宏观周报：LPR又迎下调，欧洲央行或将继续降息

Domestic Developments - The Loan Prime Rate (LPR) was significantly lowered by 25 basis points, with the 1-year LPR now at 3.10% and the 5-year LPR at 3.60%, aimed at stimulating credit demand and supporting economic growth in Q4[4]. - The Chinese government aims to cultivate approximately 2,000 national craftsmen, 10,000 provincial craftsmen, and 50,000 municipal craftsmen by 2035, enhancing the skilled workforce to transition from a manufacturing power to a manufacturing stronghold[5]. - The Ministry of Industry and Information Technology has initiated pilot programs for foreign investment in value-added telecommunications services in Beijing, Shanghai, Hainan, and Shenzhen, which is expected to boost market supply capabilities[6]. International Developments - Federal Reserve officials support a gradual approach to interest rate cuts, with the likelihood of a 25 basis point cut in November estimated at 87%[10]. - European Central Bank President Christine Lagarde indicated a cautious stance on interest rate cuts, with the potential for significant reductions depending on future inflation trends[11]. - The International Monetary Fund (IMF) forecasts global economic growth rates of 3.2% for 2024 and 2025, while highlighting significant risks, particularly in emerging markets and geopolitical tensions[12]. Market Data - Brent crude oil prices increased by 0.23% week-on-week, while iron ore prices fell by 3.23%[16]. - The average interest rate for newly issued corporate loans was approximately 3.63% in September, down about 21 basis points year-on-year[4]. - The real estate sales saw a week-on-week decline of 9.07%, indicating a slowdown in the housing market[16].