1. On Wednesday, December 24, U.S. stock index futures for the three major indices all declined pre-market. As of writing, Dow futures fell 0.08%, S&P 500 futures dipped 0.02%, and Nasdaq futures edged down 0.01%. 2. European markets showed mixed performance: Germany’s DAX rose 0.23%, while the UK’s FTSE 100 dropped 0.26%. France’s CAC 40 gained 0.10%, and the Euro Stoxx 50 climbed 0.14%. 3. Oil prices inched higher, with WTI crude up 0.26% at $58.53/barrel and Brent crude rising 0.11% to $62.45/barrel.

**Trading Schedule Adjustments**: Due to the Christmas holiday, U.S. markets will close early on December 24 (three hours earlier) and remain closed on December 25. Key adjustments include: - CME Group’s U.S. Treasury futures trading will end at 03:30 Beijing time on Dec 25. - Precious metals, energy, and forex futures will halt at 02:45 Beijing time, while equity index futures close at 02:15. - ICE’s Brent crude futures will cease trading at 03:00 Beijing time. All CME and ICE futures markets will remain closed on December 25.

**U.S. Tariff Plans on China’s Semiconductor Industry**: The U.S. proposed tariffs on China’s semiconductor sector starting in 2027, citing "unfair practices." China’s Foreign Ministry spokesperson Lin Jian condemned the move, stating it disrupts global supply chains and harms mutual interests. China urged the U.S. to correct its approach and resolve disputes through dialogue.

**Fed’s Inflation Target Debate**: U.S. Treasury Secretary Scott Bessent suggested reconsidering the Fed’s rigid 2% inflation target, proposing a potential range (e.g., 1.5%–2.5%) once inflation stabilizes at 2%.

**Economic Recovery & AI Impact**: Former White House economist Kevin Hassett highlighted stronger-than-expected U.S. GDP growth, attributing it to trade policies and AI investments. He projected job gains could rebound to 100K–150K monthly if growth sustains at 4%.

**GLP-1 Drug Coverage Expansion**: CMS announced Medicaid and Medicare Part D coverage for GLP-1 weight-loss/diabetes drugs under a voluntary program, following price negotiations with Eli Lilly and Novo Nordisk. Rollout begins May 2026 for Medicaid and January 2027 for Medicare.

**Precious Metals Rally**: Gold hit a record high above $4,500/oz amid geopolitical tensions and Fed rate-cut expectations, while platinum surpassed $2,300/oz for the first time since 1987. Silver and palladium also gained.

**Corporate Updates**: - Nike (NKE) rose 2.2% pre-market after CEO Tim Cook invested $2.95M in shares, signaling confidence. - Sanofi (SNY) agreed to buy Dynavax (DVAX) for $2.2B to expand its vaccine portfolio, including an approved hepatitis B shot. - BP (BP) sold a 65% stake in its Castrol lubricant unit to Stonepeak for $6B, advancing its $20B divestment plan. - Meta (META) faces Italian antitrust scrutiny over WhatsApp’s AI chatbot restrictions, pledging to appeal. - xAI’s Grok AI will integrate with the U.S. Defense Department’s GenAI.mil platform by early 2026 for secure data analysis.

**Upcoming Data**: - U.S. initial jobless claims (Dec 20) at 21:30 Beijing time. - EIA natural gas storage (Dec 19) at 01:00 Beijing time (Dec 25).