Entering another shortened trading week due to the holiday, with almost no economic data releases and no speeches from Federal Reserve officials. Against this backdrop, concerns about Trump's agenda and the Fed's pause in rate cuts will deepen further.

As 2024 comes to a close, the global market is out of alert mode. 1. Most Asia-Pacific stock markets fell slightly, following the decline of U.S. stocks last Friday, but the decline was smaller than that of U.S. stocks, which brought a hint of comfort. Beware of rising risks in global markets, with the hawkish Federal Reserve, uncertainty over US fiscal and trade policy, and a weak economic recovery leaving traders on pins and needles. 2. It is very rare that China's stock market has remained stable in the face of a general downturn in the global market. But from now until at least January 20 next year, the market may only see scattered good news, and "precision" is greater than "stimulus". People's Daily reported on Sunday that Pan Gongsheng, governor of China's central bank, said that there is still room to cut the reserve requirement ratio, because after the implementation of the RRR cut policy this year, the average deposit reserve ratio of the banking industry is about 6.6%, compared with the central banks of major international economies. Xinhua News Agency reported on Saturday that China's Ministry of Civil Affairs recently issued a notice encouraging qualified localities to issue relief funds or additional one-time living allowances in advance on the eve of the New Year's Day and Spring Festival. 3. The offshore RMB "7.31 defense war" started again, and the offshore RMB remained in decline when the US dollar was weak today, which shows that the selling pressure is heavy. It's hard to imagine what would have happened if the central parity of the exchange rate had abandoned at 7.20. 4. The bonds of China and the United States are the focus of traders' attention, one suffers from the rise, and the other suffers from the fall. Driven by divergent monetary policy expectations, bond yields in both countries continued to diverge, with China's 10-year yield returning below 1.7% after a multi-day correction, while the 10-year Treasury yield rose to 4.60%, with the negative spread further breaking through 290 basis points, the largest since early November 2000. 5. The market is still waiting for the closing guidance of U.S. stocks tonight. If the 10-year Treasury yield continues to remain at 4.62% before the U.S. market opens tonight, the sell-off in U.S. equities will continue. The U.S. stock market, which is traditionally closed on the day of the president's funeral, is traditionally closed on the day of the president's funeral, when Biden said he would hold a state funeral for the 39th president of the United States.