Shanghai Gold Exchange Gold T+D fell 2.03% in early trade on Wednesday, Nov 11, to 866.18 yuan/gram; Silver T+D fell 3.56% to 12,264.0 yuan/kg.

Domestic News: 1. The 9th China International Import Expo (CIIE) saw its intended transaction volume exceed US$85.4 billion annually. 2. Alibaba: Plans to spin off its Pingtouge (Pingtouge) business for a separate listing on the Hong Kong Stock Exchange. 3. Ministry of Foreign Affairs: China and the US are maintaining communication regarding arrangements for interactions between their leaders this year. 4. General Administration of Customs: In October, total imports and exports reached 4.87 trillion yuan, a 31.2% increase; exports reached 2.79 trillion yuan, a 28.7% increase; imports reached 2.08 trillion yuan, a 34.7% increase. International News: 1. The trilateral talks between Russia, the US, and Ukraine will continue on Wednesday. 2. OpenAI's third-quarter revenue rose to approximately US$10 billion. 3. The launch of AI computing power futures in the US has encountered obstacles; the CFTC is reportedly extending the review period by at least 60 days. 4. Thune was re-elected as Senate Republican Leader, and the Republican leadership in the next congressional elections is largely unchanged. 5. Anthropic: Plans to issue 825 million shares at $70 to $78 per share, raising up to $64.4 billion. 6. Overnight, Nvidia closed down over 5%, with its market capitalization briefly falling below $4 trillion. Spot gold fell 3%, silver fell 4%, and the 2-year US Treasury yield surged 17 basis points. 7. US October CPI exceeded expectations, reaching the threshold for a significant rate hike mentioned by Waller, increasing market bets on a 50 basis point rate hike by the Fed next month. 8. Fed—Waller: Will support a 25 basis point rate hike next month, and 50 basis points if necessary; Schmid: Current interest rates are quite loose, inflation remains the primary concern; Logan: At least two more rate hikes are needed, each 25 basis points, and the pace may be faster than this fall; Bowman: Inflation still needs to be controlled, but the costs of further tightening policy need to be weighed. Core PCE is expected to rise 3.3% year-on-year in October. 9. Middle East situation— ① Rezaei explicitly denied that he would meet with Vance. He stated that the US claims of "continued negotiations with Iran" and "a meeting between Iran and the US in Qatar" were false rumors. The US's aim was to lower oil prices. ② Qatar stated that both the US and Iran responded positively to the mediation. ③ Israeli media reported that Qatar claimed to have bought two weeks for US-Iran negotiations, aiming to postpone a US military strike against Iran.

The term sheet indicates that Alphabet may subsequently issue senior unsecured fixed-rate bonds with maturities of 2 years, 5 years, and 10 years. The proposed notes are expected to receive an AA2 rating from Moody's and an AA+ rating from S&P.