Overnight US stocks | The three major indices all fell, but XPeng, Inc. ADR Sponsored Class A (XPEV.US) rose more than 9.6% against the market trend.

On Thursday, the three major stock indexes all fell. In 2026, the voting member of the Federal Reserve and President of the Cleveland Federal Reserve, Hammock, expressed opposition to further interest rate cuts. [US Stocks] At the close, the Dow fell 398.7 points, or 0.84%, to 46912.3 points; the Nasdaq fell 445.81 points, or 1.9%, to 23053.99 points; the S&P 500 index fell 75.97 points, or 1.12%, to 6720.32 points. Tesla, Inc. (TSLA.US) fell 3.5%, NVIDIA Corporation (NVDA.US) fell 3.65%, Meta (META.US), Amazon.com, Inc. (AMZN.US), and Intel Corporation (INTC.US) all fell by more than 2.5%. The Nasdaq China Golden Dragon Index fell slightly, XPeng, Inc. ADR Sponsored Class A (XPEV.US) rose by over 9.6%, and Baidu Inc. Sponsored ADR Class A (BIDU.US) rose by 3%. [European Stocks] The German DAX30 index fell 346.58 points, or 1.44%, to 23702.29 points; the UK FTSE 100 index fell 68.03 points, or 0.70%, to 9709.05 points; the French CAC40 index fell 109.46 points, or 1.36%, to 7964.77 points; the Euro Stoxx 50 index fell 66.93 points, or 1.18%, to 5602.20 points; the Spanish IBEX35 index rose 8.07 points, or 0.05%, to 16097.27 points; the Italian FTSE MIB index fell 425.49 points, or 0.98%, to 43013.00 points. [Oil] At the close, the price of light crude oil futures for December delivery on the New York Commodities Exchange fell by 17 cents to $59.43 per barrel, down 0.29%; the price of Brent crude oil futures for January delivery in London fell by 14 cents to $63.38 per barrel, down 0.22%. [Cryptocurrency] Bitcoin fell by over 2.5% to $101211.6, and Ethereum fell by over 3% to $3320.34. [Dollar Index] The US Dollar Index, which measures the US dollar against six major currencies, fell by 0.47% to 99.735 in the currency market at the end of the day. At the end of the New York currency market, 1 euro was exchanged for $1.1544, higher than the previous trading day's $1.1486; 1 pound was exchanged for $1.3132, higher than the previous trading day's $1.3047. 1 US dollar was exchanged for 153.14 Japanese yen, lower than the previous trading day's 154.11 Japanese yen; 1 US dollar was exchanged for 0.8066 Swiss francs, lower than the previous trading day's 0.8104 Swiss francs; 1 US dollar was exchanged for 1.4113 Canadian dollars, almost the same as the previous trading day; 1 US dollar was exchanged for 9.5682 Swedish kronor, higher than the previous trading day's 9.5654 Swedish kronor. [Precious Metals] Spot gold fell by 0.05% to $3977.22. The World Gold Council: Global gold ETFs achieved net inflows for five consecutive months, attracting $8.2 billion in October, pushing its total assets under management to grow by 6% to a new high of $503 billion at the end of the month; meanwhile, the holdings increased by 1% to 3893 tons compared to the previous month. North American ($6.5 billion inflows) and Asian ($6.1 billion inflows) led global fund inflows in October, while Europe ($4.5 billion outflows) became the only region with outflows. Trading volume in the gold market continued to surge, with the average daily trading volume reaching $561 billion in October, a 45% increase from the previous month. [Macro News] The Federal Reserve's voting members next year emphasized inflation risks and opposed further rate cuts. Hammock, a 2026 Federal Reserve voting member and President of the Cleveland Federal Reserve, stated on Thursday that persistently high inflation levels were not conducive to further interest rate cuts by the Federal Reserve, and she worried that monetary policy may not be adequately prepared to address current inflation. Hammock said, "Following the policy meeting last week, I believe monetary policy is almost accommodative, and in my view, the reasons to take further policy action are not clear at the moment." Hammock stated that the Federal Reserve continues to face inflation pressures above its target, and the current monetary policy setting has almost no restrictive effect on economic growth momentum. She opposed the Federal Reserve's decision to cut interest rates last week. Hammock acknowledged that there are issues in the labor market, but also warned that the unemployment rate is still low. The Bank of England kept rates unchanged as expected, hinting that the next rate cut could come soon. The Bank of England voted to keep rates unchanged at 4%, but sharp divisions within its Monetary Policy Committee indicated that a rate cut could come soon. Faced with inflation levels above normal levels in recent months, nine members of the Bank of England's Monetary Policy Committee voted 5:4 to maintain borrowing costs unchanged. However, in a new set of economic forecasts revealed today, the Bank of England stated that it expects the inflation rate to have peaked and will decrease in the coming months, stabilizing slightly above the 2% level within two years. Bank of England Governor Bailey said, "We are keeping rates at 4% today. We still believe rates will gradually decline, but before another rate cut, we need to ensure that the inflation rate returns to the 2% target level." The fact that four MPC members voted in favor of a rate cut and the Governor hinted at more rate cuts has led to speculation that the Bank of England could cut rates as early as next month, shortly before Christmas. [Company News] Alphabet Inc. Class C (GOOG.US, GOOGL.US) will fully launch its most powerful AI chip, Ironwood, in the coming weeks. Alphabet Inc. Class C is launching its most powerful chip to date, aiming to compete for AI business by offering custom silicon. The company announced on Thursday that the seventh-generation Tensor Processing Unit (TPU), named "Ironwood," will be launched to the public market in the coming weeks, after the chip was first released for testing and deployment in April of this year. This self-developed chip will be used for tasks such as processing large model training, driving real-time chatting, Siasun Robot & Automation, and AI agents. The development of TPU has been going on for ten years. Alphabet Inc. Class C stated that Ironwood is more than four times faster than the previous generation, and major customers have already started using it. Alphabet Inc. Class C said that AI startup Anthropic plans to use up to one million new TPUs to run its Claude model. Trump announces price reductions for weight loss drugs with Eli Lilly (LLY.US) and Novo Nordisk A/S Sponsored ADR Class B (NVO.US). Trump announced on Thursday that agreements have been reached with pharmaceutical giants Novo Nordisk A/S Sponsored ADR Class B and Eli Lilly to reduce the prices of the lowest doses of their popular weight loss drugs. Novo Nordisk A/S Sponsored ADR Class B stated that if approved, the price for a month's supply of the lowest dose of Wegovy will be $149, and this will be extended to all the company's products directly targeting patients. The company also confirmed plans to lower the prices of its injectable medications, including Wegovy and Ozempic in Part D Medicare, Medicaid, and self-pay channels. Lilly stated that for self-pay patients, the starting price for the lowest dose of Zepbound is $299, and the highest dose is $449, which is about $50 lower than the current prices directly targeting patients. Lilly's yet-to-be-approved once-daily oral weight loss drug Orforglipron will also have a starting price of $149. Patients participating in federal Medicare will not pay more than $50 per month for Zepbound and Orforglipron. GLP-1 drugs were initially developed to treat type 2 diabetes but have recently received FDA approval specifically for obesity treatment, such as Wegovy and Zepbound. Other drugs, including Emgality, Trulicity, and Mounjaro, will be added to the Lilly platform LillyDirect at 50%-60% of the current list prices. [Major Bank Ratings] UBS Group AG: Lowered the target price for Arm (ARM.US) from $200 to $195, and raised the target price for Qualcomm (QCOM.US) from $175 to $185.