Many countries condemned Israel's control of the Syrian-Israeli military buffer zone in the Golan Heights, and Israeli troops invaded the Syrian-Israeli military buffer zone in the Golan Heights on the 8th. On the 9th, Israeli Defense Minister Katz ordered the Israeli army to fully control the buffer zone between Israel and Syria. The Israeli army's actions have been strongly condemned by Qatar, Iraq and other governments. On the 9th, the Ministry of Foreign Affairs of Qatar issued a statement strongly condemning the control of the Syrian post in the Golan Heights by the Israel Defense Forces. On the same day, the Iraqi Foreign Ministry issued a statement condemning Israel's control of the military buffer zone and the nearby land between it and Syria, and stressed that this act was a flagrant violation of international law and relevant resolutions of international legitimacy. In addition, the foreign ministries of Egypt and Jordan also issued statements on the same day, strongly condemning Israel's aggression, saying that it violated international law. The statement also called on the UN Security Council to take a firm stand against Israel's occupation.Many countries have issued travel warnings to South Korea. "Is it safe to travel to South Korea?" On the 9th, travelnoire, a platform focusing on African tourists, raised such a question. According to the report, the recent political events in South Korea have cast a shadow over this popular tourist destination. In fact, as the emergency martial law storm in South Korea continues to ferment, many countries have issued travel warnings to South Korea. South Korea's "Asian Economy" reported on the 9th that the political and social uncertainty in South Korea has further intensified, and the inbound tourism market in South Korea, which has just resumed after the epidemic, is once again facing severe challenges. South Korea's New Zealand News Agency reported that due to the increasing political uncertainty in South Korea, many countries have issued travel warnings to South Korea.CICC: The non-agricultural data in November supported the Fed to continue to cut interest rates. The CICC research report pointed out that after being seriously hindered by hurricanes and strikes, the number of new jobs in the United States rose sharply to 227,000 in November, but the unemployment rate also rose to 4.2%, indicating that the labor market is slowing down. On the whole, the labor market is still in a state of "the momentum of employment growth is weakening, but the job market itself is not weak", which will provide reasons for the Federal Reserve to cut interest rates again in December. However, we also predict that the Fed will slow down the pace of interest rate cuts in 2025, because as interest rates approach the neutral level, policymakers will become more cautious. One prediction risk is the impact of Trump's immigration policy on the labor market. At present, we tend to have a moderate impact, but we also need to pay close attention to the possibility of extreme situations. Based on non-agricultural data, we believe that the Fed is expected to cut interest rates by 25 basis points again this month.
Six Guatemalans were arrested on suspicion of an immigrant truck accident. On December 9, local time, the United States and Guatemala jointly announced that six Guatemalans were arrested. They are suspected of human smuggling and involved in the accident that the vehicle carrying immigrants overturned in Mexico in 2021. The suspect will be charged with conspiracy, endangering life, causing serious personal injury and causing death. In 2021, a truck carrying more than 160 immigrants crashed into a bridge pillar of an overpass in Tustra Gutierrez, the capital of Chiapas in southern Mexico, killing more than 50 people.South Korean opposition leader Li Zaiming said that the budget will be dealt with today.Zheshang Securities: A-shares may benefit from the rising style of risk appetite, which is more inclined to small-cap growth. Zheshang Securities Research Report pointed out that the current inflation level is in the early stage of bottoming out, and there is a lot of flexibility for the recovery of effective demand. It is expected that monetary policy will still have a total easing space such as RRR cuts and interest rate cuts. In terms of large-scale assets, A-shares may benefit from rising risk appetite, and their styles are more inclined to small-cap growth, and the valuation of technology stocks may be relatively flexible. It is recommended to pay attention to high-elastic sectors such as GEM, Kechuang 50 and Beizheng 50. In the field of fixed income, the current risk-free interest rate level has gradually approached the new equilibrium level. It is expected that the yield of the next 10-year government bonds will generally fluctuate, and the long-term interest rate is less likely to have upward risks. The credit spread is expected to narrow, and the urban investment bonds in the qualified areas will sink in a short period of time or the main allocation direction.
CICC interprets the meeting of the Politburo in December: the fiscal policy next year is expected to be significantly higher than this year. CICC issued a document saying that the tone of the Politburo in September will be continued, and this Politburo meeting will further inject confidence into the market, and there will be many new formulations in policy. From the perspective of policy objectives, the demand for growth is more clear, and the expression of "property market and stock market" is also very clear. From the policy direction, expanding domestic demand ranks first, and the tendency to boost consumption and improve people's livelihood is further highlighted. From the policy tone, monetary and fiscal policies are more active, and "extraordinary countercyclical adjustment" is put forward for the first time. In terms of specific policy prospects, we believe that the following aspects are worthy of attention: the intensity of fiscal policy next year is expected to be significantly higher than this year; The loose space of monetary policy may be opened through comprehensive policies, and the structural monetary policy may be significantly overweight; Expand domestic demand in an all-round way, and incremental measures may focus more on consumption; Further promote reform and opening up. Generally speaking, the policy mix is in line with what we judge as "tight credit, loose money and wide finance" in the second half of the financial cycle.Guotai Junan: OPEC+ once again postponed the increase in production without changing the global increase in production trend, and the supply and demand will still improve. Guotai Junan issued a document saying that since December, the VLCC freight rate has dropped to a low level, and the MR freight rate has rebounded slightly. Recently, OPEC+ decided to postpone production for another quarter until April 2025, and then increase production month by month, until the end of September 2026, the cumulative increase of 2 million barrels per day was completed. If implemented as scheduled, it is estimated that the increase of OPEC+production in 2025-26 will drive the global increase by 0.4%/1.2%. In addition, North America and South America are expected to increase production in 2025. The increase of crude oil production will benefit the growth of oil transportation demand, and the supply of tankers will be rigid in the next few years, and the improvement of supply and demand and the rise of prosperity will still be expected, suggesting that there is an option to lower oil prices.GOL Airlines of Brazil will submit a preliminary plan for debt restructuring in accordance with Chapter 11 of the US Bankruptcy Law.
Strategy guide 12-13
Strategy guide
12-13