Group 1 - The Australian dollar (AUD) depreciated against the US dollar (USD) due to disappointing employment data, with the latest exchange rate at 0.6496, reflecting a decline of 0.20% [1] - Australia's unemployment rate rose to 4.5% in September, the highest since November 2021, exceeding expectations of 4.3%, indicating a loosening labor market [1] - The number of employed persons increased by 14,900 in September, which was below the forecasted increase of 20,000 [1] Group 2 - The three-year government bond yields, sensitive to policy changes, fell by 9 basis points following the employment data release [1] - The AUD/USD exchange rate experienced a drop of up to 0.49% during the day, reaching 0.6479 [1] - The Reserve Bank of Australia (RBA) is expected to consider interest rate cuts as a response to the labor market data [1] Group 3 - Technical analysis indicates that the AUD/USD has broken below the lower Bollinger Band, suggesting a short-term oversold condition [2] - Support levels for the AUD are identified at 0.6440 and 0.6415, while resistance levels are at 0.6520 and 0.6530 [2]

Core Viewpoint - Australia's unemployment rate increased to 4.5% in September 2025, the highest level since November 2021, indicating a potential shift in the labor market dynamics [1] Employment Data Summary - The seasonally adjusted employment number rose by 0.1% month-on-month and approximately 1.3% year-on-year, reaching 14.64 million [1] - The number of unemployed individuals increased by about 5.2% month-on-month and 12.6% year-on-year, totaling 684,000 [1] - Monthly working hours increased by 0.5%, while the underemployment rate rose by 0.2 percentage points to 5.9% [1] Trend Data Summary - The trend data shows the unemployment rate remained stable at 4.3%, with employment numbers growing by approximately 0.1% month-on-month and 1.5% year-on-year, totaling 14.647 million [1] - The number of unemployed individuals increased by about 0.6% month-on-month and 8.2% year-on-year, amounting to 661,500 [1] - Monthly working hours saw a 0.1% increase, with the underemployment rate remaining unchanged at 5.9% [1] Labor Participation Insights - The labor participation rate rose by 0.1 percentage points to 67%, slightly below the historical high of 67.2% recorded at the beginning of the year [1]

Core Viewpoint - Australia's unemployment rate for September stands at 4.5% [1] Group 1 - The unemployment rate reflects the current labor market conditions in Australia [1]

Core Viewpoint - Federal Reserve Chairman Jerome Powell indicated that the U.S. economic outlook remains largely unchanged since the September meeting, with a delicate balance between persistent inflation pressures and a weakening labor market. The market widely anticipates another rate cut at the upcoming meeting at the end of October [2][3]. Economic Outlook - Powell highlighted the current phase of "low hiring, low layoffs" in the labor market, suggesting that the decline in job vacancies may soon be reflected in rising unemployment rates. The unemployment rate rose to 4.3% in August, the highest in a year, and the delay in the September non-farm payroll report due to the government shutdown adds uncertainty to labor market assessments [3][6]. - Economists are increasingly concerned about the risks to employment, with expectations for a rate cut in October being nearly certain. The focus is shifting from prioritizing anti-inflation measures to balancing growth and employment [3][6]. Monetary Policy - Powell emphasized that inflation risks have not been fully resolved, with the core Personal Consumption Expenditures (PCE) price index rising 2.9% year-over-year, still above the Fed's 2% target. He indicated that the Fed's balance sheet reduction process may be nearing its end, suggesting a potential slowdown in the pace of quantitative tightening to maintain market liquidity [5][6]. - The market expects the Fed to maintain a moderate easing stance in the coming months, with projections indicating a cumulative rate cut of about 50 basis points by the end of the year [6]. Decision-Making Challenges - The government shutdown has disrupted the release of key economic data, complicating the Fed's decision-making process. Powell acknowledged the challenges posed by the lack of data, particularly for October, and stated that the Fed would rely on available public and private sector data to inform its decisions [6][7]. - Analysts suggest that the Fed may be entering a "policy tolerance period," allowing inflation to exceed its target slightly in exchange for a more stable employment environment [7].

Core Views - The Federal Reserve Chairman Jerome Powell indicated a potential interest rate cut this month due to a deteriorating labor market, despite the impact of the government shutdown on economic assessments [1][2][3] - Powell suggested that the Fed may halt its balance sheet reduction in the coming months, as the economic growth trajectory appears slightly stronger than expected [2][6][7] Labor Market and Employment - The labor market shows increasing downside risks, with Powell noting that the balance of risks regarding employment and inflation has shifted, leading to the decision to cut rates in September [3][5][46] - Despite a low unemployment rate in August, wage growth has significantly slowed, partly due to a decrease in immigration and labor force participation [2][46] - Job openings have declined, which may reflect an impending rise in the unemployment rate [5][46][47] Inflation and Economic Indicators - Current data suggests that rising commodity prices are primarily due to tariffs rather than broader inflationary pressures [4][48] - The core Personal Consumption Expenditures (PCE) inflation rate was 2.9% over the past 12 months, slightly up from earlier in the year, with short-term inflation expectations rising while long-term expectations remain aligned with the 2% target [48] Monetary Policy and Balance Sheet Management - Powell emphasized the importance of balancing the dual mandate of employment and inflation, stating that there is no risk-free policy path [5][48] - The Fed's balance sheet, which stood at $6.5 trillion as of October 8, consists mainly of $2.4 trillion in Federal Reserve notes and $3 trillion in reserves [21][22] - The Fed plans to stop reducing its balance sheet when reserves are slightly above what is deemed sufficient, with indications that liquidity is tightening [7][40] Market Stability and Future Outlook - Powell highlighted the need for careful management to avoid a repeat of the 2019 repo market crisis, indicating that the Fed will take cautious measures to maintain market stability [8][10][40] - The Fed's framework for sufficient reserves has proven effective in controlling policy rates and supporting financial stability [38][44] - The Fed is closely monitoring various indicators to inform its decisions regarding the balance sheet and interest rates in light of evolving economic conditions [40][45]

Group 1 - The International Monetary Fund (IMF) has revised Russia's GDP growth forecast for 2025 down to 0.6%, while maintaining a 1% growth forecast for 2026 [1] - Compared to the IMF's July forecast, the GDP growth prediction for Russia this year has been lowered by 0.3 percentage points [1] - Russia's economic growth was 4.3% last year, and the IMF had previously estimated a 4.1% growth rate for this year in April [1] Group 2 - The adjustment in the GDP growth forecast for this year is attributed to recent data indicating that Russian budget expenditures are concentrated in the fourth quarter of 2024, leading to an increase in the 2024 GDP growth forecast from 4.1% to 4.3% [1] - The IMF predicts that the inflation rate in Russia will reach 9% in 2025, decreasing to 5.2% by 2026 [1] - The unemployment rate in Russia was estimated at 2.5% last year, expected to decrease to 2.4% this year, and is projected to rise to 3.1% in the future [1] Group 3 - The Russian Ministry of Economic Development has also revised its GDP growth forecast for 2025 down from 2.5% to 1%, and for 2026 from 2.4% to 1.3% [2]

每经AI快讯，10月14日，英国9月失业率为4.41%，前值为4.40%。 ...

Economic Outlook - The NABE survey indicates a surge in business investment is expected to offset weak consumer spending and global trade growth, keeping the US economic growth near trend levels [2] - Economists predict a 1.8% growth for the US economy in 2025, an increase from the previous forecast of 1.3% [2] - Inflation, measured by the PCE price index, is expected to reach 3% by the end of this year, slightly lower than the previous estimate of 3.1% [2] Employment and Unemployment - The unemployment rate is projected to rise to 4.5% next year, a decrease from the earlier forecast of 4.7% [3] - Average monthly job growth is expected to be only 29,000 for the remainder of this year, with a gradual recovery to about 75,000 next year, lower than the previous estimate of 97,000 [3] Business Investment - Business investment is anticipated to grow significantly, with a forecasted increase of 3.8% this year, up from the previous estimate of 1.6% [3] - Investment growth is expected to continue at a rate of 1.7% next year, higher than the earlier prediction of 0.9% [3] Real Estate Market - The real estate market remains sluggish, with residential investment expected to decline by 1.6% this year, contrasting with the earlier forecast of a 0.5% growth [3] - Next year's residential investment growth is projected to be less than 1% [3]

Group 1: Report Title and Date - Report title: "Bottom Range, Oscillating with an Upward Bias - Guosen Futures Non - Ferrous (Nickel) Weekly Report" [2][3] - Report date: October 12, 2025 [3] Group 2: Industry Investment Rating - No industry investment rating is provided in the report. Group 3: Core Viewpoints - The US Federal Reserve's September meeting minutes suggest that most participants believe further monetary policy easing is appropriate this year, and the market expects two more interest rate cuts. In China, the manufacturing PMI in September was 49.8%, showing continued improvement in manufacturing sentiment [36]. - The Shanghai nickel market showed an oscillating trend this week with no obvious trend. Refined nickel demand remains weak. Nickel ore circulation in the coastal areas of the Philippines has slowed due to weather, while the nickel ore market in Indonesia has a relatively loose supply. The high - frequency data of nickel sulfate shows a recent price rebound, but whether it can change the weak situation in the medium term remains to be seen. In the stainless - steel market, steel mills are cautious in raw material procurement, terminal demand is weak, and inventory reduction is slow. The expected operating range of the Shanghai nickel main contract is approximately 118,000 to 128,000 yuan/ton, and that of the stainless - steel main contract is about 12,200 to 13,300 yuan/ton [36]. Group 4: Summary by Directory 1. Market Review - This part presents the historical price trends of domestic and foreign main nickel futures contracts, but no specific analysis is provided in the text [7][8]. 2. Fundamental Analysis 2.1 Upstream: China's Nickel Ore Port Inventory - The report shows the historical data of China's nickel ore port inventory, but no specific analysis is provided [12][13]. 2.2 Mid - stream: Electrolytic Nickel Price - The historical price data of electrolytic nickel (1, Ni99.90, domestic and imported) are presented, without specific analysis [14][15]. 2.3 Mid - stream: Nickel Sulfate Price - The historical average price data of nickel sulfate in China are shown, without specific analysis [16][17]. 2.4 Mid - stream: Monthly Import Volume of Ferronickel and Fubao Price of 8 - 12% Ferronickel - The historical monthly import volume data of ferronickel in China and the Fubao price data of 8 - 12% ferronickel are presented, without specific analysis [18][19]. 2.5 Downstream: Stainless - Steel Market - Stainless - steel price: The historical closing price data of stainless - steel futures are shown, without specific analysis [20][21]. - Stainless - steel futures positions: The historical position data of stainless - steel futures are presented, without specific analysis [22][23]. - Wuxi stainless - steel inventory: The historical inventory data of Wuxi stainless - steel and Wuxi 300 - series stainless - steel are shown, without specific analysis [25][26]. 2.6 Downstream: Production of Power and Energy - Storage Batteries - The historical monthly production data of China's power and energy - storage batteries (ternary materials) and total production data are presented, without specific analysis [28][29]. 2.7 Downstream: New - Energy Vehicle Production - The historical monthly production data of China's new - energy vehicles are shown, without specific analysis [30][31]. 3. Future Outlook - In the US, inflation data is in line with expectations, employment data is lower than expected, and the market expects two more interest rate cuts this year. In China, the manufacturing PMI continues to improve, indicating a consolidation of the economic recovery momentum in the third quarter [36]. - The Shanghai nickel market is oscillating, refined nickel demand is weak, the supply situation of upstream nickel ore varies, the nickel sulfate price has rebounded recently, and the stainless - steel market has weak demand and slow inventory reduction. The expected operating ranges of the Shanghai nickel and stainless - steel main contracts are given [36].

Group 1 - The Federal Reserve lowered interest rates by 0.25% last month to address a slowdown in hiring and rising inflation, which continues to pressure low- and middle-income families [3] - Inflation has not returned to pre-pandemic levels, and the trade policies initiated by former President Trump have contributed to rising prices [3][6] - The Fed's decision-making is complicated by differing opinions among officials regarding the temporary nature of tariff-induced inflation [3][6] Group 2 - The Fed has maintained interest rates for nine months to assess the impact of Trump's tariffs on the economy, while also facing pressures in the labor market [3][6] - Fed Chair Jerome Powell emphasized the need to balance inflation control with the goal of full employment, indicating that there is no risk-free path forward [3][6] - Economic forecasts suggest that the Fed may lower borrowing costs two more times by the end of the year to prevent a spike in unemployment [6][7] Group 3 - Recent labor department data shows sluggish job growth, with rising unemployment rates among young people and minorities, and the number of job seekers exceeding available positions [7] - The government shutdown has delayed the release of key economic data, complicating the Fed's decision-making process regarding employment and inflation [7] - Market expectations indicate a likely interest rate cut of 0.25% during the upcoming policy meeting on October 28-29 [7] Group 4 - The inflation rate has increased by approximately 20% since January 2021, leading low-income families to cut spending or opt for cheaper alternatives [8] - There is a growing economic divide, with high-income consumers maintaining stable sentiment while low-income consumers face significant challenges [8] - The housing market remains under pressure due to insufficient supply, high prices, and rising mortgage rates, impacting affordability for potential buyers [8][9] Group 5 - Former President Trump has exerted pressure on the Fed, including attempts to influence leadership changes and policy direction, which raises concerns about the Fed's independence [9] - The ongoing economic uncertainty and data interruptions present challenges for the Fed in managing inflation and unemployment effectively [9]