2025-12-15 Monday
2025-12-20
16:32:07
[Gold Prices Approaching Record Highs; Key US Data May Determine Short-Term Direction] ⑴ Gold prices have recently been supported by the Federal Reserve's dovish policy response, but the short-term direction will likely be determined by key US data released this week. ⑵ The recent comments from the Fed Chair at the FOMC press conference were more dovish than expected, providing support for gold prices. ⑶ The Fed downplayed inflation risks and emphasized the weakness in the labor market, suggesting that the authorities are more tolerant of higher inflation than of a weakening labor market. ⑷ This week's market focus is on the US non-farm payrolls report and the Consumer Price Index report. Current market pricing indicates an expected 57 basis point rate cut by the Fed by the end of 2026. ⑸ If US data is strong, especially regarding the labor market, the market may see a hawkish repricing and trigger a gold sell-off. ⑹ On the other hand, weak data could further support gold as the market brings forward its rate cut expectations. ⑺ From a macro perspective, under the Fed's dovish policy response, real yields may continue to decline, and gold prices should maintain an upward trend. (8) However, in the short term, a further hawkish repricing of interest rate expectations could put pressure on the market.
16:30:38
[Turkey's Central Government Budget Turns to Surplus in November] ⑴ Turkey's central government budget for November 2025 recorded a surplus of 169.5 billion lira, compared to a deficit of 16.6 billion lira in the same period last year. ⑵ Total budget expenditure increased by 30.7% year-on-year to 1.25 trillion lira, mainly driven by a significant increase in non-interest expenditure, which jumped 39.8% to 1.13 trillion lira, while interest payments decreased by 19.4% to 117.9 billion lira. ⑶ Meanwhile, budget revenue increased by 51.1% to 1.42 trillion lira, mainly supported by a 55.3% increase in tax revenue to 1.27 trillion lira. ⑷ The tax revenue growth was mainly due to strong growth in income tax, corporate tax, domestic value-added tax, and bank and insurance transaction taxes. ⑸ The primary fiscal balance was also strengthened, recording a surplus of 287.4 billion lira in November 2025, higher than the 129.7 billion lira in the same period last year.
16:29:26
[Moldova's Trade Deficit Widened Significantly in October] ⑴ Moldova recorded a trade deficit of US$586.3 million in October 2025, a significant widening compared to US$461.1 million in the same month last year, mainly due to import growth exceeding export growth. ⑵ Imports increased by 25.7% year-on-year to US$995.5 million, primarily driven by a 39.2% increase in purchases from EU countries, while purchases from CIS countries saw a smaller decline of 8.3%. ⑶ However, purchases from other countries decreased by 13.1%. ⑷ On the other hand, exports increased by 23.7% to US$409.2 million, mainly supported by a 37.7% increase in sales to CIS countries, while export growth to EU countries and other countries was more moderate, at 19% and 34.3% respectively. ⑸ Cumulatively, from January to October this year, the country's trade deficit widened to US$5.8089 billion, compared to US$4.4563 billion in the same period last year.
15:58:43
[Germany's November Wholesale Prices Rise at a Nine-Month High] ⑴ German wholesale prices rose 1.5% year-on-year in November, accelerating from the 1.1% increase in the previous month and marking the highest reading since February. ⑵ The price increase was mainly driven by a 3.2% rise in food, beverage, and tobacco prices, with coffee, tea, cocoa, and spices rising 21.9%, sugar, confectionery, and baked goods rising 12.3%, meat and meat products rising 7.3%, and live animal prices rising 4.8%. ⑶ In addition, prices for non-ferrous ore, non-ferrous metals, and related semi-finished products rose sharply by 28.1%. ⑷ In contrast, waste and residue prices fell by 6.5%. ⑸ On a monthly basis, wholesale prices rose 0.3% in November, unchanged from the previous month, slightly higher than the market expectation of a 0.2% month-on-month increase.
15:58:25
[Norway's Trade Surplus Narrows to 41.3 Billion Kroner in November] ⑴ Norway's trade surplus narrowed to 41.3 billion kroner in November, compared to 68.8 billion kroner in the same period last year, mainly dragged down by a decline in exports. ⑵ Exports fell 14.8% year-on-year to 139.8 billion kroner, primarily due to a 22% decrease in sales of mineral fuels, lubricants, and related materials. ⑶ Food and livestock exports fell 4.9%, while exports of manufactured goods, mainly classified as raw materials, fell 15.5%. ⑷ On the other hand, imports increased 3.3% year-on-year to 98.5 billion kroner, mainly driven by a 3.6% increase in purchases of machinery and transport equipment, a 3.3% increase in imports of manufactured goods, mainly classified as raw materials, and a 5.9% increase in imports of unspecified chemicals and related products. ⑸ From January to November this year, Norway's cumulative trade surplus reached 619.9 billion kroner, a 3.4% decrease compared to the same period last year, due to a slight 0.2% decrease in exports and a 1.8% increase in imports.
15:58:04
[Romania's Industrial Production Growth Remained Stable in October] ⑴ Romania's industrial production grew by 0.2% year-on-year in October, the same growth rate as the previous month. ⑵ Output from the supply of electricity, gas, steam, and air conditioning accelerated to 6.0% (compared to 0.1% in September), with the main growth coming from capital goods, durable consumer goods, and energy sectors. ⑶ On the other hand, the decline in mining and quarrying widened to 4.2% (compared to a 1.2% decline in the previous month), mainly dragged down by declines in coal and lignite, crude oil and natural gas, and other mining and quarrying output. ⑷ In addition, manufacturing output fell by 0.3%, reversing the 0.5% increase in September, with declines in coke and refined petroleum products, chemical products, base metals, and electrical equipment manufacturing activities. ⑸ On a monthly basis, industrial output grew by 0.4% month-on-month in October, a slowdown from the 1.1% growth rate in the previous month.
15:50:36
The final value of India's imports in November in USD
Previous
:
343.80
Forecast
:
-
Published Value
-
Previous
15:49:04
The final reading of India's government trade deficit in USD for November
Previous
:
416.80
Forecast
:
320
Published Value
245.30
Previous
15:49:02
India's final export value in USD for November
Previous
:
760.60
Forecast
:
-
Published Value
626.60
Previous
15:40:25
[Group Standard for Gold Trade-in Services Officially Released] The China Gold Association announced the official release of the "Group Standard for Gold Trade-in Services," which comprehensively regulates gold trade-in businesses in terms of enterprise qualifications and management, service personnel, and facility requirements. This standard marks a new stage of standardized, professional, and transparent development for the gold trade-in business. The standard explicitly requires that enterprises engaged in gold trade-in services possess legal qualifications, pay taxes according to law, and fulfill anti-money laundering obligations; employees must undergo professional training and pass a qualification test before being allowed to work; the gold verification process should implement a "full-process monitoring + customer presence" system; destructive testing requires prior consent from the consumer; and test results must be truthfully issued, including information such as gold content, quality, loss, and discounted value; when handling inquiries, the standard must proactively and clearly state the old gold access standards, service procedures, and fees. Gold trade-in is an important form of gold and jewelry consumption in my country. In a high-gold-price market, demand for trade-ins from businesses and consumers has surged. However, due to the long-standing lack of unified standards in the industry, issues such as ambiguous pricing, opaque gold verification, and inconsistent loss standards exist. Liu Yanhong, a member of the National Gold Standardization Technical Committee, stated that the standard aims to establish a multi-faceted governance system of "policy guidance + standard constraints + corporate self-discipline + consumer supervision." First, by clarifying corporate obligations and responsibilities, it empowers consumers with the right to know, the right to supervise, and the right to convenient complaints, effectively strengthening consumer rights protection. Second, it streamlines the gold circulation loop of "old gold recycling - new product sales," injecting new momentum into gold consumption. Third, it clarifies standards for enterprises, personnel, and processes, promoting the standardization and professionalization of the gold and jewelry industry through standardized services. Furthermore, the standard strengthens anti-money laundering and information security compliance requirements, contributing to the healthy and sustainable development of the industry. Next, the China Gold Association will promote the implementation of the standard, conduct publicity and training, continuously improve the industry governance system, and promote a win-win situation for all parties, including compliant business operations, consumer confidence, and healthy industry development. (Xinhua News Agency)
15:30:02
Switzerland's producer/import price index monthly rate for November
Previous
:
-0.30%
Forecast
:
-
Published Value
-0.50%
Previous
15:30:02
Switzerland's producer/import price index for November year-on-year
Previous
:
-1.70%
Forecast
:
-
Published Value
-1.60%
Previous
15:15:58
[Gold Prices Rise to Seven-Week High, Market Focuses on US Employment Data] ⑴ Gold prices rose to near a seven-week high in early European trading on Monday, approaching $4,350 per ounce. ⑵ The precious metal continued its upward trend, mainly driven by market expectations of a Federal Reserve rate cut next year. Lower interest rates may reduce the opportunity cost of holding gold, thus supporting the non-interest-bearing asset. ⑶ In addition, uncertainty and risk aversion may boost safe-haven inflows into gold, which is beneficial to gold prices. ⑷ Nevertheless, hawkish comments from Federal Reserve officials last week may boost the dollar and put pressure on dollar-denominated gold prices. ⑸ Traders will look for further clues from speeches by Federal Reserve Governor Stephen Milan and New York Fed President John Williams later on Monday. ⑹ Tuesday's market focus will be on the US October and November employment reports, including non-farm payrolls, average hourly earnings, and the unemployment rate. ⑺ These reports may provide a clearer picture of the health of the labor market and may influence market expectations for the Fed's January meeting.
15:12:57
Daily Warehouse receipt changes of the Shanghai Futures Exchange on December 15th in China - Copper
Previous
:
1102
Forecast
:
-
Published Value
9663
Previous
15:12:57
Daily Warehouse receipt changes of the Shanghai Futures Exchange on December 15th in China - Zinc
Previous
:
-1520
Forecast
:
-
Published Value
-579
Previous
15:12:54
Daily Warehouse receipt changes of the Shanghai Futures Exchange on December 15th in China - Aluminum
Previous
:
-250
Forecast
:
-
Published Value
8653
Previous
15:12:52
Daily warehouse receipt changes of the Shanghai Futures Exchange on December 15th, China - Lead
Previous
:
-1017
Forecast
:
-
Published Value
-1366
Previous
15:12:49
Daily warehouse receipt changes on the Shanghai Futures Exchange on December 15th in China - Nickel
Previous
:
1311
Forecast
:
-
Published Value
2622
Previous
15:12:47
Daily Warehouse receipt changes of the Shanghai Futures Exchange on December 15th, China - Tin
Previous
:
220
Forecast
:
-
Published Value
88
Previous
15:12:45
Daily Warehouse receipt changes of the Shanghai Futures Exchange on December 15th in China - Alumina
Previous
:
-1201
Forecast
:
-
Published Value
-6318
Previous
15:12:43
Daily Warehouse receipt changes of the Shanghai Futures Exchange on December 15th in China - Wire Rods
Previous
:
0
Forecast
:
-
Published Value
0
Previous
15:12:41
Daily Warehouse receipt changes of the Shanghai Futures Exchange on December 15th in China - Hot-rolled coil
Previous
:
-886
Forecast
:
-
Published Value
-4724
Previous
15:12:39
Daily Warehouse receipt changes of the Shanghai Futures Exchange on December 15th, China - Stainless Steel
Previous
:
-777
Forecast
:
-
Published Value
-182
Previous
15:12:38
Daily warehouse receipt changes of the Shanghai Futures Exchange on December 15th in China - Fuel oil
Previous
:
67490
Forecast
:
-
Published Value
0
Previous
15:12:34
Daily warehouse receipt changes on the Shanghai Futures Exchange on December 15th in China -20 # rubber
Previous
:
-807
Forecast
:
-
Published Value
0
Previous
15:12:32
Daily Warehouse receipt changes of the Shanghai Futures Exchange on December 15th in China - Pulp
Previous
:
864
Forecast
:
-
Published Value
-3322
Previous
15:12:30
Daily Warehouse receipt changes of the Shanghai Futures Exchange on December 15th in China - Natural Rubber
Previous
:
3560
Forecast
:
-
Published Value
15970
Previous
15:12:29
Daily Warehouse receipt changes on the Shanghai Futures Exchange on December 15th in China - Rebar
Previous
:
2418
Forecast
:
-
Published Value
-1197
Previous
15:12:29
Daily warehouse receipt changes of the Shanghai Futures Exchange on December 15th in China - crude oil
Previous
:
0
Forecast
:
-
Published Value
0
Previous
15:12:28
Daily Warehouse receipt changes of the Shanghai Futures Exchange on December 15th in China - Gold
Previous
:
0
Forecast
:
-
Published Value
0
Previous
15:08:49
[Xi Jinping: Improve and Expand Investment Mechanisms, and Appropriately Advance the Deployment of New Infrastructure Construction] The 24th issue of Qiushi magazine, published on December 16, will feature an important article by Xi Jinping, General Secretary of the CPC Central Committee, President of the People's Republic of China, and Chairman of the Central Military Commission, entitled "Expanding Domestic Demand is a Strategic Move." The article points out that it is necessary to improve and expand investment mechanisms, broaden effective investment space, appropriately advance the deployment of new infrastructure construction, expand investment in high-tech industries and strategic emerging industries, and continuously stimulate private investment. It also emphasizes the need to continue deepening supply-side structural reform, continuously promote technological and institutional innovation, break through supply constraints, bottlenecks, and vulnerabilities, enhance the competitiveness and security of industrial and supply chains, and adapt to and meet existing demand with self-reliant, controllable, and high-quality supply, while creating and leading new demand. (Xinhua News Agency)
15:08:15
[Market Focuses on BOJ and BOJ Policy Paths; Key Data This Week May Dominate Forex Market Direction] ⑴ Regarding the US dollar, it has weakened across the board since last week's Federal Open Market Committee (FOMC) decision. The Fed cut rates by 25 basis points as expected and set a higher threshold for further rate cuts, but Chairman Powell's press conference was considered quite dovish. ⑵ He did not maintain a neutral stance as much as possible and emphasize data dependence; instead, he downplayed inflation risks and emphasized the weakness in the labor market, suggesting that he is more tolerant of rising inflation than of a weakening labor market. ⑶ This week's market focus will be on the US non-farm payrolls report and the Consumer Price Index (CPI) report, which will be the last full trading week before the year-end holidays. ⑷ Current market pricing indicates that a cumulative rate cut of 57 basis points is expected by the end of 2026. ⑸ Strong US data, especially on the labor market, could trigger a hawkish repricing, thus boosting the dollar. Conversely, weak data could further drag down the dollar as the market pre-emptively bets on rate cuts. (6) Regarding the yen, despite various "leaks" and a more hawkish tone from the Bank of Japan, the yen did not appreciate significantly as expected. This is partly because the market has already fully priced in the high probability of at least two rate hikes by the end of 2026. (7) The yen strengthened today, benefiting from better-than-expected Tankan survey data and some hawkish comments from the Bank of Japan. Furthermore, the Bank of Japan's wage growth assessment released this morning also supported its tightening process. (8) The market is currently convinced that the Bank of Japan will raise interest rates by 25 basis points at this week's monetary policy meeting, but expects it not to exceed current pricing—that is, the market expects the Bank of Japan to raise rates by a cumulative 67 basis points by the end of next year.
15:05:50
[Xi Jinping: A Complete Domestic Demand System Should Be Formed Quickly; A Long-Term Mechanism for Expanding Residents' Consumption Should Be Established and Improved] The 24th issue of Qiushi magazine, published on December 16th, will feature an important article by Xi Jinping, General Secretary of the CPC Central Committee, President of the People's Republic of China, and Chairman of the Central Military Commission, entitled "Expanding Domestic Demand is a Strategic Move." The article points out that a complete domestic demand system should be formed as soon as possible, focusing on expanding consumption demand supported by income, investment demand with reasonable returns, and financial demand with principal and debt constraints. Consumption is an important engine of my country's economic growth. The most fundamental way to expand consumption is to promote employment, improve social security, optimize the income distribution structure, expand the middle-income group, and solidly advance common prosperity. A long-term mechanism for expanding residents' consumption should be established and improved so that residents have stable incomes to consume, no worries about the future to dare to consume, and a superior consumption environment that gives them a strong sense of gain and makes them willing to consume. (Xinhua News Agency)
15:05:22
[Saudi Arabia's Wholesale Inflation Slows in November] ⑴ Saudi Arabia's annual wholesale price inflation rate slowed to 2.3% in November, down from a 13-month high of 2.9% in the previous month. ⑵ The main downward pressure came from the slowdown in the growth rate of agricultural and fishery product prices to 2.3% (from 4.6% in October). ⑶ The growth rate of transportable goods prices, excluding metal products, machinery and equipment, slowed to 4.3% (from 5.4% previously). ⑷ In addition, the decline in ore and mineral prices widened to 0.8% (from a 0.6% decline previously). ⑸ On the other hand, the growth rate of metal products, machinery and equipment prices accelerated to 0.8% (from 0.5% previously). ⑹ The growth rate of food, beverage, tobacco and textile prices remained stable at 0.5%. ⑺ On a monthly basis, wholesale prices fell by 0.3% month-on-month in November, reversing the 0.5% increase in the previous month.
15:04:44
[A-Share Market Close: Precious Metals Rebound After Hitting Bottom, Consumer Stocks Buck the Trend] Indices accelerated their decline in the afternoon, with the Shenzhen Component Index falling over 1% and the ChiNext Index falling nearly 2%. In terms of sectors, consumer stocks rebounded against the trend, with dairy, liquor, and retail sectors leading the market gains. Stocks such as Huangtai Liquor, Huanlejia, and Huangshi Group all hit their daily limit. The precious metals sector rebounded after hitting a bottom, with Chifeng Gold leading the gains. The insurance sector continued its strong performance, with Ping An Insurance rising over 5% and leading the gains. On the downside, computing power hardware stocks collectively declined, with CPO stocks leading the losses. Tengjing Technology and Shijia Photonics fell over 10%. The semiconductor sector also declined, with VeriSilicon Holdings falling over 10%. Overall, more stocks declined than advanced, with over 2,900 stocks falling. At the close, the Shanghai Composite Index was at 3867.92 points, down 0.55%; the Shenzhen Component Index was at 13112.09 points, down 1.10%; and the ChiNext Index was at 3137.80 points, down 1.77%. On the market, the dairy, insurance, and beverage manufacturing sectors led the gains, while AI mobile phones, fiber optic concepts, and CPO sectors led the declines.
15:04:20
[Finnish Consumer Prices Fall for Second Consecutive Month] ⑴ Finland's consumer prices fell 0.1% year-on-year in November, compared to a 0.2% decline in the previous month, a slight narrowing of the decline. ⑵ This marks the second consecutive month of decline in consumer prices, but the rate of decline has slowed, mainly due to a slower decline in housing and utility prices to 2.4% (compared to a 3.0% decline in October). ⑶ The decline in transportation prices narrowed to 0.3% (compared to a 0.9% decline in the previous month), and the decline in miscellaneous goods and services prices narrowed to 2.4% (compared to a 2.6% decline in the previous month). ⑷ Prices for furniture, household appliances, and routine household maintenance turned to a 0.1% decline (compared to a 0.7% increase in the previous month). ⑸ Inflation on alcoholic beverages, tobacco, and narcotics slowed to 2.3% (compared to 2.7% in the previous month), communication inflation slowed to 3.6% (compared to 4.4% in the previous month), and entertainment and cultural inflation slowed to 1.1% (compared to 2.3% in the previous month). (6) In comparison, food and non-alcoholic beverage prices rose 1.7% (previous value 1.6%), medical prices rose 5.6% (previous value 5.5%), restaurant and hotel prices rose 2.0% (previous value 1.5%), and education costs remained stable at 2.8%. (7) On a monthly basis, consumer prices fell 0.2% month-on-month in November, the same as the decline in the previous month.
15:03:39
[India's November Wholesale Prices Fall Less Than Expected] ⑴ India's wholesale prices fell 0.32% year-on-year in November, compared to an expected decline of 0.6% and a previous decline of 1.21%. ⑵ This marks the second consecutive month of decline in wholesale prices, but the rate of decline has narrowed. The previous month recorded the steepest drop since July 2023. ⑶ The narrowing decline was mainly driven by a slower drop in food prices (down 2.60% year-on-year, compared to a 5.04% decline in October), with onion prices falling 64.70%, potato prices down 36.14%, vegetable prices down 20.33%, and legume prices down 15.21%. ⑷ The decline in fuel prices also narrowed (down 2.27% year-on-year, compared to a 2.55% decline in October), mainly dragged down by a 12.78% decline in liquefied petroleum gas prices, a 1.75% decline in gasoline prices, and a 1.64% decline in high-speed diesel prices. (5) In addition, manufacturing inflation slowed to 1.33% from 1.54% in October, the slowest pace since September 2024. (6) Food price growth slowed significantly to 0.62% (previous value 1.76%), pharmaceutical, chemical, and plant product price growth slowed to 1.39% (previous value 1.88%), and cement, lime, and gypsum price growth slowed sharply to 0.08% (previous value 2.48%).
15:00:06
Germany's wholesale price index monthly rate for November
Previous
:
0.30%
Forecast
:
-
Published Value
0.30%
Previous
15:00:06
The annual rate of Germany's wholesale price index in November
Previous
:
1.10%
Forecast
:
-
Published Value
1.50%
Previous
14:48:02
India's food WPI annual rate for November - Wholesale sub-item
Previous
:
-8.31%
Forecast
:
-
Published Value
-4.16%
Previous
14:36:41
[Severe Snowstorm Hits Hokkaido, Japan, Residents' Lives Affected] A severe snowstorm has been hitting many parts of Hokkaido, Japan since the 14th. By noon on the 15th, widespread power outages and transportation disruptions had occurred, with some schools closed, severely impacting residents' lives. According to a report from the local power authority on the 15th, the snowstorm damaged power supply facilities, causing power outages for approximately 36,000 households in Hokkaido at one point. Due to the severe weather conditions, repair work has not yet begun in many areas, and the time for power restoration remains unclear. (CCTV)