According to the Securities Times app, with the release of the PCE at the end of November, inflation trading may reach a peak, the US dollar index and US bond yields may remain strong in the short term. Short-term advice is to continue monitoring major stock indexes such as the Dow Jones, Nasdaq 100, along with the more resilient Russell 2000 Pure Value, and gold may fluctuate at high levels under the boost of safe-haven sentiment. Hong Kong stocks, although having adjusted sufficiently, still require waiting for timing due to the consecutive appointment of a hardline cabinet towards China by President Trump.

Debon Securities' main points are as follows:

Last week, global stock markets showed more gains than losses.

The three major US indexes collectively rose, with the Dow, Nasdaq, and S&P 500 rising by +2.0%, +1.7%, and +1.7% respectively. In Europe, the performance of the three major market indexes varied, with the UK FTSE 100 and the German DAX rising by 2.5% and 0.6% respectively, while the France CAC40 index fell by 0.2%. In the Asia-Pacific region, the Korea Composite Index and the India SENSEX30 led the major global markets, with gains of +3.5% and +2.0% respectively, while the Nikkei 225, Hang Seng Index, Hang Seng Tech Index, and CSI 300 experienced a certain degree of correction.

After the election results were settled, US economic data showed differentiation, with the Eurozone PMI unexpectedly falling back into contraction, and the European Central Bank may cut interest rates again in December.

In November, the S&P Global PMI data in the US exceeded market expectations. Although the main driver of the faster growth in November was the service sector activities, manufacturers are optimistic about production in the next year. The November University of Michigan Consumer Confidence Index significantly fell short of expectations. Since both sets of data were surveys conducted after the election results were known, it indicates market doubts about the future implementation of Trump's economic agenda.

In November, the overall Eurozone PMI fell short of market expectations, with manufacturing further declining into recession and services plummeting well beyond market expectations. After the data was released, traders forecasted a significantly increased probability of the European Central Bank cutting interest rates by 50 basis points in December, rising to 50%, compared to less than 20% before the PMI data was announced. The combination of lower-than-expected European economic data and escalating geopolitical tensions increased risk aversion sentiments, causing the euro to fall to its lowest level since 2022 against the dollar, while the dollar index continued to rise, surpassing the 108 level.

Nvidia's third-quarter performance caused disagreements, but the conference call was positive, resulting in stable market performance, with increased difficulty in surpassing expectations in the future.

Nvidia's third-quarter revenue exceeded the median analyst expectations but did not reach the high-end market expectations. The conference call highlighted three key points:

First, Huang Renxun confirmed that multiple Nvidia customers have received the first batch of Blackwell chips, with the company delivering a total of 0.013 million samples.

Second, Nvidia will begin massive shipments of Blackwell starting in the fourth quarter, with revenues expected to reach several billion dollars and to increase each quarter.

Third, CFO Crespo stated that China remains a very important and competitive market, despite Nvidia's business still being restricted by US government export control measures, the situation is improving. Overall, the market expectations are relatively stable. After the financial report was released, Nvidia's stock price fluctuated moderately, but the difficulty of surpassing performance expectations increased thereafter.

Trump nominated Benson to be the US Treasury Secretary.

On November 22, local time in the United States, Trump officially announced that he will nominate Scott Benson, the founder of the macro hedge fund Key Square, as the next US Treasury Secretary. Benson's policy beliefs align closely with Trump, supporting tax reforms, relaxing financial regulations, and advocating "prudently calibrated" tariff policies. However, Benson does not have much say in terms of tariffs. In terms of the Federal Reserve's attitude, Benson once suggested Trump nominate a "shadow" Fed chair, so future interventions in the Federal Reserve are worth noting.

Risk Warning: Overseas inflation rebound exceeds expectations; Global economic sentiment falls short of expectations; Geopolitical situation exceeds expectations.