ADR Investment's Core Advantages and Risk Trade-offs
In the U.S. stock market, ADRs (American Depositary Receipts) open a door for investors to access global companies. Compared to traditional international stock investments, U.S. stock ADRs offer unique advantages, but they also come with risk factors that require careful attention.
The main benefits of investing in ADRs include tax and fee advantages—Taiwanese investors do not need to pay income tax on profits from ADR transactions under 1 million NT dollars, and there are no transaction tax burdens; lower trading costs—many overseas brokers offer zero commissions or very low handling fees, making them more competitive than the 1%-2% handling fees typical of Taiwan stocks; and diversification—investors can hold both U.S. companies and global ADRs within a single account, achieving true global asset allocation.
However, the primary risks associated with U.S. stock ADRs should not be overlooked. Non-U.S. investors need to go through the process of opening overseas brokerage accounts, converting currency to USD, and navigating international regulations.

What exactly are futures contracts?
If you are considering entering the derivatives market, you first need to understand the core concept of futures contracts. Simply put, a futures contract is an agreement between two parties to buy or sell a specific asset at a predetermined price at a future date.
The most intuitive way to understand this is through everyday examples. Suppose today you sign a crude oil futures contract with a delivery date three months from now at a price of $80. This means that regardless of the market oil price at that time, you have the right to purchase the specified amount of oil at $80. If three months later the oil price rises to $90, you can lock in the resource at a lower price, and this right itself will appreciate in value.
U.S. stock index futures further develop this concept. They use the entire U.S. stock index as the underlying asset, allowing investors to trade the overall market direction without holding hundreds or even thousands of individual stocks.
How is the notional value of U.S. stock index futures calculated?
Unlike traditional futures,

From Black Monday to Pandemic Shock: Why Do We Need Circuit Breakers?
On October 19, 1987, the Dow Jones Industrial Average plummeted 22.61 in a single day. This day, known as "Black Monday," profoundly changed the way global financial markets operate. At that time, there were no circuit breaker mechanisms, and investors' panic emotions were like an out-of-control train, accelerating downward and causing collective crashes in stock exchanges worldwide within hours. It was this catastrophe that led to the creation of modern circuit breakers—a safety device that can force a pause when market sentiment becomes excessive.
This mechanism is colloquially called the "Circuit Breaker," similar to how a building's circuit breaker automatically trips during an overload. When the stock market experiences irrational extreme volatility, the circuit breaker temporarily halts trading, giving everyone a chance to cool down and reassess the market situation instead of being swept away by collective panic.

Currency symbols are visual mnemonics that identify different countries' currencies, making foreign exchange trading more convenient. The article provides major global currency symbols and keyboard input tips, and points out common confusions, such as the multiple meanings of "￥" and "$". Finally, it introduces the basic concepts and structure of forex currency pairs to help investors understand exchange rate analysis.

Inscription coin market has grown rapidly with the support of mainstream exchanges, reaching a trading volume of $1.84 billion by the end of 2023. The technology is based on Bitcoin's Ordinals protocol, which grants each Satoshi uniqueness. Although the market opportunity has great potential, rising transaction fees and project scarcity increase investment risks. Investors are advised to remain rational and set stop-losses.

For retail investors with limited financial resources, the traditional full-share trading threshold of several thousand yuan can indeed be daunting. In recent years, fractional share trading has gradually become a gateway for small investors to enter the stock market. What exactly are fractional shares? What are the trading rules? How can you trade more smoothly? This article will help you understand everything.
What are fractional shares? Why do they exist?
In the stock market, the minimum trading unit of a full share is one lot, representing 1,000 shares. However, investors sometimes have unfilled orders or end up with less than 1,000 shares during dividend distribution or rights issues, resulting in fractional shares. The minimum trading unit for fractional shares is 1 share, and the order volume cannot exceed 999 shares.
Simply put, fractional shares are the trading of stock remainders, mainly to meet the needs of small-scale investors. Compared to buying a full lot of stock directly, fractional shares allow investors with limited funds to participate in the investment of their preferred companies.
When does fractional share trading occur? Are there any

On Thursday, gold prices declined slightly due to profit-taking, reflecting a change in market risk appetite. Although economic data shows a steady labor market, weakness in manufacturing has intensified market expectations of continued rate cuts by the Federal Reserve. Geopolitical optimism has reduced the appeal of safe-haven assets, with funds flowing into risk assets. Technical analysis indicates limited downside potential for gold; investors should pay attention to Federal Reserve policies and economic data for appropriate positioning.

Market Background: Why the Japanese Yen Has Become Taiwan's Top Choice
By the end of 2025, the NT$ to JPY exchange rate has risen to 4.85, while the fluctuation in the NT$ to SGD exchange rate has also attracted many investors' attention to diversification. Compared to 4.46 at the beginning of the year, the yen has appreciated by 8.7% in just one year. This reflects not only a recovery in travel demand but also indicates that safe-haven assets are becoming a key allocation for many investors.
According to market data, Taiwan's foreign exchange demand in the second half of the year has increased by 25%. The driving forces come from three directions: first, the recovery of Japanese tourism driving rigid demand; second, increased global economic uncertainty prompting investors to seek safe assets; third, a policy shift by the Bank of Japan, with Ueda Kazuo's recent hawkish remarks pushing market expectations of rate hikes to 80%. It is expected that the December 19 meeting will raise interest rates by 0.25 basis points to 0.75% (a 30-year high).
As one of the world's three major safe-haven currencies (along with the US dollar and Swiss franc), the Japanese yen

The Federal Reserve cuts interest rates as expected, but the dot plot implies divergence
On Thursday morning, the Federal Reserve announced its policy rate decision, passing with a vote of 9 to 3 to cut interest rates by 25 basis points, bringing the federal funds rate target range down to 3.50%-3.75%. This is the third rate cut this year, totaling 75 basis points, but the three dissenting votes mark the highest in six years, reflecting significant disagreement within the committee about the future policy direction.
In the decision document, Kansas City Fed President Esther George and Chicago Fed President Austan Goolsbee advocated for holding steady, while Fed Governor Michelle Bowman supported a more aggressive 50 basis point cut. This hawk-dove split is even more evident in the "dot plot"—7 officials believe rates should stay unchanged through 2026, while 8 support at least two more cuts.
Powell alleviates rate hike concerns, begins bond purchases to stabilize financial markets
Chairman Powell explicitly stated at the press conference that rate hikes are no longer part of the basic policy expectation.

Macroeconomic Background: Mixed Signals in Employment Data
Recently, subtle changes have appeared in the US labor market. Non-farm payrolls decreased by 105,000 in October, then rebounded to 64,000 in November, but the unemployment rate unexpectedly rose to 4.6%, reaching a nearly four-year high. This "mixed hot and cold" situation has cooled market expectations of a rate cut by the Federal Reserve in January, and the conditions for another rate cut are evidently more stringent. The US dollar has thus been supported, rebounding from the 98.0 level to around 98.60 after stabilizing, and the entire market may enter a short-term adjustment phase.
Nasdaq 100 Index: Downward Pressure Remains, Rebound Momentum Worries
The Nasdaq 100 index is currently oscillating around 25,200 points. The most noteworthy is that the AO indicator has begun to show weakening signals, and downward momentum is brewing, making it unlikely for the rebound to sustain.
From a technical perspective, if the index encounters resistance at 25,500 points during the rebound, it may subsequently test the 25,000 level.

The short-term rebound of the Japanese Yen stems from market expectations that the Japanese government may intervene in the foreign exchange market. The Finance Minister has issued policy signals, and although Yen bears are cautious, fundamental pressures such as economic stimulus plans and economic contraction still exist. The Federal Reserve's rate cut expectations have increased, providing implicit support to the US dollar. Yen depreciation may push up prices, and allocation strategies are related to the USD/JPY trend. Technical analysis indicates it may reach above 157.00. Traders should pay attention to upcoming economic data releases.

Google appears poised to consolidate its ground in the competitive AI accelerator sector, as Meta Platforms reportedly explores a substantial investment in the tech giant's tensor processing units. The potential collaboration marks a critical juncture for the industry, following Meta's interest in d

"Yin and Yang" is the perfect phrase to describe the financial markets. Some people see opportunities to profit when prices rise, while others profit when prices fall — this is the logic of short selling. However, many people still have a vague understanding of the concept of shorting. This article will explain the principles, methods, advantages, and disadvantages of short selling from basic to advanced levels.
What exactly does short selling mean? A simple explanation
Let's start with the most straightforward definition: Short selling (also called "going short") is when you predict that the price of an asset will decline. You borrow this asset from a broker, sell it immediately, and then buy it back at a lower price to return to the broker, profiting from the price difference.
In one sentence: sell high first, buy low later.
This logic is completely opposite to going long (buying to profit from rising prices). Going long is optimistic about the future, so you buy first and sell later; short selling is pessimistic about the future, so you sell first and buy later. It may sound counterintuitive, but that's how the market operates.
It is important to note that the objects of short selling are very broad — they can be stocks

The probability of a Fed rate cut in December surges to 90%, with private sector layoffs becoming a key trigger
After signals of a weakening U.S. labor market, market bets on a Fed rate cut mid-month have significantly increased. According to the latest ADP report, U.S. private sector layoffs in November reached 32K, far below the expected increase of 10K, marking the fastest layoffs since 2023. This data quickly reversed market sentiment, with Wall Street traders now pricing in a 90% chance of a 25 basis point rate cut by the Fed next week.
Meanwhile, the EUR/USD currency pair rebounded strongly during Wednesday's trading, rising over 0.40% from the intraday low of 1.1617 to 1.1668. The continued weakening of the dollar contrasted with the euro's rise, with the dollar index falling 0.61% over the week, while the euro against the dollar increased by 0.61%.
The European Central Bank maintains a cautious stance, supported by improved Eurozone data.

Silver prices continue to soar, creating the most impressive gains in over twenty years. Driven by the Federal Reserve's rate cut cycle, global supply shortages, and silver being added to the US critical minerals list, London spot silver reached over $60 per ounce on December 9, 2025, and even hit a historical high of $64.6 per ounce.
Looking at the overall performance this year, silver has increased by over 100%, far surpassing gold's gain of more than 60%, and significantly outpacing the Nasdaq Composite Index's approximately 20% rise. International investment banks like UBS are optimistic about the future, setting the 2026 silver target price between $58 and $60 per ounce, with the possibility of reaching $65 per ounce.
In the face of this silver rush, silver ETFs have become the main channel for retail investors to participate. Compared to the many inconveniences of physical silver, ETF trading is fast, highly liquid, and more suitable for ordinary investors. This article will take you deep

The Bank of Japan and the government are facing dual pressures. Economic stimulus measures have raised fiscal concerns, and the yen has depreciated further. Additionally, negative GDP growth in the third quarter and high inflation have put policies in a dilemma. The Federal Reserve may cut interest rates, increasing pressure on the yen. Technical market indicators show overbought signals, and investors should pay attention to key support levels and short-term volatility risks.

The AI industry is highly competitive, and Alphabet is rapidly rising with its self-developed chips. The parent company's stock price continues to climb, with a market value approaching $4 trillion, making it a focal point among the top ten companies by market cap worldwide. A recent analysis report from Morgan Stanley indicates that if Alphabet successfully sells its self-developed TPU chips on a large scale, it could transform from a pure cost center into a major profit source, thereby challenging NVIDIA's long-standing monopoly on the AI chip market.
TPU Commercialization Brings Profit Turning Point
According to Morgan Stanley's forecast, by 2027, it is not impossible for Alphabet to ship 500,000 to 1 million TPU units externally. This would enable TPU to evolve from a purely internal dedicated chip into an indispensable strategic commodity in the era of global compute shortage. Meta is negotiating to purchase AI chips from Alphabet worth billions of dollars; if this cooperation is achieved,

ETH enters consolidation, can it hold the key support
Ethereum has recently experienced volatility. According to the latest data, ETH is currently priced at $2.95K, with a 24-hour decline of -0.36%. According to Coinglass statistics, a total of $98 million was liquidated in the past day, with long liquidations accounting for $49.7 million, indicating a weak market sentiment.
After reaching a low of $2,950, ETH is defending around $3,100. If the bulls successfully maintain this level, resistance is at $3,470; otherwise, a break below could lead to a move toward $2,850 and even lower support at $2,380. On the technical side, the Relative Strength Index (RSI) is in the neutral-weak zone but shows signs of a potential bottoming out, while the Stochastic Oscillator has rebounded from oversold territory, suggesting bearish momentum is weakening.
Account abstraction team sketches a new blueprint for Ethereum interoperability
Ethereum-based

Goldman Sachs analysis predicts that the RMB will appreciate to 7 yuan by the end of the year and reach 6.85 yuan in the next year, indicating an upward trend in the RMB and market signals. The appreciation is driven by the Federal Reserve's rate cuts and China's monetary policy, reflecting China's internationalization strategy. Data shows that the daily trading volume of the RMB has increased significantly, with accelerating internationalization becoming a policy focus. Future appreciation will enhance its international influence and market recognition.