retreated, with Bona Film Group plunging to the daily limit and China Film Group sliding over 9%. Precious metals weakened, as Xintai Electronics dropped over 8% and Western Gold Resources fell more than 7%. Solar energy stocks faltered, with Risen Energy plummeting over 10% and Tongrun Equipment retreating over 6%.

International News

1. The U.S. economy added 64,000 jobs in November after seasonal adjustment, surpassing expectations. October's nonfarm payrolls were revised down by 105,000, compared to market expectations of a 25,000 decline. The U.S. unemployment rate in November came in at 4.6%, reaching a four-year high.

2. ADP Weekly Employment Report: For the four weeks ending November 29, private-sector employers added an average of 16,250 jobs per week.

3. U.S. media reports indicate that Christopher Waller will be interviewed by Trump on Wednesday. Following the report, prediction markets estimated the likelihood of Waller becoming a candidate for Federal Reserve Chair rose to 15%.

4. U.S. Treasury Secretary Adam Bessent stated that Kevin Warsh and Glenn Hubbard are both capable of leading the Federal Reserve; speculation suggests the Fed Chair nominee will be announced in early January.

5. Raphael Bostic, President of the Federal Reserve Bank of Atlanta who is nearing retirement, noted that he would have preferred to keep rates unchanged in December and did not include any rate cuts in his projections for next year.

6. Kevin Hassett, Director of the White House National Economic Council: There is still significant room for interest rate cuts amid positive supply-side shocks.

7. Trump will deliver a prime-time national address tomorrow to address declining poll numbers and may preview policies for the new year.

8. The United States has threatened retaliation against the EU’s digital services tax plan and may initiate a Section 301 investigation.

9. Foreign media reported that the White House Chief of Staff made shocking remarks: calling Musk a 'drug addict' and the Vice President a 'conspiracy theorist.' The White House strongly supported the Chief of Staff, stating that the article was malicious defamation.

10. According to U.S. media reports, Musk will fund the Republican Party during the 2026 midterm elections.

11. A draft shows that the EU will impose carbon border taxes on more products.

12. According to Kyodo News: Japan’s draft budget for fiscal year 2026 is expected to exceed 120 trillion yen in total expenditure.

13. Morgan Stanley: Gold is likely to continue receiving macro-level support and could rise to $4,800 per ounce by the fourth quarter of 2026.

Domestic Highlights

1. Central Financial Affairs Commission: Expanding domestic demand is the top priority for next year. Efforts should focus on structural changes in consumption, stimulating consumption from both supply and demand sides; investment and consumption growth are expected to recover next year.

2. National Development and Reform Commission (NDRC): Vigorously enhance residents’ willingness to consume, and deepen the implementation of initiatives to boost consumption. Strengthen anti-monopoly enforcement and judicial actions against unfair competition.

The Party Leadership Group of the National Social Security Fund: Fully leverage the role of long-term capital and patient capital to better support the deep integration of technological innovation and industrial innovation.

Ministry of Commerce: Starting from December 17, 2025, anti-dumping duties will be imposed on pork and pork by-products imported from the EU.

The Securities Association of China establishes a 'whistleblower' mechanism targeting four types of unfair competition practices by IT service providers.

State Administration for Market Regulation responds to conditional approval of the establishment of a joint venture by two Chilean companies.

State Post Bureau: In the first 11 months, China's postal industry completed 196.75 billion pieces of delivery services.

Following the closure of CATL’s Jiandown Mine, another major move emerges in Yichun, the 'Lithium Capital of Asia': 27 mining rights are proposed for cancellation.

Shenzhen: Prudently handle risk resolution for key enterprises and expedite the clearance of wealth management risks involving major real estate developers.

A former employee of 360 claims to have helped Zhou Hongyi 'falsify accounts amounting to tens of billions'; Zhou Hongyi issues a statement calling it 'extremely inaccurate with serious repercussions.'

Brokerage analyst: The information regarding 'tax recognition for related high-tech companies' indicates stricter enforcement rather than an outright ban.