Macroeconomics

1. [Reverse Repurchase Agreement] The People's Bank of China (PBOC) announced a tender notice for outright reverse repurchase agreements in the open market. To maintain ample liquidity in the banking system, on December 5, 2025, it will conduct 1 trillion RMB/ton of outright reverse repurchase operations through a fixed-quantity, interest rate, and multiple-price bidding method, with a term of 3 months (91 days).

2. [US Initial Jobless Claims] Initial jobless claims in the US unexpectedly fell to 191,000 last week, the lowest level since September 2022, indicating continued resilience in the job market.

3. [Bank of Japan] The Bank of Japan is almost certain to raise its policy rate from 0.5% to 0.75% at its December meeting, and the Japanese government is expected to tolerate this move. This would be the PBOC's first rate hike since January of this year.

4. [Shipping] This year, the average daily cost on major global crude oil shipping routes has seen the largest increase, reaching 467%, while transportation rates for commodities such as liquefied natural gas (LNG) and iron ore have increased more than fourfold and more than twofold, respectively.

Energy

1. Crude Oil: Facing global oversupply pressures, Saudi Aramco has set the price of its Arab Light crude oil sold to Asia in January next year at a premium of $0.6 per barrel over the average price of Oman/Dubai crude oil, the lowest level since January 2021.

2. Coal: According to data from Indonesia's National Statistics Bureau, Indonesia's coal exports in October 2025 reached 47.8212 million tons, a 4.99% increase month-on-month and a 7.33% decrease year-on-year. From January to October 2025, Indonesia's cumulative coal exports reached 423 million tons, a 7.34% decrease year-on-year.

3. Coking Coal: On December 4th, the price of coking coal in the Wuhai market rose by 5 RMB/ton. The ex-factory price (including tax) for high-ash, low-sulfur coking coal (A15, S0.8, V32, G85, Y20, CSR65) was 1025 RMB/ton. 4. [Petroleum Coke] On December 4, Huaxiang Petrochemical quoted petroleum coke at 2,970 RMB/ton, up 30 RMB/ton from the previous trading day, with a sulfur content of 2.9%. The delayed coking unit has a capacity of 400,000 tons/year and a daily output of 450 tons.

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