【Financial Breakfast | December 10, 2025】

1. Before the Federal Reserve's major decision, the S&P 500 and Dow Jones have fallen for two consecutive days; the Fed favors unexpectedly improving employment indicators, leading to a downturn in U.S. bonds and a surge in cryptocurrencies, with Ethereum rising nearly 10% at one point; silver has broken $60 for the first time in history.

2. The Federal Reserve will announce its interest rate decision early Thursday morning Beijing time, expected to cut rates by 25 basis points, with attention on the latest dot plot.

3. The U.S. 'small non-farm' ADP shows improvement, with private companies adding an average of 4,750 jobs per week, ending four consecutive weeks of job losses; the Fed is focusing on the October JOLTS job openings, which rose to a five-month high, but hiring has decreased, and layoffs have reached a new two-year high.

4. The Bank of Japan's governor: If the economic outlook is achieved, interest rates will be raised; under special circumstances, the scale of bond purchases will be increased, gradually approaching a sustained inflation target, suggesting future rate hikes will be 'more than once'.

5. Li Qiang held a '1+10' dialogue with heads of major international economic organizations, stating that open cooperation is an important path to implement global governance initiatives, and efforts should be made to increase mutual market openness, avoiding politicization and securitization of economic and trade issues.

6. Zelensky: Ukraine is negotiating three key documents with the U.S. and Europe, involving framework agreements, security guarantees, and post-war reconstruction.

7. Reports say that a polysilicon storage platform has been established.

8. Moore Threads will hold its first MUSA Developer Conference from December 19 to 20, where a new generation of GPU architecture will be unveiled.

9. Media reports indicate that Galaxy Universal plans to go public in Hong Kong, with the earliest filing in January next year, valued only after Yushu and Zhiyuan; Galaxy Universal denies the IPO rumors, stating that the goal of equity reform points to subsequent normal financing.

10. JPMorgan fell nearly 5% during trading, with next year's spending guidance at $105 billion exceeding expectations, as executives warn that the consumer environment is 'slightly fragile'.

11. Reports say SpaceX is seeking to go public in 2026, with IPO financing expected to far exceed $30 billion, and next year's revenue expected to increase by nearly 50% to over $20 billion.

12. Reminder: The November CPI and PPI for China will be announced on Wednesday.