on Monday
Li Qiang: Strengthen policy support for building good houses, focus on the renovation of old urban communities, urban villages and dilapidated houses, and improve the living environment
Li Qiang, member of the Standing Committee of the Political Bureau of the CPC Central Committee and Premier of the State Council, visited the China Architecture Technology Exhibition on November 18. While watching the historical features protection and urban renewal project of Jianguo East Road in Shanghai, and the "original demolition and original construction" modular good house at No. 8 Huapichang Hutong in Beijing, Li Qiang said that urban renewal is an important task facing the current urban construction and contains huge development potential. It is necessary to combine improving people's livelihood with expanding domestic demand, strengthen cooperation in all aspects, promote planning innovation, improve standards and specifications, increase policy support for good house construction, and do a good job in the renovation of old urban communities, urban villages and dilapidated houses to improve the living environment. In urban renewal, we must fully listen to and respect the opinions of the masses, strengthen the protection and inheritance of historical and cultural heritage, build a harmonious city together, and share a better life. (Xinhua News Agency)
Li Qiang: Promote the construction of a new model of real estate development to better meet the people's demand for high-quality housing
Li Qiang, member of the Standing Committee of the Political Bureau of the CPC Central Committee and Premier of the State Council, visited the China Construction Technology Exhibition on November 18. He stressed that it is necessary to thoroughly implement the important instructions of General Secretary Xi Jinping on housing and urban and rural construction, empower China's construction with scientific and technological innovation, focus on building safe, comfortable, green and smart houses, promote the construction of a new model of real estate development, and better meet the people's high-quality housing needs. (Xinhua News Agency)
US media: Trump is reconsidering his Treasury Secretary candidate
According to the New York Times, US President-elect Trump is considering a new candidate for Treasury Secretary: including former Federal Reserve Governor Kevin Warsh and Wall Street billionaire Marc Rowan. Trump was originally expected to choose Howard Lutnick, CEO of Wall Street firm Cantor Fitzgerald, or Scott Bessent, former fund manager of George Soros. But Trump has been reconsidering the top two candidates and slowed down his selection process. He is expected to invite candidates to interview him at Mar-a-Lago this week.
A new round of implicit debt replacement has been launched in many places, and the total amount of bonds issued has reached 224.4 billion yuan
Since the Ministry of Finance announced the "10 trillion +" debt reduction plan on November 8, governments in many places are accelerating the issuance of a new round of bonds to replace existing implicit debts. According to data from the China Bond Information Network, as of November 18, five provinces and cities, including Henan Province, Guizhou Province, Jiangsu Province, Dalian City and Qingdao City, have disclosed their plans to issue special refinancing special bonds, with a total issuance amount of up to 224.4 billion yuan. (Interface)
Indonesia reviews palm oil export tax, policy likely to remain unchanged
Indonesia is planning to review the way it sets palm oil export taxes to remain competitive with rival edible oils, officials said on Monday, describing it as a routine move to regularly assess its trade policy. Malaysian crude palm oil futures rose last week as traders expected a possible change in Indonesia's export tax or tax structure, although prices fell in early trading on Monday, tracking weakness in the Dalian oil market and under pressure from a strong ringgit. Indonesia, the world's largest exporter of palm oil, last revised its tax policy in September this year. Dida Gardera, a senior official at the Coordinating Ministry for the Economy, said export taxes should be assessed regularly to improve farmers' welfare and keep them competitive at the global level. Dida said authorities will assess the policy every three to six months, stressing that they may choose to keep it unchanged.
Tuesday
National Development and Reform Commission: Economic performance is expected to continue to recover in November and December
The National Development and Reform Commission held a press conference in November. At the press conference, Li Chao, deputy director of the Policy Research Office and spokesperson of the National Development and Reform Commission, said that as the stock policy continues to take effect and the incremental policy is effectively implemented, the policy combination effect is continuously released. The economic operation in November and December is expected to continue the upward trend since October. At present, the National Development and Reform Commission is working together with all parties to strive to achieve the expected economic growth target for the whole year. Looking forward to 2025, there are still many favorable conditions and supporting factors for my country's economic development. (Securities Times)
CSRC: Steadily expand the opening up of commodity and financial futures markets
Wu Qing, Chairman of the China Securities Regulatory Commission, said at the International Financial Leaders Investment Summit on November 19 that the China Securities Regulatory Commission will anchor the goal of high-level institutional opening, adhere to the overall development and security, unswervingly deepen the two-way opening of the capital market, and further facilitate cross-border investment. First, it will further maintain the smooth flow of overseas financing channels, further improve the efficiency of overseas listing filing, actively support qualified domestic companies to go overseas for listing, and better utilize the two markets and two resources. Second, continue to expand interconnection with overseas markets, expand the scope of Shanghai-Hong Kong Stock Connect, expand the interconnection of multiple certificates, and attract global medium- and long-term funds. Third, deepen the opening of the bond market, steadily expand the opening of the commodity and financial futures markets, and better meet the diversified investment choices and risk management needs of international investors. Fourth, deepen the cross-border supervision and law enforcement cooperation of securities and futures, continue to strengthen regular communication with international investors, effectively enhance the stability, transparency and predictability of policies, and continuously improve the convenience of foreign institutions to do business in China. (China Securities Taurus)
Ukrainian media reported that the Ukrainian army used the US Army's tactical missile system to attack Bryansk Oblast for the first time
According to Ukrainian media reports, on November 19, local time, Ukrainian troops used the U.S. Army Tactical Missile System (ATACMS) for the first time to attack a facility in Bryansk Oblast, Russia. Currently, neither the Ukrainian authorities nor the Russian side has responded to this.
Putin signs decree allowing wider use of nuclear weapons
Russian President Vladimir Putin approved an updated nuclear doctrine on Tuesday, documents posted on a Russian government website showed. Putin ordered the revision just weeks before the U.S. presidential election in November, saying any conventional attack on Russia aided by a nuclear power could be considered a joint attack on Russia.
Putin approves new nuclear doctrine as geopolitical conflict triggers safe-haven rally
Russian President Vladimir Putin approved an updated nuclear doctrine on Tuesday that allows Russia to expand its use of atomic weapons. The move came days after the United States allowed Ukraine to conduct limited long-range missile strikes on Russian territory. The document posted online said Russia would consider aggression against itself or its allies by non-nuclear countries backed by other nuclear powers as a joint attack. In September, Putin said Russia would revise its doctrine to deal with "aggression" by non-nuclear countries backed by nuclear powers. U.S. Treasuries, the yen and the Swiss franc, typical safe-haven assets in times of geopolitical conflict, all rose. Russian leaders warned the United States and its European allies not to allow Ukraine to use Western long-range, high-precision weapons to attack Russian territory, saying it would bring them into direct conflict with Russia.
Norway's largest oil field resumes production
EQUINOR: Norway's Johan Sverdrup oil field has resumed production. The output of the Johan Sverdrup oil field will reach two-thirds of its normal capacity on Tuesday morning.
Photovoltaic "self-discipline" meeting was held again, and the November silicon wafer production schedule was temporarily reduced again
According to SMM, more than 20 silicon wafer companies held relevant industry self-discipline meetings online again last week, aiming to coordinate production cuts to improve the current market environment. It is understood that a leading crystal pulling company took the lead in lowering the operating rate in November again. The company's operating rate dropped from 40% planned at the beginning of the month to the latest 30%. At the same time, the adjustment of some small companies was superimposed. The domestic silicon wafer output in November is expected to fall below 40GW, and the operating rates of the first and second-tier companies generally remain at around 30-40%. It is understood that the meeting did not reach a consensus on the "self-discipline" of production scheduling in 2025, and silicon wafer companies may hold offline meetings in the near future.
Malaysia raises crude palm oil export duty to 10% in December and raises reference price
According to foreign media reports, Malaysia has increased its December crude palm oil export tax from 8% to 10% and raised the reference price, according to a notice issued by the Malaysian Palm Oil Board (MPOB) on Tuesday. The reference price for December is 4471.39 ringgit (about US$1001.21) per ton, and the reference price for November is 3949.73 ringgit per ton. The export tax structure of crude palm oil starts from 3% and increases in the range of 2250 to 2400 ringgit per ton. When the price exceeds 4050 ringgit per ton, the maximum tax rate is set at 10%. The new tax rate was implemented after the government announced in October that the maximum export tax rate for crude palm oil priced above 4050 ringgit would be revised to 10% from November, which was previously set at 8%.
Wednesday
Ministry of Industry and Information Technology: The minimum capital ratio for new construction and expansion of photovoltaic manufacturing projects is 30%
The Ministry of Industry and Information Technology has revised the "Regulation Conditions for Photovoltaic Manufacturing Industry" and the "Interim Measures for the Administration of Regulation Announcements for Photovoltaic Manufacturing Industry". It will guide local governments to rationally arrange photovoltaic manufacturing projects based on resource endowments and industrial foundations, and encourage intensive and clustered development. It will guide photovoltaic companies to reduce photovoltaic manufacturing projects that simply expand production capacity, strengthen technological innovation, improve product quality, and reduce production costs. The minimum capital ratio for new construction and renovation and expansion of photovoltaic manufacturing projects is 30%.
SHFE takes regulatory measures to restrict opening positions and withdrawals for relevant customers
The Shanghai Futures Exchange discovered that a group of eight special unit clients were suspected of failing to declare their actual control relationship in the trading of alumina futures. According to the relevant provisions of the (Shanghai Futures Exchange Trading Rules) (Shanghai Futures Exchange Actual Control Relationship Account Management Measures), it was decided to take regulatory measures on the above-mentioned clients to restrict opening positions for one month and restrict withdrawals in alumina futures.
It is said that lithium carbonate manufacturers will increase the long-term contract price of lithium carbonate? The company responded
Recently, there was news that Sichuan held a relevant meeting to increase the long-term contract price of lithium carbonate. In this regard, today, the reporter verified with several upstream and downstream lithium carbonate companies and learned: "No relevant news has been received yet. The current price of lithium carbonate is determined based on market fluctuations." A staff member of the securities department of Yahua Group said that at present, there has been no adjustment to the long-term contract price of lithium carbonate. The price of lithium carbonate is determined based on market fluctuations. The relevant person in charge of the downstream battery manufacturer Fuoneng Technology told reporters: "No change notification has been received yet." The relevant person in charge of the China Nonferrous Metals Association also told reporters that they had not heard of this development. (China Securities Taurus)
Thursday
Defense Ministry Spokesperson Wu Qian answers reporters' questions on the failure of the US and Chinese defense ministers to meet
A reporter asked: According to U.S. media reports, U.S. Department of Defense officials said that China refused to hold a U.S.-China defense ministers' meeting during the ASEAN Defense Ministers' Meeting Plus because of U.S. arms sales to Taiwan. What is China's comment on this? Wu Qian said that the U.S. side was fully responsible for not holding a U.S.-China defense ministers' meeting during the ASEAN Defense Ministers' Meeting Plus. The U.S. side cannot damage China's core interests on the Taiwan issue while conducting exchanges with the Chinese military as if nothing had happened. The top priority is that the U.S. side should immediately correct its mistakes, earnestly respect China's core interests, and strive to create favorable conditions for high-level exchanges between the two militaries. (Released by the Ministry of National Defense)
State-owned Assets Supervision and Administration Commission of the State Council: We must promote central enterprises to cross the economic cycle and support enterprises to start the "second curve" of growth
From November 19 to 20, the Party Committee of the State-owned Assets Supervision and Administration Commission of the State Council held a collective study meeting of the theoretical study center group and a training class for department-level cadres. Everyone agreed that it is necessary to coordinate current benefits and long-term development to promote central enterprises to always be on the track of healthy and sustainable development. We must deeply analyze the core factors that restrict the sustained growth of the benefits of central enterprises and actively transform the profit structure and growth structure. We must promote central enterprises to cross the economic cycle, support enterprises to start the "second curve" of growth, strengthen the policy supply of investors in new fields and new tracks, improve the precise and long-term assessment and evaluation system and policy support system, explore more effective due diligence exemption mechanisms, guide enterprises to establish a correct development concept, and achieve more endogenous growth driven by innovation. We must enhance the foresight of work, improve the accuracy of measures, ensure the authenticity of performance, and do a solid job in economic operation next year.
Ministry of Commerce: Improve import policies for recycled copper and aluminum raw materials and other products to expand imports of recycled resources
The Ministry of Commerce issued a notice on several policy measures to promote the stable growth of foreign trade. The notice proposed to support the import of key equipment, energy resources and other products. Referring to the new version of the (Guide Catalogue for Industrial Structure Adjustment), the (Catalogue of Technologies and Products Encouraged for Import) was revised and issued. The import policy of recycled copper and aluminum raw materials and other products was improved, and the import of recycled resources was expanded.
As geopolitical tensions escalate, Russia uses intercontinental ballistic missiles for the first time during a conflict
Kiev's air force said Russia launched an intercontinental ballistic missile from the southern Astrakhan region in an attack on Ukraine on Thursday morning, the first time Russia has used such a powerful long-range missile during the conflict. Ukraine has attacked targets inside Russia using U.S. and British missiles this week, which Russia has warned for months would be seen as a major escalation. The Ukrainian air force said Russia's strikes targeted businesses and critical infrastructure in the central and eastern city of Dnipro. The latest round of the Russia-Ukraine conflict, which has lasted 33 months, has seen an escalation. It was not clear from the statement what the ICBM was aimed at or whether it caused damage.
Dalian Commodity Exchange adjusts trading limits for coking coal futures contracts
Dalian Commodity Exchange: Starting from the trading time on November 26, 2024 (i.e., the night trading session on November 25), the daily opening volume of non-futures company members or customers in each coking coal futures contract shall not exceed 2,000 lots. The daily opening volume refers to the sum of the number of buy opening positions and the number of sell opening positions of non-futures company members or customers in a single coking coal futures contract on that day.
Dalian Commodity Exchange adjusts trading margin level for coking coal futures contracts
Dalian Commodity Exchange: After research and decision, starting from the settlement on November 25, 2024 (Monday), the margin levels for speculation and hedging transactions of coking coal futures contracts will be adjusted from 20% and 15% to 12% respectively.
Friday
Rio Tinto lifts force majeure on Gladstone alumina exports
According to foreign media reports, market sources told S&P Global Commodity Insights that diversified mining company Rio Tinto has lifted force majeure on its Gladstone alumina exports in Australia. The natural gas supply required for Gladstone operations was interrupted by a fire accident on March 5. Rio Tinto confirmed and announced force majeure on alumina exports on May 21. An Australian trader said we have received notification that force majeure has been lifted and operations are close to normal. The trader said: "Basically, it doesn't matter whether force majeure is lifted. It's just a positive signal to its downstream customers. Their third quarter report has already pointed out that it has recovered 95%."
Russian Defense Minister says he has eliminated Ukraine's elite forces, essentially undermining its 2025 deployment
The Russian Ministry of Defense announced on November 22 that Russian Defense Minister Belousov held a working meeting at the command post of the Russian Army's "Northern" troop cluster and listened to reports on the battle situation, Russian military support in the special military operations area and Ukrainian military operations. Belousov said that the "Northern" troop cluster eliminated the elite forces of the Ukrainian army in combat, which essentially undermined the Ukrainian army's deployment in 2025.
British media: Russia supplies 1 million barrels of oil to North Korea in exchange for military aid
According to the BBC, satellite imagery analysis by the Open Source Centre, a UK-based non-profit research organisation, shows that Russia is estimated to have supplied North Korea with more than 1 million barrels of oil since March. Leading experts and British Foreign Secretary Lamy say the oil is Moscow's payment for weapons and military personnel from Pyongyang, which has fuelled Russia's military campaign against Ukraine. Satellite images show that more than a dozen different North Korean tankers have arrived at an oil terminal in Russia's Far East 43 times in the past eight months. More photos taken at sea show that the tankers arrived in Russia empty but left almost full. North Korea is the only country in the world that cannot buy oil on the open market, and the number of barrels of refined oil it can get is capped by the United Nations at 500,000 barrels per year, which is far less than it needs.
China Automobile Dealers Association: The automobile market shows a strange phenomenon that the volume of sales does not increase revenue, and the revenue does not increase profit
Xiao Zheng, president of the China Automobile Dealers Association, said at the "Wuzhen Coffee Club·Automotive Night Talk" of the 2024 World Internet Conference that the automobile market presents a strange phenomenon of increasing volume but not increasing revenue, and increasing revenue but not increasing profits. Price cuts as a means of stimulating automobile sales have gradually become ineffective, and the negative effects they have produced are far beyond expectations. Half of the dealers in the country are making losses, and automobile dealers generally reflect that business operations have entered the most difficult stage since this century, and continue to bear heavy pressure from both the supply and demand sides. Especially fuel vehicle dealers, there are generally problems such as too dense distribution of outlets, insufficient profitability, and serious inventory backlogs. The goals and strategies of automobile manufacturers in terms of complete vehicle and parts supply, inventory structure, and after-sales support are seriously deviated from the actual situation in the current market. The problems and challenges currently faced by dealers are not due to their own poor operation and management, but due to the brutal price war in the entire industry. (Yicai)
Source: Kevin Walsh is the initial candidate for Treasury Secretary of the Trump administration
U.S. President-elect Donald Trump is considering nominating financier Kevin Warsh as Treasury secretary, according to people familiar with the matter. The two sides reached an understanding that Warsh could then be nominated to take over as Federal Reserve chairman after Jerome Powell's term ends in 2026. People familiar with the matter said Trump discussed the potential arrangement with Warsh at a meeting in Florida on Wednesday. People familiar with the matter said Trump is still weighing how to handle the vacancy at the Federal Reserve and may not make a final decision until just before Powell's term as chairman ends in May 2026. In addition, Trump is considering appointing investor Scott Bessant to lead the National Economic Council and may consider nominating him as Treasury secretary after Warsh becomes Fed chairman.
Russian Deputy Prime Minister Novak: Energy markets face enormous pressure, including pressure from price fluctuations
Energy markets are under great pressure, including from price fluctuations. The Russian government plans to lift most of the gasoline export ban in the coming days, and the documents are being prepared.
Saturday
IMEA: Soybean planting area in Mato Grosso, Brazil is 99.85%
According to the Mato Grosso State Agricultural Economics Institute (IMEA), as of November 22, the soybean planting area in Mato Grosso State, Brazil was 99.85%, 98.98% last week, 98.39% in the same period last year, and the five-year average was 98.93%.
Russia's wheat export tax will be $29.22 per ton starting November 27
According to foreign media reports, the Russian Ministry of Agriculture said that from November 27, 2024, Russia's wheat export tariff will be $29.22 per ton. The export tariff on barley will be $11.28 per ton. The Russian Ministry of Agriculture said that the export tariff on corn will be $34.68 per ton.
Russia announces temporary ban on export of scrap precious metals for 6 months starting December 1
The Russian government announced on November 23 local time that it will temporarily ban the export of scrap precious metals from December 1, 2024 to May 31, 2025.
Shanghai Shipping Exchange: Market capacity turnover is not smooth, and the coastal comprehensive freight rate index continues to rise this week
According to the Shanghai Shipping Exchange, this week, due to the impact of Typhoon Wanyi and cold air, the speed of ships was limited, the frequency of port closures increased, the market capacity turnover was not smooth, and the comprehensive index continued to rise. On November 22, the China Coastal (Bulk) Comprehensive Freight Index released by the Shanghai Shipping Exchange closed at 1113.41 points, up 1.1% from the previous period.
The first national carbon footprint standard for the non-ferrous metals industry is released
Recently, the national standard (Quantification Method and Requirements for Carbon Footprint of Greenhouse Gas Products - Electrolytic Aluminum) was published, led by the Zhengzhou Research Institute of Chinalco, and participated in by Yunnan Aluminum, Chinalco, Baotou Aluminum, and Chinalco Environmental Protection. It will be implemented on May 1, 2025. This is the first national standard on carbon footprint issued by my country's nonferrous metals industry.
North Korea warns the United States and its allies to stop provocative and hostile actions as troops are put on combat readiness
On November 23 local time, the North Korean Ministry of National Defense warned the United States and its followers to immediately stop further provocations and destabilizing hostile actions that could push the military confrontation on the Korean Peninsula and its surrounding areas into actual armed conflict, and said it would raise the North Korean military to a state of combat readiness.
Trump nominates billionaire Scott Bessant for Treasury secretary
On November 22, local time, US President-elect Trump nominated billionaire Scott Bessant as Secretary of the Treasury. Bessant, 62, is the founder of global macro investment company KeySquare Group and has served as chief investment officer of Soros Fund Management. He provided advice to Trump on economic policies during the 2024 presidential campaign.
Fed announces details of upcoming framework review
The Federal Reserve announced details of its upcoming framework review, including a meeting scheduled for May 15-16, 2025. The Fed said the framework review will not include a 2% inflation target and will focus on strategy statements and communication tools. The review will include public "Fed Listening" events across the country, and discussions among policymakers will begin at the January meeting.
Putin: Russia has a reserve of Hazel missiles and it is necessary to mass produce them
On the 22nd local time, Russian President Vladimir Putin held a meeting with the leaders of the Russian Ministry of Defense and representatives of Russian military-industrial enterprises. Putin congratulated the leaders of the Ministry of Defense and the researchers on the successful test launch of the "Hazel" missile. Putin said that Russia will continue to test the "Hazel" missile, including testing under combat conditions. Russia has a reserve of "Hazel" missiles. The "Hazel" missile system is another guarantee of Russia's territorial integrity and sovereignty. There are no similar missile systems abroad. Putin stressed that it is necessary to mass-produce the "Hazel" missile. The "Hazel" missile will be equipped in the Russian strategic missile force.
Sunday
Trump nominates Brooke Rollins as Agriculture Secretary
On November 23rd local time, US President-elect Trump nominated former Trump administration policy adviser Brooke Rollins as Secretary of Agriculture. Trump said in a statement that Brooke is committed to supporting American farmers, defending American food self-sufficiency, and restoring small American towns that rely on agriculture.
Russia: 'Can but won't seek' to use nuclear weapons
Russian media reported on the 23rd that Russian Deputy Chairman of the Security Council Dmitry Medvedev said the day before that Russia would certainly use nuclear weapons if necessary, but Russia does not seek to do so. Medvedev added that according to the updated (Basic National Policy of the Russian Federation's Nuclear Deterrence), Russia's threshold for using nuclear weapons has been lowered. He reminded that as long as NATO stops inciting war, the Russian-Ukrainian conflict can be ended. Medvedev also pointed out that allowing Ukraine to use Western long-range weapons to attack targets deep inside Russia has made the US-led NATO group a direct participant in the conflict. Ukraine's use of long-range weapons to attack Russia will only make potential negotiations, which are already far away, even more distant. (CCTV News)
Jin Guanping of Economic Daily: Strengthening financial support for guaranteed housing delivery
The article points out that at present, the work of guaranteeing the delivery of houses has been vigorously promoted, and market expectations have shown positive changes. It is expected that by the end of this year, the amount of loans approved for "white list" projects is expected to exceed 4 trillion yuan. One of the key links in the work of guaranteeing the delivery of houses is to solve the funding problem of project construction. Since the beginning of this year, under the guidance of the Ministry of Housing and Urban-Rural Development and the State Administration of Financial Supervision and Administration, 297 cities at or above the prefecture level have established real estate financing coordination mechanisms across the country, included compliant real estate projects in the "white list", and promoted financial institutions to increase financing support. Next, we must increase the loan issuance of "white list" projects, coordinate all parties, and gather strength to provide strong financial support for guaranteeing the delivery of houses. At the same time, we must further promote the implementation of the coordination mechanism, achieve "all those who should enter should enter", "all those who should lend should lend", and "as early as possible", and at the same time support the reasonable financing needs of real estate companies and promote the stable and healthy development of the real estate market.
U.S. national debt hits record high of $36.034 trillion
According to the latest report released by the Federal Budget Accountability Committee, an independent research organization in the United States, the total U.S. national debt has exceeded 36 trillion U.S. dollars this week, reaching a record high. It took only more than three months from the end of July this year, when the total U.S. national debt reached 35 trillion U.S. dollars, to the current 36 trillion U.S. dollars.
Article forwarded from: Jinshi Data