Over the weekend, I glanced at various news and picked a few worth following:

**Domestic Economic Aspect**
China's official manufacturing PMI rose to 49.2 in November, slightly better than last month. The high-tech manufacturing sector performed well, with the PMI remaining above 50 for 10 consecutive months. However, the non-manufacturing PMI saw a slight decline due to the high base effect.

**The aftermath of the big fire in Hong Kong is still unfolding**
As of November 30, the number of fatalities from the Tai Po fire has risen to 146, with 100 people still missing. The Independent Commission Against Corruption has arrested 11 individuals in the past two days. The police review stated that the low-level surrounding net of Hong Cheung Pavilion was the first to catch fire, igniting the foam board, and the fire was fundamentally uncontrollable. A complete investigation report will take three to four weeks.

**Meituan has recorded a loss for the first time in three years**
The core local business segment suffered a huge loss of 14.1 billion in Q3. During the conference call, the management stated that the losses have reached their peak, and there may still be continued losses in Q4. However, this is a necessary investment to maintain market position. That said, they also emphasized that they will not engage in a price war.

**Trump strikes again**
Claiming to permanently suspend immigration from "third world countries". Also confirmed that he spoke on the phone with Venezuelan President Maduro, clarifying that closing Venezuelan airspace does not mean a bombing, but media reports say he directly requested Maduro to step down.

**The US Black Friday data has been released**
Sales increased by 4.1% year-on-year, and AI-related traffic surged by 600%. However, inflation and the "K-shaped economy" (where the rich get richer and the poor get poorer) remain unavoidable topics.

**Federal Reserve personnel rumors are flying everywhere**
White House economic adviser Hassett said the market reacted positively to news about the selection of the Federal Reserve chairman before the end of the year, but denied that he is a leading candidate. Trump refused to disclose specific candidates, only saying he has a good idea in mind.

**Russia-Ukraine negotiations show some signs of progress**
The US and Ukraine talked on Sunday in the US, with the Secretary of State saying it was "productive" but must consult with Russia. Trump stated that the negotiations were progressing well and a peace agreement was "very likely" to be reached, though Ukraine faces "some tricky minor issues." Russia also mentioned that the resolution process is speeding up. However, Ukraine just lost its chief negotiator on Friday—Zelensky removed the head of the presidential office involved in a corruption case.

**OPEC+ has no new moves**
The Sunday meeting maintains the plan to pause production increases in Q1 2026, reiterating that this is in consideration of seasonal market weakness.

**The commodities market is quite lively here**
Silver futures hit a new high, with Chinese inventories at their lowest level in nearly a decade. Copper supply is reportedly "the tightest in history", metal premiums have soared to record levels, and London copper has also reached an all-time high.