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The yield of 2/10-year German bonds rose by about 8 basis points at most. At the end of the European market on Thursday (December 12), the yield of German 10-year government bonds rose by 7.8 basis points to 2.205%, which was in a rising state for most of the day. It was as low as 2.123% at 21:56 Beijing time (shortly after the press conference of European Central Bank President Lagarde began, before the US stock market closed), and then rebounded. The yield of two-year German bonds rose by 7.3 basis points, reaching a new high of 2.204%, which was 1.915% lower than the new low of 21:43 (after the European Central Bank announced the third interest rate cut in the year, after the release of American PPI and before the start of Lagarde's press conference). The yield of 30-year German bonds rose by 6.9 basis points to 2.445%, which was on the rise all day. The yield spread of 2/10-year German bonds rose by 0.838 basis points to +18.116 basis points, and rose to +20.614 basis points at 21:43. British 10-year bond yields rose by 4.6 basis points, and two-year British bond yields rose by 2.3 basis points. The yield spread of 2/10-year British bonds rose by 2.311 basis points to +8.709 basis points.Chang Yang, chief analyst of the policy team of Zhongtai Securities Research Institute: The Central Economic Work Conference further released the signal of supporting the development of the private economy. The Central Economic Work Conference proposed to give play to the traction role of economic system reform and promote the implementation of landmark reform measures. High-quality completion of the deepening and upgrading of state-owned enterprise reform, the introduction of private economy promotion law. Carry out special actions to standardize law enforcement involving enterprises. Formulate guidelines for the construction of a unified national market. Strengthen supervision and promote the healthy development of platform economy. Make overall plans to promote the reform of the fiscal and taxation system and increase local independent financial resources. Deepen the comprehensive reform of investment and financing in the capital market, open up the blocking points of medium and long-term funds entering the market, and enhance the inclusiveness and adaptability of the capital market system. Chang Yang, chief analyst of the policy team of Zhongtai Securities Research Institute, told reporters that the meeting put forward a very targeted statement on the private economy. Among them, expressions such as "Promulgating the Private Economy Promotion Law" and "Launching Special Actions to Standardize Law Enforcement of Enterprises" have further released the signal of supporting the development of the private economy, which is expected to create a more favorable policy environment for the development of the private economy. (SSE)The Danish central bank lowered its benchmark interest rate from 2.85% to 2.6%.

Fitch: The prospect of global shipping industry in 2025 is stable.Cipher digital currency concept stocks generally rose, with Bakkt Holdings rising by 12.2%, Riot Platforms rising by 9.4%, TeraWulf rising by 7.3%, Robinhood rising by 4.2%, and Ethereum ETF QETH rising by over 3.9%. President-elect Trump announced that he would take major actions against cryptocurrencies. Bitcoin rose more than 0.7%, reaching a daily high of $102,000.German two-year bond yields rose by 5 basis points to 2%.

Freddie Mac: mortgage interest rates dropped for three weeks to 6.60%.The allocation percentage of the 30-year treasury bond auction-winning interest rate in the United States from December 12 was 44.76%, and the previous value was 14.83%. The auction of 30-year treasury bonds in the United States until December 12-the bid multiple is 2.39, and the previous value is 2.64. The auction of 30-year treasury bonds in the United States until December 12-the winning interest rate is 4.535%, and the previous value is 4.608%.The overall implementation of the personal pension system is more optimized. After two years of implementation in 36 cities (regions), the personal pension system will be officially launched nationwide on December 15th. On December 12th, Ministry of Human Resources and Social Security, Ministry of Finance, State Taxation Administration of The People's Republic of China, State Financial Supervision and Administration Bureau, China Securities Regulatory Commission and other five departments issued the Notice on Full Implementation of Individual Pension System, which made it clear that from December 15th, 2024, all workers who participated in the basic old-age insurance for urban workers or urban and rural residents in China can participate in the individual pension system. China Securities Regulatory Commission said that the promulgation and implementation of the Notice is an important measure to implement the spirit of the 20th National Congress of the Communist Party of China and the Second and Third Plenary Sessions of the 20th Central Committee and accelerate the development of a multi-level and multi-pillar old-age security system, which is conducive to giving full play to the wealth management function of the capital market and building a sound policy system of "long money and long investment". At the same time, according to the requirements of the Notice, the China Securities Regulatory Commission timely optimized the product supply and included the first batch of 85 equity index funds in the personal pension investment product catalogue. Lou Feipeng, a researcher at China Postal Savings Bank, said that the Notice put forward targeted measures based on the situation encountered in the pilot, enriching the types of personal pension products, increasing the situation of receiving personal pensions in advance and effectively improving the personal pension system on the basis of the previous pilot, which will help attract investors to actively participate in personal pension-related investments. (Securities Daily)