【Financial Breakfast | December 16, 2025】

1. Market sentiment is cautious ahead of non-farm data, with U.S. stocks slightly down; the S&P 500 index fell by 0.2%, Tesla reached a new high for the year, Broadcom and Oracle continued to decline, iRobot plummeted over 70%; the renminbi strengthened; WTI dropped to its lowest level since February 2021; cryptocurrencies fell sharply.

2. Federal Reserve “number three”: After last week's interest rate cut, monetary policy is ready for next year.

3. Hassett's momentum is unstable, Trump’s confidant nominated Walsh as the new Federal Reserve head.

4. The magazine "Qiushi" published an important article by Xi titled "Expanding Domestic Demand is a Strategic Move".

5. China released November economic data, showing resilience in industrial production, continued support from high-tech manufacturing, consumer spending fell to a yearly low, with fixed investment and real estate under pressure. November housing prices in 70 cities: prices in first, second, and third-tier cities fell overall month-on-month, with the year-on-year decline expanding.

6. China’s first batch of L3 autonomous driving received approval for entry; driverless technology enters a new era of "commercial application".

7. Vanke proposed to optimize the bond extension scheme, seeking to extend the grace period and increase credit enhancement measures.

8. NVIDIA released the Nemotron 3 open-source model series: hybrid MoE architecture + 1 million token context.

9. The U.S. government, in collaboration with companies like Apple, Microsoft, and OpenAI, is recruiting 1,000 engineers to build "technological strength".

10. The pioneer of robotic vacuums, iRobot, plummeted over 70% and announced bankruptcy; Chinese creditors may take over.

11. Reminder: The U.S. non-farm payroll report for November and October retail sales data will be released on Tuesday.