Powell's speech amid resignation rumors; Goldman Sachs predicts December rate cut; China's PMI rises.

Rumors of Powell's Resignation Resurface

Emergency Meeting Speculation

Rumors have emerged on social media that Federal Reserve Chairman Jerome Powell will announce his resignation during an emergency meeting scheduled for 7 PM EST on Monday. However, this claim has not been reported by mainstream media, and there is no official confirmation from the Federal Reserve. According to the Fed's official schedule, Powell is set to give a speech at 8 PM on the same day, but it is not an emergency meeting. Powell's term as Fed Chair ends on May 15, 2026, and his board member term concludes on January 31, 2028. Despite recent criticisms from Trump, Powell has maintained a firm stance, stating he will not resign early.

Potential Successors

Former economic advisor Kevin Hassett, seen as a potential frontrunner to replace Powell, referred to the speculation about his candidacy as "rumors." He noted that the market is positively reacting to the possibility of Trump nominating a new Fed Chair. Sources indicate that Trump trusts Hassett and believes they share similar views on aggressive rate cuts. The Treasury Secretary has suggested that Trump may announce his nominee before the Christmas holiday.

Goldman Sachs Predicts Rate Cut in December

Goldman Sachs analysts believe that a rate cut by the Federal Reserve in December is highly likely. They cite a weakening labor market and risk management needs as reasons for this policy choice, which is already reflected in market pricing. The analysts suggest that the Fed should cut rates in December and reassess in January after reviewing three non-farm payroll reports.

OPEC+ Maintains Oil Production Cuts

In light of increasing signs of oversupply in the global oil market, OPEC+ has confirmed its plan to maintain production cuts in the first quarter of 2026. Key member countries, led by Saudi Arabia, reiterated their commitment to the three-month pause in production, citing expectations of seasonal market weakness.

China's Manufacturing PMI Rises

On November 30, China's National Bureau of Statistics reported that the manufacturing Purchasing Managers' Index (PMI) rose to 49.2 in November, up 0.2 percentage points from the previous month. However, the non-manufacturing PMI fell to 49.5, a decrease of 0.6 percentage points, indicating a slight decline in economic activity.

Global Copper Supply Shifts to the U.S.

The U.S. market is attracting global copper supplies due to tariff expectations, leading to inventory shortages in other regions. This trend is creating a favorable market structure for copper bulls, as Asian buyers may have to accept higher premiums to secure supply.

PBOC Meeting on Cryptocurrency Regulations

The People's Bank of China held a meeting on November 28 to coordinate efforts against cryptocurrency trading speculation. The meeting emphasized that cryptocurrencies do not have the same legal status as fiat currencies and should not circulate in the market. The central bank reiterated its commitment to prohibiting cryptocurrency activities.

Ministry of Industry and Information Technology on Battery Industry

The Ministry of Industry and Information Technology held a meeting on November 28 to address irrational competition in the power and energy storage battery industry. The Minister highlighted the need for targeted policies to regulate the industry and ensure high-quality development.

U.S. Stock Market Performance

Last Friday, U.S. stock markets closed early due to Thanksgiving, with all three major indices rising for the fifth consecutive day. The Dow Jones increased by 0.61%, the S&P 500 by 0.54%, and the Nasdaq by 0.65%. Notably, Nvidia's stock fell by 1.81%, while other tech giants saw gains.

Intel's Potential Supply to Apple

Analyst Ming-Chi Kuo reported that Intel is expected to begin shipping Apple's lowest-tier M processors as early as 2027. Recent industry surveys indicate improved visibility for Intel as a supplier for Apple's advanced processes, with expectations for product development to align with upcoming releases.

Goldman Sachs on China's AI Industry

On November 27, Goldman Sachs released a report analyzing the competitive landscape of China's AI industry, focusing on the strategies of major players like Alibaba, ByteDance, and Tencent.