Wall Street Breakfast News FM-Radio | January 3, 2026

Wall Street Breakfast News FM-Radio | January 3, 2026

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Huajian Morning Voice

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Market Overview

European stocks start 2026 on a strong note, US stocks struggle to rebound, chip stocks provide support but Tesla drags down performance.

Pan-European index hits record high, ASML up 7%. Among the three major US indices, only the Nasdaq failed to close higher, all dipped during trading. Tesla closed down 2.6%, software stocks offset most chip stock gains, Salesforce fell more than 4%; Nvidia rose over 1%, Micron, Samsung’s strong rival, jumped 10%. After the White House postponed tariffs on some household goods, retailer RH rose nearly 8%.

China concept index soared over 4%, Baidu jumped 15%, Alibaba rose over 6%. Offshore RMB opened low and climbed higher, gaining more than a hundred points intraday, breaking above 6.97 for the first time in two and a half years.

US Treasury yields rebounded in a V-shape intraday, 30-year yields hit a four-month high. The dollar neared its highest level in more than a week during the session and rebounded for the week. Bitcoin gained nearly 3% from its daily low intraday, approaching $90,900, Ethereum once rose over 5%.

NY silver futures rose over 5% intraday, gold rose nearly 2% then turned to losses. London aluminum hit a three-year high. Crude oil fell for the third session, dropped over 1% intraday, barely posted two consecutive weekly gains.

During the Asian session, Hong Kong stocks opened 2026 with gains. The Hang Seng Tech index closed up 4%, Biren Technology once surged nearly 120%, Baidu jumped 9%, RMB continued to strengthen.

Top News

Special commentator for Qiushi Journal: Improve and stabilize expectations in the real estate market.

SMIC agrees to issue 357 million new shares through a targeted placement, swapping for SMIC Northern shares. The National Integrated Circuit Fund's SMIC H-share holdings thus increase to 740 million shares, with the holding ratio nearly doubling to 9.25%.

Tight controls on gold trading! Global central banks “step in personally”, directly purchasing domestic gold mines to guard against smuggling.

Russia reveals details of Ukraine’s attack on Putin’s residence, battlefield situation may escalate again.

BYD delivered 4.6 million vehicles in 2025, up 7.7%, solidifying its position as “global EV leader”. Tesla Q4 delivery was 418,227 vehicles, below expectations.

Battle for the AI gateway! OpenAI bets heavily: Audio will be the interactive interface of the future. Reports: OpenAI’s first "AI hardware" is a "smart pen" or "audio device", exclusively manufactured by Foxconn, expected to launch this year or next.

OpenAI, SpaceX, and Anthropic—three “super IPOS” could all debut this year, with single fundraising amounts expected to exceed the total of 200 IPOs in 2025.

2025 hedge fund leaderboard: Bridgewater flagship fund returned a record 34%, Bridgewater China ranked third, surpassing D.E. Shaw.

Top 10 insider sales in 2025: Bezos, former Oracle CEO, Jensen Huang, Zuckerberg all on the list.

Market Closing Report

US & European Stock Markets: S&P 500 rose 0.19% to 6858.47, down 1.03% for the week. Dow Jones up 0.66% at 48382.39, down 0.67% for the week. Nasdaq fell 0.03% to 23235.629, down 1.52% for the week. STOXX 600 closed up 0.67% at 596.14, up 1.26% for the week.

A-shares closed for holiday.

Bond Market: US 10-year Treasury yield rose 2.57 basis points to 4.1926%, up 6.30 bp for the week. 2-year yield unchanged at 3.4733%, down 0.57 bp for the week.

Commodities: COMEX gold futures fell 0.04% to $4,339.50/oz, down 4.67% for the week. COMEX silver futures rose 2.04% to $72.045/oz, down 6.74% for the week. WTI February crude settled down 0.17% at $57.32/barrel. Brent March crude closed down 0.16% at $60.75/barrel.

 

Details of Top News

Global Headlines

Qiushi Journal Special Commentator: Improve and stabilize expectations in the housing market. The article points out: Policy intensity should match market expectations and should be “one-off”, not piecemeal, to avoid a tug-of-war between market and policy. On supply, strictly control new additions and activate existing stock, encourage acquisitions of existing homes for guaranteed housing and other reasonable uses, while orderly promoting “quality housing” construction.

National Big Fund, Major Moves! According to China Securities Journal, SMIC agreed to issue 357 million new shares through targeted placement, swapping for SMIC Northern shares, raising the National IC Fund’s SMIC H-share holdings to 740 million shares, holding ratio nearly doubling to 9.25%. After the transaction, SMIC Northern will become a wholly-owned subsidiary of SMIC.

Strict control over gold trading! Global central banks “step in personally”, direct purchase of domestic gold mines, strictly guard against smuggling exports. Amid surging gold prices, global hand-smuggled gold has soared, causing countries like Madagascar to lose billions in fiscal revenue. To stop illegal outflows, many central banks stepped in to stockpile. While expanding official reserves and forex, regulators are using technologies like isotope scanning to tackle compliance challenges of “conflict gold” entering national treasuries.

Russia reveals details of Ukraine’s attack on Putin’s residence, battlefield may escalate again. According to CCTV News, analysis says that with talks stalled and battlefield developments escalating, all sides want maximum pressure on opponents. Future attacks on core targets and political leaders cannot be ruled out. This drone strike incident is seen as a sign of further escalation in the next phase of the Russia-Ukraine conflict.

BYD delivered 4.6 million vehicles in 2025, up 7.7%, securing “global EV leader”. In 2025, BYD’s pure electric sales surpassed Tesla for the first time. On Thursday, BYD announced pure EV sales up 28% year-on-year to 2.26 million units, overtaking Tesla for No.1 globally. Last year, BYD expanded in Latin America, Southeast Asia, and Africa, using its full supply-chain cost advantage to replicate China’s success in price-sensitive emerging markets, while Tesla doubled down on “valuation logic.”

Battle for the AI gateway! OpenAI bets heavily: Audio is the future interface. OpenAI believes current ChatGPT voice models lag text models in accuracy and speed. New models will support natural emotional expression, real-time dialogue and interruption handling. OpenAI’s hardware aims to create a consumer device operated via natural voice commands, and plans to launch smart glasses, speakers, and other screenless devices.

Report: OpenAI’s first “AI hardware” is a “smart pen” or audio device, exclusively built by Foxconn, expected this or next year. For Foxconn, this means covering OpenAI orders from “cloud” (AI servers) to “edge” (end devices), achieving a closed-loop OpenAI ecosystem as an industry first.

OpenAI, Space X, and Anthropic—three “super IPOS” might launch this year, single fundraising to exceed total of 200 IPOs in 2025. SpaceX is currently valued at $800 billion; OpenAI at $500 billion, seeking $750 billion or higher in new financing; Anthropic is negotiating another round at over $300 billion. If any of them go public this year, one deal could surpass the total fundraising of about 200 US IPOs in 2025.

Annual Review & Outlook

2025 hedge fund leaderboard: Bridgewater flagship fund returned a record 34%, Bridgewater China third, surpassing D.E. Shaw. In 2025, global hedge funds saw best returns in at least five years. Bridgewater’s flagship bounced back strongly. Media estimates that 14 of 25 major hedge funds beat the S&P, but only seven outperformed the Nasdaq (~20.4%). Three are from Bridgewater. Melqart Opportunities ranked first with 45% annual return; Bridgewater Asia and Bridgewater China scored 37% and 34% respectively; D.E. Shaw Oculus returned 28%. Castle’s multi-strategy flagship reportedly returned 10.2%.

2025 top ten insider stock sales: Bezos, former Oracle CEO, Jensen Huang, Zuckerberg listed. Largest sale was Amazon’s Bezos, selling 25 million shares for ~$5.7 billion. List includes former Oracle CEO Safra Catz, Dell, Jensen Huang, Arista Networks CEO, Zuckerberg, Snowflake chair, Palo Alto Networks CEO, Robinhood director/cofounder and more.

China Macro

Four international rules for housing price stabilization and recovery. China Securities notes: 1. Volume stabilizes before price rebounds; 2. Core city housing prices rebound first; 3. Loose monetary policy (10-year bond yield within 200bp of core inflation) is necessary; 4. Improved growth outlook is a fundamental prerequisite. Most countries’ experience shows monetary policy cycles last 4-7 years, real estate cycles also take 4-7 years to bottom and recover, and special cases (like Japan) need even longer to shake off negative drag.

China Companies

Baidu officially announces “KUNLUN chip Hong Kong IPO”, report says “shipment ranks top three domestically”, Goldman Sachs values Baidu stake at $3-11 billion. Baidu announced Hong Kong Stock Exchange has confirmed Kunlun chip spinoff is allowed; post-IPO, Kunlun will still be a Baidu subsidiary. Kunlun’s 2025 annual revenue is expected ~5 billion RMB; even if below, sources say “top three domestically shouldn't be a problem.” Goldman Sachs estimates based on Cambricon’s current sales multiples that Baidu’s stake would be worth $3–11 billion.

Labubu prices collapse, but Wang Ning smiles. In the last year Pop Mart accelerated expansion, solving stockout issues systematically, but the fading scarcity has become the key reason for short-sellers. Founder Wang Ning does not avoid the company’s ups and downs: “The company may sometimes be big, sometimes small, but I believe we may be the longest-lived company.”

Global Macro

Goldman Sachs Hedge Fund Chief: US stocks “very good” in 2025, markets to be “even wilder” in 2026. In 2026, markets face higher stakes: record-high P/E ratios, extremely tight credit spreads, exploding sovereign debt, and astronomical AI capital spending.

Global Companies

Samsung Electronics surged 7%, CEO declared: “Samsung is back”, HBM4 wins back customer trust. Boosted by management remarks on HBM4 regaining client trust, Samsung shares jumped 7.2% Friday, closing at a record high, pushing Korea’s KOSPI up 2.3% and above the 4,300 mark for the first time ever.

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Risk Warning and DisclaimerThe market has risk, investment needs caution. This article does not constitute personal investment advice nor does it take into account individual users’ special investment objectives, financial situation or needs. Users should consider whether any opinions, views or conclusions in this article are suitable for their circumstances. Invest at your own risk. ```