Overnight US stocks | The three major indexes are mixed, with Meta rising more than 3.4%.

On Thursday, the three major indexes rose and fell unevenly, as investors waited for the release of September spending, income, and Consumer Price Index (the main inflation indicator for the Fed) data, as well as the University of Michigan Consumer Survey Report for December. [US Stocks] At the close, the Dow fell 31.96 points, or 0.07%, to 47850.94 points; the Nasdaq rose 51.04 points, or 0.22%, to 23505.14 points; the S&P 500 rose 7.40 points, or 0.11%, to 6857.12 points. Meta (META.US) rose over 3.4%, Tesla, Inc. (TSLA.US) rose over 1.7%, Apple Inc. (AAPL.US) fell over 1.2%. [European Stocks] The German DAX30 index rose 212.58 points, or 0.90%, to 23895.03 points; the UK FTSE 100 index rose 23.03 points, or 0.24%, to 9715.10 points; the French CAC40 index rose 34.61 points, or 0.43%, to 8122.03 points; the Euro Stoxx 50 index rose 25.94 points, or 0.46%, to 5720.50 points; the Spanish IBEX35 index rose 153.26 points, or 0.92%, to 16738.96 points; the Italian FTSE MIB index rose 138.36 points, or 0.32%, to 43519.00 points. [Crude Oil] Light crude futures for delivery in January 2026 on the New York Mercantile Exchange rose by 72 cents to close at $59.67 a barrel, up 1.22%; London Brent crude futures for delivery in February rose by 59 cents to close at $63.26 a barrel, up 0.94%. [Cryptocurrency] Bitcoin fell by 1.2% to $92,310.95; Ethereum fell by over 1.6% to $3,136.99. [US Dollar Index] The US Dollar Index, measuring the dollar against six major currencies, rose by 0.14% to close at 98.990 in late trading in the foreign exchange market. At the close of the New York exchange market, 1 euro exchanged for $1.1652, down from the previous trading day's $1.1672; 1 pound exchanged for $1.3339, down from the previous trading day's $1.3350. 1 dollar exchanged for 155.03 yen, down from the previous trading day's 155.15 yen; 1 dollar exchanged for 0.8032 Swiss francs, up from the previous trading day's 0.7994 Swiss francs; 1 dollar exchanged for 1.3953 Canadian dollars, up from the previous trading day's 1.3948 Canadian dollars; 1 dollar exchanged for 9.4173 Swedish kronor, up from the previous trading day's 9.3744 Swedish kronor. [Precious Metals] Spot gold rose by 0.14% to $4,208.73 per ounce. [Macro News] US Initial Jobless Claims Fall to 191,000 Revelio Labs predicts a decrease of about 9,000 non-farm jobs in November. The number of initial jobless claims in the US fell to 191,000 last week. However, analysts caution that this week's data coincided with the Thanksgiving holiday, posing a significant risk of underestimating the numbers due to delayed submissions. Industry contacts point out that in years with similar calendar compositions, the data has typically been below 200,000 people. Therefore, if the data rebounds next week, it should not come as a surprise. The four-week moving average was lowered to 214,700 people due to this effect. The number of people continuing to receive unemployment benefits reflects the situation in the week before Thanksgiving, continuing the recent downward trend to 1.939 million people, the lowest level since early October. In addition, Revelio Labs report shows that an estimated net decrease of about 9,000 jobs is expected in the US in November, with layoffs mainly concentrated in retail trade, leisure and entertainment, and manufacturing; job growth is expected to come from the education/healthcare and public administration sectors. This suggests that the total non-farm employment in November may be negative. The final real-time unemployment rate forecast for November by the Chicago Federal Reserve Bank remains unchanged at 4.44%, compared to 4.46% in October. US Treasury Debt Breaks $30 Trillion Mark, Doubles Since 2018 The total debt of sovereign debt issued by the US Treasury has exceeded $30 trillion for the first time and has more than doubled since 2018. Data released on Thursday shows that as of November, the total outstanding Treasury bills, notes, and bonds issued by the US government had reached $30.2 trillion. This $30.2 trillion debt is a major component of the total federal debt of the United States. As of November, the national debt of the United States reached $38.4 trillion, including debts owed to Social Security trust funds, savings bondholders, and others. According to data from the Securities Industry and Financial Markets Association, the US raised $4.3 trillion by issuing the three types of government bonds in 2020, with a fiscal deficit of over $3 trillion that year. Although the deficit has narrowed since then (falling to about $1.78 trillion in the 2025 fiscal year), debt interest payments alone amounted to $1.2 trillion. Jason Williams, an interest rate strategist at Citigroup, pointed out, "The biggest challenge is interest payments. Even if tariff revenue reaches $300-400 billion, it is far below what we pay in interest on existing debt. We are sinking like quicksand, and tariffs may slow our descent, but we're still sinking." US Mortgage Rates Fall to New Lows Since October Last Year, But Buyers Are Starting to Enter on Dips Freddie Mac reported on Thursday that the average rate for a 30-year fixed-rate mortgage fell to 6.19% last week, marking the second consecutive week of decline and reaching the lowest level since late October last year. The rate was 6.23% the previous week and 6.69% a year ago. Despite economic pressures causing stress for homebuyers, home buying activity remains soft. However, with rates falling to levels close to 6%, some are showing more interest. According to data from the Mortgage Bankers Association, mortgage purchase applications increased by 2.5% for the week ending November 28, reaching the highest level since early 2023. Joel Kan, deputy chief economist at the Mortgage Bankers Association, said, "While home price growth has cooled and inventory has increased, some buyers are returning to the market, but weekly results remain mixed due to uncertain overall economic prospects." Mercuria Plans to Withdraw Over 40,000 Tons of Copper from LME Warehouses, Heightening Supply Concerns Four informed sources said that as a result of anticipated supply shortages driving up copper prices, Switzerland-based commodities trader Mercuria has issued notice of its plan to withdraw over 40,000 tons of copper from London Metal Exchange (LME) Asian warehouses. At current prices, this would amount to $460 million. Mercuria's move is expected to help increase the spot copper contract's premium relative to the price of three-month copper futures. Part of the reason for the expected copper shortage next year is the interruption of copper mining supplies in Indonesia and Chile, as well as accelerated demand growth, pushing LME copper prices to a record high of $11,540 per ton on Wednesday. [Stock News] Meta's Metaverse Strategy Undergoes Major Restructuring: Mark Zuckerberg Plans to Cut 30% of Budget The era of industry frenzy has not arrived, which is crucial. Meta Platforms (META.US) CEO Mark Zuckerberg is expected to significantly reduce resources allocated to the construction of the metaverse, a strategy he once defined as the future of the company and led to the renaming of Facebook. According to sources, management has discussed cutting the budget for the metaverse department by up to 30% next year, which covers the virtual world product Meta Horizon Worlds and its Quest virtual reality business. If such a significant cut is implemented, layoffs could occur as early as January next year, but a final decision has not been made. The proposed metaverse reduction plan is part of the company's 2026 annual budget planning. Sources add that Zuckerberg has requested Meta executives to seek a comprehensive 10% budget cut, a standard requirement in similar budget cycles over the past few years. Sources point out that due to Meta not seeing the expected fervor of its metaverse technology across the industry, the metaverse department was asked to make deeper cuts this year. Apple Inc. Announces Executive Changes Apple Inc. (AAPL.US) announced that Jennifer Newstead will take over as the company's General Counsel on March 1, 2026, replacing Kate Adams, who has held the position since 2017. Newstead will join Apple Inc. in January next year as a Senior Vice President, reporting to CEO Cook, and becoming a member of Apple Inc.'s executive team. Before Adams retires (expected by the end of 2026), the government affairs team will be temporarily under her watch; afterward, the team will be integrated into the General Counsel's office and led by Newstead. In addition, Lisa Jackson, Vice President in charge of Environmental, Policy, and Social Initiatives, will retire at the end of January 2026. The Environmental Affairs and Social Initiatives team will report to Apple Inc. Chief Operating Officer Sabih Khan. EU Seeks Industry Feedback on Alphabet Inc. Class C Advertising Technology Anti-Monopoly Compliance Proposal The European Commission is seeking industry feedback on a proposal by Alphabet Inc. Class C (GOOG.US) aimed at addressing alleged antitrust issues in its advertising technology business, which has previously resulted in fines of nearly 3 billion (about $3.5 billion). This market test measure could pave the way for ending further antitrust proceedings--provided that customers and competitors give positive feedback on the proposal, which EU Competition Commissioner Margrethe Vestager has described as "serious." The EU antitrust agency stated in a statement on Thursday: "To conduct an assessment, the European Commission is collecting more information and feedback from approximately 200 third parties and relevant stakeholders based on a non-confidential version of the proposed compliance plan by Alphabet Inc. Class C."