Market dynamics on December 8th

In the early hours of December 8th, before the heavyweight non-farm payrolls report, US stocks regained their 'AI faith', with the Nasdaq rising more than 1% to achieve the largest three-week gain, rebounding to a four-month high, while the S&P Dow ended a three-day decline. Google, which released the strongest AI model, closed up more than 5%. Chip indexes rose nearly 3%, with AMD rising nearly 10% after releasing the AI chip. C3.ai fell more than 10% after its financial report. After hitting new historical highs consecutively, the German stock market retreated. In the US stock market: Dow rose 0.17%, S&P 500 index rose 0.8%, and Nasdaq rose 1.37%.

The Bank of Japan is hawkish, with Japanese bond yields recording the largest one-year increase, the ten-year US bond yield hitting a daily high and moving away from a three-month low; the yen rose 3.8% against the US dollar during the session, marking the largest one-year increase and a four-month new high; the US dollar index halted a three-day rise, falling from a more than two-week high. After the release of US unemployment data, the two-year US bond yield turned downwards.

After the OPEC+ meeting, crude oil experienced six consecutive declines, marking the longest continuous drop in nine months and hitting a new low in five months; gasoline continued to hit a two-year low. Gold futures turned lower during the session, unable to rebound for consecutive days.

In the Chinese market, during the US stock session, Chinese concept stocks fell, Baidu rose more than 2%, while Nio Inc and Xpeng Automotive fell more than 3%; offshore renminbi rose more than 200 points during the session breaking 7.16, moving away from a low of over two weeks. Both A-shares and Hong Kong stocks closed lower, with lithium carbonate stocks fluctuating, pure alkali futures hitting the limit up, and Hong Kong's 'Big Three Oil' trending downwards. China's November exports turned positive year-on-year for the first time since April, with imports declining by 0.6%; overall stable imports of major commodities, crude oil imports at their weakest in four months, and iron ore imports growing by 3.4% month-on-month.

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