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ECB sources: Some people think that the ECB overestimates economic growth. In the case of Trump's tariff increase, the economic growth next year may be less than 1%.Expert: The Central Economic Work Conference has determined that the tone of monetary policy in 2025 is "moderately loose". Dong Ximiao, the chief researcher of Zhaolian and a part-time researcher at the Institute of Finance of Fudan University, believes that the Central Economic Work Conference has determined that the tone of monetary policy in 2025 is "moderately loose" not only because of the analysis of the current economic situation, but also because of the full consideration of external uncertainties and the planning of economic work next year. Looking forward to the follow-up, in 2025, moderately loose monetary policy can continue to exert its strength in three aspects, which is more forward-looking, effective and targeted. First, it is necessary to intensify counter-cyclical and cross-cyclical adjustment, make pre-adjustment in an unconventional way, let policy adjustment go ahead of the market curve, help the macro economy smooth out cyclical fluctuations and external shocks, and show forward-looking; Second, continue to reduce the RRR and interest rates. In 2025, the RRR can be lowered by 0.5 percentage points, the policy interest rate will be lowered by 50 basis points, and the LPR will be reduced by 25 basis points, thus ensuring more abundant liquidity in the total amount, moderately reducing costs and enhancing effectiveness; Third, make good use of the existing structural monetary policy tools, create new tools when necessary, enrich the "eighteen martial arts" in the toolbox, guide and support financial institutions to do the "five major articles", especially increase support for scientific and technological innovation, green development, consumer finance, etc., and reflect pertinence. (Xinhua Finance)Goldman Sachs analysts predict that the European banking industry will be in a difficult situation in 2025. The challenges they face include low interest rates, slow growth and prominent political uncertainty.

LME metal futures closed down, while LME copper futures closed down $100 to $9092/ton. LME aluminum closed down $2 to $2,600/ton. LME zinc futures closed down $50 to $3,075/ton. LME lead closed down $38 to $2006/ton. LME nickel futures closed up $310 to $16,168/ton. LME tin closed down $423 to $329,534/ton. LME cobalt was flat at $24,300/ton.Market News: Texas, USA, announced a draft legislation to establish a strategic bitcoin reserve.Leader of the Houthi Movement: We cooperated with Islamic resistance organizations and conducted joint actions against Israel. The Support Front took action this week against occupied Jaffa, Ashdod and Ashkelon.

Market News: Russia has established direct contacts with the Political Committee of the Sharm el-Liberation Organization, and these contacts are constructive.It is a "cancer" of the capital market to punish and prevent financial fraud, which destroys the integrity foundation of the capital market and seriously infringes on the legitimate rights and interests of investors. In recent years, the regulatory authorities have further strengthened the punishment of financial fraud and intensified the all-round and three-dimensional accountability. Recently, the relevant person in charge of the Economic Crimes Procuratorate of the Supreme People's Procuratorate said at the "Symposium on Difficult Issues of Legal Identification of Financial Fraud" held by the Law School of Renmin University of China and the Law School of Central University of Finance and Economics that we should adhere to the "zero tolerance" requirement and continue to increase the punishment and prevention of financial fraud. In criminal accountability, we need to grasp three issues. First, under the latest statutory principles, we should strengthen the convergence of execution, and adhere to the principle that "all suspected crimes should be removed, the arrest should be made, and the prosecution should be prosecuted"; Secondly, under the premise of adhering to the strict main tone, the criminal policy of "tempering justice with mercy" should be fully and accurately implemented. Finally, adhere to the whole chain to punish and prevent financial fraud. In the next step, the judicial case-handling organ will further subdivide the situation with relevant departments, improve the lenient and strict standards, and unify the judicial standards for law enforcement. (Securities Daily)Market News: Texas, USA, announced a draft legislation to establish a strategic bitcoin reserve.