1. Israeli officials stated that the Yemen attack will not be the last, as the Israeli Air Force launched attacks on key locations in Yemen, including Sana'a International Airport and the port of Hodeidah, as well as several oil and energy facilities.
2. The President of Belarus stated that they will receive Russian Oleshnik missile systems. President Alexander Lukashenko announced that Belarus will first receive ten missile systems from Russia and emphasized that if the Russians want to deploy more, they will deploy more.
3. It is reported that China's sixth-generation stealth fighter conducted its maiden flight under the escort of the J-20 Dragon.
4. The Philadelphia Fed revealed that the Biden administration previously claimed to have added 653,000 American jobs, but employment figures in the second quarter of 2023 saw a significant decline, indicating persistent issues with employment data since 2020 (Figure 1).

1. The Bank of Korea (BOK) hinted at further rate cuts to keep the economy stable. The Bank of Korea (BOK) is ready to cut rates again in 2025, citing tough trade conditions, political drama and inflation headaches.
2. According to reports, the Russian Central Bank is establishing a monitoring system to deal with illegal cryptocurrency over-the-counter trading platforms and improper legal currency swaps
3. Nearly one-third of South Koreans (over 15.59 million) hold cryptocurrencies and actively participate in them, with assets worth $79B
4. The People's Bank of China injected RMB 192.3 billion through 7-day reverse repurchase, with an interest rate of 1.50%

1. The commander of the Ukrainian drone force revealed the existence of a laser weapon, which is capable of shooting down aircraft over 2 kilometers away. This marks a major leap in Ukrainian air defense technology. Of course, Western countries such as the United Kingdom are also developing similar systems.
2. It has been a long time since I last talked about the Qing Dynasty. The Qing Dynasty's goal is to maintain the highest budget deficit in decades to stimulate growth, and the government's goal is to grow 5% year-on-year, but the details of the stimulus measures are still few, and the market is once again questioning the government's determination (Figure 1)

3. China's 10-year bond yield fell to 1.7%, the lowest level on record, and retail sales in November were disappointing. Two internal sources said that more stimulus measures will be funded by issuing off-budget special bonds.

1. David Friedberg stated: Google's quantum chip changed everything
If Google creates a large quantum bit computer and runs quantum algorithms, theoretically, it will be only a few years away from a computer capable of breaking all encryption standards. In the coming years, all computing and software will need to transition to post-quantum encryption.
2. The borrowing cost gap for the US-China 10-year government bonds has reached its largest level in over 13 years.

3. In the global market, commodities heavily reliant on Chinese demand, such as iron ore and copper, have also seen a decline. After Chinese authorities announced further monetary policy easing, the benchmark yield on government bonds fell to a historic low.

1. Iran's supreme leader accused the United States and Israel of planning the Syrian coup, saying they were the real culprits behind the riots
2. Khalil Haqqani, Taliban refugee minister and uncle of Taliban Interior Minister Sirajuddin Haqqani, was killed in a suicide bombing at the Interior Ministry in Kabul today, along with two others
3. The Nasdaq broke through the 20,000 mark for the first time today, driven by the continued rise driven by artificial intelligence#AIand hopes for friendly policies for large technology companies under Trump. With Trump's pro-business stance and the continued easing policy of the Federal Reserve, investors are betting on the future of artificial intelligence and technology giants.

1. The U.S. 10-year Treasury bond has risen again to the 50 and 200-period moving averages, and the U.S. dollar index #DXY has also risen, currently breaking through 106.5 points.
2. As of now, the number of bankruptcies among large U.S. companies has reached 634, with 69 applications received in November, the second-highest application volume since the 2020 COVID crisis. The number of bankruptcies continues to rise, as if a recession has already arrived, yet the U.S. economy is still growing at around 3% (see chart 1).

3. Due to heightened expectations among China's middle class for a depreciation of the yuan, there has been a massive capital outflow. #China faces its biggest risk from high tariffs imposed by the U.S., and the only way to address this is to preemptively depreciate the yuan to meet depreciation expectations (see chart 2).

1. Reports indicate that Hezbollah has dispatched 2,000 armed personnel to the Qusayr region near Homs to strengthen defenses against the advancing Syrian rebels, while Russia's base in Syria is threatened by the advancing insurgents
2. Ethereum $ETH ETF saw an inflow of $428 million on Thursday, the largest single-day inflow in history, so is the era of #ETH🔥🔥🔥🔥 just beginning? (Figure 1)

3. There is a saying in the industry: once quantum computers reach 10,000 Qbi, they can crack SHA-256 encryption, and Pasqal's goal is to have 10,000 Qbi by 2026; currently, they have one-tenth of that

1. Russia and Belarus have jointly elevated security treaties and nuclear weapons to a new level.
2. Current situation in the US:
The stock market is at an all-time high, housing prices are also at an all-time high, Bitcoin is at an all-time high, US Treasury bonds are at an all-time high, core CPI inflation has been over 3% for 42 consecutive months, and the Federal Reserve may implement another interest rate cut within two weeks.
3. In the third quarter of 2024, the world's total debt officially reached $323 trillion. According to data from the International Institute of Finance #IIF, global debt rose by $12 trillion over the past three quarters, and in just 20 years, global debt has doubled.
The global debt-to #GDP ratio is currently 326%, still above pre-pandemic levels. Debt in emerging markets is nearing a historic high of $105 trillion, accounting for 245% of GDP, and global debt is on the rise (Figure 1).

1. Six days ago, Russia's#Putinsigned a law officially recognizing cryptocurrency as property, marking progress in Russia's crypto economy
2. The prediction market expects $BTC to rise to $128,000 by the end of this month. Last month, the prediction market raised the Bitcoin price target from $77,000 to $128,000. The probability of Bitcoin breaking through $150,000 by the end of this year is 10%.
3. The total amount of call options of US investors has soared relative to the volume of put options. The call option positions are currently only lower than the record in 2021. The complacency of the market has never been so strong (Figure 1)

4. 57,727 layoffs in November, which is lower than the 64,797 in 2020 and much lower than the 76,835 in 2022, with the automotive and technology industries leading the weak labor market

1. According to Reuters, under the Trump deal, small companies are converting cash into cryptocurrencies, and three biotech companies have pledged to buy up to $1 million of $BTC each. Even the CEO of a biotech company said that cryptocurrency is a must-have asset in uncertain times.
2. The amount of funds flowing into US stock ETFs has reached $150 billion recently, and the #标普500 index has risen 26% this year, which shows that the US stock market has become overvalued.
Historically, periods of 3% economic growth have always occurred at the same time as strong bull markets. In fact, the biggest risk in today's market is not valuation, but potential recession. If economic growth slows, it may lead to a significant decline, so we need to pay close attention to the US job market (Figure 1)

Ukraine's 2025 is sci-fi, keywords are: drones, artificial intelligence #AI, and robotic armies.
Deputy Prime Minister Fedorov stated that by 2025, there will be over 30,000 autonomous drones and robotic vehicles on the battlefield for transporting supplies and evacuating soldiers.
WisdomTree has submitted a spot $XRP ETF application to the #SEC, reportedly managed by BNY Mellon and tracking the third-largest cryptocurrency. With Gary Gensler stepping down, hopes for a more friendly stance on cryptocurrency in the industry are rising.
Very interesting: China awards the Snail Award to workers who slack off. Taizhou and Kunming are now awarding the Snail Award to those slack-off workers, with penalties including bad reviews, demotions, and smaller bonuses.

1. Syria is once again caught in the crossfire of war, with rebels allegedly supported by the U.S. and Israel clashing with Assad's forces backed by Russia and Iran.
2. According to the new law signed by Putin, digital currency has now been officially recognized as property in Russia, specifically that Putin signed a bill recognizing Bitcoin as Russian property.
3. China has relaxed travel restrictions to Hong Kong. Starting December 1, Shenzhen residents can travel to Hong Kong multiple times a year under a restored visa policy allowing stays of 7 days. This change is expected to boost Hong Kong's retail and tourism sectors, which are key parts of economic recovery efforts.

1. China's military has stepped up its presence near Scarborough Shoal, deploying naval and air forces around the territorial waters they claim. Scarborough Shoal is a key strategic stronghold, and experts warn that if they continue to hold on, it could lead to a bigger conflict.
2. Putin called the Ukrainian government a neo-Nazi regime without legal authority and accused it of forcibly recruiting citizens into the army
3. Bernstein analysts predict that MicroStrategy $MSTR will own 4% of the total Bitcoin supply by the end of 2033, and they expect it to be worth $830 billion
4. Let’s talk about Germany. German investors’ current economic situation assessment has dropped to -91.4, which is the same as the 2020 crisis and financial crisis. Investor confidence has been negative for 36 consecutive months, and Germany has fallen into recession (Figure 1)

1. Breaking News: The Israel Defense Forces conducted a large-scale airstrike on 20 Hezbollah positions, using 8 fighter jets for a rapid operation against 20 Hezbollah positions in the southern suburbs of Beirut. Civilians were warned to evacuate before the attack
2. Nationwide air raid alerts in Ukraine, prior to which the Russian Ministry of Defense vowed to retaliate against recent ATACMS attacks in Ukraine
3. According to Sentimentrader data, for every $1 invested in U.S. leveraged short ETFs, nearly $12 is invested in leveraged long ETFs, which is the second highest level in 14 years (Figure 1)

4. A certain country's central bank secretly purchased 60 tons of gold, adding upward pressure to the tense gold market. This year, massive purchases of gold by Western institutional investors and Eastern central banks have led to a significant increase in gold prices. Interest rate cuts and geopolitical tensions will sustain this bull market

1. According to the US agreement, Hezbollah and #以色列 in Lebanon are about to cease fire. The plan involves Israel's withdrawal from Lebanese territory and the deployment of Lebanese troops to the south, as well as the return of displaced residents to their homes. A five-nation committee including the United States and France will monitor the ceasefire agreement.
2. Germany is developing a proposal to increase civilian shelters by converting basements and underground parking lots and subway stations. Currently, 579 public shelters can accommodate 480,000 people, but civil protection organizations have called for accelerated expansion, including facilities for up to 5,000 people.
Germany's focus on domestic defense has intensified since Russia's 2022 invasion of Ukraine, with the German action plan coordinating federal and state responses to potential conflicts.

1. The death toll from the Beirut attack has risen to 11, and at least 23 people were injured in the attack on Hezbollah senior commander Mohammed Haidar
2. It is reported that Hezbollah attacked the UN positions in southern Lebanon. A UNIFIL post in Shema was attacked by rockets fired by Hezbollah, injuring four Italian peacekeepers. This was the second attack on a UN post in a week. The previous attack also targeted another outpost in Ramya.
3. Russian President Vladimir Putin once again warned Ukraine and NATO: We will continue these tests, including under combat conditions, in accordance with the threats to Russia's security, especially considering that we have prepared for you the supply of such systems

1. Putin stated: Russia's most advanced missiles can strike all of Europe. It is reported that Russia is preparing to deploy RS-26 border missiles capable of hitting anywhere in Europe in retaliation for Ukraine's use of U.S. and U.K. manufactured missiles on Russian territory.
2 Dollar Index #DXY Reproducing the trend of the fourth quarter of 2016 (Figure 1)

3. Nvidia #NVIDIA will establish artificial intelligence schools in Indonesia and invest in multiple cities, including setting up an AI school in Central Java.
4. In September, job vacancies in the construction industry fell to 288,000, a significant decrease of 12.2% compared to August and a decline of 31.8% compared to the same period last year.

1. The U.S. envoy will meet Netanyahu regarding the Lebanon ceasefire issue. U.S. envoy Amos Hochstein is scheduled to travel to Israel on Wednesday evening to meet with Netanyahu, with discussions focused on the ongoing efforts to finalize the Lebanon ceasefire agreement.
2. Reports indicate that Kyiv, Chernihiv, Sumy, and Poltava regions have suffered significant missile attacks. The Ukrainian Air Force has issued missile alerts nationwide and urged residents to seek shelter immediately, as rockets are flying towards Kyiv, and air raid alarms have been sounded across much of Ukraine.
3. Big things that affect your wallet: NVIDIA will announce its third-quarter earnings on Wednesday, and on Friday, the U.S. S&P manufacturing and services data (including the U.S. consumer confidence index).