Global Markets in Turmoil, US Stocks Hit New Highs, Double 11 Sales Results Released, Bitcoin Breaks $88,000

Global Markets in Turmoil, US Stocks Hit New Highs, Double 11 Sales Results Released, Bitcoin Breaks $88,000On Monday, the three major US stock indexes all closed higher, with the Dow Jones Industrial Average up 0.69%, the S&P 500 up 0

Global Markets in Turmoil, US Stocks Hit New Highs, Double 11 Sales Results Released, Bitcoin Breaks $88,000

On Monday, the three major US stock indexes all closed higher, with the Dow Jones Industrial Average up 0.69%, the S&P 500 up 0.1%, and the Nasdaq up 0.06%, all hitting historical highs. Tesla rose over 9%, marking its biggest five-day gain in four years, with a total market capitalization of $1.12 trillion, moving to seventh place in the US stock market. Bitcoin broke through $88,000, hitting a new high, rising over $7,500 or 9.5% in 24 hours, with a total market capitalization exceeding $1.72 trillion.

Meanwhile, the Double 11 sales reports from Tmall and JD.com were released. Tmall announced that at 24:00 on November 11th, the total transaction volume for the 2024 Tmall Double 11 saw strong growth, with 589 brands exceeding 100 million in sales, a year-on-year increase of 46.5%, setting a historical record. JD.com announced that as of 23:59 on November 11th, the number of orders for JD.com's 11.11 live commerce sales in 2024 increased 3.8 times year-on-year, over 17,000 brands saw their sales increase more than fivefold year-on-year, the number of shopping users increased by more than 20% year-on-year, and over 30,000 small and medium-sized merchants saw their sales increase more than twofold year-on-year.

Domestic Market Trends

Recently, Pan Gongsheng, Governor of the People's Bank of China, delivered a report on the financial work from October 2023 onwards to the Standing Committee of the 14th National People's Congress at its 12th meeting, commissioned by the State Council. Regarding considerations for future work, Pan Gongsheng emphasized that they will further increase the counter-cyclical adjustment of monetary policy, create a favorable monetary and financial environment for stable economic growth and high-quality development, and discussed issues such as opening up to the outside world and risk prevention, releasing numerous policy signals.

On November 11th, the Central Bank released financial data for October, revealing several key points: First, the growth rate of M2 rebounded, and the growth rate of M1 rebounded for the first time after six consecutive months of decline; Second, there were several bright spots in the credit structure, particularly a slight improvement in the growth of personal housing loans; Third, the scale of social financing grew steadily. The market generally believes that the supportive monetary policy stance will not change in the short term, and there is a possibility of stronger monetary policy next year. Additionally, to achieve the annual economic growth target, fiscal policy needs to play a larger role, and insufficient fiscal strength will become a constraint on stable growth.

The Ministry of Natural Resources issued a notice concerning the use of special bond funds by local governments to reclaim and repurchase existing idle land. It proposes that using special bond funds to reclaim and repurchase existing idle land is a crucial measure to reduce the scale of existing land in the market, improve the supply and demand of land, enhance the liquidity of local government and enterprise funds, and promote the stabilization of the real estate market.

The Ministry of Commerce issued a supplementary announcement regarding the implementation of temporary anti-dumping measures against imported brandy originating in the European Union. Based on the provisions of the "Anti-Dumping Regulations of the People's Republic of China" and relevant investigation results, on August 29th, the Ministry of Commerce issued Announcement No. 35 of 2024, preliminarily determining that imported brandy originating in the EU has been dumped, posing a threat of substantial injury to the domestic relevant brandy industry, and that there is a causal relationship between the dumping and the threat of substantial injury. From November 15th onwards, import operators shall provide a corresponding security deposit or letter of guarantee to the customs authorities of the People's Republic of China in accordance with the security deposit ratio determined for each company in this announcement when importing the investigated products.

On November 11th, officials from relevant departments of the Ministry of Education answered reporters' questions on issues related to the "Pre-School Education Law of the People's Republic of China." Relevant officials stated that in terms of restrictions on hosting, it stipulates that no unit or individual shall use fiscal funds, state assets, collective assets, or donated assets to host or participate in hosting profit-making private kindergartens. Public kindergartens shall not be converted into private kindergartens. Social capital shall not control public kindergartens and non-profit private kindergartens through mergers and acquisitions, and kindergartens shall not be listed as enterprise assets within or outside the country.

On November 11th, the China Association of Automobile Manufacturers released the production and sales situation of the Chinese auto industry in October 2024. The data shows that both car sales and production in October saw year-on-year and month-on-month growth. Among them, the monthly production and sales of new energy vehicles hit new historical highs. The data shows that in October, the production and sales of new energy vehicles reached 1.463 million and 1.43 million units, respectively, representing year-on-year increases of 48% and 49.6%, respectively. New energy vehicle sales accounted for 46.8% of total new car sales.

On the 11th, reporters learned that the State Administration for Market Regulation has approved the formal establishment of the National Satellite Navigation Product Quality Inspection and Testing Center (Hubei), marking the first national quality inspection center approved in the field of satellite navigation in the central region. The Shanghai Municipal Commission of Commerce and other five departments and units issued the "Regulatory Scheme for Carrying Out Temporary Import for Repair Trials in the China (Shanghai) Pilot Free Trade Zone." It proposes strict management of the flow of goods. In principle, temporary import for repair goods should clearly state the destination of the repaired goods when handling import procedures, and customs authorities should handle the procedures as bonded repair. For repaired goods re-exported, customs duties, import VAT, and consumption tax shall be exempted.

On November 11th, the Shenzhen Public Accumulation Fund Center released the "Supplementary Provisions to the 'Regulations on Public Accumulation Fund Loan Management in Shenzhen'" and the "Notice on Relevant Matters Concerning Interest Subsidies for Public Accumulation Fund in Our City" for public opinion solicitation, proposing to raise the maximum amount for public accumulation fund loans in Shenzhen and increase interest subsidies for participating employees.

Starting from November 11th, the Chengdu High-tech Zone began accepting applications for housing consumption subsidies. According to relevant requirements, for those newly purchasing newly built residential buildings in the Chengdu High-tech Zone, those with a single building area of 90 square meters (inclusive) or less will receive a subsidy of 20,000 per unit in the form of a Yunflashpay exclusive red packet; for those with a building area between 90 and 144 square meters (inclusive), the subsidy will be 40,000 per unit; and for those with a building area exceeding 144 square meters, the subsidy will be 60,000 per unit.

Overseas Market Trends

At 22:00 local time on November 11th, Japan's new Prime Minister Ishiba Shigeru held his first press conference after being elected. Ishiba Shigeru, President of the Liberal Democratic Party of Japan, won both the Prime Minister nomination elections in the House of Representatives and the House of Councillors on the 11th, becoming Japan's 103rd Prime Minister. On the same day in the morning, the Japanese government held a cabinet meeting, and the entire Ishiba Shigeru cabinet resigned. Subsequently, Japan convened a special parliamentary session to conduct the Prime Minister nomination election.

On the 11th, reporters learned that the No. 2 reactor of the Shimane Nuclear Power Plant located in Matsue City, Shimane Prefecture, will be restarted on December 7th. The Shimane Nuclear Power Plant has a radius of 30 kilometers, encompassing six cities in Shimane and Tottori prefectures, with a population of approximately 460,000. Its No. 2 reactor has been shut down for over 10 years. Due to concerns about safety and other factors, local civic groups have consistently opposed the restart of the nuclear power plant.

At local time on November 11th, Dmitry Peskov, press secretary for the Russian President, denied media reports about a phone call between Russian President Vladimir Putin and US President-elect Donald Trump. Peskov stated that Russia currently has no specific plans to organize a phone call between the two leaders.

According to reports from multiple Iranian media outlets, on the afternoon of the 11th local time, Russia's Mir Bank payment system officially connected to Iran's Shatab Bank payment system. Through this connection, Iranian bank cards can be used at ATMs in Russia, and