每经AI快讯，11月20日，美国财政部拍卖160亿美元20年期国债，得标利率4.706%，投标倍数2.41。 ...

SeriesRIKB 27 0415RIKS 37 0115ISINIS0000036291IS0000033793Maturity Date04/15/202701/15/2037Auction Date11/21/202511/21/2025Settlement Date11/26/202511/26/202510% addition11/25/202511/25/2025 Buyback issueRIKS 26 0216 Buyback price (clean)99.0740 On the Auction Date, between 10:30 a.m. and 11:00 a.m., the Government Debt Management will auction Treasury bonds in the Series, with the ISIN numbers and with the Maturity Dates according to the table above. Article 6 of the General Terms of Auction for Treasury ...

每经AI快讯，11月13日，美国财政部拍卖四个月期国债，得标利率3.750%，投标倍数3.18。 ...

Core Points - The U.S. Treasury auctioned six-month Treasury bills with a winning yield of 3.890% [1] - The bid-to-cover ratio for the auction was 2.70, indicating strong demand for the securities [1]

Market Overview - The U.S. federal government shutdown has reached its 36th day, breaking the previous record of 35 days set from late 2018 to early 2019, potentially reducing Q4 economic growth by up to 2 percentage points [1] - The U.S. Treasury Department announced a quarterly refinancing plan, maintaining a debt auction scale of $125 billion, with plans to gradually increase this scale by mid-2026 [1] - The U.S. ADP employment report for October showed an increase of 42,000 jobs, significantly exceeding the expected 30,000, while the previous month's data was revised to a decrease of 29,000 [1] Economic Indicators - The ISM Services PMI for October rose by 2.4 points to 52.4, marking an eight-month high and surpassing the expected 50.8, with the new orders index jumping 5.8 points to 56.2, the highest in a year [2] - The Eurozone's final services PMI for October was 53%, better than the initial estimate of 52.6%, contributing to a composite PMI of 52.5, the highest since May 2023 [2] - Japan's central bank is experiencing internal divisions regarding the timing of interest rate hikes, with some members advocating for caution due to the country's long history of deflation [2] Currency and Commodity Markets - The U.S. dollar index fell by 0.05% to 100.16, while most non-U.S. currencies appreciated against the dollar [5] - U.S. crude oil futures fell by 1.52% to $59.64 per barrel, and Brent crude oil futures dropped by 1.4% to $63.54 per barrel [5] - International precious metal futures generally rose, with COMEX gold futures increasing by 0.75% to $3,990.40 per ounce and COMEX silver futures rising by 1.20% to $47.86 per ounce [5]

Group 1: Macroeconomic Indicators - In October, the US consumer confidence index decreased to 94.6, which is higher than the forecast of 93.6 but lower than the revised previous value of 95.6, influenced by rising prices due to import tariffs and uncertainty in the job market [1][9] - As of the week ending October 24, EIA reported a significant drop in US crude oil inventories by 6.858 million barrels, exceeding the expected decline of 0.9 million barrels and the previous decline of 0.961 million barrels [1][9] Group 2: Federal Reserve Policy - On October 29, the Federal Reserve lowered the federal funds rate target range to 3.75%–4.00%, signaling continued monetary easing and announced the cessation of its balance sheet reduction process starting December 1 [2][10] - The Fed will reinvest all maturing Treasury securities and maintain a cap of approximately $35 billion for mortgage-backed securities, marking a shift from a "balance sheet reduction" phase to a "maintaining size" phase to address liquidity tightening in the dollar funding market [2][10] Group 3: Interest Rate Review - The US Treasury yields showed mixed movements with the 1-month yield decreasing by 6 basis points to 4.05%, while the 1-year yield increased by 12 basis points to 3.70%, reflecting the Fed's recent rate cut and market expectations [3][11] - The market's expectation for a December rate cut decreased from 85% to approximately 62%, influenced by mixed voting results and comments from Fed Chair Powell indicating that a rate cut is not guaranteed [3][11] Group 4: Other Asset Classes - In equity markets, Japan and South Korea led gains, with the Nikkei225 rising by 6.31% and the Korean Composite Index increasing by 4.21%, driven by strong semiconductor and battery prices [21] - In commodities, agricultural products surged, with CBOT soybeans up by approximately 7.06%, while energy prices saw a slight decline, with Brent crude oil down by 1.32% due to concerns over oversupply [22] - The Russian ruble appreciated against the Chinese yuan by 1.44%, while other major currencies weakened against the yuan, reflecting varying economic conditions and central bank policies [23]

Summary of Key Points Core Perspective - The document presents a summary of bids, sales, stop-rates, and prices for specific financial instruments, indicating active market participation and pricing dynamics. Group 1: Bids and Sales - Total bids amount to 10,300 million kr. with total sales of 10,200 million kr. [1] - The highest individual bid is for the instrument with ISIN 98 20169 DKT 03/03/26 I, totaling 10,100 million kr. [1] Group 2: Stop-Rates and Prices - The stop-rate for the highest bid is 1.62%, while the stop-rate for the second instrument is 1.60% [1] - The price for the instrument with ISIN 98 20086 DKT 02/12/25 IV is 99.8757, and for the instrument with ISIN 98 20169 DKT 03/03/26 I, it is 99.4674 [1] Group 3: Settlement Information - The sale is scheduled to settle on 04 November 2025, indicating a future cash flow event for the involved parties [1]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Inflation is lower than expected, and the trading of overseas interest rate cut expectations continues. The lower-than-expected CPI further strengthens the market's expectation of an interest rate cut next week, but the growth of non-sticky CPI also prompts the market to readjust its expectation of an interest rate cut in December [3][12]. - The overall performance of major overseas markets shows different trends. US Treasury yields generally decline over time as the FOMC meeting approaches, Japanese government bonds rise slightly overall, and German government bond yields have the largest single - week increase in six weeks [3][4][19]. - Global major stock markets generally strengthen, energy in commodities leads the rise while precious metals fall from high levels, and the US dollar is stable while non - US currencies are generally under pressure [5][20][21]. Summary According to Relevant Catalogs 1. This Week's Overseas Macroeconomic and Interest Rate Review 1.1 Macroeconomic Indicator Comments - **Inflation**: In September, the CPI data was lower than expected. The unadjusted CPI year - on - year was 3.0%, lower than the forecast of 3.1% and higher than the previous value of 2.9%; the core CPI year - on - year was 3.0%, lower than the forecast of 3.1% and the previous value of 3.1%. The market responded positively, with the Dow Jones Industrial Average closing above 47,000 for the first time, rising 472 points or 1%. The Nasdaq and S&P 500 also reached new highs, providing room for an interest rate cut [1][10]. - **Real Estate**: In September, the annualized total of existing home sales in the US reached a seven - month high, with 4.06 million units, in line with the forecast. Although the decline in mortgage rates may boost home sales, affordability remains a challenge for many potential homebuyers, especially low - and middle - income families, due to unclear economic prospects and reduced employer recruitment under the background of import tariffs [1][10]. - **Business Index**: As of the week of October 17, US crude oil inventories decreased due to strong refining demand. The EIA crude oil inventory decreased by 961,000 barrels, significantly lower than the expected increase of 2.2 million barrels and the previous value of 3.524 million barrels. Affected by factors such as increased US sanctions on Russia and rising refining demand, crude oil prices soared. The October Markit manufacturing (preliminary) and services PMI (preliminary) were both higher than expected and previous values, with the new order flow growth rate reaching a new high this year. However, due to factors such as tariff concerns, weak export demand, and increased unsold inventory, business confidence has fallen to a three - year low [2][11]. 1.2 Review of Major Overseas Market Interest Rates - **US**: This week (October 17 - 24, 2025), the yields of US Treasury bonds showed different changes. The overall yield of US Treasury bonds declined as the FOMC meeting approached. Before the release of inflation data, the 10 - year yield rose, and after the CPI was lower than expected, the yield fell and fluctuated around 4.0%. The lower - than - expected CPI strengthens the market's expectation of an interest rate cut next week, but also makes the market readjust its expectation of an interest rate cut in December. As of now, the proportion of the expected target interest rate in December remaining at 375 - 400 has increased from 0% to 8.77%. The price data also reflects the inflation dilemma, and corporate profits continue to be under pressure, making it difficult to reverse the low - growth situation of price growth by the end of the year [3][12][13]. - **Auction**: On October 22, a $13 billion 20 - year US Treasury bond auction was held. The winning bid rate was 4.506%, the bid - to - cover ratio was 2.73 times, basically the same as the previous value. The tail spread was - 1.150, lower than the previous value. Indirects were allocated 63.6%, Directs 26.3%, and Primary 10.0% [4][14]. - **Europe and Japan**: Japanese government bond yields rose slightly overall this week, with short - and medium - term yields generally rising and ultra - long - term yields (15 - year and 20 - year) slightly falling. German government bond yields had the largest single - week increase in six weeks [4][19]. 2. Comments on Other Major Asset Classes - **Equity**: Global major stock markets generally strengthened. South Korea's KOSPI led the rise with + 5.14%, followed by the Hong Kong Hang Seng Index with a 3.62% rebound, the Japanese Nikkei 225 with a 3.61% increase, the UK FTSE 100 with a 3.11% increase, the Chinese Shanghai Composite Index with a 2.88% increase, the US Nasdaq with a 2.31% increase, the German DAX with a 1.72% increase, the French CAC40 with a 0.63% increase, and India's Sensex with a 0.31% increase. Vietnam's VN30 fell 1.65%, and Russia's MOEX had a - 6.49% decline [5][20]. - **Commodities**: Energy led the rise, while precious metals fell from high levels. Brent crude oil rose 7.59%, coking coal 5.58%, coke 4.74%, Bitcoin 4.29%, US live hogs 2.84%, LME copper 2.65%, LME aluminum 2.28%, CBOT soybeans 2.18%, CBOT wheat 1.74%, CBOT corn 0.18%, soda ash 1.82%, Zhengzhou cotton 1.61%, and rebar 0.43%. London gold fell 2.85% and London silver fell 11.27% [5][21]. - **Foreign Exchange**: The US dollar was stable, and non - US currencies were generally under pressure. The Indian rupee rose 0.22%, the Vietnamese dong appreciated 0.04%, the US dollar against the Chinese yuan rose slightly by 0.02%, the Hong Kong dollar fell 0.04%, the euro fell 0.84%, the Swiss franc fell 0.85%, the British pound fell 1.00%, the South Korean won fell 1.03%, the Russian ruble fell 1.52%, and the Japanese yen fell 1.63% [5][22][23]. 3. Market Tracking - The report provides multiple charts to show the changes in various indicators this week, including the yield changes of major economies' government bonds, the rise and fall of major global stock indices, the rise and fall of major commodities, the rise and fall of major global foreign exchange rates, and the latest economic data panels of the US, Japan, and the eurozone [28][32][35].

（文章来源：每日经济新闻） 每经AI快讯，10月9日，美国财政部拍卖四周期国债，得标利率4.030%，投标倍数2.92；拍卖八周期国 债，得标利率3.955%，投标倍数2.88。 ...

Core Points - The U.S. Treasury conducted auctions for four-week and eight-week Treasury bills, with the four-week bills yielding a bid rate of 4.030% and the eight-week bills yielding a bid rate of 3.955% [1] - The bid-to-cover ratio for the four-week bills was 2.92, indicating strong demand, while the eight-week bills had a bid-to-cover ratio of 2.88, also reflecting solid interest from investors [1] Summary by Category Auction Results - Four-week Treasury bills had a winning yield of 4.030% [1] - Eight-week Treasury bills had a winning yield of 3.955% [1] Demand Indicators - The bid-to-cover ratio for the four-week bills was 2.92, suggesting robust demand [1] - The bid-to-cover ratio for the eight-week bills was 2.88, indicating strong investor interest [1]