Core Insights - Bishkek contributes 44.6% of the national GDP, indicating its significant role in the country's economy [1] Economic Performance - The industrial output of Bishkek reached 61.3 billion som (approximately 700 million USD) [1] - Fixed asset investments totaled 29.45 billion som (approximately 340 million USD) [1] - The construction sector's total output increased by 1.6 times [1] - The average nominal wage in the city reached 53,139 som (approximately 610 USD), reflecting a year-on-year increase of 24.7% [1] - A total of 21,181 new jobs were created during the period [1] Budgetary Performance - Local budget revenue amounted to 12.7 billion som (approximately 150 million USD), with tax revenue contributing 9.4 billion som (approximately 110 million USD) [1] - Tax revenue exceeded the planned target by 7.7% and showed a year-on-year growth of 22.4% [1] - Budget expenditures reached 7.6 billion som (approximately 87 million USD), marking a year-on-year increase of 28.8% [1] Investment Projects - The city government actively promoted investment, successfully implementing large projects such as a waste-to-energy project (95 million USD) and a comprehensive building project at the Ak-Kula racetrack site (300 million USD) [1]

Group 1: Economic Data and Currency Movement - The Australian dollar (AUD) against the US dollar (USD) rose above 0.6525, driven by optimistic GDP data and a reduction in risk aversion [1] - Australia's GDP grew by 0.6% in Q2, double the growth rate of 0.3% in Q1, and exceeded market expectations of 0.5% [7] - The annualized GDP growth rate for Q2 was 1.8%, higher than the revised Q1 rate of 1.4% and market expectations of 1.6% [7] Group 2: Technical Analysis - The AUD/USD pair is trading around 0.6520, having broken a rising trend line, indicating a potential shift from bullish to bearish momentum [4] - Key support levels are identified at the nine-day moving average of 0.6516 and the five-day moving average of 0.6502; breaking these levels could confirm bearish sentiment [5] - On the upside, the pair may rebound to around 0.6540, testing previous highs of 0.6568 and 0.6625 [6] Group 3: Inflation and Economic Indicators - Australia's CPI rose by 2.8% YoY in July, surpassing the previous value of 1.9% and the expected 2.3%, reducing the likelihood of recent interest rate cuts by the Reserve Bank of Australia (RBA) [9] - Building permits in Australia fell by 8.2% in July, exceeding the expected decline of 4.8% [9] - China's Caixin Services PMI unexpectedly increased from 52.6 in July to 53.0 in August, indicating stronger service sector activity [8]

[Music] GDP grew initially by 3% in the second quarter, but that was just revised to 3.3% on the second estimate. But is this growth a sign of true economic strength, or is it just a temporary uptick. Consumption came in a bit higher, but business investment was actually a bit lower than previously reported.This overall turnaround in GDP followed a first quarter contraction that was the first since 2022 as companies race to imports goods ahead of tariff hikes. However, current consumer sentiment remains ble ...

Market Overview - US stock index futures are all down, with Dow futures down 0.58%, S&P 500 futures down 0.72%, and Nasdaq futures down 0.94% [1] - European indices also declined, with Germany's DAX down 1.46%, UK's FTSE 100 down 0.20%, France's CAC40 down 0.36%, and the Euro Stoxx 50 down 0.83% [2][3] Commodity Prices - WTI crude oil increased by 2.72% to $65.75 per barrel, while Brent crude oil rose by 1.60% to $69.24 per barrel [3][4] Economic Insights - Morgan Stanley predicts that the US stock market will continue to rise due to the combination of expected Fed rate cuts and strong corporate earnings, indicating a "beginning of the cycle" phase for the US economy [5] - UBS warns of seasonal risks in September, historically the worst month for US stocks, despite strong performance in August driven by EPS revisions [5] - Goldman Sachs has lowered its Q3 US GDP forecast to 1.6% due to a significant increase in the trade deficit, which expanded by $18.7 billion to $103.6 billion [6] Individual Company News - Tesla has received over 600 orders since its launch in India, which is below expectations, attributed to high tariffs and local market challenges [9] - Starbucks reported a significant increase in sales due to the return of its seasonal pumpkin spice products, marking a strong week for sales in the US and Canada [10] - Kraft Heinz announced plans to split into two publicly traded companies to boost growth, focusing on condiments and grocery products [10] - NIO reported Q2 revenue of 19.0087 billion yuan, a 9% year-over-year increase, with vehicle deliveries in August reaching a record high of 31,305 units, up 55.2% year-over-year [11]

GDP measures what’s made within a country’s borders. GNP measures what a nation’s people and businesses produce worldwide. https://t.co/FwmRIP5KHa https://t.co/RWUTDTVvDc ...

Group 1 - The core viewpoint of the articles revolves around the rising U.S. Treasury yields and the implications of President Trump's attempt to dismiss Federal Reserve Governor Lisa Cook, which is causing market speculation and concern about the independence of the Federal Reserve [1][9][10] - As of August 29, 2023, U.S. Treasury yields are mostly up, with the 2-year yield rising by 0.4 basis points to 3.639%, the 10-year yield increasing by 2.5 basis points to 4.232%, and the 30-year yield up by 3.9 basis points to 4.911% [1] - The yield spread between the 2-year and 10-year Treasury bonds has widened to 65 basis points, the widest since April 23, 2025, while the spread between the 2-year and 30-year bonds has widened to 132 basis points, the widest since January 2022 [3] Group 2 - The upcoming economic data includes the Personal Consumption Expenditures Price Index for July, which is a key inflation indicator favored by the Federal Reserve, expected to show a monthly increase of 0.2% and a year-over-year increase of 2.6% [5][6] - The U.S. GDP growth rate for Q2 2023 has been revised to an annualized rate of 3.3%, up from the initial estimate of 3%, indicating a significant rebound from a 0.5% decline in Q1 [6] - Economists warn that the current GDP report may not accurately reflect economic health, with anticipated negative impacts from import tariffs becoming more evident in the coming quarters [7] Group 3 - The legal battle surrounding Trump's attempt to dismiss Cook is unprecedented, with implications for the Federal Reserve's independence, which has not been challenged since the Nixon administration [9][10] - Former Federal Reserve Chair Janet Yellen emphasized the dangers of undermining the Fed's independence, while current Fed officials are calling for potential interest rate cuts to prevent labor market deterioration [10] - The Treasury Department plans to issue $291 billion in bonds next week, indicating ongoing government financing activities [12]

Group 1 - The core viewpoint indicates that despite persistent inflation, consumer demand in the U.S. remains resilient, as evidenced by a significant increase in consumer spending in July [4][6] - The PCE price index for July showed a year-on-year increase of 2.6%, aligning with expectations and previous values, while the month-on-month change remained flat at 0.2% [4] - The core PCE price index rose by 2.9% year-on-year in July, marking the highest level since February, and matched expectations [6] Group 2 - The recent performance of gold prices has been strong, with a notable increase to $3437 per ounce, prompting plans for profit-taking in the North American trading session [6] - The upcoming week is anticipated to present a volatility window, with expectations of a range-bound market, indicating potential resistance levels at $3450 and $3500 [6]

Indian bonds slumped as stronger-than-expected GDP data dampened expectations of central bank interest-rate cuts https://t.co/UOCNNPS5WZ ...

Report Summary 1. Investment Rating - No investment rating for the industry is provided in the report. 2. Core View - On August 28, the overall capital market showed a complex trend with the stock market strongly rebounding, the bond market under pressure and weakening, the convertible bond market's main indexes rising collectively but most individual convertible bonds falling, and the yields of U.S. Treasury bonds at different maturities diverging while the 10 - year Treasury bond yields of major European economies generally declining [1]. 3. Summary by Directory 3.1 Bond Market News - **Domestic News** - The "Opinions of the CPC Central Committee and the State Council on Promoting High - quality Development of Cities" was released, aiming to establish a sustainable urban construction and operation investment and financing system by 2030 and basically build a modern people - centered city by 2035 [3]. - In July 2025, the total issuance of local government bonds was 1.2135 trillion yuan, and the balance of local government debt at the end of July was 52.7627 trillion yuan [4]. - The State Administration for Market Regulation promoted the return of market competition to a benign and orderly track [5]. - From January to July 2025, the total social logistics volume exceeded 200 trillion yuan, with a year - on - year increase of 5.2% [6]. - **International News** - The annualized quarterly - on - quarterly growth rate of the U.S. real GDP in the second quarter was revised up to 3.3%, mainly driven by business investment [7]. - **Commodities** - On August 28, international crude oil futures prices turned up, and international natural gas prices continued to rise [8]. 3.2 Capital Market - **Open Market Operations** - On August 28, the central bank conducted 416.1 billion yuan of 7 - day reverse repurchase operations, with a net capital injection of 163.1 billion yuan [9]. - **Funding Rates** - On August 28, the capital market was generally balanced and loose. DR001 decreased by 0.11bp to 1.313%, and DR007 increased by 2.72bp to 1.540% [10]. 3.3 Bond Market Dynamics - **Interest - rate Bonds** - On August 28, the bond market was under pressure and weakened. The yield of the 10 - year Treasury bond active bond 250011 rose by 2.50bp to 1.7900%, and the yield of the 10 - year CDB bond active bond 250215 rose by 3.35bp to 1.8875% [13]. - Information on bond tenders is provided, including the issuance scale, winning bid yield, and other data of multiple bonds [15]. - **Credit Bonds** - One industrial bond's trading price deviated by more than 10%, with "H1 Bidi 03" rising by more than 104% [15]. - Multiple companies, including Qingdao Beer Group, Weihai Thermal Power Group, and HeSteel Group, cancelled bond issuances due to market fluctuations [16]. - Huaxia Bank's operating income in the first half of the year was 45.522 billion yuan, a year - on - year decrease of 5.86%, and its net profit was 11.47 billion yuan, a year - on - year decrease of 7.95% [16]. - **Convertible Bonds** - On August 28, the three major A - share stock indexes rose collectively, and the main indexes of the convertible bond market also rose. The convertible bond market's trading volume was 122.512 billion yuan, an increase of 3.217 billion yuan from the previous trading day [17]. - Jinchengxin's convertible bond issuance obtained the CSRC's registration approval [18]. - **Overseas Bond Markets** - On August 28, the yields of U.S. Treasury bonds at different maturities diverged, with the 2 - year yield rising by 2bp to 3.62% and the 10 - year yield falling by 2bp to 4.22% [20]. - The 10 - year Treasury bond yields of major European economies generally declined, except for Germany's which rose by 1bp to 2.70% [23]. - Information on the daily price changes of Chinese - funded US dollar bonds is provided, including the price changes of bonds of multiple companies [25].

Cryptocurrency Holdings & Investment - Bitmine增加了78,791 ETH（价值35460万美元），总持有量达到1,792,690 ETH，价值超过80亿美元 [1] - JPMorgan认为，比特币的合理价值在年底前约为126,000美元，理由是波动率处于历史低位，企业金库积累以及指数驱动的资金流入 [1] - Caliber已建立一个LINK金库，并成立了一个加密咨询委员会，以监督收购、托管和质押 [2] Regulatory & Exchange Developments - 21Shares已向SEC提交申请，推出SEI ETF [1] - CFTC将澄清FBOT注册规则，为美国交易者合法访问全球加密货币交易所铺平道路 [2] On-Chain Data Initiatives - 美国商务部选择Kraken来帮助启动一项新计划，该计划在九个公共区块链上记录GDP数据，以提高透明度 [1] - 美国商务部已在Bitcoin、Ethereum、Solana、TRON、Stellar、Avalanche、Arbitrum、Polygon和Optimism上发布了第二季度GDP数据，并通过Pyth和Chainlink进行分发 [2] - US Dept of Commerce collaborates with Pyth Network to put GDP and other economic data onchain [2] - Chainlink与美国商务部合作，将官方宏观经济数据上链 [2] Security & Future Risks - Vitalik Buterin表示，量子计算机在2030年底之前破解现代密码学的可能性为20% [2]