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    BNP Paribas in France states that Trump's implementation of his tariff policy, coupled with the Fed's inaction and a stronger dollar, is likely to suppress gold prices in the second half of 2025.
    One Wall Street company, unlike others, believes in the commitments made by the incoming US President Trump regarding tariff proposals. The company now believes that US consumer prices (CPI) may face a "permanent impact", prompting the Federal Reserve to keep interest rates above normal levels.
    BNP Paribas assumes that Trump will implement "most or all of his campaign promises on foreign policy, economy, and trade, including measures that could harm the US economy, such as import tariffs".
    In the past two weeks, the US stock market has surged to historic highs, and the Nasdaq closed above 20,000 points for the first time on Wednesday. In addition, federal fund futures traders expect the Fed to cut interest rates next week and then may cut rates by up to 25 basis points quarterly up to four times by the end of next year.
    During these developments, many market participants still hope that Trump's tough talk on tariffs is ultimately just a negotiating strategy.
    According to the 'Global Perspectives 2025' report released by BNP Paribas in Paris on Thursday, if taken literally, Trump's words could mean that the US economy, which was expected to have a soft landing by early 2025, may stall in 2026 due to the new president's tariff and immigration policies, offsetting his measures to promote economic growth.
    Translated
    In this wave of fund inflows, the USA is at the center, attracting over 1 trillion US dollars in funds as traders bet on a strong rebound in Wall Street stocks. According to the research institution ETFGI, this growth is mainly attributed to investors shifting massively from mutual funds to ETFs, mainly actively managed ETFs, leveraged ETFs, and ETFs focusing on government and CSI Enterprise bond Index.
    Global ETF assets are soaring, and asset management companies are applying to add ETF-type products to their existing mutual funds.
    On December 12th local time, the Financial Times reported that the assets of global ETFs have surged to 15 trillion US dollars. In this wave of fund inflows, the USA is at the center, attracting over 1 trillion US dollars in funds as traders bet on a strong rebound in Wall Street stocks.
    According to the data from the research institution ETFGI, this growth is mainly due to investors shifting on a large scale from mutual funds to ETFs. This year, investors have poured $1.7 trillion into ETFs, resulting in a 30% growth in the industry's total assets compared to 2023, while mutual funds have lost about $2 trillion in assets over the past three years.
    Currently, Blackrock, Vanguard, and Blackrock are the three major ETF providers, managing large ETFs tracking the S&P 500 Index. In addition to index-tracking ETFs, leveraged ETFs have also seen a significant influx of funds, as they allow traders to double down on stocks like Tesla, chip stocks, and Bitcoin....
    Translated
    On December 10, Futu News reported that the Hong Kong stock market opened high but closed low, with the three major indices collectively turning downward in the afternoon. At the close, all three major indices fell together, $Hang Seng Index (800000.HK)$ down 0.50%,$Hang Seng Tech Index (800700.HK)$ down 1.39%, $Hang Seng China Enterprises Index (800100.HK)$ Decreased by 0.74%.
    As of the close, 749 stocks in the Hong Kong stock market rose, 1323 fell, and 1015 remained unchanged.
    Specific industry performance is as shown in the following chart:
    In terms of sectors,
    In terms of technology sector performance, Sangfor-W dropped by 13.51%, Kuaishou-W fell by 2.68%, Tencent Holdings dropped by 1.81%, JD.com Group-SW rose by 0.72%, Alibaba-W fell by 0.35%, Netease-S rose by 0.20%, Meituan-W rose by 0.06%.
    China-affiliated brokerage firms experienced declines, with China Merchants Securities falling by 10.12%, Everbright Securities down by 5.82%, CITIC Securities falling by 5.25%, China International Capital Corporation dropping by 5.13%, China Galaxy down by 4.24%, GF Securities declining by 3.45%.
    Mainland real estate stocks weakened, with Sunac falling by 9.69%, Shimao Group down by 8.09%, R&F Properties falling by 7.26%, CIFI Holdings Group dropping by 6.67%, China Vanke declining by 5.58%.
    Apple concept stocks fell, Cowell Electronics dropped by 5.59%, BYD Electronics...
    Translated
    Closing snapshot | The three major indices all fell, with the technology index dropping more than 1%; local real estate and China-affiliated brokerage stocks declined, with Shanghai Tang leading the decline in network technology stocks by dropping more than 13%; Maogeping surged over 76% on its first day.
    Closing snapshot | The three major indices all fell, with the technology index dropping more than 1%; local real estate and China-affiliated brokerage stocks declined, with Shanghai Tang leading the decline in network technology stocks by dropping more than 13%; Maogeping surged over 76% on its first day.
    Closing snapshot | The three major indices all fell, with the technology index dropping more than 1%; local real estate and China-affiliated brokerage stocks declined, with Shanghai Tang leading the decline in network technology stocks by dropping more than 13%; Maogeping surged over 76% on its first day.
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