Overnight US stocks | Three major indexes closed higher, with the Nasdaq recording a gain for the seventh consecutive month.

On Friday, the three major indices closed higher. The S&P 500 index has risen for six consecutive months, with a cumulative increase of 2.27% this month, setting a new record for the longest monthly consecutive rise since August 2021; the Dow Jones index has risen for six consecutive months, with a cumulative increase of 2.51% this month; the Nasdaq index has risen for seven consecutive months, with a cumulative increase of 4.7%, setting a new record for the longest consecutive rise since January 2018. [US Stocks] At the close, the Dow rose 40.75 points, or 0.09%, to 47,562.87 points; the Nasdaq rose 143.81 points, or 0.61%, to 23,724.96 points; the S&P 500 index rose 17.86 points, or 0.26%, to 6,840.20 points. Amazon.com, Inc. (AMZN.US) rose 9.58%, Tesla, Inc. (TSLA.US) rose 3.74%, NVIDIA Corporation (NVDA.US) fell 0.2%, and Meta Platforms (META.US) fell 2.72%. The Nasdaq China Golden Dragon Index closed up 0.53%, NIO Inc. Sponsored ADR Class A (NIO.US) rose 3.46%, Alibaba Group Holding Limited Sponsored ADR (BABA.US) fell more than 2%. The Dow Jones Industrial Average rose 0.75% this week, the Nasdaq rose 2.24%, and the S&P 500 index rose 0.71%. [European Stocks] The Germany DAX30 index fell 158.07 points, or 0.65%, to 23,981.36 points; the UK FTSE 100 index fell 39.56 points, or 0.41%, to 9,720.50 points; the French CAC40 index fell 36.22 points, or 0.44%, to 8,121.07 points; the Euro Stoxx 50 index fell 37.93 points, or 0.67%, to 5,661.25 points; the Spain IBEX35 index rose 12.35 points, or 0.08%, to 16,046.65 points; the Italy FTSE MIB index rose 4.60 points, or 0.01%, to 43,207.00 points. [Crude Oil] WTI crude oil futures for December delivery rose 0.7% to settle at $60.98 per barrel; Brent crude oil futures for January rose 0.6% to $64.77 per barrel. Three sources familiar with the matter said that OPEC+ is expected to agree on a slight increase in oil production targets in December on Sunday. Against the background of expectations of potential oversupply next year, the organization is slowing down the pace of production increases it undertook to regain market share. Since April, OPEC+ has raised production targets by more than 270,000 barrels/day, equivalent to about 2.5% of global supply. Due to concerns about oversupply, the production increases in October and November have slowed to 137,000 barrels/day. Western sanctions against Russia pose a challenge to negotiations as Moscow may have difficulty further increasing production. Eight OPEC+ member countries, including Saudi Arabia, Russia, the UAE, Iraq, Kuwait, Oman, Kazakhstan, and Algeria, are expected to agree on a further increase of 137,000 barrels/day in December on Sunday. Another source said that a pause in production increases is also possible. [Cryptocurrency] Bitcoin rose more than 1% to $10.9, while Ethereum surpassed $3900 per coin, rising 2.54% intraday. [US Dollar Index] The US dollar index, which measures the dollar against six major currencies, rose 0.31% on the day and closed at 99.526 in the late New York market. At the close of the New York foreign exchange market, 1 euro exchanged for 1.1568 US dollars, lower than the previous trading day's 1.1594 US dollars; 1 pound exchanged for 1.3148 US dollars, lower than the previous trading day's 1.3162 US dollars. 1 US dollar exchanged for 154.09 Japanese yen, higher than the previous trading day's 152.84 yen; 1 US dollar exchanged for 0.8021 Swiss francs, higher than the previous trading day's 0.8009 Swiss francs; 1 US dollar exchanged for 1.3984 Canadian dollars, higher than the previous trading day's 1.3934 Canadian dollars; 1 US dollar exchanged for 9.4373 Swedish krona, higher than the previous trading day's 9.4227 Swedish krona. [Precious Metals] Spot gold fell 0.55% to $4,002.62. Morgan Stanley stated on Friday that due to strong demand from ETFs and central banks, as well as ongoing economic uncertainty, the price of gold is expected to rise to $4,500 per ounce by mid-2026 (previously projected to reach $4,500 in the second half of 2026). Morgan Stanley pointed out in a report, "Recent price movements have brought gold into the 'overbought' range on the relative strength index (RSI) indicator, but recent pullbacks have brought it back to a healthier level, possibly clearing out market positions." The bank expects that with falling interest rates, buying in gold ETFs will continue, while central banks will continue to buy gold, albeit at a slower pace, and jewelry demand will stabilize. However, Morgan Stanley also warned that downside risks remain, including potential price volatility that could lead investors to switch to other asset classes, or central banks deciding to reduce gold reserves. [Macro News] Fed Governor Waller: Data confusion does not mean stopping actions; all data indicates that we should lower interest rates in December. Fed Governor Waller made a statement: the labor market is weak and tariffs have a minor impact on inflation. Inflation expectations are anchored. Policies should be based on the information conveyed by the data. Despite the government shutdown, we can still obtain a large amount of data. Tariff-driven inflation should be ignored. Excluding the impact of tariffs, the inflation rate of personal consumption expenditures (PCE) is around 2.5%. All our forecasts indicate that inflation will return to target levels. Data confusion does not mean stopping actions. All data indicates that we should lower interest rates in December. Inflation is falling to 2%, and the biggest concern at the moment is the labor market. The correct policy approach is to continue lowering interest rates. If the President asked me to be the Chairman of the Federal Reserve, I would accept it. Federal Reserve officials voice caution about excessive rate cuts. According to reports, on Friday, four Federal Reserve officials expressed concerns in different forms about the possibility of excessive rate cuts this week and the possibility of a further rate cut in December. This explains why Federal Reserve Chairman Powell called the December rate cut not a "done deal" at the press conference after the decision. At the meeting on Wednesday, only Kansas City Fed President Schmitt voted against the 25 basis point rate cut, citing concerns about sticky inflation. Two other officials without voting rights this year - Cleveland Fed President Hammack and Dallas Fed President Logan - also hinted that they would vote against a rate cut if they had voting rights. Hammack openly expressed concern that the rate cut deviates too far from the tight stance needed to contain inflation: "We must maintain a certain degree of restrictive policy to bring inflation back to target." Atl,anta Fed President Bostick, also without voting rights this year, supported the 25 basis point rate cut, but emphasized that its hinge was a firm belief that the policy stance was still restrictive. Bostick pointed out in particular that as stubborn inflation persists across the economy, each rate cut makes the reasons for further easing less clear, as interest rates are gradually approaching a neutral level that effectively prevents price hikes. U.S. Energy Secretary: The goal of the U.S. and Canada is to return to the negotiating table for trade. U.S. Energy Secretary Wright said that after the negotiations collapsed last week, the goal of the United States and Canada is to return to the negotiating table, and the two countries should strengthen cooperation in oil, natural gas, and key minerals. Wright said at the G7 Energy and Environment Ministers meeting in Toronto that negotiations between the U.S. and Canada have "run into friction for some important reasons." Last week, President Trump halted the negotiations on the grounds that Ontario aired an anti-tariff advertisement in the U.S. that quoted a radio address by former President Reagan in 1987. Trump also threatened to impose an additional 10% tariff on Canada. Before the negotiations collapsed, Canadian Prime Minister Kaney said that progress had been made between the two countries on steel and aluminum tariffs and an energy agreement. Kaney also proposed to Trump to restart the "Keystone XL" pipeline project. Wright said, "Unfortunately, we encountered some bumps on the road. I think the goal is to get both sides back together and see cooperation between the U.S. and Canada in key minerals, oil, and natural gas. [Stock News] Musk reveals plans to launch a flying car by the end of the year, claiming it will surpass "all James Bond vehicles." Elon Musk said Tesla, Inc. (TSLA.US) may launch a flying car this year. In an interview released on Friday, Tesla, Inc. CEO Elon Musk said the company may publicly unveil a flying car by the end of 2025. When asked about the progress of the long-delayed new Roadster sports car, Musk revealed that a prototype demonstration is nearing completion. "My friend Peter Thiel once lamented that the future should be full of flying cars, but we haven't been able to achieve that so far," Musk admitted in the podcast. When pressed for details, he added, "Since Peter wants flying cars, we should make sure he can buy one." Musk described the upcoming (flying) car as featuring "disruptive technology" and promised that its debut would be "memorable." He compared the car's features by saying, "Even if you combine all the creative ideas of all James Bond vehicles, this car will still be crazier." Coinbase (COIN.US) plans to acquire stablecoin infrastructure company BVNK for $2 billion to drive its new stablecoin business. Reports suggest that cryptocurrency exchange Coinbase is in the late stages of negotiating the acquisition of the stablecoin infrastructure startup BVNK, with a transaction amount of around $2 billion, pending due diligence. Coinbase expects to complete the deal later this year or early next year. However, the terms of the transaction may still be adjusted, and there is a risk of the deal falling through. [Major Bank Ratings] HSBC: Raised the target price for Apple Inc. (AAPL.US) from $220 to $250 UBS Group AG: Raised the target price for Amazon.com, Inc. (AMZN.US) from $279 to $310, maintaining a buy rating