According to CCTV News, political turmoil in South Korea intensifies, President Yoon Suk-yeol declared a "state of emergency" late at night. Safe-haven assets such as gold, the Japanese yen, and U.S. Treasuries surged, with the South Korean won falling 2.7% to a two-year low against the US dollar. Subsequently, due to the swift passage of the resolution to lift the state of emergency by the South Korean parliament, the South Korean Ministry of Finance and the central bank actively prepared market support measures, halving the won's decline. European and American bond yields rise, and U.S. stocks experience a V-shaped rebound. French lawmakers will conduct a vote of no confidence on Wednesday, with the expectation that the Banyeu government will collapse. French President Macron later stated that he believes members of the far-right party and the left will not vote to overturn the government, leading to gains in French stocks.

U.S. job openings rebounded in October and exceeded expectations, supporting the Federal Reserve's cautious stance on rate cuts. Investors will now focus on the "Mini NFP" employment report released on Wednesday, Powell's speech, and the non-farm payroll data released on Friday.

Daly, a member of the FOMC and president of the San Francisco Fed, stated that the FOMC may still cut rates in December. Fed Governor Brainard stated decisions will be made meeting by meeting. Gulsby, a voting member next year and a dove, and president of the Chicago Fed, believes that interest rates should still "fall significantly." Traders currently estimate a 70.3% chance of a 25 basis point rate cut in December.

During early trading in the U.S. stock market, the escalating situation with South Korea's "state of emergency" heightened risk aversion sentiment, causing U.S. stocks to come under pressure. The Nasdaq fell the most by 0.3%, the S&P dropped over 0.2%, and the Dow fell by over 207 points. After the South Korean president announced the lifting of the state of emergency, the stock market rebounded slightly, with the S&P and Nasdaq closing near their daily highs, and the Dow's losses narrowing. The Nasdaq, Apple, and Walmart reached new highs, the S&P 500 index set its 55th closing high of the year. Following the South Korean "state of emergency" turmoil, the South Korea ETF (EWY) dropped over 7% before closing down 1.59%.

• Only the Dow fell amongst the three major U.S. stock indices. The S&P 500 index rose by 2.73 points, up 0.05%, to 6049.88 points. The Dow, closely linked to the economic cycle, fell by 76.47 points, a decrease of 0.17%, to 44705.53 points. The Nasdaq, with a majority of tech stocks, increased by 76.96 points, up 0.40%, to 19480.91 points. The Nasdaq 100 index rose by 0.31%. The Nasdaq Technology Market Cap Weighted Index (NDXTMC), which measures the performance of Nasdaq 100 tech stocks, increased by 0.57%. The Russell 2000 small-cap index, more sensitive to the economic cycle, fell by 0.73%. The VIX fear index dropped by 0.30%, to 13.3.

• Most US stock sector ETFs closed lower. The biotechnology index ETF fell by 1.22%, banking ETFs, regional banking ETFs, and financial ETFs fell by up to 0.88%, energy ETFs stayed roughly flat, while the semiconductor ETF rose by over 0.2%, the technology sector ETF increased by over 0.3%, global technology stock index ETF rose by over 0.4%, and the internet stock index ETF increased by 0.6%. Among the 11 sectors of the S&P 500 index, utilities, finance, industrials, real estate sectors dropped by at least over 0.6%, information technology/technology sector rose by over 0.5%, and the telecom sector increased by over 1.1%.

• In terms of investment research strategies, Citigroup strategists pointed out that as the S&P 500 index repeatedly hits new highs, the bearish sentiment in the US stock market is diminishing. Investors' positions in S&P 500 index futures are overwhelmingly long, with fewer short positions. At the same time, net bearish positions are seen in Euro Stoxx 50 index futures, with accelerated ETF outflows, as investors avoid European stocks due to weak economic and corporate profit growth, as well as political instability in France and Germany.

• The 'Tech Big Seven' experience more gains than losses. Meta rose by 3.51%. Amazon, which released the Thanksgiving (including Black Friday shopping malls + Cyber Monday e-commerce) sales figures, increased by 1.3%. Apple rose by 1.28%, marking at least three consecutive trading days of new closing historical highs (closing market cap of 3.67 trillion USD). Nvidia rose by 1.18%, Microsoft by 0.05%, Google Class A decreased by 0.09%, Tesla dropped by 1.59%, Shanghai Gigafactory delivered 79,000 electric cars in November, one of Tesla's largest individual shareholders, Liao Kaiyuan, is no longer all in Tesla stock, and Elon Musk's 56 billion USD compensation plan was once again rejected by a judge.

• Chip stocks show mixed movements. The Philadelphia Semiconductor Index fell by 0.38%. The industry ETF SOXX dropped by 0.57%. The Nvidia double long ETF rose by 2.27%. Taiwan Semiconductor increased by 2.31%, Micron Technology increased by 1.31%, Broadcom rose by 0.98%, ASML Holding by 0.93%, Arm Holdings by 0.03%, while KLA Corp decreased by 0.05%, AMD by 0.06%, Applied Materials by 0.06%, Qualcomm by 0.28%, Marvell Technology by 0.98%, and Intel by 6.1%. The company is currently seeking a new CEO and has been in contact with Marvell Technology's executive, Murphy.

• AI concept stocks show varied gains and losses. BigBear.ai rose by 28.64%, C3.ai increased by 1.55%, Oracle rose by 0.82%, CrowdStrike rose by 0.91%, Snowflake rose by 2.04%, Palantir rose by 6.88%, SoundHound AI, an AI voice company that Nvidia holds shares in, dropped by 0.78%, Dell Technologies fell by 0.22%, BullFrog AI dropped by 2.37%, Serve Robotics dropped by 4.04%, and Super Micro Computer fell by 4.26%.

• Many China concept stocks rose. The Nasdaq Golden Dragon China Index rose 1.16%. The Invesco China Technology ETF (CQQQ) fell 1.07%, the KraneShares CSI China Internet ETF (KWEB) fell 0.1%, the Direxion Daily FTSE China Bull 3x Shares ETF (YINN) rose 1.29%. FTSE A50 Index Futures continued to fall in the night session, closing down 0.16% at 13339.000 points.
• Among popular China concept stocks, Miniso rose by 9.64%. New Oriental rose by 6.54%, Nio rose by 5.45%, Trip.com rose by 4.26%, Tiger Brokers rose by 3.9%, Zhihu rose by 1.62%, Zeekr rose by 1.25%, Daqo New Energy rose by 1.07%, Vipshop rose by 0.87%, Netease rose by 0.55%, while Alibaba fell by 0.31%, XPeng fell by 0.44%, Pinduoduo fell by 0.54%, Baidu fell by 0.62%, JD.com fell by 0.99%, Bilibili fell by 3.46%, Fangdd Network fell by 4.16%.
• Other key stocks include: (1) United States Steel Corporation fell by 8.01%, dropping by around 10% at one point, with Trump reiterating opposition to Japan Steel's acquisition of the company. (2) PSQ Holdings rose by 270.39%, with reports stating that Trump's eldest son will join the company's board of directors. (3) After the turmoil following the South Korean 'martial law order', South Korean stocks listed in the US have narrowed their decline, with the South Korea ETF (EWY) falling by 1.59%, declining for five consecutive days and hitting a 7% intraday low to a 52-week low, Coupang ADR fell by 3.74%, and Posco ADR fell by over 4%.

European stocks continued their upward trend, with the German stock index rising by over 0.4%, hitting a new high for the second consecutive day and closing above the psychological barrier of 0.02 million points for the first time in history. Investors are concerned about the political turmoil in France, with the French stock market giving back earlier gains and briefly turning negative in intraday trading, ultimately closing up 0.26%:

• The pan-European STOXX 600 index rose 0.37% to 515.53 points. The EuroZone STOXX 50 index rose by 0.66%. The FTSE All-World 300 index rose by 0.44%.
• In individual stocks, Samsung Electronics' London stock price (SMSN.LI) fell by 3.71%. Rolls-Royce (RR/.LN) rose by 3.21%, with a closing market cap exceeding 50 billion pounds for the first time in history.
• Italy's FTSE MIB index rose 1.03%. Germany's DAX 30 index rose 0.42%. France's CAC 40 index rose 0.26%. The UK's FTSE 100 index rose 0.56%. Spain's IBEX 35 index rose 1.18%. Netherlands' AEX index rose 0.26%.

The safe-haven demand sparked by the 'curfew' turmoil in South Korea was short-lived. European and American bond yields hit daily lows after the South Korean President declared martial law, followed by most experiencing V-shaped rebounds. Federal Reserve officials' comments raised expectations of a rate cut, and the two-year U.S. bond yield briefly dropped more than 5 basis points:

• US Bonds: At the close, the benchmark 10-year U.S. Treasury yield rose by 4.25 basis points to 4.2323%, after South Korean President Yoon Suk-yeol's sudden declaration of martial law, hitting a daily low of 4.1646% at 21:57 Beijing time, marking a more than one-month low before rebounding. The two-year U.S. bond yield fell by 0.43 basis points to 4.1753%, trading in a range of 4.1898%-4.1423% during the day. JPMorgan's U.S. debt client long positions surged to a one-year high.

• Eurozone Bonds: At the end of the European session, the German 10-year government bond yield rose by 2.0 basis points, ending an eight-day decline, to 2.054%. The two-year German bond yield rose by 4.2 basis points to 1.941%. The UK's 10-year government bond yield rose by 3.1 basis points. The two-year UK bond yield rose by 1.6 basis points. France's 10-year government bond yield fell by 1.1 basis points, while Italy's 10-year government bond yield fell by 2.2 basis points.

The U.S. Dollar Index fell on the night of the Korean 'curfew' drama, with the safe-haven asset, the Japanese Yen, briefly crossing 149, offshore Chinese Yuan briefly falling below 7.31 to a year-low, the South Korean Won falling 2.7% to a two-year low before halving the decline, and Bitcoin Futures experiencing a V-shaped reversal:

• USD: The US Dollar Index DXY fell by 0.11% to 106.325 points. After South Korean President Yoon Suk-yeol suddenly declared a 'martial law order,' it fell below 106.100 during the pre-market trading (early US market) at 22:38 Beijing time and fell below this level multiple times after 02:00. The Bloomberg Dollar Index remained roughly flat.

• Non-dollar currencies: The Euro rose 0.11% against the US Dollar to 1.0510, hitting a daily high of 1.0535 at 02:04. The British Pound rose 0.14% to 1.2673 against the US Dollar. The US Dollar against the Swiss Franc remained roughly flat at 0.8864. Among commodity currencies, the Australian Dollar rose 0.18% against the US Dollar, the New Zealand Dollar fell 0.11% against the US Dollar, and the US Dollar rose 0.16% against the Canadian Dollar. The Swedish Krona fell 0.20% against the US Dollar, while the Norwegian Krone rose 0.33% against the US Dollar.
• Japanese Yen: The Japanese Yen against the US Dollar remained flat at 149.59 yen, hitting a daily low of 150.24 yen at 13:03 and starting a significant uptrend before 20:30, reaching a daily high of 148.65 yen at 22:41.
• Offshore Renminbi (CNH): The offshore Renminbi against the US Dollar fell by 134 points to 7.2998 yuan at the close, trading overall between 7.2834-7.3148 yuan during the day. In the early Asian market session, it briefly fell below 7.31, hitting a new low since November last year. Onshore Renminbi also briefly fell to last November's lows.
• Cryptocurrencies: The largest market-cap leader Bitcoin futures rose by 0.38% to $96,900.00 at the close. After South Korean President Yoon Suk-yeol declared a 'martial law order,' it briefly fell below $0.094 million at the beginning. The second largest, Ethereum, fell by 0.19% to $3,657.50 at the close. The South Korean cryptocurrency market collectively plunged, with Bitcoin on the Korean exchange Upbit dropping by 30% to $0.0665 million and XRP falling 60%.

There are reports that OPEC+ may delay the production increase plan by three months until the end of the first quarter of next year. US sanctions on Iran have pushed oil prices up by over 2%, with US oil rising over 3% in intraday trading, crossing the $70 mark.

• Crude oil: WTI January crude oil futures rose $1.84, up 2.70%, to $69.94 per barrel. US oil hit a high of over 3.1% during the midday session, rising above $70.20.
• Brent: Brent February crude oil futures rose $1.79, up 2.49%, to $73.62 per barrel. Brent hit a high of over 2.9% after the midday session, pushing towards $74.
• Natural gas: US January natural gas futures fell by 5.32%, to $3.0420 per million British thermal units.

After the South Korean president declared martial law, risk aversion heated up, pushing spot gold to a daily high, rising over 0.6%. However, with US October JOLTS job openings higher than expected, it squeezed the gold price increase.

• Gold: COMEX gold futures contract for February rose 0.29% in the closing session, to $2666.10 per ounce. Spot gold in US stock early trading session hit a high of over 0.6% nearing $2660, closing up 0.17% at $2643.58 per ounce.

• Silver: COMEX silver futures March contract rose 2.09% at the close, to $31.510 per ounce. Spot silver in the US stock market rose over 1.9% to above $31.10 after the midday trading, then rose 1.71% at the close, to $31.0225 per ounce.
• London industrial metals rose across the board, with LME copper rising over 1.3%, LME nickel rising over 2%: LME copper rose $119, an increase of more than 1.32%, to $9112 per ton. COMEX copper futures rose 1.60% to $4.1965 per pound. LME zinc rose $19 to $3096 per ton. LME aluminum rose $20 to $2610 per ton. LME lead rose $4 to $2080 per ton. LME nickel rose $322, an increase of 2.05%, to $16015 per ton. LME tin rose $251, an increase of approximately 0.88%, to $28824 per ton. LME cobalt remained unchanged at $24300 per ton.

Here are the updates before 23:00 on the 12th

The momentum of the US stocks paused, as the Nasdaq hit a historical high and then turned lower, while the S&P moved away from its all-time high:

• All three major US stock indices fell. The S&P 500 index once dropped more than 0.2%. The Dow Jones, closely linked to the economic cycle, briefly fell nearly 157 points or 0.4%. The Nasdaq, dominated by tech stocks, initially fell over 0.3% before rising nearly 0.2%, but is now declining.

• Industry etfs in the US stock market mostly trended lower in early trading, with the internet index etf falling by over 0.5%, technology industry etf and Penghua Guozheng semiconductor chip etf dropping by over 0.4%, wp csi banks etf and financial industry etf rebounding by over 0.3%, and energy industry etf rising by over 0.6%.

• The 'Big Tech Sisters' experienced mixed performance. Meta rose over 1% at one point, Amazon rose over 0.7% at one point, Apple rose over 0.7% at one point, Google A initially rose nearly 0.7% before falling by around 0.4%, Microsoft fell by nearly 0.6% before rising over 0.3%, Nvidia rose nearly 1.4% before turning downwards, and Tesla fell by over 2.1% at one point.

• Chip stocks had varying movements. The Philadelphia Semiconductor Index fell by over 0.8% at one point. Intel dropped over 4% at one point, ON Semiconductor fell by over 2.7% at one point, Wolfspeed initially plummeted by over 7.2% before narrowing its decline, while Micron Technology surged by over 5% at one point, Marvell Technology climbed by over 1.4% at one point.

• AI concept stocks showed mixed performance. BigBear.ai surged by over 13% at one point, Palantir rose by over 6.5% at one point, Super Micro Computer surged by over 9.5% at one point, while BullFrog AI rose by over 3% before falling by over 4.4%, and SoundHound AI, an AI voice company Nvidia holds shares in, fell by over 3.7% at one point.

• Most China concept stocks saw gains. The Nasdaq Golden Dragon China Index rose by over 1.3% at one point. Among popular China concept stocks, Miniso surged by over 8.4% at one point, New Oriental rose by over 6.5% at one point, Nio climbed by over 4.5% at one point, Trip.com surged by over 4.3% at one point, while Bilibili fell by over 6% at one point.
• Other key individual stocks: (1) On the news front, after South Korean President Yoon Suk-yeol abruptly declared martial law, the leader of the largest opposition party, Lee In-young, called on the public to protect the National Assembly; the ruling party representative Han Dong-hoon stated that the President's announcement of 'emergency martial law' was a mistake. The South Korea ETF EWY fell by over 4% at one point. The South Korean won fell by around 2.2% against the US dollar, closing at 1437.18 won. (2) According to media reports, Donald Trump Jr. will join the company's board of directors. Prior to this, Trump reiterated his opposition to Japanese steelmakers acquiring American steel companies. US Steel dropped by around 10% at one point.

【Updates before 22:00 Beijing time】

As investors tracked the developments of political turmoil in France and prepared for Friday's non-farm payroll data in the United States, European stock markets rose for the fourth consecutive trading day on Tuesday.

European tech stocks rose. ASML rose after maintaining sales expectations. US stock futures remained stable, US treasuries declined, and the US dollar remained relatively unchanged. Oil prices rose, and two OPEC+ meetings will be held on Thursday.

Federal Reserve Board member Christopher Waller said he tends to vote in favor of a rate cut in December. The derivative market predicts a 70% chance that the Fed will cut rates by 25 basis points this month.

• The STOXX Europe 600 Index rose 0.6%, marking its longest single-day gain since August.
• S&P 500 Index futures remained relatively unchanged.
• The yield on 10-year US Treasury notes rose by 2 basis points to 4.21%.
• The German DAX Index broke through the 20,000 point mark for the first time, rising over 0.6% intraday.
• The MSCI Asia-Pacific Index rose by 1.3%.
• The British pound rose by 0.2% to 1.2686 US dollars.
• The euro rose by 0.1% against the US dollar to 1.0513, while the Japanese yen fell by 0.2% against the US dollar to 149.96.
• The usd spot index remains relatively stable. Silver spot prices rise above $31 per ounce, the first time since November 25th, with an intraday increase of 1.64%.
• Brent crude oil rose by 0.7% to $72.33 per barrel. WTI crude oil futures rose by 1% intraday, now trading at $68.79 per barrel.
• Bitcoin remains stable, trading at $95,514.87.

[20:42 Update]

PSQ Holdings Inc. soars 106% in pre-market trading on the US stock market as Trump joins the board of directors. PSQ Holdings Inc. is a company focused on providing goods and services for conservative and 'patriotic' consumers. It aims to create an alternative market that supports values and ideas different from those of the traditional mainstream market.

[17:36 Update]

In pre-market trading, Super Micro Computer rises by over 8% as the company's review finds no misconduct and decides to replace the Chief Financial Officer; Tesla falls by over 1%; United States Steel drops by 6.8% as Trump reiterates his opposition to Japan's steel acquisition of American steel companies.

Germany's DAX index broke through 20,000 points for the first time, rising over 0.6% intraday.