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Sources: A few ECB policymakers initially hoped to cut interest rates by 50 basis points. Three sources said that several ECB policymakers initially hoped to cut interest rates more sharply on Thursday, and they were worried that the new US tariffs would hinder economic growth. The European Central Bank cut interest rates by 25 basis points on Thursday, and opened the door for more easing policies, as the euro zone economy was dragged down by domestic political instability and the threat of a new round of trade war in the United States. However, due to the low forecast of inflation and economic growth, about five of the 26 members of the official Committee initially advocated a 50 basis point interest rate cut. In particular, they pointed out that if the incoming Trump administration imposes new tariffs on the EU, the growth of economic output next year may be lower than the 1.1% expected by the European Central Bank. A small number of policy makers who called for greater interest rate cuts quickly gave in, adding that given the current uncertainty, people are reluctant to make a hasty decision.Canada Post withdrew the dismissal of the strikers. The strike continued. On the 11th local time, the trade union representing the Canadian postal workers issued a statement late at night, saying that under the mediation of the Industrial Relations Committee, a settlement agreement had been reached with Canada Post on the dismissal of the previous strikers, and Canada Post would withdraw their dismissal. However, Canada Post said that according to the terms of the settlement agreement, the company reserves the right to make personnel adjustments if necessary in the future. On November 28th, local time, the trade union representing the postal workers in Canada said in a notice sent to its members that since the postal workers went on strike, Canada Post Company has been dismissing striking employees. Up to now, the Canada Post strike has lasted for four weeks, and there is still no sign of ending.CITIC Securities: It is estimated that the reverse repo rate will drop by 40-50bps next year, and the LPR and loan interest rates may drop even more. CITIC Securities Research Report believes that the Central Economic Work Conference will be held in Beijing. On the whole, the policy level is fully aware of the grim situation that external pressure may increase significantly within next year, and has put forward a series of requirements such as stable growth, stable prices, stable employment and stable people's livelihood. From the perspective of fiscal policy, the amount of financial instruments supporting the real economy will be comprehensively increased, the government's disposable financial resources will be significantly improved, and the fiscal expenditure structure will be tilted to the marginal consumption of people's livelihood. From the perspective of monetary policy, the meeting called for the implementation of a moderately loose monetary policy, timely lowering the RRR and cutting interest rates. We expect the reverse repo rate to drop by 40-50bps next year, and the LPR and loan interest rates may drop even more.

The yield of US 10-year Treasury bonds rose to 4.316% after the auction results were announced, the highest level since November 26th.Xie Feng, Ambassador of China to the United States: The goal of China's commitment to the stable, healthy and sustainable development of Sino-US relations has not changed. According to the Chinese Embassy in the United States, on December 11th, u.s.-china business council held the 2024 annual celebration dinner in Washington. In his speech, Xie Feng said that China has always grasped the general trend of the world from a long historical period, maintained continuity and stability in its policy toward the United States, and it is the determination of a big country to respond to changes with constancy, and it is China's wisdom to create a new situation in a changing situation. Xie Feng pointed out that the goal of China's commitment to the stable, healthy and sustainable development of Sino-US relations has not changed, which is in line with the common interests of the two countries and the general expectations of the international community; The principle of handling Sino-US relations in accordance with mutual respect, peaceful coexistence and win-win cooperation has not changed, which is the fundamental way for China and the United States to get along correctly in the new era. The position of firmly safeguarding its sovereignty, security and development interests has not changed. This is a principle that China must defend and a red line that cannot be challenged. The desire to continue the traditional friendship between the Chinese and American people has not changed, and we are willing to continue to pave the way for cultural exchanges between the two countries. Xie Feng hopes that the US will move in the same direction as China, strengthen dialogue and communication, and refrain from shouting from a distance; Properly control differences and not engage in conflict and confrontation; Expand mutually beneficial cooperation and do not engage in decoupling and chain breaking; Carry out benign interaction, do not engage in zero-sum game, and strive to achieve a smooth transition and a good start in Sino-US relations.Intel executives: Whether to divest OEM business is an open question.

Market News: Volkswagen Audi will stop production in Brussels before February 28th.American natural gas futures rose by 3.00% in the day and are now reported at $3.480/million British heat.Freddie Mac: mortgage interest rates dropped for three weeks to 6.60%.