虽然在下周五日本央行行长植田和男领导的委员会做出政策决定时，没有人预测会有利率变动，但根据 一项调查，50 名接受调查的经济学家中有 88%认为，到 1 月底之前，日本央行将把利率从 0.5%上调。 10 月仍是最受青睐的加息时间选择，但该选项的支持率从上一次 7 月政策会议后的调查中所占的 42% 下降到了此次调查中的 36%。 智通财经APP获悉，据一项调查，大多数关注日本央行动向的人分析师预计，日本央行将在明年 1 月之 前上调基准利率;大部分人预计下月将加息，但比例较此前调查有所下降，因为首相石破茂辞职后，政 治不确定性加剧，这使得加息时间可能有所推迟。 展望未来，12 月期间有关加息的预期有所升温，目前有 22%的人预计会在当月实施加息，这一比例较 之前的 11%有所上升。约 30%的人预计加息将在 1 月进行，这一比例与上一次调查中的 33%基本相 同。 石破茂即将离职一事已促使下个月将展开一场自民党领导层的竞选活动，随后还将举行一次议会投票， 以选出下一任首相。 法国巴黎银行等机构已将加息时间推迟至 10 月以后，其理由是政治局势愈发不稳定，且美联储加大了 采取连续降息措施的可能性，以支撑美国经 ...

Group 1 - BNP Paribas and HSBC have joined the Canton Network, a permissioned and privacy-centric blockchain popular with banks and large financial institutions [1] - The Canton Network hosts more than $3.6 trillion in tokenized assets and allows trades and settlements across different networks without compromising data control [2] - BNP Paribas aims to enhance its digital transformation strategy and collaborate on blockchain applications in client services, while HSBC seeks to improve liquidity in digital asset markets [3] Group 2 - The Canton Foundation has over 30 members, including Broadridge, Tradeweb, and Digital Asset, aiming to create infrastructure for tokenized finance that mirrors traditional market standards [4]

FICC Research Credit Strategy 5 September 2025 US Credit Alpha Fed cut in sight This week, we provide our top swaps in Yankee banks, discuss why we favor noncyclicals over cyclicals in high yield, analyze 20 years' worth of hybrid extensions, and update our intrinsic estimates for the CDX and iTraxx September 2025 rolls. SIGNATURE Bradley Rogoff, CFA +1 212 412 7921 bradley.rogoff@barclays.com BCI, US Dominique Toublan +1 212 412 3841 dominique.toublan@barclays.com BCI, US US Credit Alpha Overview. . . . . ...

Group 1 - The U.S. Labor Department is set to release the August non-farm payroll report, which is crucial for investors to assess the U.S. economy and the Federal Reserve's interest rate outlook [1] - Economists expect an increase of 75,000 jobs in August, while Goldman Sachs predicts a lower increase of 60,000 jobs, which is still above the average of 35,000 jobs over the past three months [1] - A significant miss in non-farm data could heighten concerns about a slowing job market and potential recession, while exceeding expectations may reduce the likelihood of a Fed rate cut [1] Group 2 - Capital Wealth Planning's strategist believes a rate cut in September is almost certain, which will impact refinancing and the real estate market, presenting opportunities in housing-related stocks like Home Depot [1] - Wealth Consulting Group's analyst also supports the view of a September rate cut and suggests investors diversify away from AI and past winners [2] - Analysts are focusing on dividend growth and dividend-paying stocks, such as FedEx and PNC Financial, while also identifying opportunities in cyclical consumer stocks and major retailers like American Express [2]

Core Viewpoint - Deutsche Bank has appointed Dr. Jacky Tang Chi Kit as the Chief Investment Officer (CIO) for Emerging Markets, effective October 6, 2025, pending regulatory approval [1] Group 1: Appointment Details - Dr. Jacky Tang has over 25 years of experience in financial markets and previously worked at Goldman Sachs, where he was the head of the Investment Strategy Group and Portfolio Management Group for Asia [1] - Prior to Goldman Sachs, Dr. Tang held positions at Credit Suisse, Morgan Stanley, BNP Paribas, Merrill Lynch, and Brevan Howard Asset Management [1] Group 2: Responsibilities and Reporting Structure - In addition to his role as CIO, Dr. Tang will also serve as the head of Discretionary Portfolio Management (DPM) for Emerging Markets, focusing on the growth of DPM business in the region [1] - He will report directly to Global CIO Christian Nolting and Global Head of Private Banking BLIS Custody Solutions Maria Haindl, and will join the leadership committee for CIO and Emerging Markets coverage [1]

Core Insights - Enfinity Global Inc. successfully completed a financing of €316 million for the construction of eight utility-scale solar power plants in Italy, with a total installed capacity of 276 MW, expected to be operational by the end of 2026 [1][2] - The financing structure includes €214 million in non-recourse senior debt and €101 million in VAT, power purchase agreement letters of credit, photovoltaic components, and decommissioning obligations [1] - The energy generated from these projects is expected to total approximately 403 GWh annually, reducing CO2 emissions by 109,000 tons, equivalent to the annual electricity consumption of about 150,000 Italian households [1] Company Strategy and Market Position - Enfinity Global's CEO emphasized the milestone as a validation of the company's long-term vision for a sustainable energy platform, aiming to provide cost-competitive energy and create new job opportunities in Italy [2] - The financing marks Enfinity's largest project financing in Italy to date, reinforcing its market leadership and expanding its operations in high-energy demand regions [2] - Over the past two years, Enfinity has raised a total of €1.3 billion in Italy, advancing 8 GW of solar PV and storage projects, including 564 MW currently under construction [2] Partnerships and Future Outlook - The financing was arranged through a club deal structure with ING, Rabobank, and BNP Paribas, highlighting strong partnerships in the renewable energy sector [1][3] - BNP Paribas and ING expressed their commitment to supporting Enfinity's growth strategy and the acceleration of energy transition in one of Europe's most dynamic markets [3][4] - The collaboration with these financial institutions is part of Enfinity's strategy to enhance its renewable energy asset portfolio and meet the growing energy demands of industrial and corporate clients [2][4]

Core Viewpoint - The article discusses the recent surge in gold prices driven by a weaker US dollar and market expectations of an interest rate cut by the Federal Reserve, highlighting the growing demand for gold as a hedge against inflation and economic uncertainty [1] Group 1: Gold Price Movement - Spot gold prices reached a high of $3,508.70 per ounce during Asian trading on September 2, surpassing the previous high set during the Trump administration's tariff policy [1] - Gold closed at $3,497 per ounce, marking a daily increase of 0.9% [1] Group 2: Market Influences - Concerns over the independence of the Federal Reserve, exacerbated by President Trump's pressure on Chairman Jerome Powell and attempts to remove Governor Lisa Cook, have contributed to rising gold prices [1] - David Wilson, head of commodity strategy at BNP Paribas, noted that increasing economic uncertainty makes gold more attractive, creating favorable conditions for price increases [1] Group 3: Demand Dynamics - Goldman Sachs reported that inflows into gold ETFs have become a significant source of demand supporting gold prices, predicting that spot gold could reach $4,000 per ounce by mid-2024 [1] - According to the World Gold Council, global central banks have been increasing their gold holdings since the beginning of 2023, nearly doubling gold prices [1] Group 4: Central Bank Trends - In 2024, gold has replaced the euro as the second-largest reserve asset held by central banks, following the US dollar, accounting for 20% of global official reserves [1] - Major gold purchasing countries include India, China, Turkey, and Poland, indicating a continuing trend of de-dollarization among multiple central banks [1]

黄金是今年表现最强劲的主要大宗商品之一。 机构配置依然强劲。全球最大的黄金ETF——SPDR Gold Trust（GLD）上周报告其持有量增加 1.01%，至977.68吨，为2022年以来最高水平。印度养老基金也在寻求批准将黄金ETF添加到投资组合 中。 由于美元承压，海外买家发现黄金更便宜，从而增强了对黄金的购买力。地缘政治背景也使得投资 者更加迫切地需要投资于金条等多元化资产。投资者正在逃离主权债务，转而购买黄金和白银作为防御 性对冲工具。 过去的上限，如今的下限 本周，金价上涨逾三分之一并创纪录，巩固了市场表现最强劲的避险资产的地位。 推动金价上涨的动力源于央行增持以及市场押注美联储将很快开始降息。近期，随着美国总统特朗 普采取行动加强对美联储的控制，包括推动罢免美联储理事丽莎·库克，金价也获得了进一步支撑。 多家机构都预测，金价将继续看涨，最高点将达到每盎司5000美元。 多因素支撑 此轮金价上涨的支撑因素是，市场确信美联储正准备进行9个月来的首次降息。目前，市场预计美 联储在9月17日降息25个基点的可能性为90%。部分人士还认为，如果本周晚些时候公布的非农就业数 据不及预期，美联储将降息50个 ...

Group 1 - The announcement indicates that no stabilisation was carried out for the securities offered by REXEL S.A [2] - The aggregate nominal amount of the securities is EUR 400,000,000 with a description of 4% due in September 2030 [3] - The offer price for the securities is set at 100 [3] Group 2 - The stabilisation managers involved in this announcement include BNP Paribas, CIC, Natixis, ING, RBC, Danske, and DB [4] - The announcement clarifies that the securities are not being offered for sale in the United States and have not been registered under the United States Securities Act of 1933 [5]

Group 1 - Foreign investment giants are significantly increasing their holdings in ETFs, with Barclays Bank and UBS showing notable growth in the number of ETFs held compared to the end of last year [1][2] - Barclays Bank holds 200 ETFs as of mid-year, up from 135 at the end of 2024, with the highest valued ETFs being 华夏恒生互联网科技业 ETF, 易方达中证海外互联 ETF, and 华泰柏瑞恒生科技 ETF, valued at 1.19 billion, 1.15 billion, and 790 million respectively [1] - UBS ranks second in ETF holdings, with 141 ETFs as of mid-year, a significant increase from 57 at the end of 2024, with the highest valued ETF being 华泰柏瑞中证A500 ETF at 1.057 billion [2] Group 2 - There is a noticeable increase in overseas interest in Chinese assets, with Allianz Fund's CIO indicating that the Chinese market is increasingly viewed as an independent asset class [3] - Foreign investors are focusing on long-term factors when allocating to Chinese assets, emphasizing the importance of "predictability" and the sustainable development capability of China's entire system [3] - UBS's China head noted that investor confidence in the Chinese market has been steadily increasing this year, with a growing willingness among overseas investors to allocate to non-USD assets, particularly Chinese assets [3]