【Financial Breakfast | December 23, 2025】

1. The three major U.S. stock indexes have risen for three consecutive days, with the S&P 500 nearing record highs, and Nvidia up 1.5%; gold, silver, and copper all reached new highs during the day; crude oil futures rose over 2%; after falling over 1% last Friday, the yen rebounded.

2. A senior Japanese official issued the harshest warning to date, stating that the finance minister has 'discretionary power' to act boldly against speculation in the currency market; the vice finance minister cautioned about 'volatile and one-sided' fluctuations in exchange rates.

3. Trump 'appointed' director Milan: If the Federal Reserve does not continue to cut interest rates next year, there is a risk of recession.

4. Trump announced the 'Golden Fleet' plan, including the construction of a warship of the same name, with the first vessel expected to be completed in 2028, and an increase in the number of aircraft carriers.

5. China's Loan Prime Rate (LPR) has remained unchanged for seven consecutive months: the 5-year LPR as of December is 3.5%, and the 1-year LPR is 3%.

6. The People's Bank of China: For overdue amounts below 10,000 yuan, personal credit can be restored in one go, officially implemented from January 1 next year.

7. China's Ministry of Commerce: Temporary countervailing measures will be implemented for imports of dairy products originating from the EU starting December 23.

8. Vanke's proposal to extend the grace period for domestic bonds was approved by bondholders.

9. Report: Nvidia's GB300 shipments next year could reach 55,000 units, with Vera Rubin 200 expected to ship in the fourth quarter of next year.

10. Warner's acquisition battle escalates: Paramount is directly confronting Netflix, with Oracle Chairman Ellison personally backing $40.4 billion, and the stock price rose over 4%.

11. A massive power outage in San Francisco caused chaos for Google's 'sister' Waymo self-driving cars, while Tesla hit a historic high in stock price.