1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The economic growth shows that most of the operating rates have rebounded, with the demand in the real - estate market exceeding the same period last year, and inflation is characterized by the strengthening of oil prices [1][2][3] 3. Summary According to the Table of Contents 3.1 Economic Growth: Most Operating Rates Rebound 3.1.1 Production: Most Operating Rates Rebound - Power plant daily consumption fluctuates at a high level. On September 16, the average daily consumption of 6 major power - generation groups was 900,000 tons, up 3.6% from September 9. On September 10, the daily consumption of power plants in eight southern provinces was 2,271,000 tons, down 6.0% from September 5 [5][12] - The blast - furnace operating rate has rebounded to the level before production cuts. On September 12, the national blast - furnace operating rate was 83.9%, up 3.5 percentage points from September 5; the capacity utilization rate was 90.2%, up 4.4 percentage points. The blast - furnace operating rate of Tangshan steel mills was 90.7%, up 1.9 percentage points [5][15] - The tire operating rate has significantly rebounded. On September 11, the operating rate of truck full - steel tires was 65.6%, up 5.8 percentage points from September 4; the operating rate of car semi - steel tires was 73.5%, up 6.0 percentage points. The operating rate of looms in the Jiangsu and Zhejiang regions continued to rise. On September 11, the operating rate of polyester filament in the Jiangsu and Zhejiang regions was 91.4%, up 0.2 percentage points from September 4; the operating rate of downstream looms was 62.4%, the same as on September 4 [5][18] 3.1.2 Demand: Real - Estate Sales Exceed the Same Period Last Year - The sales volume of new homes in 30 cities exceeded the same period last year. From September 1 - 16, the average daily sales area of commercial housing in 30 large and medium - sized cities was 196,000 square meters, up 9.0% from the same period in August, up 11.7% from the same period in September last year, and down 25.3% from the same period in September 2023 [5][22] - The retail trend of the auto market is stable. In September, retail sales decreased by 4% year - on - year, and wholesale sales decreased by 3% year - on - year [5][24] - The rebound of steel prices weakened. On September 16, the prices of rebar, wire rod, hot - rolled coil, and cold - rolled coil increased by 0.6%, 1.1%, 1.2%, and 0.6% respectively compared with September 9. The inventory of steel products rose to the level of the same period last year. On September 12, the inventory of five major steel products was 1,095,100 tons, up 174,000 tons from September 5 [5][30] - The decline of cement prices slowed down. On September 16, the national cement price index decreased by 0.4% compared with September 9. The cement prices in the East China and Yangtze River regions decreased by 0.7% and 1.4% respectively, weaker than the national average [5][31] - Glass prices rebounded for two consecutive weeks. On September 16, the active glass futures contract price was 1,236 yuan/ton, up 3.1% from September 9 [5][37] - The container shipping freight index declined again. On September 12, the CCFI index decreased by 2.1% compared with September 5, and the SCFI index decreased by 3.2% [5][38] 3.2 Inflation: Strengthening of Oil Prices 3.2.1 CPI: Pig Prices Linger at a Low Level - Pig prices linger at a low level. On September 16, the average wholesale price of pork was 19.9 yuan/kg, up 0.1% from September 9. The month - on - month decline narrowed [5][45] - The agricultural product price index declined slightly. On September 16, the agricultural product wholesale price index decreased by 0.3% compared with September 9. By variety, eggs (up 3.6%) > mutton (up 0.9%) > chicken (up 0.8%) > beef (up 0.4%) > pork (up 0.1%) > fruits (down 1.3%) > vegetables (down 2.1%) [5][48] 3.2.2 PPI: Strengthening of Oil Prices - Oil prices strengthened. On September 16, the spot prices of Brent and WTI crude oil were $68.7 and $64.5 per barrel respectively, up 2.6% and 3.0% from September 9 [5][52] - Copper and aluminum prices continued to rise. On September 16, the prices of LME 3 - month copper and aluminum increased by 2.4% and 3.8% respectively compared with September 9 [5][55] - The decline of the domestic commodity index widened month - on - month. On September 16, the Nanhua industrial products index increased by 1.9% compared with September 9, and the CRB index increased by 0.3%. Most industrial product prices fell in September [5][57]

Market Overview - DJIA increased by 271 points or 0.59% to reach 46,029, while Nasdaq decreased by 76 points or 0.34% to 22,257, and S&P 500 traded at 6,603, down 3 points or 0.05% [2][4] - Anticipation of a 0.25 percentage point interest rate cut by the Federal Reserve is influencing market movements, with traders closely monitoring for indications of further cuts [4][5] Company Highlights - Workday saw a significant gain of 6.9% after Elliott Investment Management acquired a stake exceeding $2 billion and expressed support for the company's management, alongside an expansion of its share buyback program to $4 billion [2][4] - General Mills experienced a decline of 1.9% despite reporting higher-than-expected profits for the latest quarter, with revenue meeting forecasts [2][4] - RCI Hospitality Holdings fell by 10.2% following accusations of bribery and other crimes by New York's attorney general, impacting its operations in the strip club and sports bar sectors [3][4] Upcoming Events - Online ticket marketplace StubHub is set to debut on the New York Stock Exchange under the ticker "STUB," with shares priced at $23.50 in its initial public offering [3][4] Economic Indicators - Japan's Nikkei 225 index decreased by 0.2% as exports to the U.S. fell by 13.8% in August compared to the previous year, attributed to tariffs on cars [5] - The yield on the 10-year Treasury bond slightly decreased to 4.02% from 4.04% [5]

Right now we're joined by uh Goldman Sachs, Goldman Sachs vice chairman Rob Kaplan, who's also a former Dallas Fed president. And uh Rob, what do you think about that. Just Steve's point in particular about the Fed's mortgage portfolio, what you think should be done with it.Yeah. Well, several years ago when the Fed was buying treasuries and mortgage back securities, you we discussed back then the Fed's footprint in the mortgage market was getting very very large and it was becoming a big factor and u I thi ...

Company Performance - Workday experienced a significant gain of 6.9% after Elliott Investment Management disclosed a stake of over USD 2 billion and expressed support for its management [1][11] - General Mills reported better-than-expected profits for the latest quarter, but its revenue only matched forecasts, leading to a 1.9% drop in its stock [2][11] - RCI Hospitality Holdings saw a sharp decline of 10.2% following accusations of bribery and tax evasion by New York's attorney general [8][12] Market Overview - The S&P 500 remained virtually unchanged, hovering near its record set earlier in the week, while the Dow Jones Industrial Average rose by 211 points, or 0.5% [1][11] - The upcoming Federal Reserve interest rate decision is anticipated to be a key event, with expectations of a quarter-point cut [5][12] - International markets showed mixed results, with Japan's Nikkei 225 slipping 0.2% due to a 13.8% drop in exports to the US [9][10][12] Investment Activities - Workday announced an increase in its stock buyback program, allowing for up to USD 4 billion in purchases to return cash to investors [1][11] - StubHub is set to debut on the New York Stock Exchange with an initial public offering price of USD 23.50 per share [9][12]

Group 1: Japanese Economic Indicators - Japan's balance of trade for August showed a deficit of ¥243 billion, significantly better than the expected ¥514 billion, indicating a potential easing of the impact from new American tariffs [1] - Exports declined by only 0.1% in August, while imports fell by 5.2%, suggesting a stabilization in trade dynamics [1] Group 2: Monetary Policy Outlook - The Federal Reserve is expected to implement three rate cuts by the end of the year, while the Bank of Japan (BoJ) is anticipated to hike rates, with a single hike likely at the meeting on 30 October [2] - Current market sentiment suggests a potential increase in the BoJ's key policy rate to 0.75%, creating a significant interest rate differential with the Fed [2] Group 3: Inflation Trends - Japanese inflation appears to have peaked in January 2025, with a gradual downtrend observed since then, although the pace of decline may not be sufficient for the BoJ to abandon its ultra-easy policy [3] - Upcoming inflation data is expected to show a drop to 2.8%, influenced by government efforts to moderate food prices, particularly rice [4] Group 4: Currency Market Reactions - The USDJPY reached its lowest level since late July, driven by better-than-expected Japanese trade data and expectations of a Fed rate cut [6] - Despite concerns about the Japanese economy, particularly with declining exports, market sentiment has shifted towards the American economy and job market [6]

The Federal Reserve, as we've mentioned many times this morning, is set to announce a decision on interest rates that is coming at 2 PM Eastern time. So, not that far away. Let's bring in two economists with different expectations on this.Joining us right now is Veronica Clark. She's city economist. She's expecting five consecutive 25 basis point cuts starting today.And then Mark Vitner, who is Pedmont Crescent Capital Chief Economist, says that the Fed might be better served by cutting in just two of the n ...

特朗普的关税政策虽然引得不少政客的不满，但实际上并未对他们的日常生活造成影响，只不过这些后果是由美国普通民众"买了单"。 最近几个月以来，美国的不少民众都发现他们的日子过得好像越来越难了。 想要找到一份贴心的工作要和更多人竞争、上超市购物需要斟酌再三、月底的账单还总是超出自己的预期…… 这个由他们自己选举出来的总统发起的关税战，似乎并没有让他们过上更好的生活，美国群众也开始不答应了。 前言 在他开始对全世界挥舞起关税大棒之后，这个曾经飞出去的"回旋镖"也是再次飞回并且狠狠的砸在了他的脸上。 根据劳工部的统计，美国8月份的非农就业人数仅仅增加了2.2万人，和七月份预期的7.5万人相去甚远。 对于美国来说，这个数据可以说是非常的惨淡，和以往正常时期动辄十多万人的新增就业无法较比。 除了新增就业人数少之外，美国6月份的新增就业人数竟然还是"负值"，这就代表着他们裁员的人数是要比就业人数更多的。 这一数字要比美国多家公司以及研究机构所预计的数字都要高，也加剧了不少人对美国经济前景的担忧。 要知道，这个数据仅仅是截止到3月份，而特朗普的关税政策是从4月初才开始的。 失业率上升，找份工作太难了 美国在36万亿债务的高压之 ...

英国影子财政大臣梅尔·斯特德爵士表示，政府未能控制通胀，通胀仍高于央行2%的目标。 持续的通货膨胀给英国财政大臣带来了压力，因为政府借贷的成本通过许多主权债券与通货膨胀率挂 钩。 财政大里夫斯周三说："我知道很多家庭都觉得日子不好过，对许多人来说，经济停滞不前。这就是为 什么我决心降低成本，支持那些面临更高账单的人。" 经济学家认为，财政大臣将不得不在11月26日的预算中增加至少200亿英镑的税收，以平衡公共财政。 新华财经北京9月17日电英国国家统计局周三（17日）公布的数据显示，英国8月份年通胀率稳定在 3.8%，为19个月来的最高水平，与市场预期一致。该数据公布后，英债收益率全线小幅下行，英镑兑 美元小幅走低，报1.3637美元。 截至新华财经发稿时，2年期英债收益率跌0.6BP至3.965%，10年期英债收益率跌0.4BP至4.637%，30年 期英债收益率跌1.4BP至5.439%。 | SYMBOL # | YIELD + | CHANGE + | | --- | --- | --- | | UK 1-YR | 3.908 | -0.002 | | UK 2-YR | 3.965 | -0.006 ...

NEW YORK (AP) — U.S. stocks churned between gains and losses on Wednesday but ultimately remained near their record levels. The S&P 500 slipped 0.1% and hung near its all-time high set at the start of the week. The Dow Jones Industrial Average rose 260 points, or 0.6%, while the Nasdaq composite fell 0.3%. The swings came after the Federal Reserve cut its main interest rate for the first time this year. That move was no surprise for Wall Street, which was widely expecting it. More important was the set o ...

Core Viewpoint - Gold is experiencing its best performance since 1979, with prices rising over 39% year-to-date, significantly outpacing the S&P 500's 12% increase, driven by economic uncertainty and inflation concerns [1][2][6]. Economic Uncertainty - Investors are increasingly drawn to gold due to various uncertainties, including the potential economic impact of tariffs and ongoing geopolitical tensions, particularly in the Middle East and Ukraine [3][4]. - Signs of economic weakening in the US, such as a struggling job market, have heightened fears of a possible recession, making gold an attractive hedge [4]. Inflation Concerns - The possibility of stagflation, characterized by stagnant growth and high inflation, is a significant concern for investors, as it complicates the Federal Reserve's ability to cut interest rates [5][7]. - Historical data indicates that gold tends to perform well in environments where inflation is above 2% and the Fed is easing monetary policy [7]. Interest Rate Cuts - Expectations of interest rate cuts from the Federal Reserve are contributing to increased demand for gold, as lower rates typically enhance the appeal of non-yielding assets like bullion [8].