农银国际证券：每天导读-20241025

Market Overview - The report highlights the mixed performance of major stock indices, with the Dow Jones experiencing a decline while the Nasdaq showed significant gains, reflecting concerns over the Federal Reserve's interest rate decisions [5] - The Hang Seng Index and the National Index both saw declines, with the National Index experiencing a larger drop, while the energy sector led gains in Hong Kong stocks [5] - The Shanghai Composite Index and Shenzhen Component Index also fell, with the Shenzhen Component showing a more pronounced decrease [5] Economic Indicators - The report notes that the U.S. initial jobless claims fell to 227,000, down by 15,000 from the previous week, indicating a recovery to pre-hurricane levels [7] - In the Eurozone, economic activity continues to contract, with Germany showing slight improvement in its private sector, while France's manufacturing sector is experiencing a more significant decline [9][10] - South Korea's economy barely escaped contraction with a GDP growth of 0.1% in the last quarter, which is below expectations [11] Bond Market - Standard & Poor's Global has raised its forecast for global bond issuance in 2024 to approximately $9 trillion, reflecting a 17% increase from previous estimates [12][13] - The report indicates that the issuance pace may slow to a 4% growth rate in 2025 due to a high comparison base and economic slowdown [12] Chinese Market Insights - The report mentions that China's Ministry of Finance issued one-year bonds with an average yield of 1.33%, up by 9 basis points from the previous issuance [15][16] - The retail market for narrow passenger vehicles in China is expected to reach around 2.2 million units in October, representing an 8.2% year-on-year increase [17][18] - The People's Bank of China conducted a reverse repurchase operation of 798.9 billion yuan to maintain liquidity in the banking system [19][20] Industry Developments - The China Nonferrous Metals Industry Association has called for government measures to limit the rapid expansion of the copper industry, citing significant profit declines [21][22] - Boeing faced setbacks as factory workers rejected a labor contract proposal that included a 35% wage increase over four years, prolonging the strike [24][25] - McDonald's reported that over 20% of its U.S. restaurants temporarily removed a popular burger from their menus due to a food safety issue [26][27]