ECB Governing Council member Nagel: We are confident of achieving our inflation target.

Domestic News: 1. Ministry of Finance: Savings bonds (electronic) will be included in the scope of personal pension products. 2. Ministry of Agriculture and Rural Affairs held an executive meeting, emphasizing the need to strengthen comprehensive regulation of pig production capacity. 3. He Lifeng, during a meeting with former US National Security Advisor Hadley, pointed out that China and the US should take the important consensus reached at the meeting between the two heads of state as guidance to promote the stable development of bilateral economic and trade relations. 4. Ministry of Commerce: From January to October 2025, 53,782 new foreign-invested enterprises were established nationwide, a year-on-year increase of 14.7%; actual use of foreign capital amounted to RMB 621.93 billion, a year-on-year decrease of 10.3%. International News: 1. US media reported that Trump's administration may undergo a major reshuffle after one year in office, which the White House spokesperson denied. 2. The final reading of the University of Michigan Current Conditions Index for November hit a record low, the preliminary reading of the S&P Global Manufacturing PMI was a four-month low, and the preliminary reading of the Services PMI was a four-month high. Federal Reserve officials spoke out frequently: ① Williams: Still believes there is room for interest rate cuts in the near term. Traders expect a greater than 50% probability of a Fed rate cut in December. ② Collins: Inflation is likely to remain high for some time, and current interest rates are "appropriate"; further rate cuts are expected in the future. ③ Milan: If my vote is the deciding factor, I will support a 25 basis point rate cut. ④ Logan: With inflation still high and the labor market broadly balanced, the Fed needs to "keep interest rates unchanged for now." Russia-Ukraine Conflict: ① Russian Foreign Ministry: Has not yet formally received any peace plan for Ukraine from the United States. ② Sources: The United States has pressured Ukraine to sign a framework agreement by next Thursday. ③ The leaders of Britain, France, and Germany spoke with Zelensky; Ukraine and its European allies reportedly rejected key parts of the US-Russia (Ukraine peace) plan. ④ Zelensky: Will work to develop alternative proposals for a peace plan.

The final reading of the University of Michigan Expectations Index for November was 51, compared to 49 previously.