The second meeting of the Global Foreign Exchange Market Committee in 2024 was successfully held. From December 5 to December 6, 2024, the second meeting of the Global Foreign Exchange Committee (GFXC) in 2024 was held online. The meeting discussed the promotion and implementation of global standards, the second round of three-year review of global standards, the operation of foreign exchange market and related market hot issues. Representatives from China Foreign Exchange Market Steering Committee (CFXC) attended the meeting. This meeting discussed the final results of the second round of three-year review of global standards. The Working Group on Foreign Exchange Settlement Risk and the Working Group on Foreign Exchange Data respectively introduced the final revision suggestions of the relevant provisions of the global standards, and how the Working Group continuously improved according to the public comments and feedback from the local foreign exchange market committees and in October 2024. The revision of the Global Standards aims to strengthen the relevant principles of foreign exchange settlement risk management and enhance the transparency of specific types of foreign exchange transactions and the use of customer-generated data on electronic trading platforms. GFXC members strongly support this.Ministry of Finance of the Republic of Korea: We will pay close attention to the financial and foreign exchange market trends and take adequate measures to curb excessive fluctuations in the foreign exchange market.Bank of America: Resume the coverage of Lilly and give it a "buy" rating with a target price of $997.
Trump said that he chose Andrew Feargus, Commissioner of the US Federal Trade Commission (FTC), as the FTC chairman.Morgan Asset Management: In 2025, there are sufficient reasons to continue to over-allocate US stocks. Sylvia Sheng, global multi-asset strategist of Morgan Asset Management, said that there are sufficient reasons to continue to over-allocate US stocks and increase exposure to small and medium-sized stocks. She pointed out that although the valuation may look high, it is expected that the profit growth of S&P 500 companies will continue. Sheng wrote that it is estimated that in 2025, the contribution of the six giants in the S&P 500 index to the profit growth of the other 494 stocks will be the same, and the profit growth of these six giants is expected to slow down from 40% in 2024 to 22%. In the international market, Morgan Asset Management continues to over-allocate Japanese stocks, and its quantitative model shows that the yield of Japanese stocks is attractive and the bottom-up profitability is strong.Shenzhen Holdings: Auditor replacement: PricewaterhouseCoopers resigned and Ernst & Young took over. On December 10th, Shenzhen Holdings (00604.HK) announced that according to Rule 13.51(4) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited, PricewaterhouseCoopers agreed to resign as the auditor of Shenzhen Holdings with effect from December 10th, 2024. At the same time, the board of directors of Shenzhen Holdings decided to appoint Ernst & Young as the new auditor of the company, which will also take effect from December 10, 2024 until the end of the next annual general meeting.
Oppenheimer: Raise the target price of opening customers from $980 to $1,075, and reiterate the rating of "outperforming the market".Jin Guanping, Economic Daily: Implement more active and promising macro policies. The article points out that the Political Bureau of the Communist Party of China (CPC) Central Committee held a meeting on December 9 to analyze and study the economic work in 2025, and put forward "implement more active and promising macro policies" and "strengthen unconventional countercyclical adjustment" in view of the macro policy orientation next year, and clearly implement more active fiscal policies and moderately loose monetary policies. This important deployment has released a clear signal of strengthening macro-control and strong and steady growth. Implementing a "more active" fiscal policy means increasing fiscal countercyclical adjustment and improving the effectiveness of fiscal policy while maintaining policy stability and continuity. "Moderately loose" means that monetary policy will better reflect the supportive stance and orientation, maintain a reasonable and sufficient liquidity, and further reduce the comprehensive financing costs of enterprises and residents.
Strategy guide
12-13
Strategy guide 12-13