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[Nomura: Dollar May Face Multiple Downside Risks in 2026] 1. Nomura Securities economists point out that the US dollar faces the risk of significant weakening in 2026 due to a number of factors. Potential triggers include: adjustments to US portfolio positions, increased foreign exchange hedging risks, the US Supreme Court's ruling on Trump's tariffs, the controversy surrounding the Federal Reserve's independence, and a possible easing of trade tensions. 2. The report further analyzes that market expectations of slower US economic growth compared to other major economies, coupled with further interest rate cuts by the Federal Reserve against the backdrop of stable interest rates at major central banks, could exacerbate downward pressure on the dollar. Nomura emphasizes: "We believe that foreign allocation to US portfolios may slow down, while structural negative pressures on the dollar may reappear."

[Inflationary Pressures Emerge in Australia, Rate Hike Expected to Happen in the First Half of Next Year] 1. Australia's third-quarter GDP data showed strong domestic demand growth, fueling market expectations of a shift in monetary policy. Many economists believe that inflationary pressures may prompt the Reserve Bank of Australia (RBA) to raise interest rates in the first half of 2026, and even reverse a rate cut implemented in February of this year. 2. UBS Chief Economist George Tharenou pointed out that although his baseline forecast remains a rate hike at the end of next year, the risk balance has shifted towards around the middle of next year. He emphasized: "GDP data releases inflationary signals from the perspective of wages and unit labor costs, which is particularly alarming for the RBA." 3. The current market focus has shifted from "whether to raise interest rates" to "when to raise interest rates," with the continued strong performance of labor costs and domestic demand gradually changing the game of interest rate prospects.

[Russia's November Composite PMI Almost Unchanged] ⑴ Russia's November S&P Global Composite Purchasing Managers' Index (PMI) came in at 50.1, virtually unchanged from October's 50.2. ⑵ The latest data shows that private sector activity has stalled overall, with the strengthening of service sector growth almost offset by a larger decline in manufacturing output. ⑶ Total new orders stabilized after five consecutive months of contraction, supported by a recovery in new orders in the service sector. ⑷ Meanwhile, employment levels rose across the board, with manufacturing resuming job creation. ⑸ On the other hand, the rate of increase in operating costs and sales prices slowed and remained below their respective historical averages. ⑹ Cost pressures intensified in manufacturing but eased in the service sector. ⑺ Finally, both producers and service providers expressed stronger optimism about output for the coming year.

Airbus: The company now targets approximately 790 commercial aircraft deliveries by 2025.

[US Secretary of State Questions Drug Deal with Venezuela] 1. US Secretary of State Marco Rubio recently expressed doubt about the possibility of reaching a drug deal with the Venezuelan government. In his comments, he pointed out that Venezuelan leader Nicolás Maduro has "repeatedly broken promises" over the years, thus questioning his ability to fulfill any new agreements. Rubio stated, "If you want to make a deal with him, I don't know how you can do it. He's broken every agreement he's signed. Of course, that doesn't mean you shouldn't try." 2. Rubio also reiterated that the US military deployment in waters near Latin America falls under the scope of the drug countermeasures mission and is not preparation for war aimed at regime change. This statement emphasizes the limited objectives of the current operations. The US government has repeatedly accused Venezuela of being a major transit point for drug trafficking, while the Venezuelan government denies these accusations and criticizes the US for interfering in its internal affairs.

Citigroup lowered its target price for Porsche from €56 to €55.