Core Viewpoint - The International Monetary Fund (IMF) recommends that South Korea maintain accommodative fiscal and monetary policies to support economic recovery while emphasizing the importance of structural reforms for long-term growth [1][2] Group 1: Economic Outlook - The IMF forecasts South Korea's economy to grow by 0.9% this year, accelerating to 1.8% by 2026, driven by supportive policies and strong semiconductor exports [2] - Inflation is expected to remain around the Bank of Korea's target of 2% during this period [2] Group 2: Policy Recommendations - The IMF suggests that South Korea has sufficient policy space to stimulate the economy, but the policy mix should remain flexible to adapt to changing external risks [1] - The IMF supports the South Korean government's new economic growth strategy focused on artificial intelligence applications, service exports, and innovation, but stresses the need for accelerated reforms [2] Group 3: Monetary Policy - The IMF indicates that monetary easing will help drive economic recovery, given that inflation expectations are well-controlled and overall inflation risks are balanced [1] - There is speculation that the Bank of Korea may restart its easing cycle during the next policy meeting on October 23, with indications from committee members that a rate cut this year is reasonable [1]

Group 1 - The USD/JPY exchange rate is currently trading around 147, with a slight increase of 0.01% from the previous close of 147.71 [1] - Political risks associated with the upcoming Japanese Liberal Democratic Party presidential election may impact the yen [1] - If candidate Sanae Takaichi wins, the yen may initially weaken due to concerns over her dovish stance delaying the next Bank of Japan interest rate hike [1] - Despite high inflation in Japan exceeding the central bank's target for three consecutive years, the possibility of an interest rate hike in October may not be completely ruled out even if Takaichi is elected [1] - The election outcome may not have a lasting impact on the yen, as seen in the case of candidate Shigeru Ishiba, whose initial strengthening of the yen was reversed due to his preference for maintaining a loose monetary policy [1] Group 2 - The USD/JPY pair previously failed to sustain a breakthrough above the 148.20 level, leading to a downward correction [2] - A key bearish trend line is forming, with resistance at the 148.00 level [2] - The USD/JPY faced selling pressure and dropped below the 148.00 level, further retreating below the 50% Fibonacci retracement level of the recent upward movement from 146.30 to 148.16 [2]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The short - term, medium - term, and overall reference viewpoints for TL2512 are all "oscillation", with an intraday view of "oscillation on the weak side". The core logic is that the long - term expectation of interest rate cuts still exists, but the possibility of a short - term comprehensive interest rate cut is low [1]. - For financial futures in the bond index sector (TL, T, TF, TS), the intraday view is "oscillation on the weak side", the medium - term view is "oscillation", and the reference view is "oscillation". In the short term, bond futures will mainly experience low - level oscillation and consolidation [5]. 3. Summary by Related Catalogs 3.1 Variety Viewpoint Reference - Financial Futures Stock Index Sector - For TL2512, the short - term, medium - term, and overall reference viewpoints are "oscillation", and the intraday view is "oscillation on the weak side". The core logic is that although there is still a long - term expectation of interest rate cuts, the short - term possibility of a comprehensive interest rate cut is low [1]. 3.2 Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - Yesterday, bond futures oscillated and sorted, with a slight rebound throughout the day. The newly released credit data was weak, and the marginal consumption growth rate declined, leading to an increase in the market's expectation of loose policies in the fourth quarter, and the long - term expectation of interest rate cuts still exists [5]. - Currently, bond futures are mainly affected by monetary policy expectations and the risk appetite of the stock market. Since the necessity of a short - term comprehensive interest rate cut is not high, the upward space for bond futures is limited [5]. - The risk appetite of the stock market is at a high level, and the capital side suppresses the demand for bonds. The year - on - year increase in non - bank deposit data from July to August indicates the "stock - bond seesaw" effect [5]. - In general, bond futures will mainly experience low - level oscillation and consolidation in the short term [5].

Core Viewpoint - Silver prices have surged, reaching over $43 per troy ounce, the highest level since 2011, in line with strong gold price trends [1] Group 1: Market Dynamics - Recent precious metal price increases are attributed to a weakening US dollar, with market expectations of a 25 basis point rate cut by the Federal Reserve and further easing by year-end [1] - Geopolitical uncertainties and continued inflows into exchange-traded funds (ETFs) have also contributed to the rising demand for silver [1] Group 2: Demand Drivers - Over half of global silver consumption is driven by industries such as solar panels, electric vehicles, and electronics, indicating a strong industrial demand for silver [1]

Core Viewpoint - Silver prices have surged, reaching over $43 per troy ounce, the highest level since 2011, driven by a strong performance in gold prices and a weakening dollar [1] Group 1: Market Dynamics - The recent increase in precious metal prices is attributed to expectations that the Federal Reserve will cut interest rates by 25 basis points and implement further easing policies by the end of the year [1] - Geopolitical uncertainties and continued inflows into exchange-traded funds (ETFs) have also contributed to the rising demand for silver [1] Group 2: Demand Drivers - Over half of global silver consumption comes from industries such as solar panels, electric vehicles, and electronics, indicating a strong industrial demand for silver [1]

Core Viewpoint - The Indonesian central bank is likely to maintain its benchmark interest rate at 5.0% after two rate cuts, as it assesses recent currency fluctuations and the impact of prior rate reductions [1] Group 1: Central Bank Actions - The Indonesian central bank will hold a meeting the day before the Federal Reserve's meeting, which may lead to a shift in monetary policy [1] - The decision to keep the rate unchanged is seen as temporary, with future adjustments dependent on economic conditions [1] Group 2: Economic Assessment - Economists expect the central bank to evaluate the effects of recent protests and cabinet reshuffles on the Indonesian rupiah's volatility [1] - The central bank will also consider the stronger food price inflation observed recently [1] Group 3: Future Predictions - The baseline forecast suggests a cautious and data-dependent approach, with a potential rate cut of 25 basis points by the fourth quarter of 2025, lowering the rate to 4.75% [1] - The central bank is set to announce its interest rate decision on Wednesday [1]

Group 1 - The Consumer Price Index (CPI) in South Korea rose by 1.7% year-on-year in August, a significant slowdown from 2.1% in July and below the economists' expectation of 1.9% [1] - The primary driver for this unexpected cooling was a substantial reduction in communication costs, particularly due to SK Telecom's policy to halve mobile bills for 20 million users, resulting in a monthly decline of over 13% in communication service prices [1] - Excluding this one-time factor, the actual price dynamics in South Korea remain resilient, with food and non-alcoholic beverage prices increasing by 4.9%, education costs rising by 2.4%, and essential living expenses such as water, electricity, and fuel growing by 1.3% [1] Group 2 - Despite strong external demand, with semiconductor exports up 27.1% year-on-year and automotive and ship exports increasing by 8.6% and 11.8% respectively, the South Korean economy faces significant internal and external challenges [2] - The retail sales figures show a five-year growth trend, but underlying issues such as high household debt and a bubble in the real estate market raise concerns about consumer confidence, which reached a seven-year high [2] - The Bank of Korea is in a policy dilemma, maintaining the benchmark interest rate at 2.5% due to high housing prices and mortgage levels, while emphasizing the need to consider housing costs in defining price stability [2] Group 3 - A recent phase trade agreement between the South Korean government and the United States has locked in goods tariffs at 15%, which, while lower than the previously threatened 25%, still represents a significant increase compared to previous years [3] - Analysts believe this added cost pressure may accelerate the shift of more companies in South Korea to relocate their supply chains, intensifying the structural adjustment pressures on the economy [3]

Group 1 - The core point of the article is the unprecedented dismissal of Federal Reserve Governor Cook by President Trump, raising concerns about the independence of the Federal Reserve [1] - This action has led to a sell-off in dollar assets, including the dollar, U.S. Treasuries, and U.S. stock futures [1] - Market expectations for a rate cut by the Federal Reserve have increased, with traders estimating an 85% probability of a rate cut in September [1] Group 2 - The article mentions that if Trump can influence the Federal Reserve, it may lead to a more accommodative monetary policy, potentially boosting risk assets like stocks and gold in the long term [1] - Legal challenges are anticipated regarding Cook's dismissal, as his lawyer plans to file a lawsuit, which could take months to resolve [1] - The dollar index is currently facing resistance at 98.317 and support at 97.859, with potential further movements depending on price action [1]

Fundamental Analysis - Gold prices are currently trading around $3,386 after testing the overnight high near $3,400, influenced by uncertainties surrounding Federal Reserve policies and geopolitical risks [1] - The market is reacting to President Trump's attempt to dismiss Fed Governor Cook, raising concerns about the Fed's independence, which has increased gold's short-term appeal [1][3] - The U.S. dollar experienced fluctuations, reaching a three-week high of 98.72 before closing at approximately 98.17, impacting gold prices [1] - U.S. Treasury yields have shown mixed movements, with the two-year yield dropping to a four-month low of 3.625%, while the 30-year yield rose to 4.915%, indicating a steepening yield curve that suggests expectations of economic recovery [1][3] Market Sentiment - Political uncertainty has become a significant catalyst for gold prices, with Trump's actions leading to a spike in gold to a two-week high [3] - The market is closely monitoring the interaction between geopolitical events and economic data to identify potential market movements [3] - The Fed's independence is under unprecedented scrutiny, directly affecting confidence in the gold market [3] Federal Reserve Outlook - According to CME FedWatch Tool, there is an 87% probability of a 25 basis point rate cut at the Fed's September meeting, which supports gold's resilience [4] - New York Fed President Williams emphasized that any rate cut will depend on upcoming economic data, adding uncertainty to the Fed's stance [4] - The Fed's policy fluctuations are viewed as a "ticking time bomb" for the gold market, with Trump's interventions potentially amplifying signals for monetary easing [4] Technical Analysis - Gold prices recorded a bullish close, continuing to challenge the $3,400 level, with short-term support identified around $3,360 and $3,345 [6] - The recent price action indicates a rebound from a low of $3,320, with ongoing attempts to break through the $3,400 resistance level [6] Trading Strategy - A short position is recommended below $3,400 with a stop loss at $3,407 and a target around $3,365 to $3,345 [7] - Aggressive traders may consider entering near $3,393 with similar stop loss and take profit levels [7]

Group 1 - The Bank of Korea has decided to maintain its current interest rate policy at 2.5% and will not restart the easing cycle until there are clear signs of improvement in the real estate, credit, and foreign exchange markets [1][3] - The central bank has revised its economic growth forecast for this year from 0.8% to 0.9% and increased its inflation forecast from 1.9% to 2% [1] - The Korean won appreciated by approximately 0.4% following the central bank's decision, with the exchange rate at about 1,389.45 won per US dollar [1] Group 2 - Economists expect that the Bank of Korea may lower interest rates in October, particularly after the government introduces housing supply measures [3] - The central bank's decision to maintain rates reflects the need to ensure financial stability and balance the interest rates set by the Bank of Korea and the Federal Reserve [3] - The real estate market in Seoul continues to be a constraint on rate cuts, with apartment prices rising despite government measures to limit mortgage lending [3][4] Group 3 - The South Korean government is planning to implement new measures to increase housing supply to prevent the real estate market from overheating [4]