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12/15 23:35
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This week, President Trump will initiate the final round of interviews for the Federal Reserve Chair position, with National Economic Council Director Kevin Hassett leading among four candidates. Senior government officials revealed that Trump and Treasury Secretary Mnuchin are scheduled to interview former Fed Governor Kevin Walsh on Wednesday. Despite concerns from some Wall Street investors about Hassett's close ties to the president potentially leading to aggressive rate cuts, he remains the frontrunner to succeed Powell in May. However, the decision to conduct additional interviews indicates that Hassett's position is not guaranteed.
The U.S. Bureau of Labor Statistics reported that job openings in October rose to 7.67 million, the highest in five months, surpassing expectations of 7.15 million. However, hiring activity continues to decline, with employment numbers dropping by 218,000 to 5.149 million. The labor market is described as stagnant, partly due to a decrease in labor supply and the impact of AI on entry-level jobs.
Hassett stated that the Fed has ample room for significant rate cuts, suggesting that if data supports it, cuts exceeding 25 basis points could be possible. Trump indicated that rapid rate cuts would be a key factor in his choice for Fed Chair.
The Office of the Comptroller of the Currency (OCC) issued a letter confirming that national banks can engage in transactions involving risk-free principal crypto assets, acting as intermediaries without holding crypto inventories.
CEOs from Bank of America, Citigroup, and Wells Fargo are set to meet with bipartisan senators to discuss upcoming cryptocurrency legislation, focusing on issues such as stablecoin interest payments and the competitive landscape for banks in the crypto space.
After a 46-day government shutdown, the release of U.S. economic data is returning to normal. The Labor Department will publish delayed CPI data for November on December 18, followed by December's CPI and employment data in January.
Reports indicate that SpaceX is planning an IPO with an estimated valuation of $1.5 trillion, aiming to raise over $30 billion. The IPO is expected in mid-2026, depending on market conditions.
Despite expectations of a Fed rate cut, investors are cautious about the post-meeting statements. The Dow Jones fell by 0.37%, while the Nasdaq rose by 0.13%. Notable tech stocks showed mixed results, with Google, Broadcom, and Tesla gaining over 1%, while Meta Platforms dropped over 1%.
Meta Platforms is reportedly delaying the launch of its new AI model, codenamed "Avocado," until Q1 2026 to ensure a successful debut.
Nvidia's H200 AI chip exports to China will undergo special security reviews, with analysts warning that large sales could undermine U.S. advantages in AI computing.
A coalition of leading companies, including Google and Microsoft, has formed the AI Agent Foundation to develop open-source technical standards for AI agents.
Circle has partnered with Aleo to launch a privacy-enhanced stablecoin, USDCx, which will provide bank-level privacy for transactions.
PepsiCo has reached a strategic reform agreement with activist investor Elliott, which includes cutting 20% of its U.S. product line and closing three factories.
Microsoft announced a new $23 billion investment plan in AI, primarily focused on India, aiming to establish the largest cloud computing business in the region.
JPMorgan expects its total spending for 2026 to reach $105 billion, exceeding previous estimates.
Eli Lilly plans to invest over $6 billion in a new manufacturing facility in Alabama, creating 3,450 jobs.
GE Vernova has raised its revenue guidance and announced a stock buyback increase to $10 billion.
Shareholders of Anglo American and Teck Resources have approved a merger to create a $50 billion metal producer.
GameStop reported a net profit of $77.1 million for Q3 2025, with net sales of $821 million.
Stellantis announced a partnership with Bolt to deploy autonomous vehicles in Europe, with trials set to begin in 2026.
Southbound funds net bought over HKD 530 million in Hong Kong stocks, with Tencent receiving significant investment.
Li Auto aims to launch its first L4 autonomous vehicle within three years, predicting a significant industry shift.
The new Hong Kong IPO, Baoji Pharmaceutical, saw its shares surge over 110% in the dark market.
Key economic data to watch includes China's November CPI and M2 money supply, as well as U.S. labor cost index data for Q3.
