每经AI快讯，9月25日，英国10年期国债收益率涨至9月4日以来的最高水平，为4.752%，日内上涨4个 基点。 ...

Group 1: Currency and Bond Market - The US dollar strengthened against all major currencies, with the euro/dollar dropping from 1.18+ to 1.1738, erasing gains from the previous two days [1] - US Treasury yields rose across the board, with an increase of 1.8 to 4.9 basis points, while the mid-term performance was the weakest [3] - The Chicago Fed's Goolsbee questioned the Fed's plan for future rate cuts, suggesting that the labor market is not weak and that the economy is not facing recession risks [3] Group 2: Economic Data and Market Reactions - Multiple Fed officials are expected to speak today, which may lead to market volatility, with attention on weekly jobless claims and durable goods orders [4] - A strong performance in Japan's long-term bond auction eased market concerns about demand, leading to a slight decline in Japanese yields [4] - Oil prices remained stable around $69 per barrel, influenced by escalating risks from the Russia-Ukraine conflict [4] Group 3: Czech Economic Policy - The Czech National Bank maintained its policy rate at 3.5% to keep inflation near the 2% target, with inflation risks stemming from food prices and rapid wage growth [5] - The Czech koruna faced pressure as the central bank's future actions could include either rate cuts or hikes, according to the bank's governor [5] Group 4: Automotive Market Trends - EU new car registrations increased by 5.3% year-on-year, but year-to-date figures show a slight decline of 0.1% compared to last year [6] - Hybrid electric vehicles (HEVs) became the preferred choice for consumers, with their market share rising from 29.7% to 34.7% [6] - The market share of battery electric vehicles (BEVs) increased to 15.8%, up from 12.6%, with Germany, Belgium, the Netherlands, and France accounting for 62% of BEV registrations [6]

每经AI快讯，9月25日，日本40年期国债收益率下跌7个基点至3.310%。 ...

每经AI快讯，9月25日，5年期日本国债收益率上涨1个基点，至1.230%。 ...

Core Viewpoint - The 20-year Japanese government bond yield has decreased by 1 basis point to 2.635% [1] Group 1 - The decline in the 20-year Japanese government bond yield indicates a potential shift in investor sentiment towards safer assets [1]

Core Viewpoint - The U.S. 10-year benchmark Treasury yield decreased by 4.05 basis points, closing at 4.1061% on September 23, with intraday trading between 4.1466% and 4.1023% [1] Group 1 - The decline in the 10-year Treasury yield indicates a potential shift in investor sentiment towards safer assets [1] - The movement in yields may influence the broader financial markets, including equities, as evidenced by the post-market drop in U.S. stocks [1]

Global Asset Market Performance - 10 - year Treasury yields of major economies on September 19, 2025: US 4.128%, UK 4.714%, France 3.553%, etc. Latest changes, weekly, monthly and yearly changes vary by country [3] - 2 - year Treasury yields of major economies on September 19, 2025: China (1Y) 3.520%, US 3.976%, UK 2.019%, etc. with corresponding changes [3] - Dollar exchange rates against major emerging - economy currencies on September 19, 2025: South Africa zar 5.324, Russia 17.344, etc. with different changes over different periods [3] - RMB data on September 19, 2025: on - shore RMB 7.118, off - shore RMB 7.119, etc. with various changes [3] - Stock indices of major economies on September 19, 2025: Dow Jones 6664.360, S&P 500 46315.270, etc. with percentage changes over different time frames [3] - Credit bond indices: latest changes, weekly, monthly and yearly changes of emerging - economy investment - grade, high - yield, US investment - grade, etc. are presented [3][4] Stock Index Futures Trading Data - A - share closing prices: A - share 3820.09, CSI 300 4501.92, etc. with corresponding percentage changes [5] - Valuation data: PE(TTM) of CSI 300 is 13.96, S&P 500 is 27.73, etc. with环比 changes [5] - Risk premium: 1/PE - 10 - year interest rate of S&P 500 is - 0.52, German DAX is 2.38 with环比 changes [5] - Fund flow data: latest values and 5 - day average values of A - shares, main board, etc. are given [5] - Trading volume data: latest values and环比 changes of Shanghai and Shenzhen stock markets, CSI 300, etc. are shown [5] - Futures basis and premium/discount data: IF basis is - 37.52, IH basis is 3.66, etc. with corresponding percentages [5] Treasury Futures Trading Data - Treasury futures closing prices: T00 107.835, TF00 105.675, etc. with percentage changes [6] - Fund interest rates: R001 1.4993%, R007 1.5160%, SHIBOR - 3M 1.5620% with daily changes in basis points [6]

Core Insights - Japan's 2-year government bond yield has risen to 0.931%, the highest level since June 2008 [1] - The 5-year government bond yield in Japan has increased by over 2% [1] - The 20-year government bond yield in Japan has risen by nearly 1% [1]

Group 1: Federal Reserve and Legal Dispute - President Trump is escalating the legal battle to dismiss Federal Reserve Governor Cook to the Supreme Court, seeking to overturn a lower court's ruling that blocked his dismissal decision [2] - Cook's legal team argues that her immediate removal would disrupt financial markets and undermine the independence of the Federal Reserve [2] - This case marks the first instance in the 111-year history of the Federal Reserve involving a "for cause" dismissal of a governor [2] Group 2: Market Reactions and Implications - The legal actions come just after the Federal Reserve announced a 25 basis point interest rate cut, with Cook voting in favor of the cut [2] - If Trump successfully dismisses Cook and appoints a successor, he would control four out of seven seats on the Federal Reserve Board, significantly influencing monetary policy [2] - Markets are closely monitoring the Supreme Court's actions, as Cook's sudden dismissal could lead to increased volatility in the dollar, U.S. Treasury bonds, and stock markets [2] Group 3: Corporate Announcements and Financial Updates - Hong Kong-based Hongyang Real Estate announced an extension of the restructuring support agreement fee deadline to October 3, 2025, due to creditors needing more time [3] - Huaxia Holdings reported a total of 28.02 billion yuan in overdue debts as of July 31, 2025, with a significant portion attributed to its subsidiary Huaxia Happiness [3] - Prologis is reportedly seeking to list its China operations next year, indicating potential growth and investment opportunities in the logistics sector [3] Group 4: Market Movements and Bond Issuance - The Shenzhen government plans to issue a series of RMB senior bonds, reflecting ongoing efforts to raise capital in the market [4] - As of September 18, the yield on China's two-year government bonds was 1.48%, while the ten-year yield was 1.85%, indicating the current state of the bond market [6] - The U.S. two-year Treasury yield rose by 5 basis points to 3.57%, and the ten-year yield also increased by 5 basis points to 4.11%, showing trends in U.S. interest rates [6] Group 5: Ratings Updates - Zhongcheng Automobile Insurance Co., Ltd. had its financial strength rating upgraded from "BBB" to "BBB+" by Fitch Ratings, reflecting improved financial stability [5] - China Merchants Securities maintained its long-term foreign and local currency issuer ratings, indicating stable performance in the financial sector [5]

Group 1 - The core viewpoint of the article highlights the recent movements in German government bond yields, indicating a notable increase following a period of decline [1] - The 10-year German bond yield rose by 2.2 basis points to 2.748%, with a cumulative increase of 3.2 basis points for the week [1] - The 2-year German bond yield increased by 1.2 basis points to 2.023%, showing a weekly rise of 0.5 basis points and trading within a range of 1.988%-2.027% [1] - The 30-year German bond yield saw a rise of 2.7 basis points, reaching 3.337% [1] - The yield spread between the 2-year and 10-year German bonds increased by 1.030 basis points to +72.090 basis points, with a cumulative rise of 2.576 basis points for the week [1] - The rebound in yields followed the Federal Reserve's announcement of interest rate cuts on September 17 [1]