{"id":53547,"date":"2026-08-11T16:19:35","date_gmt":"2026-08-11T16:19:35","guid":{"rendered":"https:\/\/www.vtmarkets.com\/zh-ca\/uncategorized\/53547\/"},"modified":"2026-08-11T16:19:35","modified_gmt":"2026-08-11T16:19:35","slug":"november-recap-december-outlook-2025","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/zh-ca\/monthly-market-insights\/53547\/","title":{"rendered":"2025\u5e7411\u6708\u56de\u9867\uff0f12\u6708\u5c55\u671b"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2025\/10\/Ross-Maxwell_1408x768-1024x559.jpg\" alt=\"\" class=\"wp-image-31502\" \/><\/figure>\n\n\n<p>11\u6708\u521d\u5e02\u5834\u53d7\u7f8e\u570b\u806f\u90a6\u653f\u5e9c\u300c\u505c\u64fa\u300d\uff08shutdown\uff0c\u5373\u653f\u5e9c\u56e0\u9810\u7b97\u672a\u7372\u901a\u904e\u800c\u66ab\u505c\u90e8\u5206\u904b\u4f5c\uff09\u9670\u973e\u7c60\u7f69\uff0c\u4ee4\u5e02\u5834\u4e0d\u660e\u6717\u52a0\u5287\uff0c\u4ea6\u6253\u4e82\u7d93\u6fdf\u6578\u64da\u516c\u5e03\u3002\u6b20\u7f3a\u53ef\u9760\u300c\u6307\u6a19\u300d\uff08\u53ef\u7528\u4f5c\u5224\u65b7\u7d93\u6fdf\u8d70\u52e2\u7684\u6578\u64da\uff09\uff0c\u806f\u5132\u5c40\uff08Federal Reserve\uff0c\u7c21\u7a31\u300c\u806f\u5132\u300d\uff09\u5728\u95dc\u9375\u6642\u9ede\u5236\u5b9a\u5229\u7387\u653f\u7b56\u6642\uff0c\u53c3\u8003\u4f9d\u64da\u8b8a\u5c11\u3002<\/p>\n\n<p>\u5176\u5f8c\u505c\u64fa\u554f\u984c\u96d6\u7136\u53ea\u662f\u66ab\u6642\u89e3\u6c7a\uff0c\u4f46\u5df2\u70ba\u300c\u98a8\u96aa\u8cc7\u7522\u300d\uff08risk assets\uff0c\u5373\u80a1\u5e02\u7b49\u50f9\u683c\u8f03\u53d7\u7d93\u6fdf\u524d\u666f\u5f71\u97ff\u7684\u8cc7\u7522\uff09\u5e36\u4f86\u5598\u606f\u3002\u66f4\u91cd\u8981\u662f\u7d93\u6fdf\u6578\u64da\u6062\u5fa9\u516c\u5e03\uff0c\u4ee4\u653f\u7b56\u5236\u5b9a\u8005\u8207\u6295\u8cc7\u8005\u91cd\u65b0\u638c\u63e1\u5e02\u6cc1\u3002\u96a8\u7740\u589e\u9577\u3001\u901a\u8139\u8207\u300c\u8ca8\u5e63\u74b0\u5883\u300d\uff08monetary conditions\uff0c\u5373\u5229\u7387\u3001\u6d41\u52d5\u6027\u7b49\u91d1\u878d\u689d\u4ef6\uff09\u66f4\u6e05\u6670\uff0c\u4ea4\u6613\u54e1\uff08traders\uff0c\u5373\u77ed\u7dda\u8cb7\u8ce3\u8005\uff09\u66f4\u6709\u4fe1\u5fc3\u4f5c\u5224\u65b7\uff0c\u5e02\u5834\u60c5\u7dd2\u4ea6\u8da8\u65bc\u7a69\u5b9a\u4e26\u6539\u5584\u3002<\/p>\n\n<p>\u5e02\u5834\u540c\u6642\u52a0\u6df1\u8a0e\u8ad6\u5927\u578b\u79d1\u6280\u80a1\uff08mega-cap tech\uff0c\u6307\u5e02\u503c\u6975\u5927\u7684\u79d1\u6280\u80a1\uff09\u4f30\u503c\uff0c\u95dc\u6ce8\u6703\u5426\u51fa\u73fe\u7531\u4eba\u5de5\u667a\u80fd\uff08AI\uff09\u5e36\u52d5\u7684\u300c\u8cc7\u7522\u6ce1\u6cab\u300d\uff08asset bubble\uff0c\u5373\u50f9\u683c\u504f\u96e2\u57fa\u672c\u9762\u4e26\u6709\u6025\u8dcc\u98a8\u96aa\uff09\u3002<\/p>\n\n<p>Nvidia \u4ee5<a href=\"https:\/\/www.vtmarkets.com\/opinion\/nvidias-earnings-and-the-tech-cycle\/\" target=\"_blank\" rel=\"noopener\" title=\"\">\u518d\u4ea4\u51fa\u5f37\u52c1\u4e14\u5177\u97cc\u6027\u7684\u7b2c\u4e09\u5b63\uff08Q3\uff09\u696d\u7e3e<\/a>\uff0c\u4e26\u7d66\u51fa\u7a69\u5065\u7684\u7b2c\u56db\u5b63\uff08Q4\uff09\u5c55\u671b\uff0c\u7de9\u548c\u5e02\u5834\u6182\u616e\u3002\u5e02\u5834\u5c07\u5176\u696d\u7e3e\u8996\u70ba\u300cAI \u8cc7\u672c\u958b\u652f\u5468\u671f\u300d\uff08AI-CapEx cycle\uff1bCapEx \u5373 capital expenditure\uff0c\u8cc7\u672c\u958b\u652f\uff0c\u6307\u4f01\u696d\u6295\u653e\u5728\u4f3a\u670d\u5668\u3001\u6676\u7247\u3001\u6578\u64da\u4e2d\u5fc3\u7b49\u6295\u8cc7\uff09\u7684\u5ef6\u7e8c\u8b49\u64da\u3002<\/p>\n\n<p>\u96d6\u7136\u6307\u6578\u5927\u90e8\u5206\u6642\u9593\u8d70\u52e2\u53d7\u58d3\uff0c\u4f46\u4e0a\u8ff0\u5229\u597d\u63a8\u52d5\u5168\u9762\u53cd\u5f48\u2014\u2014<a href=\"https:\/\/www.vtmarkets.com\/live-updates\/while-clients-were-pleased-the-sp-500-maintained-its-upward-trend-despite-disappointing-retail-sales-and-ppi\/\" target=\"_blank\" rel=\"noopener\" title=\"\">\u6a19\u666e500\u6307\u6578\uff08S&amp;P 500\uff09\u5df2\u6536\u5fa9\u5931\u5730<\/a>\uff0c\u518d\u5ea6\u8cbc\u8fd1\u6b77\u53f2\u9ad8\u4f4d\uff0c\u4e26\u54117,000\u9ede\u95dc\u53e3\u903c\u8fd1\u3002<\/p>\n\n<p>\u4e0d\u904e\uff0c\u6574\u9ad4\u74b0\u5883\u4ecd\u7136\u504f\u7dca\u3002\u5de5\u8cc7\u589e\u9577\u56de\u5347\uff0c\u4f46\u5347\u5e45\u6709\u9650\uff1b\u7269\u50f9\u96d6\u7e8c\u653e\u7de9\uff0c\u4f46\u6d88\u8cbb\u8005\u8cfc\u8cb7\u529b\u53ea\u662f\u958b\u59cb\u4f01\u7a69\u3002<\/p>\n\n<p>\u5927\u578b\u80a1\u76c8\u5229\u9810\u671f\u4ecd\u7136\u9032\u53d6\uff0c\u5bb9\u932f\u7a7a\u9593\u4e0d\u5927\u3002\u653f\u5e9c\u505c\u64fa\u8b70\u984c\u5c07\u65bc1\u6708\u5e95\u518d\u73fe\uff0c\u800c\u806f\u5132\u5728\u5236\u5b9a\u672a\u4f86\u653f\u7b56\u8def\u5f91\u6642\uff0c\u4ecd\u8981\u5728\u901a\u8139\u8207\u7d93\u6fdf\u589e\u9577\u4e4b\u9593\u5c0f\u5fc3\u53d6\u6368\uff08balancing act\uff0c\u5373\u5169\u96e3\u4e4b\u4e0b\u7684\u5e73\u8861\uff09\u3002<\/p>\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\">\u6df1\u5165\u5e02\u5834<\/h2>\n\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\">\u5916\u532f<\/h3>\n\n\n<p>11\u6708\u5916\u532f\u5e02\u5834\u53d7\u5229\u7387\u9810\u671f\u8b8a\u5316\u3001\u8ca1\u653f\u6d88\u606f\uff0c\u4ee5\u53ca\u5404\u592e\u884c\u653f\u7b56\u5206\u6b67\u5f71\u97ff\u3002<\/p>\n\n<p>\u901a\u8139\u653e\u7de9\u3001\u52a0\u4e0a\u7f8e\u570b\u570b\u5eab\u5238\u5b73\u606f\u7387\uff08Treasury yields\uff0c\u5373\u7f8e\u570b\u570b\u50b5\u5229\u7387\uff09\u56de\u843d\uff0c\u4ee4\u5e02\u5834\u63d0\u9ad8\u5c0d\u806f\u5132\u6700\u5feb12\u6708\u6e1b\u606f\u7684\u62bc\u6ce8\uff08price in\uff0c\u5373\u5728\u50f9\u683c\u4e0a\u53cd\u6620\u67d0\u4e8b\u4ef6\u6a5f\u6703\uff09\u3002\u96d6\u7136\u907f\u96aa\u9700\u6c42\uff08safe-haven demand\uff0c\u5373\u98a8\u96aa\u5347\u6eab\u6642\u8cb7\u5165\u8f03\u7a69\u5b9a\u8cc7\u7522\u7684\u9700\u6c42\uff09\u9593\u4e2d\u652f\u6301\u7f8e\u5143\uff0c\u4f46\u5e02\u5834\u666e\u904d\u8a8d\u70ba\u7f8e\u570b\u300c\u6536\u7dca\u653f\u7b56\u300d\uff08policy tightening\uff0c\u5373\u52a0\u606f\u53ca\u6536\u56de\u6d41\u52d5\u6027\uff09\u5df2\u63a5\u8fd1\u7d50\u675f\uff0c\u524a\u5f31\u7f8e\u5143\u7684\u300c\u606f\u5dee\u512a\u52e2\u300d\uff08carry appeal\uff0c\u5373\u9760\u8f03\u9ad8\u5229\u7387\u8cfa\u53d6\u5229\u5dee\u7684\u5438\u5f15\u529b\uff09\u3002<\/p>\n\n<p>\u82f1\u938a\uff08GBP\uff09\u53d7\u8ca1\u653f\u6d88\u606f\u5e36\u52d5\uff1a<\/p>\n\n\n<ul class=\"wp-block-list\">\n<li>\u82f1\u570b\u79cb\u5b63\u9810\u7b97\u6848\u91cb\u51fa<strong>\u523a\u6fc0\u589e\u9577\u63aa\u65bd + \u91dd\u5c0d\u6027\u7a05\u52d9\u8abf\u6574<\/strong>\u8a0a\u865f\u3002<\/li>\n\n\n\n<li>\u5c0d\u82f1\u938a\u7565\u70ba\u5229\u597d\uff0c\u4f46\u672c\u5730\u751f\u7522\u529b\u504f\u5f31\uff0c\u4ee5\u53ca\u82f1\u502b\u9280\u884c\uff08BoE\uff09\u5c0d\u6e1b\u606f\u614b\u5ea6\u5be9\u614e\uff0c\u9650\u5236\u5347\u5e45\u3002<\/li>\n<\/ul>\n\n\n<p>\u65e5\u5713\uff08JPY\uff09\u53d7\u58d3\uff1a<\/p>\n\n\n<ul class=\"wp-block-list\">\n<li>\u65e5\u672c\u592e\u884c\uff08BoJ\uff09\u7dad\u6301<strong>\u6975\u5ea6\u5bec\u9b06\u7acb\u5834<\/strong>\uff08ultra-accommodative\uff0c\u5373\u4f4e\u5229\u7387\u53ca\u5145\u88d5\u6d41\u52d5\u6027\uff09\u3002<\/li>\n\n\n\n<li>\u300c\u5b73\u606f\u5dee\u8ddd\u300d\uff08yield differentials\uff0c\u5373\u4e0d\u540c\u5e02\u5834\u5229\u7387\u5dee\uff09\u64f4\u5927\uff0c\u89f8\u767c\u6cbd\u65e5\u5713\u3002<\/li>\n\n\n\n<li>\u5e02\u5834\u4e00\u5ea6\u63e3\u6e2c\u65e5\u672c\u6216\u5165\u5e02\u5e72\u9810\uff08intervention speculation\uff0c\u5373\u5b98\u65b9\u8cb7\u8ce3\u5916\u532f\u7a69\u5b9a\u532f\u50f9\uff09\uff0c\u4f46\u7f8e\u50b5\u5b73\u606f\u56de\u843d\u4ee4\u8dcc\u5e45\u7a0d\u7de9\u3002<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2025\/12\/image-1-1024x332.jpeg\" alt=\"\" class=\"wp-image-35742\" \/><figcaption class=\"wp-element-caption\">#image_title<\/figcaption><\/figure>\n\n\n<p><em>\u57161\uff1a\u7f8e\u5143\u514c\u65e5\u5713\uff08USDJPY\uff09\u6708\u7dda\u5716\u903c\u8fd1\u81ea1980\u5e74\u4ee3\u4ee5\u4f86\u7684\u9577\u671f\u963b\u529b\u4f4d\uff08resistance\uff0c\u5373\u50f9\u683c\u4e0a\u5347\u6642\u8f03\u6613\u9047\u5230\u6cbd\u58d3\u7684\u4f4d\u7f6e\uff09<\/em><\/p>\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\">\u9ec3\u91d1\u8207\u767d\u9280<\/h3>\n\n\n<p>11\u6708\u5b8f\u89c0\u74b0\u5883\u8f49\u8b8a\uff0c\u8cc7\u91d1\u6d41\u5411\u8cb4\u91d1\u5c6c\uff0c\u9ec3\u91d1\u8207\u767d\u9280\u666e\u904d\u8d70\u5f37\u3002\u7f8e\u570b\u570b\u50b5\u5b73\u606f\u56de\u843d\u53ca\u6e1b\u606f\u9810\u671f\u5347\u6eab\uff0c\u652f\u6301\u5169\u8005\u8868\u73fe\u3002<\/p>\n\n<p>\u300c\u5be6\u8cea\u5b73\u606f\u7387\u300d\uff08real yields\uff0c\u5373\u540d\u7fa9\u5229\u7387\u6263\u9664\u901a\u8139\u5f8c\u7684\u56de\u5831\uff09\u4e0b\u884c\uff0c\u52a0\u4e0a\u7f8e\u5143\u8f49\u5f31\uff0c\u91d1\u50f9\u7a69\u6b65\u4e0a\u884c\uff0c\u5ef6\u7e8c\u5176\u300c\u907f\u96aa\u8cc7\u7522\u300d\uff08safe-haven asset\uff0c\u5373\u4e0d\u78ba\u5b9a\u6642\u88ab\u8996\u70ba\u8f03\u4fdd\u503c\u7684\u8cc7\u7522\uff09\u89d2\u8272\u3002<\/p>\n\n<p>\u767d\u9280\u4ea6\u4e0a\u5347\uff0c\u4f46\u6ce2\u5e45\u8f03\u5927\u3002\u96d6\u7136\u540c\u6a23\u53d7<a href=\"https:\/\/www.vtmarkets.com\/live-updates\/amid-strong-industrial-demand-and-dovish-fed-expectations-silver-reached-an-all-time-high-above-56\/\" target=\"_blank\" rel=\"noopener\" title=\"\">\u5b8f\u89c0\u56e0\u7d20\u652f\u6301<\/a>\uff0c\u4f46\u767d\u9280\u540c\u6642\u5c6c\u8cb4\u91d1\u5c6c\u53ca\u5de5\u696d\u91d1\u5c6c\uff0c\u5c0d\u88fd\u9020\u696d\u6578\u64da\uff08manufacturing indicators\uff0c\u5373\u53cd\u6620\u5de5\u5ee0\u6d3b\u52d5\u7684\u6307\u6a19\uff09\u66f4\u654f\u611f\u3002<\/p>\n\n<p>\u5e02\u5834\u5c0d\u5de5\u696d\u9700\u6c42\uff08\u7279\u5225\u662f\u592a\u967d\u80fd\u53ca\u96fb\u5b50\u7522\u54c1\uff09\u7684\u770b\u6cd5\u6539\u5584\uff0c\u5e36\u52d5\u767d\u9280\u5728\u6708\u5e95\u8d70\u5f37\uff0c\u56de\u5347\u81f3\u63a5\u8fd1\u6b77\u53f2\u9ad8\u4f4d\u6c34\u5e73\u3002<\/p>\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2025\/12\/image-3-1024x414.jpeg\" alt=\"\" class=\"wp-image-35744\" \/><\/figure>\n\n\n<p><em>\u57162\uff1a\u767d\u92804\u5c0f\u6642\u5716\u986f\u793a\u6708\u5167\u5f37\u52e2\u6536\u5e02\uff0c\u903c\u8fd1\u6b77\u53f2\u9ad8\u4f4d\u5340\u57df<\/em><\/p>\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\">\u539f\u6cb9<\/h3>\n\n\n<p>11\u6708\u6cb9\u50f9\u7565\u70ba\u4e0b\u884c\uff0c\u4e3b\u8981\u53d7\u4f9b\u61c9\u504f\u97cc\u6027\u8207\u9700\u6c42\u8f49\u5f31\u593e\u64ca\u3002<\/p>\n\n<p>\u5168\u7403\u589e\u9577\u6307\u6a19\u8f49\u5f31\uff0c\u7f8e\u570b\u3001\u6b50\u6d32\u53ca\u90e8\u5206\u4e9e\u6d32\u5730\u5340\u7684\u88fd\u9020\u696d\u63a1\u8cfc\u7d93\u7406\u6307\u6578\uff08PMI\uff0c\u5373\u8abf\u67e5\u4f01\u696d\u8a02\u55ae\u3001\u751f\u7522\u8207\u5c31\u696d\uff0c\u7528\u4ee5\u53cd\u6620\u88fd\u9020\u696d\u666f\u6c23\u7684\u6307\u6a19\uff09\u986f\u793a\u5e74\u5e95\u524d\u6d3b\u52d5\u653e\u6162\u3002<\/p>\n\n<p>\u4f9b\u61c9\u65b9\u9762\uff0c\u90e8\u5206\u77f3\u6cb9\u8f38\u51fa\u570b\u7d44\u7e54\u53ca\u76df\u53cb\uff08OPEC+\uff0c\u5373OPEC\u6210\u54e1\u570b\u52a0\u4e0a\u5176\u4ed6\u7522\u6cb9\u570b\u7684\u5408\u4f5c\u6a5f\u5236\uff09\u6210\u54e1\u570b\u70ba\u61c9\u5c0d\u672c\u570b\u9810\u7b97\u58d3\u529b\uff0c\u4f4e\u8abf\u8d85\u51fa\u7522\u91cf\u914d\u984d\uff08production quotas\uff0c\u5373\u5354\u8b70\u9650\u5236\u7684\u7522\u91cf\u4e0a\u9650\uff09\u4ee5\u589e\u52a0\u6536\u5165\uff0c\u4ee4\u5e02\u5834\u51fa\u73fe\u984d\u5916\u4f9b\u61c9\u3002<\/p>\n\n<p>\u540c\u6642\uff0c\u7f8e\u570b\u9801\u5ca9\u6cb9\u7522\u91cf\u7dad\u6301\u5f37\u52c1\uff0c\u53d7\u60e0\u751f\u7522\u6548\u7387\u63d0\u5347\uff0c\u4ee5\u53ca\u300c\u5c0d\u6c96\u300d\uff08hedging\uff0c\u5373\u7528\u671f\u8ca8\u7b49\u5de5\u5177\u9396\u5b9a\u50f9\u683c\u3001\u964d\u4f4e\u8dcc\u50f9\u98a8\u96aa\uff09\u5b89\u6392\uff0c\u5373\u4f7f\u6cb9\u50f9\u56de\u843d\uff0c\u947d\u4e95\u6d3b\u52d5\u4ecd\u4fdd\u6301\u3002<\/p>\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2025\/12\/image-4-1024x435.jpeg\" alt=\"\" class=\"wp-image-35745\" \/><\/figure>\n\n\n<p><em>\u57163\uff1a\u539f\u6cb94\u5c0f\u6642\u5716\u986f\u793a11\u6708\u9010\u6b65\u53d7\u4e0b\u884c\u58d3\u529b<\/em><\/p>\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\">\u6307\u6578<\/h3>\n\n\n<p>11\u6708\u5168\u7403\u80a1\u5e02\u6ce2\u52d5\u986f\u8457\u3002\u6708\u521d\u6025\u632b\uff0c\u4e3b\u56e0\u5e02\u5834\u6182\u616e\u7f8e\u570b\u5927\u578b\u79d1\u6280\u80a1\u5347\u52e2\u904e\u6025\u3001\u4f30\u503c\u504f\u9ad8\u800c\u9700\u8981\u8abf\u6574\u3002<\/p>\n\n<p>\u7f8e\u570b\u653f\u5e9c\u505c\u64fa\u4e0d\u78ba\u5b9a\u6027\u4ea6\u4ee4\u6578\u64da\u80fd\u898b\u5ea6\u4e0b\u964d\uff0c\u6253\u64ca\u6574\u9ad4\u98a8\u96aa\u504f\u597d\uff08risk appetite\uff0c\u5373\u6295\u8cc7\u8005\u9858\u610f\u627f\u64d4\u98a8\u96aa\u7684\u7a0b\u5ea6\uff09\u3002<\/p>\n\n<p>\u6708\u4e2d\u5169\u9805\u56e0\u7d20\u626d\u8f49\u6c23\u6c1b\u3002\u5176\u4e00\u662f\u505c\u64fa\u7d50\u675f\uff0c\u5e02\u5834\u4fe1\u5fc3\u56de\u5fa9\uff0c\u6295\u8cc7\u8005\u53ef\u91cd\u65b0\u5206\u6790\u6700\u65b0\u7d93\u6fdf\u6578\u64da\u3002<\/p>\n\n<p>\u5176\u4e8c\u662fNvidia\u4ea4\u51fa\u9060\u52dd\u9810\u671f\u7684\u696d\u7e3e\uff0c\u518d\u5ea6\u5f37\u5316\u5e02\u5834\u5c0d\u300cAI \u8cc7\u672c\u958b\u652f\u5468\u671f\u300d\u7684\u4fe1\u5fc3\uff0c\u4e26\u626d\u8f49\u65e9\u524d\u7531\u79d1\u6280\u80a1\u4e3b\u5c0e\u7684\u62cb\u552e\uff08selloff\uff0c\u5373\u5feb\u901f\u4e0b\u8dcc\uff09\u3002\u76f8\u95dc\u6d88\u606f\u4ee4\u74b0\u7403\u6307\u6578\u8f49\u8da8\u7a69\u5b9a\uff0c\u4e26\u89f8\u767c\u300c\u7d13\u58d3\u5f0f\u53cd\u5f48\u300d\uff08relief rally\uff0c\u5373\u58de\u6d88\u606f\u6d88\u9000\u5f8c\u7684\u53cd\u5f48\uff09\u3002<\/p>\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">AI chipmaker Nvidia reports results after markets close. That stock alone is 7% of the S&amp;P 500&#39;s market value, so traders are braced for big swings whatever happens. Find out what&#39;s moving markets before the Wall Street open, with the Reuters Market Rundown <a href=\"https:\/\/t.co\/SmdxYefUtF\">pic.twitter.com\/SmdxYefUtF<\/a><\/p>&mdash; Reuters (@Reuters) <a href=\"https:\/\/x.com\/Reuters\/status\/1991099136322732088?ref_src=twsrc%5Etfw\">November 19, 2025<\/a><\/blockquote><script async src=\"https:\/\/platform.x.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2025\/12\/image-5-1024x529.jpeg\" alt=\"\" class=\"wp-image-35746\" \/><\/figure>\n\n\n<p><em>\u57164\uff1a\u6a19\u666e500\u6307\u6578\uff08SPX\uff094\u5c0f\u6642\u5716\u986f\u793a\u6708\u521d\u53d7\u58d3\u3001\u6708\u4e2d\u53cd\u5f48<\/em><\/p>\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\">\u52a0\u5bc6\u8ca8\u5e63<\/h3>\n\n\n<p>\u6bd4\u7279\u5e63\uff08Bitcoin\uff0911\u6708\u986f\u8457\u4e0b\u8dcc\uff0c\u5b8f\u89c0\u74b0\u5883\u3001\u76e3\u7ba1\u8207\u5e02\u5834\u7d50\u69cb\u56e0\u7d20\u540c\u6642\u8f49\u5dee\u3002\u6708\u521d\u300c\u907f\u96aa\u300d\uff08risk-off\uff0c\u5373\u8cc7\u91d1\u7531\u9ad8\u98a8\u96aa\u8cc7\u7522\u8f49\u5411\u8f03\u7a69\u5065\u8cc7\u7522\uff09\u60c5\u7dd2\u5347\u6eab\uff0c\u56e0\u79d1\u6280\u80a1\u4f30\u503c\u904e\u9ad8\u958b\u59cb\u8abf\u6574\uff0c\u62d6\u7d2f\u6295\u6a5f\u6027\u8cc7\u7522\u8f49\u5f31\uff1b11\u6708\u4ea6\u88ab\u8996\u70ba2025\u5e74\u6bd4\u7279\u5e63\u8868\u73fe\u8f03\u5dee\u7684\u6708\u4efd\u4e4b\u4e00\u3002<\/p>\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">LATEST: \ud83d\udcca Bitcoin has posted losses for two straight months, breaking from the historical average of bullish October and November price performance, as analysts debate whether demand will return or a deep accumulation phase is imminent. <a href=\"https:\/\/t.co\/qqAnfIcnbx\">pic.twitter.com\/qqAnfIcnbx<\/a><\/p>&mdash; CoinMarketCap (@CoinMarketCap) <a href=\"https:\/\/x.com\/CoinMarketCap\/status\/1993675525735211148?ref_src=twsrc%5Etfw\">November 26, 2025<\/a><\/blockquote><script async src=\"https:\/\/platform.x.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n<p>\u8870\u9000\u6182\u616e\u5347\u6eab\u53ca\u300c\u6d41\u52d5\u6027\u6536\u7dca\u300d\uff08tightening liquidity\uff0c\u5373\u5e02\u5834\u53ef\u7528\u8cc7\u91d1\u6e1b\u5c11\uff09\u4ee4\u8cc7\u91d1\u6d41\u5411\u73fe\u91d1\u53ca\u77ed\u5e74\u671f\u50b5\u5238\uff08short-duration bonds\uff0c\u5373\u5230\u671f\u6642\u9593\u8f03\u77ed\u3001\u5229\u7387\u654f\u611f\u5ea6\u8f03\u4f4e\u7684\u50b5\u5238\uff09\uff0c\u524a\u5f31\u5c0d\u6bd4\u7279\u5e63\u7b49\u9ad8\u6ce2\u5e45\u8cc7\u7522\u7684\u9700\u6c42\u3002<\/p>\n\n<p>\u591a\u500b\u4e3b\u8981\u5730\u5340\u63d0\u51fa\u52a0\u5f37\u76e3\u7ba1\uff0c\u8a08\u5283\u5c0d\u300c\u7a69\u5b9a\u5e63\u5132\u5099\u300d\uff08stablecoin reserves\uff0c\u5373\u7528\u4ee5\u652f\u6301\u7a69\u5b9a\u5e63\u50f9\u503c\u7684\u73fe\u91d1\u6216\u50b5\u5238\u7b49\u8cc7\u7522\uff09\u53ca\u96e2\u5cb8\u4ea4\u6613\u6240\uff08offshore exchanges\uff0c\u5373\u5728\u5883\u5916\u8a3b\u518a\u71df\u904b\u7684\u5e73\u53f0\uff09\u52a0\u5f37\u76e3\u7763\uff0c\u4ee4\u76e3\u7ba1\u58d3\u529b\u4e0a\u5347\u3002<\/p>\n\n<p>\u540c\u6642\uff0c\u6bd4\u7279\u5e63\u300c\u7926\u5de5\u300d\uff08miners\uff0c\u5373\u63d0\u4f9b\u904b\u7b97\u529b\u8655\u7406\u4ea4\u6613\u4e26\u7372\u5f97\u734e\u52f5\u7684\u53c3\u8207\u8005\uff09\u70ba\u61c9\u4ed8\u80fd\u6e90\u8207\u878d\u8cc7\u6210\u672c\u4e0a\u5347\uff0c\u52a0\u5927\u51fa\u552e\uff08sell-side flows\uff0c\u5373\u8ce3\u51fa\u8cc7\u91d1\u6d41\uff09\u529b\u5ea6\uff0c\u9032\u4e00\u6b65\u62d6\u7d2f\u5e63\u50f9\u3002<\/p>\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2025\/12\/image-6-1024x500.jpeg\" alt=\"\" class=\"wp-image-35749\" \/><\/figure>\n\n\n<p>\u57165\uff1a\u6bd4\u7279\u5e634\u5c0f\u6642\u5716\u986f\u793a11\u6708\u660e\u986f\u62cb\u552e<\/p>\n\n\n<h2 class=\"wp-block-heading 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