1. Macro important news and events:
The economic conference of the Central Committee of the Communist Party of China on economic work in 2022 concluded, putting forward that the economy is facing "triple pressure", requiring "stability first and seeking progress in stability" next year, and appropriate policy force. "Counter cyclical" also returned to the field of vision. The meeting called for "the organic combination of cross cyclical and counter cyclical macro-control policies". At this heavyweight meeting, the expressions of "triple pressure" and "capital market traffic lights" are relatively new. Although the tone of the expression of fiscal and monetary policy is the same as in the past, the meaning of structural loosening can still be seen in contrast, including the implementation of the new tax reduction and fee reduction policy; Ensure the intensity of financial expenditure and speed up the progress of expenditure; Moderate and advanced infrastructure investment has obvious significance of loose structure.
US inflation hit a new high in nearly 40 years, and the Fed is facing greater tightening pressure. According to the data of the U.S. Department of labor, the U.S. CPI rose 0.8% month on month in November, in line with market expectations; The year-on-year increase further climbed to 6.8%, the highest level since June 1982. In November, core CPI rose by 0.5% month on month and 4.9% year-on-year, the highest since July 1991.
