Sydney:12/24 22:26:56

Tokyo:12/24 22:26:56

Hong Kong:12/24 22:26:56

Singapore:12/24 22:26:56

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London:12/24 22:26:56

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2025-12-18 Thursday

2025-12-19

22:06:04

[Lagarde Explains ECB's Stance: Holding Rates Steady is Justified, Future Path Depends on Data] ⑴ Following the policy meeting, ECB President Christine Lagarde stated that the Governing Council decided to maintain the three key interest rates unchanged, and the updated assessment confirms that inflation should stabilize at the 2% target over the medium term. ⑵ She pointed out that new forecasts from Eurosystem staff show a slight upward revision to inflation expectations for 2026, mainly due to the anticipated slower decline in service inflation; while economic growth expectations have been revised upward across the board compared to September, primarily driven by domestic demand. ⑶ Lagarde emphasized that the ECB is determined to ensure inflation stabilizes at the target over the medium term and will follow a data-driven, meeting-by-meeting approach to determine the appropriate monetary policy stance, without pre-committing to a specific interest rate path. ⑷ Regarding the economic outlook, she stated that the economy has shown resilience, mainly driven by domestic demand, but challenges in the global trade environment and geopolitical uncertainties remain dragging factors. ⑸ On inflation, she noted that underlying inflation indicators have not changed significantly recently, wage growth is expected to slow in the coming quarters and stabilize at slightly below 3% by the end of 2026, with inflation expected to return to the target in 2028. (6) Lagarde detailed the upside and downside risks to inflation, including multiple factors such as trade policy, exchange rates, geopolitical conflicts, supply chains, wage pressures, and fiscal spending. (7) She assessed that financial and monetary conditions were generally stable, market interest rates had risen since the last meeting, and bank lending rates to businesses had remained broadly stable since the summer. (8) Lagarde concluded that the Governing Council was prepared to adjust all its instruments within its mandate to ensure that inflation remained sustainably stable at the medium-term target and to maintain smooth transmission of monetary policy. (9) Overall, the statement painted a picture of upward revisions to growth, a slight adjustment to the inflation path, but a solid medium-term target, providing a comprehensive justification for the ECB to pause interest rate cuts and enter a period of observation.

21:56:50

[Germany Launches €30 Billion Fund to Leverage Private Capital for Future Industries] ⑴ Germany officially launched the €30 billion "German Fund" initiative on Thursday, aiming to enhance the competitiveness of Europe's largest economy by leveraging private capital investment in energy transition, technology, and industrial modernization. ⑵ The fund, coordinated by the German Ministry of Finance and the Ministry of Economic Affairs, and implemented by the state-owned development bank KfW, will utilize various tools such as guarantees, loans, and equity investments to mitigate the risks of private investment. ⑶ The government describes the fund as "temporary seed financing" for the German economy after years of stagnation, aiming to leverage approximately €130 billion in additional private investment. ⑷ The fund focuses on three key areas: industrial and SMEs pursuing decarbonization and key raw material projects; energy utilities investing in renewable energy infrastructure; and startups and growth-stage companies in deep technology, biotechnology, and defense technology. ⑸ Specific measures include providing up to €8 billion in guarantees for industrial transition projects, establishing a €600 million guarantee framework for geothermal drilling, and expanding venture capital financing. (6) The Minister of Economy stated that the key lies in channeling private capital towards areas where innovation is born, supply chain resilience is strengthened, and Germany is prepared for the future. (7) KfW will also begin providing financing for defense exports and purchasing securitized products to strengthen loan support for SMEs. (8) The German Startup Association welcomed the plan, noting a significant funding gap for startups in the country, with data showing that in 2024, German per capita startup investment was far lower than that of the United States. (9) According to the plan, the fund will provide €1 billion in funding for startups by the end of 2030.

21:49:47

The total CPI index of the United States in November

Previous : 318.14 Forecast : -

Published Value 317.41

Previous

21:40:19

[Initial Jobless Claims Decline, Job Market Remains Stable Amid Tariffs and Seasonal Fluctuations] ⑴ Initial jobless claims in the U.S. fell by 13,000 last week to a seasonally adjusted 224,000, slightly better than the market expectation of 225,000, reversing the surge of the previous week. ⑵ Recent data fluctuations mainly reflect the challenges of data adjustment around the Thanksgiving holiday, but the overall tone of the labor market has not changed significantly; employers are neither willing to significantly increase hiring nor engage in large-scale layoffs. ⑶ Economists point out that Trump's tariff rhetoric had an unexpected impact on businesses, causing them to slow down the pace of increasing headcount. ⑷ A survey of 548 chief financial officers shows that tariffs remain one of the biggest concerns for businesses. ⑸ Although the unemployment rate rose to 4.6% in November, the highest since September 2021, this data was distorted by technical factors due to the previous 43-day government shutdown. (6) The number of people continuing to receive unemployment benefits increased by 67,000 to 1.897 million in the week ending December 6, indicating that some unemployed people are experiencing longer job search periods. (7) Federal Reserve officials cut interest rates by 25 basis points last week, but hinted that they would pause further rate cuts until the direction of the labor market and inflation becomes clearer. (8) Overall, the labor market has shown resilience in the face of seasonal fluctuations and external policy shocks, but its potential strength and sustainability still require more data to verify.

21:38:35

[US Inflation Data Shows "Technical" Decline, but Affordability Challenges Persist Under the Shadow of Tariffs] ⑴ The US Consumer Price Index (CPI) rose 2.7% year-on-year in November, lower than the market expectation of 3.1% and also lower than the 3.0% increase in September. ⑵ This slowdown may be technical, as the 43-day government shutdown prevented the release of October CPI data, and the November data collection was delayed until later this month, coinciding with retailers offering holiday discounts. ⑶ Despite the lower-than-expected inflation reading, Americans still face affordability challenges, partly due to Trump's tariff rhetoric. Economists point out that tariffs are gradually being passed on to consumers and disproportionately impacting low-income families. ⑷ The core CPI rose 2.6% year-on-year in November, a slowdown from 3.0% in September. ⑸ The Federal Reserve's Personal Consumption Expenditures (PCE) price index, used to measure inflation targets, has not yet provided a November update due to data release delays; in September, the index was still well above the target. (6) Federal Reserve officials cut interest rates by 25 basis points last week, but also indicated that borrowing costs are unlikely to fall further in the near term until the labor market and inflation direction become clearer. (7) Federal Reserve Chairman Powell has pointed out that the main cause of inflation overshooting is actually tariffs, and economists believe that the price declines resulting from recent tariff reductions on some goods may take time to be passed on to consumers.

21:37:37

Canada's average weekly income annual rate in October

Previous : 3.10% Forecast : -

Published Value 2.18%

Previous

21:33:16

The Philadelphia Fed's manufacturing Loading index for December in the United States

Previous : -8.10 Forecast : -

Published Value 3.20

Previous

21:33:11

The Philadelphia Fed's Manufacturing Price Index for December in the United States

Previous : 17.70 Forecast : -

Published Value 24.30

Previous

21:32:32

U.S. food CPI annual rate for November - unadjusted seasonally

Previous : 3.10% Forecast : -

Published Value 2.60%

Previous

21:32:24

U.S. energy CPI annual rate for November - unadjusted seasonally

Previous : 2.80% Forecast : -

Published Value 4.20%

Previous

21:32:19

U.S. new car CPI year-on-year rate for November - unadjusted seasonally

Previous : 0.80% Forecast : -

Published Value 0.60%

Previous

21:31:54

U.S. used car and truck CPI year-on-year rate for November - unadjusted seasonally

Previous : 5.10% Forecast : -

Published Value 3.60%

Previous

21:31:50

U.S. housing CPI annual rate for November - unadjusted seasonally

Previous : 3.60% Forecast : -

Published Value 3%

Previous

21:31:24

U.S. housing CPI annual rate for November - unadjusted seasonally

Previous : 3.60% Forecast : -

Published Value 3.60%

Previous

21:30:39

The seasonally adjusted core CPI reading for the United States in November

Previous : 330.54 Forecast : -

Published Value 331.07

Previous

21:30:27

The year-on-year rate of the US CPI in November was not adjusted seasonally

Previous : 3% Forecast : 3.10%

金银 石油
美元

Published Value 2.70%

Previous

21:30:27

The year-on-year rate of core CPI in the United States for November was not adjusted seasonally

Previous : 3% Forecast : 3%

金银 石油
美元

Published Value 2.60%

Previous

21:30:25

The Philadelphia Fed's Manufacturing Price Payment Index for December in the United States

Previous : 56.10 Forecast : -

Published Value 43.60

Previous

21:30:25

The Philadelphia Fed's manufacturing Employment Index for December in the United States

Previous : 6 Forecast : -

Published Value 12.90

Previous

21:30:25

The Philadelphia Fed Capital Expenditure Index for December in the United States

Previous : 26.70 Forecast : -

Published Value 30.30

Previous

21:30:25

Philadelphia Fed's six-month forecast for manufacturing business conditions in the United States in December

Previous : 49.60 Forecast : -

Published Value 41.60

Previous

21:30:22

The Philadelphia Fed's new Manufacturing Orders Index for December in the United States

Previous : -8.60 Forecast : -

Published Value 5

Previous

21:30:21

The Philadelphia Fed Manufacturing Index for December in the United States

Previous : -1.70 Forecast : 3

金银 石油
美元

Published Value -10.20

Previous

21:30:20

U.S. New wheat export sales for the week ending December 11 -USDA Weekly

Previous : 38.11 Forecast : -

Published Value 47.99

Previous

21:30:20

U.S. net export sales for the week ending December 11 - wheat for the second year -USDA weekly

Previous : 0.75 Forecast : -

Published Value 0

Previous

21:30:19

U.S. net export sales for the week ending December 11 - Soybean total for two years -USDA weekly

Previous : 232.07 Forecast : -

Published Value 111.60

Previous

21:30:19

U.S. net export sales for the week ending December 11 - Soybean oil for the current year -USDA weekly

Previous : 0.75 Forecast : -

Published Value 2.55

Previous

21:30:19

U.S. net export sales for the week ending December 11 - Soybean oil for the second year -USDA weekly

Previous : -0.75 Forecast : -

Published Value 0

Previous

21:30:18

U.S. new beef export sales for the week ending December 11 -USDA Weekly

Previous : 1.91 Forecast : -

Published Value 0.96

Previous

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