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• The chairman of the SEC in the USA plans to resign in January next year, which may lead to major regulatory changes in the cryptos industry.

According to reports, the SEC announced on Thursday that its chairman Gary Gensler will resign on January 20 after the Trump administration takes over. During his tenure, Gensler focused on the cryptos industry, prosecuting companies like Coinbase, Kraken, and Binance, claiming they failed to register with the SEC in the USA which violates regulations. These companies deny the allegations and have fought back in court. On issues regarding cryptos, courts have mostly supported Gensler's position, but his extensive actions and uncompromising stance have drawn strong opposition from Wall Street, Republican members of Congress, and even some Democrats.

• Chris Giacarlo is reported to be considered as the first "crypto czar" for the White House.

Chris Giacarlo served as the chairman of the CFTC during Trump's first term, during which bitcoin futures were approved for listing in the USA. Media reports that Giacarlo was a key member of the Trump team before and after the election, and in recent weeks he has exited the competition for the SEC and CFTC chairman positions, stating his willingness to take up the White House role known as "crypto czar."

• Federal Reserve's Goolsbee stated that the labor market has stabilized, and it may be necessary to slow down the pace of interest rate cuts.

Chicago Fed President Goolsbee reiterated on Thursday that he supports further interest rate cuts and is open to acting at a slower pace. This statement highlights the key debate among Federal Reserve decision-makers, which is not whether to cut rates but rather the speed and magnitude of the cuts. Federal Reserve decision-makers will hold a meeting on December 17-18 to decide whether to lower the policy interest rate again or to wait until next year for a cut. Financial markets believe that the decision-making process will be challenging, with the interest rates futures market suggesting an approximately 55% probability of a 25 basis points cut and a 45% probability of no cut.

• Last week, the number of initial jobless claims in the USA was 0.213 million, dropping to the lowest level since April.

Last week, the number of initial unemployment claims in the usa dropped to its lowest level since April, as the negative impacts from the hurricane seem to have ended. Data released by the U.S. Labor Department on Thursday, November 21, showed that the number of people applying for unemployment benefits for the first time in the week of November 16 decreased by 6,000 to 213,000, lower than the expected 220,000 and previous value of 217,000.

• Bitcoin surged past $99,000, accelerating its push towards the $0.1 million mark.

$Bitcoin (BTC.CC)$The price briefly broke through $99,000, setting a new historical high. The market remains optimistic about the crypto-friendly policies of the incoming Trump administration. Since the beginning of this month, the price of bitcoin has soared about 40%, breaking through several important milestones, and investors' expectations for bitcoin to surpass the $0.1 million threshold are becoming more intense.

• U.S. WTI crude oil closed up 2% on Thursday, with the market focused on the developments in the Russia-Ukraine conflict.

The international crude oil futures settlement price rose by about 2%. The escalation of tensions between Russia and Ukraine has supported crude oil prices. On Tuesday and Wednesday, Ukraine fired U.S.-made Army Tactical Missile Systems (ATACMS) and British-made cruise missiles at Russia, which are the latest Western weapons it is permitted to use. In response, early Thursday morning local time, Russia launched the RS-26 RUBEZH medium-range intercontinental ballistic missile at Ukraine, marking Moscow's first use of such a powerful long-range missile during the war.

Gamestop's surge has dramatically narrowed, with the trading platform considering unplugging the internet of US retail investors.

• The three major indices collectively closed higher, with Google falling more than 4% and Netflix continuing to set new highs.

On Thursday, US stocks closed with the Dow Jones up 1.06%, the S&P 500 index up 0.53%, and the Nasdaq up 0.03%.

Most large tech stocks fell, with Google down over 4%, Amazon down more than 2%, and Apple, Tesla, Microsoft, and Meta slightly down; Netflix rose over 1%, and Nvidia rose slightly. Among them, Netflix reached a new high for the fourth consecutive trading day, and Nvidia hit a new intraday high.

Most popular China concept stocks fell, with PDD Holdings down over 10%, IQiyi down over 7%, Baidu down nearly 6%, XPeng down over 2%, Alibaba, Zhihu, and bilibili down over 1%. NIO and New Oriental rose over 1%.

• MicroStrategy's stock price plummeted over 16%, as Citron stated that shorting the stock was a hedge against bitcoin.

Eastern Time on Thursday, "big bitcoin holder" $MicroStrategy (MSTR.US)$ The stock price closed down 16.16%. Previously, Andrew Left's Citron Research posted that it was shorting this software company, which has essentially transformed itself into a bitcoin investment fund. Citron Research stated that although it remains bullish on bitcoin, it has hedged with MicroStrategy's short positions.

• Google fell nearly 5%, Chrome is not enough, the Justice Department also seeks to divest the Android system and restrict AI training.

The USA Department of Justice has filed a request with the court, demanding not only the divestiture of its Chrome browser but also $Alphabet-A (GOOGL.US)$ the divestiture of the Android operating system and restrictions on Google training AI models. If the proposal is ultimately accepted, Google will no longer own a browser and cannot re-enter the browser market for the next five years. Additionally, Google will no longer be able to monopolize significant data resources that are crucial for AI training. On Thursday, Google closed down nearly 5%.

• Apple plans to launch a revamped Siri in 2026, adding more self-developed AI.

Informed sources revealed. $Apple (AAPL.US)$ A more conversational Siri digital assistant is being developed, aimed at surpassing OpenAI's ChatGPT and other voice services. This new version of Siri, the details of which have not been publicly disclosed, employs a more advanced large language model (LLM), enabling back-and-forth dialogues and allowing for quicker handling of more complex requests. This new voice assistant, which will ultimately be integrated into Apple Intelligence, is referred to by developers as "LLM Siri." Like Apple Intelligence, set to be released this fall, these new functionalities will not be immediately incorporated into next year's hardware. Apple currently plans to introduce this new Siri to consumers as early as the spring of 2026.

• pdd holdings Q3 revenue was 99.354 billion yuan, a year-on-year increase of 44%.

$PDD Holdings (PDD.US)$ After the earnings announcement, it fell nearly 11%. Revenue for the third quarter was 99.35 billion yuan, a year-on-year increase of 44%, while market expectations were 102.83 billion yuan; net income was 24.98 billion yuan, and non-GAAP net income was 27.46 billion yuan, with both year-on-year increases of 61%; adjusted earnings per ADS were 18.59 yuan, while market expectations were 20.19 yuan.

• Trump's company is considering developing a crypto payment service.

According to a trademark application submitted this week, $Trump Media & Technology (DJT.US)$ Submitted an application for a cryptocurrency payment service named Truth Fi, describing it as a platform for crypto payments, financial custody services, and digital asset trading. The application did not detail how the project will operate or how close it is to fruition, but this initiative appears to be an attempt by the group to diversify its business beyond the social media platform Truth Social. Any large-scale crypto project is likely to require the Trump Media Technology Group to acquire another company, as its workforce has fewer than 36 employees.

• Alibaba announced the establishment of an e-commerce business group.

$Alibaba (BABA.US)$ CEO Wu Yongming released a company-wide email announcing the establishment of the Alibaba E-commerce Group, which will fully integrate the Taobao Tmall Group, Alibaba International Digital Business Group, as well as e-commerce operations like 1688 and Xianyu, forming a business cluster that covers the entire industry chain both domestically and internationally. Mr. Jiang Fan has been appointed as the Chief Executive Officer of Alibaba E-commerce Group.

• Negotiations have reached a deadlock, with Volkswagen workers warning of strikes across Germany beginning in December.

$VOLKSWAGEN A G (VWAGY.US)$ Employees at German factories plan to initiate large-scale strikes starting early next month, after union representatives and company management failed to reach an agreement on how to cut costs. Thorsten Grger, chief negotiator for the IG Metall union, stated on Thursday in Wolfsburg that warning strikes will begin ahead of the next round of negotiations scheduled for December 9. While management believes three German factories need to be closed and thousands of workers laid off, union representatives have consistently pushed to keep the factories operational. Volkswagen’s corporate structure gives employees significant say in key decisions, making it difficult for management to advance cost-cutting plans.

Top 20 in transaction volume

BeiShui crazily bought China Mobile for nearly HKD 1.8 billion and sold Tencent for about HKD 200 million. On Monday (June 3rd), Southbound funds net purchased HKD 3.4 billion of Hong Kong stocks.

• Northern funds quickly bottomed out by buying Kuaishou for over 0.6 billion HKD, increasing holdings in Alibaba for over 0.4 billion HKD, and selling Sunac China for about 0.16 billion HKD.

On November 21 (Thursday), southbound funds net bought Hong Kong stocks worth 4.666 billion HKD.

$KUAISHOU-W (01024.HK)$、$BABA-W (09988.HK)$、$BYD ELECTRONIC (00285.HK)$Respectively net bought 0.634 billion HKD, 0.424 billion HKD, and 0.156 billion HKD;

$SUNAC (01918.HK)$、$XIAOMI-W (01810.HK)$、$KINGSOFT CLOUD (03896.HK)$Net sales were 0.163 billion Hong Kong dollars, 19.73 million Hong Kong dollars, and 14.99 million Hong Kong dollars respectively.

• baidu's Q3 adjusted net income was 5.886 billion yuan, a year-on-year decrease of 19%.

$BIDU-SW (09888.HK)$ In the third quarter, total revenue reached 33.557 billion yuan, with a net income of 7.632 billion yuan, which is a year-on-year increase of 14% and a quarter-on-quarter increase of 39%. Among them, baidu's core revenue was 26.5 billion yuan, and non-online marketing revenue was 7.7 billion yuan, up 12% year-on-year. During the period, the autonomous driving service provided by萝卜快跑 recorded 0.988 million autonomous driving orders, a 20% year-on-year increase. As of September, baidu APP's monthly active users reached 0.704 billion, a year-on-year increase of 6%.

• Ke Holdings reported a revenue of 22.6 billion yuan in Q3, an increase of 26.8% year-on-year.

$BEKE-W (02423.HK)$ In the third quarter, the total transaction volume was 736.8 billion yuan, a 12.5% year-on-year increase. The existing home transaction volume rose 8.8% year-on-year. The net income was 22.6 billion yuan, an increase of 26.8% year-on-year. The net profit was 1.168 billion yuan. As of September, the number of stores was 0.0482 million, a year-on-year increase of 12.1%. The number of brokers was 0.4764 million, an increase of 11.0% year-on-year.

The company's overall sales volume in 2023 was 18,000 kiloliters, with a year-on-year increase of 28.10%, indicating significant growth. In terms of product structure, the operating income of products worth 10-30 billion yuan were 401/1288/60 million yuan respectively.

Keywords: Japan's October core CPI year-on-year, USA's November s&p global manufacturing PMI final, one-year inflation expectation preliminary value, November University of Michigan consumer confidence index preliminary value; Hang Seng Index quarterly review.

On Friday, in terms of economic data, Japan will release the October core CPI year-on-year, while the USA will encounter a series of data, including the USA's November s&p global manufacturing PMI final value, the USA's November one-year inflation expectation preliminary value, and the USA's November University of Michigan consumer confidence index preliminary value.

In terms of financial events, 2025 FOMC voting member and Chicago Fed President Goolsbee will participate in a Q&A session at a conference; 2024 FOMC voting member and Cleveland Fed President Mester will speak at the 2024 Financial Stability Conference.

In addition, the hang seng index company announced the results of the third quarter review, and the changes to the components of the hang seng index series will take effect on December 9.

In terms of new stocks, $Park Ha Biological Technology (PHH.US)$ 、 $BrilliA Inc. (BRIA.US)$ 、 $YSX Tech Co., Ltd. (YSXT.US)$ Will be listed on the usa stock market.

Futubull Morning News:

After holding a certain stock for 5 years, you may gradually integrate into it, or your understanding of it may become deeper.
"- Charlie Munger"

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