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On January 12th, Jefferies released a research report stating that it expects Lao Pu Gold (06181.HK) to achieve a net profit of RMB 2.3 billion in the second half of 2025, a year-on-year increase of 155%, with sales reaching RMB 15.3 billion, a year-on-year increase of 207%. Jefferies lowered its net profit forecasts for Lao Pu Gold for 2025, 2026, and 2027 by 14%, 6%, and 12% respectively, to reflect lower gross margins due to high gold prices and a return to normal growth in 2027. The bank lowered its target price for Lao Pu Gold from HKD 1,103 to HKD 981, corresponding to projected P/E ratios of 22x and 17x for 2026 and 2027 respectively. Despite profit margin pressures, Jefferies expects Lao Pu Gold to recover this year and reiterated its buy rating. Jefferies predicts that Lao Pu Gold will achieve a net profit of RMB 2.3 billion in the second half of 2025, with projected sales of RMB 13 billion in the mainland China market, a year-on-year increase of 188%; average sales per store are expected to increase by 130% year-on-year. Regarding overseas markets, overseas sales are projected to reach RMB 2.2 billion, representing a year-on-year increase of 295%. The gross profit margin is expected to be 36.4% during the period, compared to 38.1% in the first half of the year.

January 12th - A London employment monitoring report from Morgan McKinley, a leading UK recruitment firm, shows that due to uncertainty surrounding the UK budget and global markets, companies in the City of London scaled back hiring in the fourth quarter of 2025, with job vacancies falling by 13% compared to the previous quarter. However, demand for specific skills-based positions remains strong. Talent is most scarce in the technology and compliance delivery sectors as financial institutions seek to deploy artificial intelligence. Mark Astbury, Director at Morgan McKinley, stated that despite the slowdown in quarterly data, the overall job market remains resilient. However, he also pointed out that policy changes such as the National Insurance rate increase are weakening employer confidence.

The German Foreign Minister is currently in Washington, D.C., and will meet with U.S. Secretary of State Marco Rubio later today.

Jefferies: Raises target price for UnitedHealth Group (UNH.N) from $115 to $118.

TD Cowen: Lowered its target price for PayPal (PYPL.O) from $80 to $65.

Morgan Stanley expects the Federal Reserve to cut interest rates by 25 basis points each in June and September, compared with previous forecasts of cuts in January and April.

The South Korean won fell below 1470 against the US dollar.

Barclays expects the Federal Reserve to cut interest rates by 25 basis points each in June and December, compared to previous forecasts of cuts in March and June.

On January 12th, according to Tianyancha business information, Changsha Haxing Network Technology Co., Ltd. was recently established. The legal representative is Yang Chenxi, the registered capital is US$10 million, and the business scope includes machinery and equipment leasing, shared bicycle services, information system integration services, electric bicycle sales, personal business services, internet sales, ticket agency services, centralized fast charging stations, and cloud computing equipment sales.

The China Earthquake Networks Center officially reported that a magnitude 3.0 earthquake occurred at 13:41 on January 12 in Yunlong County, Dali Prefecture, Yunnan Province (25.63 degrees north latitude, 99.07 degrees east longitude), with a focal depth of 10 kilometers.

January 12th - Driven by strong Black Friday sales, Australian household spending in November 2025 is projected to rise 1.0% month-on-month. Citigroup stated that, given the increased spending, it has revised its fourth-quarter 2025 household consumption growth forecast upwards to 1.5% from 1.0% (the previous forecast was already high). Citigroup economist Faraz Said added that quarterly GDP growth may far exceed the Reserve Bank of Australia's (RBA) expectations. Therefore, Citigroup maintains its previous assessment that the RBA will need to raise interest rates in February and May.

January 12th, Futures News: Economies.com analysts' latest view: Brent crude oil futures prices fell during the session, with the market exhibiting volatile trading as it digests the clearly overbought condition on the Relative Strength Index (RSI), especially given the negative signals from related indicators. Currently, prices are accumulating bullish momentum, which may help prices rise again. Meanwhile, Brent crude oil futures remain under dynamic support, with prices trading above the 50-day EMA, further enhancing the likelihood of a price rebound in the near future.

January 12th - According to sources, Federal Housing Finance Agency Director Jerry Pulte was a key figure behind the Trump administration's decision to subpoena the Federal Reserve. Some sources indicated that some of Trump's allies were concerned about the move, fearing that the legal action against Fed Chairman Jerome Powell would disrupt the bond market. They also worried that it would prevent Powell from leaving the Fed after his term expires in May. Powell could continue serving as a Fed governor until 2028, but he has not indicated whether he will leave as is customary. Some sources said that some of Trump's senior aides were only informed of the subpoena on Friday night when Powell received it.

Jefferies: Raises its price target for Boeing (BA.N) from $255 to $275.

On January 12th, Google announced on the 11th that it will partner with major retailers such as Walmart to expand the shopping functionality of its Gemini AI model, upgrading the Gemini app from a "smart assistant" to a "virtual merchant" capable of directly completing transactions. The Gemini app will introduce an "instant checkout" feature, allowing consumers to purchase goods from select merchants within the chat interface, without needing to open any external interface. Walmart's incoming president and CEO, John Furner, stated that the shift from traditional web or app search to "agent-driven commerce" represents the next major evolution in the retail industry. Industry insiders believe that the application of AI in e-commerce and its impact on consumer behavior will be a key focus of the conference. Google stated that the shopping functionality of the Gemini AI model will initially be available only to US users, but will expand to international markets in the coming months.

On January 12, Clover Biotech (02197.HK) announced that its Pre-F trimeric subunit recombinant protein respiratory combination vaccine candidates SCB-1022 (RSV+hMPV) and SCB-1033 (RSV+hMPV+PIV3), developed based on the company's self-developed Trimer-Tag vaccine R&D platform, have completed the first batch of subject enrollment in Australia and officially started Phase 2 clinical trials.

On January 12th, Citigroup pointed out that Indonesia's fiscal deficit this year may far exceed the statutory limit, as the government increases spending on the nationwide free meal program and reconstruction projects in flood-stricken provinces of Sumatra. In a report on Monday, Citigroup economist Helmi Arman revised his 2026 budget deficit as a percentage of GDP upward to 3.5% from the initial 2.7%. Citigroup's base case assumption is that the government will amend the National Fiscal Law by the second half of this year to relax the long-standing 3% fiscal deficit cap. Arman stated that if the authorities choose to significantly cut spending to maintain fiscal discipline, they may avoid exceeding the limit. He predicts that by 2029, Indonesia's debt-to-GDP ratio will rise from approximately 39% in 2025 to 42%.