Global Market Update: US Stocks Hit Record Highs, Gold Plunges, Chinese Stocks Diverge, and Multiple Policies Boost Economic Development

Global Market Update: US Stocks Hit Record Highs, Gold Plunges, Chinese Stocks Diverge, and Multiple Policies Boost Economic DevelopmentNovember 25th saw significant divergence in global markets. All three major US stock indices closed higher, with the Dow Jones Industrial Average reaching a new all-time high

Global Market Update: US Stocks Hit Record Highs, Gold Plunges, Chinese Stocks Diverge, and Multiple Policies Boost Economic Development

November 25th saw significant divergence in global markets. All three major US stock indices closed higher, with the Dow Jones Industrial Average reaching a new all-time high. Tech stocks showed mixed performance, while gold and oil prices both fell sharply. Meanwhile, China released multiple policy measures covering areas such as 5G large-scale application, food saving, and technology innovation loans, injecting new momentum into the economy. On the international news front, the US Attorney made significant statements regarding the Trump case, ceasefire negotiations in the Middle East showed progress, and other international events continued to shape the global landscape. Following is a detailed analysis of the global market and related news for the day:

I. US Stock Market: Dow Hits Record High, Tech Stocks Diverge

Overnight, all three major US stock indices closed higher. The Dow Jones Industrial Average rose 0.99% to close at 34,158.07, setting a new record high; the Nasdaq Composite gained 0.27% to close at 11,085.88; and the S&P 500 increased by 0.30% to close at 4,080.21.

Large technology stocks showed significant divergence. Amazon's stock price rose by over 2%, Google and Apple both gained over 1%, and Microsoft increased by 0.43%. However, Nvidia fell by over 4%, and Tesla dropped nearly 4%. This divergence reflects differing market expectations for the future prospects of various technology companies. Companies with strong performance and significant growth potential attracted investor favor, while others faced challenges such as increased market competition and declining profitability.

II. Gold Market: Spot Gold Plunges Over 3%

Spot gold prices fell sharply, dropping over 3% and hitting a recent low. Gold, a safe-haven asset, is typically closely correlated with the US dollar's movement and global economic conditions. A stronger dollar and increased market risk appetite can both lead to lower gold prices. Gold stocks also fell across the board, with Coeur Mining, Harmony Gold falling over 4%, Kinross Gold dropping over 3%, and AngloGold Ashanti falling nearly 3%. The slump in the gold market reflects investors' relatively optimistic outlook on future economic growth and reduced risk aversion.

III. Cryptocurrency Market: Bitcoin Falls Below $94,000

Bitcoin's price fell below $94,000, a drop of over 3%. The cryptocurrency market is known for its high volatility, influenced by various factors including regulatory policies, technological developments, and market sentiment. The recent downturn in the cryptocurrency market may be related to changes in the global macroeconomic environment and decreased investor risk appetite. Cryptocurrency-related stock MicroStrategy also fell by over 4% as a result.

IV. Chinese Stocks: Mixed Performance, Some Companies Show Significant Gains

The Nasdaq Golden Dragon China Index rose 0.44%, with Chinese stocks showing mixed performance. Alibaba, Baidu, Youdao, and New Oriental saw their stock prices rise by over 2%, while NIO, XPeng Motors, and other companies fell by over 2%, and NetEase dropped over 1%. The volatility in the Chinese stock market is partly related to the companies' own performance and future prospects, and partly influenced by US-China relations and international geopolitical factors.

V. Oil Market: International Oil Futures Settle Lower

International oil futures settled lower. January WTI crude oil futures fell $2.30, or 3.23%, to close at $68.94 per barrel; January Brent crude oil futures fell $2.16, or 2.87%, to close at $73.01 per barrel. The decline in oil prices may be related to expectations of a slowdown in global economic growth and increased oil supply.

VI. European Stock Market: Major Indices Close Higher

Major European stock indices closed higher. The German DAX 30 index closed up 0.43% at 19405.20; the UK FTSE 100 index rose 0.36% to 8291.68; and the French CAC 40 index gained 0.03% to close at 7257.47. The modest gains in European markets reflect investor optimism about the European economic recovery.

VII. Domestic Policies in China: Multiple Policies Boost Economic Development

1. Upgraded "Setting Sail" Action Plan for 5G Large-Scale Application: The Ministry of Industry and Information Technology and eleven other departments jointly issued an upgraded "Setting Sail" action plan for 5G large-scale application, aiming to fully achieve 5G large-scale application by the end of 2027, building a development pattern of "universal capabilities, widespread application, and universal empowerment." The release of this plan will strongly promote the application of 5G technology in various fields and promote the development of the digital economy.

2. Action Plan for Food Saving and Anti-Food Waste: The General Offices of the CPC Central Committee and the State Council issued an action plan for food saving and anti-food waste, aiming to establish a long-term mechanism for food saving by the end of 2027, reduce food loss and waste, and promote a societal trend of saving food and opposing waste. The implementation of this plan will help improve food security and promote sustainable development.

3. Promotion of Technological Innovation and Technological Transformation Loans: The People's Bank of China, together with nine other departments including the National Development and Reform Commission, held a meeting to promote technological innovation and technological transformation loans, calling on banks to increase support for technology-based enterprises, improve loan efficiency, and provide funding support for technological innovation and industrial upgrading. This meeting will provide more financial support for the development of technology-based enterprises, driving technological innovation and industrial upgrading.

VIII. International News: Developments in the Trump Case, Ceasefire Negotiations in the Middle East, etc.

1. US Attorney Drops Charges Against Trump: US Special Counsel Jack Smith announced he would drop charges against President-elect Trump related to alleged interference in the 2020 US election, citing that "a sitting president should not face criminal prosecution." This decision will have a profound impact on US politics.

2. US Attorney Files Motion to Dismiss Appeal in Trump "Classified Documents" Case: US Special Counsel Jack Smith filed a motion to dismiss the appeal against President-elect Trump for mishandling classified documents.

3. Progress in Lebanon-Israel Ceasefire Negotiations: A US State Department spokesperson stated that a ceasefire agreement between Lebanon and Israel has not yet been reached, but the gap between the two sides has significantly narrowed.

4. Red Sea Shipwreck in Egypt: The governor of Egypt's Red Sea province stated that 16 people remain missing following a shipwreck.

5. German SPD Nominates Scholz as Chancellor Candidate: The German Social Democratic Party nominated current Chancellor Olaf Scholz as its candidate for next year's election.

IX. Domestic Company News in China: Longi Green Energy Chairman Increases Holdings, Huolala Responds to Driver Dispute, etc.

1. Longi Green Energy Chairman to Increase Holdings: Longi Green Energy Chairman Zhong Baoshen plans to increase his holdings in the company by at least RMB 100 million, demonstrating confidence in the company's future development.

2. Huolala Responds to Dispute between Driver and Porsche Owner: Huolala issued a statement regarding the dispute between a Huolala driver and a Porsche owner over moving fees, and provided financial assistance to the driver.

3. General Manager of TongHuashun Cloud Software Company Receives Regulatory Interview: The Zhejiang Securities Regulatory Bureau gave a regulatory interview to the general manager of TongHuashun Cloud Software Company due to multiple regulatory violations by the company.

4. Dong Yuhui's Role Change at Yuhui Xing: Changes were made in the business registration of Yuhui Xing (Beijing) Technology Co., Ltd., with Dong Yuhui changing his role from executive director and manager to director and manager.

5. Former Employee Exposes Layoffs at Great Wall Motors: A former employee of Great Wall Motors exposed that the company is conducting malicious layoffs through non-negotiated job transfers and salary reductions.

6. Tesla Offers Limited-Time Discount on Model Y Down Payment: Tesla launched a limited-time promotion offering a RMB 10,000 discount on the down payment for the Model Y to stimulate sales.

7. Huawei's "Most Powerful Mate Ever" to Launch: Huawei's Mate70 series with its new AI air transfer feature will officially launch.

8. First Capital Securities Responds to Allegations Against Company Secretary: First Capital Securities responded to allegations against its company secretary, stating that the information was inaccurate.

9. Dayun Automobile Discloses Restructuring Status: Dayun Automobile disclosed its restructuring status, stating that it is actively seeking strategic cooperation and promoting corporate restructuring.

10. Buffett Donates $1.1 Billion in Stocks: Berkshire Hathaway Chairman Warren Buffett donated approximately $1.1 billion in stock.

X. Summary

November 25th presented a complex and volatile global market landscape. US stocks hit record highs, but gold