Group 1 - Asian equity markets ended on a mixed note as investors anticipated the Federal Reserve's interest-rate decision later in the day [1] - A 25-basis-point cut is widely anticipated and already priced in by the market [1] - China's Shanghai Composite Index advanced by 0.37% to close at 3,876, leading gains in the region [1]

Global Asset Market Performance - On September 15, 2025, the 10 - year Treasury yields of major economies showed various changes. For example, the US was 4.039% with a latest change of - 0.028%, a one - week change of - 0.002%, a one - month change of - 0.295%, and a one - year change of 0.311%. Other countries like the UK, France, etc. also had their own yield data and changes [3]. - The 2 - year Treasury yields of major economies were reported. For instance, the US was 3.520% on September 15, 2025, with a latest change of - 0.020%, a one - week change of - 0.070%, a one - month change of - 0.100%, and a one - year change of - 0.360% [3]. - The US dollar exchange rates against major emerging economies' currencies had different changes. For example, against the Brazilian real, it was 5.317 on September 15, 2025, with a latest change of - 0.70%, a one - week change of - 1.89%, a one - month change of - 2.20%, and a one - year change of - 4.60% [3]. - The performance of major economies' stock indices was presented. For example, the Dow Jones Industrial Average was 6615.280 on September 15, 2025, with a latest change of 0.47%, a one - week change of 1.85%, a one - month change of 2.58%, and a one - year change of 20.20% [3]. - Credit bond indices of different regions and levels had their own changes. For example, the emerging economies' investment - grade credit bond index had a latest change of 0.24%, a one - week change of 0.46%, a one - month change of 2.37%, and a one - year change of 4.76% [3][4]. Stock Index Futures Trading Data - The closing prices and price changes of A - share indices such as the Shanghai Composite Index, CSI 300, SSE 50, ChiNext, and CSI 500 were reported. For example, the Shanghai Composite Index closed at 3860.50 with a change of - 0.26% [5]. - Valuation data including PE (TTM) and their环比变化 of indices like CSI 300, SSE 50, CSI 500, S&P 500, and German DAX were provided. For example, the PE (TTM) of CSI 300 was 14.13 with a环比变化 of 0.00 [5]. - Risk premium data and their环比变化 of some indices were given. For example, the risk premium (1/PE - 10 - year interest rate) of S&P 500 was - 0.41 with a环比变化 of 0.01 [5]. - The latest values and 5 - day average values of fund flows in different segments of the A - share market were reported. For example, the latest value of A - share fund flow was - 1180.37, and the 5 - day average was - 554.63 [5]. - The latest values and环比变化 of trading volumes in different segments of the A - share market were reported. For example, the latest trading volume of the Shanghai and Shenzhen stock markets was 22773.85 with a环比变化 of - 2435.40 [5]. - The basis and basis percentage of index futures such as IF, IH, and IC were reported. For example, the basis of IF was - 5.26 with a basis percentage of - 0.12% [5]. Treasury Futures Trading Data - The closing prices and price changes of Treasury futures T00, TF00, T01, and TF01 were reported. All of them had a change of 0.00% on September 15, 2025 [6]. - The money market rates R001, R007, and SHIBOR - 3M and their daily changes (BP) were reported. For example, R001 was 1.4474% with a daily change of - 2.00 BP [6].

Core Viewpoint - The Federal Reserve's interest rate decisions significantly impact global financial markets, influencing assets like gold, stocks, and cryptocurrencies [2]. Group 1: Impact of Interest Rate Hikes - When the Federal Reserve raises interest rates, the market immediately feels the tightening effect [4]. - Gold, despite being a "safe-haven asset," loses attractiveness in a high-interest environment due to increased opportunity costs [5]. - Technology stocks are particularly sensitive to interest rates, as rate hikes compress their high valuation logic [5]. - Bitcoin, viewed as a "liquidity darling," tends to weaken during rate hike cycles [5]. Group 2: Impact of Interest Rate Cuts - Conversely, interest rate cuts are perceived as a signal of "releasing liquidity," leading to lower borrowing costs and increased market inflows [5]. - Gold benefits from lower real interest rates, typically resulting in price increases [5]. - Rising interest rates lead to increased borrowing costs, constraining corporate financing and consumer spending [5]. - A stronger dollar results in capital flowing back to the U.S., tightening global liquidity and putting pressure on risk assets like gold, Bitcoin, and U.S. stocks [5]. Group 3: Market Reactions and Expectations - A recovering stock market, especially growth stocks, may experience rapid rebounds during rate cuts [6]. - The cryptocurrency market becomes more active, with high-risk, high-volatility assets regaining popularity [6]. - Market participants often focus more on future interest rate paths rather than just the announced results, leading to preemptive market movements [8]. - The disparity between market expectations and actual outcomes can lead to significant volatility upon data releases [8].

Group 1 - The financial environment for ordinary families in 2025 is increasingly complex, characterized by stagnant wage growth, rising prices, declining bank interest rates, a sluggish real estate market, and volatile stock markets [1] - Cash flow is emphasized as the foundation of family financial management, ensuring liquidity is crucial for any investment strategy to succeed [3] Group 2 - Real estate is shifting from a core wealth growth channel to a more cautious investment approach, with a focus on self-occupation rather than speculative gains [4] - Families are advised to maintain emergency funds covering 6-12 months of living expenses, and to diversify investments in liquid assets and short-term financial products [5] Group 3 - The stock market and funds are highlighted as key tools for wealth appreciation, with a long-term investment strategy recommended rather than short-term speculation [6][7] - A diversified asset allocation is suggested, including a 10% allocation to gold for inflation protection and overseas assets to mitigate domestic market risks [7] Group 4 - The overall wealth management strategy for families in 2025 should focus on cash flow for living expenses, long-term investments in quality stocks or funds, and a balanced approach to real estate and alternative assets [9]

Welcome back to Market on Close. It's time for Options Corner. So, let's welcome in Kevin Green, our senior markets correspondent to take a look at some of the levels that we're watching as we head into the close. As I take a look at the S&P right now, you know, mostly unchanged as we're heading into the close here.Kevin, you know, what levels are you keeping an eye on. >> Yeah, well, Marggo, we are seeing a little bit of a selloff after hitting that 6600 level here, but overall, when you're kind of looking ...

来源：世界经济论坛 资产代币化有望让金融市场向所有人敞开大门。 图片来源：Getty Images/iStockphoto Sandra Waliczek 世界经济论坛区块链与数字资产负责人 美国《天才法案》（GENIUS Act）出台后，美国货币监管的最新进展使数字资产成为头条话题。这项监管主要聚焦于数字货币，但数字资产的下一阶段 将聚焦于资产代币化。 在日益数字化的世界里，金融市场正经历一场悄然的变革——这场变革承诺让投资变得更便捷、更低廉、更透明。 推动这一切的正是资产代币化。这一 概念利用区块链技术将股票、债券和房地产等现实世界资产的所有权数字化和分散化。 虽然数字资产的概念可能会让人联想到波动的加密货币，但资产代币化却截然不同，它对全球金融的变革意义甚至可能更为深远。 需要强调的是，资产代币化并非数字支付。从本质上讲，代币化有可能通过开放以前无法获得的资产所有权，增加进入金融市场的渠道，尤其惠及零售投 资者和那些在新兴经济体中难以触及传统金融机构的人群。 世界经济论坛最近发布了《金融市场中的资产代币化：未来的价值交换》报告，对这一主题进行了深入探讨。 什么是资产代币化？ 资产代币化相比传统金融，带来 ...

Core Insights - DR007, the 7-day repurchase rate in the interbank market, serves as a crucial indicator of market liquidity and has become a benchmark for loan rates, bond yields, and derivative pricing since its inception in 2014 [1] Group 1: Development of the Foreign Exchange Trading Center - The China Foreign Exchange Trading Center (CFETS) was established in 1994, marking the beginning of the market-oriented reform of interest rates in China [2] - CFETS has evolved into a vital infrastructure within the Chinese financial system, serving nearly 6000 institutions across over 70 countries and regions [2] - The interbank market has grown significantly, with a projected transaction volume of 261.7 trillion yuan in 2024, averaging over 10.5 trillion yuan daily [3] Group 2: Technological Advancements - The transition from manual trading to electronic trading systems has greatly enhanced market efficiency, with the latest systems capable of processing 100,000 transactions per second [3] Group 3: Bond Market and Foreign Participation - China's bond market, valued at 190 trillion yuan, ranks second globally and has attracted significant foreign investment, with over 1100 foreign institutions holding 4.23 trillion yuan in bonds [4] - The introduction of the "Northbound Trading" scheme in 2017 has streamlined access for foreign traders, allowing them to trade domestic bonds directly from Hong Kong [4][6] Group 4: Innovative Trading Mechanisms - CFETS has expanded its access mechanisms, including "Northbound Trading," "Southbound Trading," and "Swap Connect," to meet the liquidity management and risk hedging needs of foreign institutions [5] - The "Swap Connect" allows foreign investors to access the onshore interest rate swap market through familiar international electronic trading platforms, enhancing transaction efficiency [6]

美国将公布最新 CPI 通胀数据。这份报告被誉为 "美联储决议前最关键数据"，市场正屏息以待 —— 若 数据超预期降温，可能彻底引爆市场对美联储激进降息的预期；反之，则可能扭转当前的乐观情绪。今 夜，注定是一个不眠之夜。 一、为何通胀数据如此重要？ 市场已提前进入 "降息定价模式"，但降息的幅度和时点完全取决于通胀的走向。今晚的 CPI 数据将直 接验证：当前市场的降息预期是过于乐观，还是恰如其分？ 当前市场预期：期货市场定价显示，交易员预计美联储今年可能降息 3-4 次（75-100 个基点），甚至开 始押注首次降息提前至 3 月。 风险点：若通胀黏性超预期，这些激进的降息预期将被彻底 "重置"，可能引发风险资产剧烈调整。 二、三种情景推演：数据如何决定市场命运？ 情景一：通胀显著降温（CPI 环比≤0.1%，核心 CPI≤0.2%） 逻辑：数据证明抗通胀最后一公里极其艰难，美联储将维持鹰派立场，推迟降息时点。 三、UNFX 策略视角：投资者如何应对波动？ 面对高风险事件，理性的应对策略远比预测数据更重要，可按以下三个阶段规划操作： 市场反应：激进降息预期成为主流。债券收益率大跌，美元走弱，黄金、美股（尤其 ...

Group 1 - The core viewpoint is that international gold prices have surged nearly 40% this year, driven by central bank purchases, complex global situations, and increased demand for safe-haven assets [1][2] - The recent rise in gold prices since late August is linked to market speculation regarding a potential interest rate cut by the Federal Reserve and rising long-term bond yields due to concerns over fiscal sustainability in multiple countries [1][2] - France's 10-year bond yield has risen significantly, surpassing levels in Greece and Spain, raising investor concerns about fiscal sustainability [1] Group 2 - The upward pressure on long-term bond yields is not isolated to France and the UK; similar trends are observed in the US, Japan, and Germany, indicating a broader concern over government debt risks [2] - Investors are shifting from government bonds to gold, reflecting a growing apprehension about fiscal sustainability and the safety of traditional safe-haven assets [2] - The ongoing bull market in gold, which has lasted nearly three years, is supported by central bank purchases and geopolitical uncertainties, with the potential for further price increases as long-term bond sell-offs continue [2]

智通财经APP获悉，9月10日，恒生指数夜期(9月)开市报26181点。截至北京时间17:15，恒指夜期(9月) 报26137点，跌53点或0.202%，低水63点，成交量为193张。未平仓合约总数为135715张，未平仓合约 净数报45543张。 ...