Morning News

**Source**: Wall Street News  

**Market Overview**  

Friday's massive outage at CME Group, which halted trading, did not hinder the "broad-based rally." The S&P 500 surged nearly 4% for the week, logging its best Thanksgiving week performance since 2008, while extending its winning streak to seven consecutive months—its longest since 2018. However, the Nasdaq slipped 1.5% in November. Apple hit record highs for five straight days, and Tesla jumped 10% on the week. Nvidia and Oracle bucked the trend with declines, while most other tech giants advanced. Intel soared 10% in a single day after Guo Mingji predicted it would supply Apple with low-end M-series chips by 2027.  

In November, amid concerns over lofty valuations, AI darling Nvidia plummeted 12%, Oracle dropped 23%, and Palantir slid 16%—its biggest decline in over two years. Meanwhile, "new AI leader" Google rallied over 14%.  

U.S. Treasury prices fell across the board following the holiday but still posted a four-month winning streak. The U.S. Dollar Index declined for five consecutive sessions, hitting a fresh one-week low and ending a two-month rally. Offshore renminbi rebounded over 100 pips to above 7.07 at one point, approaching a 13-month high. Bitcoin tested the $93,000 mark for the first time in a week before pulling back over 2%, finishing November down nearly 20%—its worst monthly drop in more than three years.  

Crude oil extended its losing streak to four months, the longest since 2023. Gold rose over 1% intraday to a two-week high; silver and copper both hit all-time highs, with COMEX silver jumping nearly 7% and LME copper rebounding over 2%—both notching four consecutive months of gains.  

During the Asian session, A-shares and Hong Kong stocks concluded November trading. The Shanghai Composite Index fell 1.67%, oscillating lower after hitting a ten-year high mid-month, while the Hang Seng Index closed at 25,945.93.  

**Top News**  

- China's official manufacturing PMI edged up to 49.2 in November from the previous month. The high-tech manufacturing PMI remained above the 50-point boom-bust line for the 10th consecutive month, while the non-manufacturing PMI dipped slightly due to a high base effect.  

- As of November 30, the Tai Po fire in Hong Kong had killed 146 people, with 100 still missing. The Independent Commission Against Corruption (ICAC) arrested 8 people on November 28 in connection with the fire, followed by 3 more arrests the next day. Hong Kong police stated that the fire originated from a mesh enclosure on the lower floors of Wang Cheong Court, igniting foam boards and causing rapid spread. The investigation is expected to take 3-4 weeks.  

- Meituan reported a loss for the first time in three years, with its core local services business posting a massive deficit of 14.1 billion yuan in Q3. The company expects operating losses to continue in Q4. During the earnings call, management noted that losses have peaked, adding that necessary investments will be made to maintain market leadership but ruled out participating in price wars.  

- Donald Trump announced plans to permanently suspend immigration from "third-world countries." Trump confirmed a phone call with Venezuelan President Nicolás Maduro, clarifying that his remarks about closing Venezuela's airspace do not signal an imminent air strike. Media reports indicated Trump demanded Maduro step down directly.  

- U.S. "Black Friday" sales rose 4.1% year-on-year, with AI-driven traffic surging 600%. Inflation and the "K-shaped economy" remained key themes.  

- White House economic advisor Kevin Hassett stated that markets have reacted positively to news that a Federal Reserve chair will be selected by the end of the year, dismissing reports that he is a top candidate as rumors. Trump declined to confirm Hassett's appointment, saying he "knows who he will choose."  

- U.S. and Ukrainian officials held talks in the U.S. on Sunday. U.S. Secretary of State described the discussions as "productive" and emphasized the need for consultations with Russia, which plays a "central role" in the agreement. Trump noted "smooth progress" and said a Ukraine-Russia peace deal is "very likely," with Ukraine facing "some tricky minor issues." Kremlin spokesperson Dmitry Peskov stated that the process of resolving the Ukraine crisis is accelerating. On Friday, Ukraine lost its chief negotiator, and President Volodymyr Zelenskyy dismissed his chief of staff over involvement in a corruption scandal.  

- OPEC+ maintained its plan to pause production increases in Q1 2026 during its Sunday meeting, reaffirming that the decision reflects expectations of seasonal market weakness.  

- A "cooling system issue" at a data center caused a multi-hour outage at CME Group, halting all futures trading. Netizens joked, "Someone is under huge pressure as silver hits a new high."  

- Silver futures touched an all-time high, with Chinese inventories at a nearly ten-year low. Copper supplies are facing their "tightest market in history," pushing metal premiums to record levels and LME copper to a new all-time high.  

- Oracle and other companies secured an additional $38 billion in loans, bringing the total debt of the "OpenAI-linked" data center ecosystem to $100 billion.  

- Intel is poised to regain a major client, sending its shares soaring 10%. Guo Mingji forecasts the company will supply Apple with M-series chips by 2027.  

**Market Closing Quotes**  

- U.S. & European Stocks: The S&P 500 rose 0.54% to 6,849.09, gaining 3.73% on the week and 0.13% in November. The Dow Jones Industrial Average climbed 0.61% to 47,716.42, up 3.18% weekly and 0.32% monthly. The Nasdaq advanced 0.65% to 23,365.686, surging 4.91% on the week but falling 1.51% in November. Europe's STOXX 600 Index rose 0.25% to 576.43, gaining 2.55% weekly and 0.79% monthly.  

- A-shares: The Shanghai Composite Index rose 0.34% to 3,888.60. The Shenzhen Component Index climbed 0.85% to 12,984.08. The ChiNext Index advanced 0.70% to 3,052.59.  

- Bond Market: By the close, the U.S. 10-year Treasury yield stood at approximately 4.01%, up 2 basis points intraday, down 5 basis points on the week, and 7 basis points lower in November. The 2-year Treasury yield was around 3.49%, rising 2 basis points intraday, falling 2 basis points weekly, and 8 basis points monthly.  

- Commodities: WTI Crude Oil Futures for January fell 0.17% to $58.55 per barrel, gaining 0.8% on the week but dropping 3.4% in November. Brent Crude Oil Futures for February declined 0.8% to $62.38 per barrel, up 0.7% weekly and down 2.8% monthly. COMEX Gold Futures for December rose 1.27% to $4,218.3 per ounce, surging 3.4% weekly and nearly 6% monthly. COMEX Silver Futures for December jumped nearly 6.7% to $56.446 per ounce, gaining 13% weekly and 18% monthly. LME Copper rose nearly 2.3% to $11,189 per ton, climbing 3.8% weekly and 2.8% monthly.  

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