Overnight US stocks | The three major indices rise and fall differently, popular Chinese concept stocks generally fall, and cryptocurrency rebounds sharply.

On Friday, the three major indexes had mixed performances. This week, all three major stock indexes in the US recorded declines, with the Dow falling by 1.21%, the Nasdaq falling by 3.04%, and the S&P 500 falling by 1.63%. Due to the continued shutdown of the US federal government, the nonfarm payroll report was missing for the second consecutive month. [US Stock Market] At the close, the Dow rose by 74.80 points, or 0.16%, to 46,987.10 points; the Nasdaq fell by 49.46 points, or 0.21%, to 23,004.54 points; the S&P 500 index rose by 8.48 points, or 0.13%, to 6,728.80 points. Popular Chinese concept stocks mostly declined, with XPeng, Inc. ADR Sponsored Class A (XPEV.US) falling by 3.1% and Alibaba Group Holding Limited Sponsored ADR (BABA.US) falling by 2.8%. [European Stocks] The German DAX 30 index fell by 191.13 points, or 0.80%, to 23,553.11 points; the UK's FTSE 100 index fell by 55.48 points, or 0.57%, to 9,680.30 points; the French CAC 40 index fell by 14.59 points, or 0.18%, to 7,950.18 points; the Euro Stoxx 50 index fell by 47.73 points, or 0.85%, to 5,563.45 points; the Spanish IBEX 35 index fell by 233.10 points, or 1.45%, to 15,887.00 points; and the Italian FTSE MIB index fell by 187.69 points, or 0.44%, to 42,881.00 points. [Crude Oil] The WTI crude oil futures for December delivery rose by 0.54% to settle at $59.75 per barrel, while the Brent futures for January delivery rose by 0.39% to settle at $63.63 per barrel. Amena Bakr, an analyst at Kpler, stated that OPEC+'s decision to halt production growth in the first quarter of next year is a preventive measure due to the current oversupply situation in the market. [Cryptocurrency] Bitcoin rose by over 2.3% to $103,664.20, and Ethereum rose by nearly 4% to $3,443.89. [US Dollar Index] The US dollar index, measuring the dollar against six major currencies, fell by 0.47% to close at 99.735 in the forex market. At the end of the New York trading session, 1 euro exchanged for $1.1544, 1 pound exchanged for $1.3132, 1 dollar exchanged for 153.14 yen, 1 dollar exchanged for 0.8066 Swiss francs, 1 dollar exchanged for 1.4113 Canadian dollars, and 1 dollar exchanged for 9.5682 Swedish krona. [Precious Metals] Gold prices rose above $4,000 once again due to the weaker dollar and increased safe haven demand. Spot gold rose by 0.6% to $4,000.99. [Macro News] Senate Democrats propose to delay ACA subsidies for a year to end the government shutdown. Senate Democrats have put forward a new plan to end the government shutdown, which includes a proposal to extend Affordable Care Act (ACA) subsidies, due to expire on December 31, for a year. This means that the short-term funding bill will not include any new restrictions that many Republicans have been trying to push. Senate Republicans have repeatedly emphasized the need to restart the government first before any vote on health care subsidies. Democrats have rejected this premise. Senate Minority Leader Chuck Schumer stated that this is a reasonable and practical solution that can restart the government, address the issue of health care costs, and start negotiations on reforming ACA tax breaks. Economists: Countdown to US fiscal crisis has begun. Kent Smetters, the head of the Penn Wharton Budget Model project at the University of Pennsylvania, believes that the "doomsday" for the US economy will occur between 2045 and 2050, which is the critical point for the US economy. By that time, the interest costs on the federal government's debt will become so large that even massive tax increases will be ineffective. Smetters stated that at that time, the US government will be in clear or implicit default, both of which will have disastrous consequences. A clear default would make the US a global defaulter. Implicit default could theoretically be achieved through debt monetization (leading to inflation) or by cutting Social Security and Medicare expenses. Smetters said, "This is when panic begins to spread, and it is a time when trust in government is lost. This is also the reason for the collapse of other societies. Going back to Rome, France, Spain, Britain, and Germany, almost every empire has fallen due to debt." Personal financial expectations worsen, and US consumer confidence falls to a three-year low. Due to the government shutdown affecting economic prospects and rising prices worsening personal financial expectations, US consumer confidence has fallen to its lowest level in over three years. Preliminary data from the University of Michigan shows that the consumer confidence index for November fell from 53.6 last month to 50.3, the lowest since June 2022. The current conditions index plummeted by 6.3 points to a record low of 52.3, indicating growing concerns among the public about the impact of the government shutdown. The report noted that this overall decline in confidence is widespread across different age, income, and political groups. Although the spontaneous mentions of "high prices" have increased for the fifth consecutive month, long-term inflation expectations have eased slightly. Consumers expect prices to rise by an average of 3.6% annually over the next five to ten years, a three-month low. However, their expectations for prices in the next year have slightly increased. Concerns about unemployment have surged this month, with 71% of respondents expecting the unemployment rate to rise in the next year, more than double the proportion from the same period last year. The Senate draft of the "Cryptocurrency Market Structure Act" is still not completed, and the review process may be postponed until December. The Senate version of the "Cryptocurrency Market Structure Act" has not yet been completed, and the US Senate is likely to continue meeting over the weekend to negotiate. Once the government reopens, the Senate Banking Committee and the Agriculture Committee will immediately begin planning the review dates for their respective versions of the market structure bill. An industry insider participating in the bipartisan discussions of the Banking Committee revealed that all relevant parties are working tirelessly this week to address key differences. Progress seems smooth, but there is no clear timeline for when the draft will be completed. Meanwhile, the draft of the Agriculture Committee is still in flux. Last week, several sources indicated that the bipartisan version was close to being finalised and could be released as early as this week. David Sacks, the White House Director of Crypto and AI, had a call with the two main drafters of the bill, Agriculture Committee Chairman John Boozman (R-Arkansas) and Senator Cory Booker (D-New Jersey), on Wednesday. He said after the call that he was "encouraged by the progress" and looks forward to seeing a bipartisan draft "soon". Clearly, the senators' Thanksgiving pre-review target is becoming increasingly unrealistic, and a December review now seems more likely, but as is typical of the US Congress, anything is subject to change. [Stock News] Strategy (MSTR.US) raises the fundraising size for perpetual preferred stock STRE to 620 million euros. Strategy has announced that the fundraising size for its perpetual preferred stock STRE has been increased from 350 million euros to 620 million euros (approximately 715.1 million US dollars), with plans for issuance and settlement by November 13, 2025. The funds will be used for additional BTC holdings and other general corporate purposes. There will be a cumulative stock dividend of 10.00% annually, with quarterly cash payments starting from December 31, 2025. The company may redeem the stock under certain conditions, and holders can request a buyback in the event of a "fundamental change". Trump Media & Technology Group (DJT.US) earns $15.3 million from Bitcoin-related securities options premium in Q3. The financial assets of the Trump Media & Technology Group reached $3.1 billion at the end of the third quarter, earning $15.3 million from the premium on Bitcoin-related securities options. The third quarter generated $13.4 million in interest income from other financial investments, with operating cash flow reaching $10.1 million and a quarterly net loss of $54.8 million. [Major Bank Ratings] JPMorgan: Lowers ConocoPhillips (COP.US) target price from $115 to $112 Citi: Raises Eli Lilly (LLY.US) target price from $1,190 to $1,250 Stifel: Lowers Microchip Technology Incorporated (MCHP.US) target price from $82 to $75