BEIJING, CHINA – DECEMBER 22: A woman walks in front of the People’s Bank of China (People’s Bank of China) headquarters on December 22, 2025 in Beijing, China.
Zhang Xiangyi | China News Service | Getty Images
Hello, my name is Justina Lee from Singapore. Welcome to another edition of CNBC’s Daily Open.
The Chinese government has moved to close a record 670 banks to shore up its financial system amid concerns about a slowing domestic economy.
Oil traders are worried about supply disruptions after Saudi Aramco’s chief executive said it could take two years to rebuild global oil reserves as the Iran-US war drags on.
In tech, growing concerns about AI development were compounded by former Google DeepMind researcher Alex Turner’s warning that “misaligned” artificial intelligence could prove more dangerous than China’s aggressive development push.
What you need to know today
China’s move to close a quarter of its banks is part of an effort to downsize and create better-capitalized financial institutions, according to a Fitch Ratings analysis.
Fitch said small local commercial banks “remain the weakest part of the system” in China, with “low asset quality, low capitalization, and governance deficiencies”, especially in the country’s developing regions.
Turning to oil markets, concerns about supply disruptions remain after Saudi Aramco Chief Executive Amin Nasser said on Monday that rebuilding global oil reserves could take two years. Supply strains could worsen as the conflict between Iran and the US drags on, Nasser warned.
Meanwhile, stocks rose as investors ignored rising U.S. Treasury yields and focused on tech stocks. Nasdaq Composite A new all-time high has been reached.
Concerns about the development of artificial intelligence persist in the technology industry. Former Google DeepMind researcher Alex Turner warned the New York City Council on Monday that “misaligned” AI could prove more dangerous than China’s aggressive development push.
“Misaligned AI is the enemy of everyone, including ourselves, and may one day be more powerful than China,” Turner said.
Meanwhile, technology continues to redefine Wall Street employment. AI-related positions at banks, including JPMorgan Chase, have increased 49% so far this year compared to 2025, according to an analysis by corporate hiring data firm Draup provided exclusively to CNBC.
On the market, U.S. stock futures were little changed, S&P 500 futures rose 0.08%, but Dow futures rose 57 points, or 0.1%. Nasdaq 100 futures rose 0.09%. In Asia, markets in mainland China and South Korea will be closed on Monday for public holidays. Japan’s Nikkei average rose 2.4% on Monday, while Australia’s benchmark S&P/ASX 200 ended flat.
—Justina Lee
And finally…
President Trump says he will pay for government-funded TV ads praising him
President Donald Trump announced Monday night that he and his political action committee will receive up to $20 million in funding reportedly from the Department of Homeland Security to pay for controversial television ads praising him.
President Trump’s announcement comes after continued backlash over ads that ran in the weeks leading up to November’s midterm elections.
These battles will determine whether President Trump’s fellow Republicans retain their majorities in both chambers of Congress.
In a post on Truth Social, President Trump said, “The radical left is outraged by the fact that I am receiving what I consider to be positive promotion of our great America, and paying for it with American money.”
— Dan Mangan
