By Johann M Cherian, Lewis Krauskopf and Douglas Gillison (Reuters) - U.S. companies should be allowed to report earnings every six months instead of on a quarterly basis, President Donald Trump said on Monday, announcing what could prove to be a major shift for corporate America. The president said on his social media site Truth Social that change, which he had previously called for in 2018, would cut costs and discourage shortsightedness on the part of publicly traded companies. The U.S. Securities and ...

Billionaire Mukesh Ambani’s Reliance companies raised about $2.4 billion through asset-backed securities, people familiar with the matter said, making it one of the largest such deals in India this year https://t.co/JrJAZBxvvA ...

Group 1 - The People's Bank of China (PBOC) conducted a 280 billion yuan 7-day reverse repurchase operation on September 15, maintaining the operation rate at 1.40%, resulting in a net injection of 885 billion yuan after accounting for 191.5 billion yuan of reverse repos maturing on the same day [1] - Last week, the central bank's net reverse repo injection was 196.1 billion yuan, and it announced a 600 billion yuan 6-month buyout reverse repo operation on September 15, with a total net injection of 300 billion yuan for the month, consistent with the previous month [2][3] - The funding environment showed a tightening trend at the beginning of the week due to government debt payments and previous net withdrawals, with overnight rates rising above the central rate, but eased later in the week as the central bank shifted to net injections [1][2] Group 2 - The upcoming week (September 15-19) will see an increase in reverse repo maturities to 1,264.5 billion yuan, with a significant government debt net payment of 402.5 billion yuan, including a single-day net payment of 366 billion yuan on September 15 [2] - Analysts expect that the tax period will be a major influencing factor on the funding environment, but given the central bank's supportive stance, significant fluctuations in funding prices are unlikely, with DR001 expected to remain below 1.4% [2][3] - Financial data from the PBOC indicated that the total social financing stock at the end of August was 433.66 trillion yuan, with a year-on-year growth of 8.8%, and new loans primarily driven by corporate borrowing [3][4]

Core Insights - The fiscal revenue in China is projected to reach 106 trillion yuan during the 14th Five-Year Plan, an increase of 17 trillion yuan or approximately 19% compared to the previous plan [2] - Public budget expenditure is expected to exceed 136 trillion yuan, marking a 24% increase over the previous five years, with a focus on optimizing the structure of spending towards development and public welfare [2][4] Fiscal Policy and Economic Impact - The correlation between fiscal policy and domestic demand has significantly increased in recent years, particularly in the post-real estate era, highlighting the importance of government spending in stabilizing the economy [3] - The fiscal deficit ratio has risen from 2.7% to 4% during the 14th Five-Year Plan, with new local government special bond quotas set at 19.4 trillion yuan and tax reductions exceeding 1 trillion yuan [3] Social Welfare and Public Spending - During the 14th Five-Year Plan, the general public budget allocated 20.5 trillion yuan for education, 19.6 trillion yuan for social security and employment, and 10.6 trillion yuan for health care, totaling nearly 100 trillion yuan for social welfare [6] - Employment support measures have been enhanced, with 3.186 billion yuan allocated for employment subsidies, resulting in over 50 million new urban jobs [6] Fiscal Reform and Structural Changes - The Ministry of Finance emphasizes the need for deepening fiscal and tax reforms to ensure a more scientific budget management and a more robust fiscal system [7] - The central government's transfer payments to local governments have totaled nearly 50 trillion yuan since the beginning of the 14th Five-Year Plan, aimed at enhancing local fiscal capabilities [8] Future Outlook - The Ministry of Finance aims to strengthen macroeconomic regulation and deepen fiscal reforms in the upcoming 15th Five-Year Plan, contributing to the modernization of the country [9]

Core Insights - The M1-M2 spread has narrowed, indicating increased liquidity and a trend of "deposit migration" as residents shift funds from bank deposits to non-bank financial institutions [1][2][3] - August financial data shows a significant increase in non-bank deposits, suggesting a potential shift of funds towards equity markets [2][6] Monetary Supply and Deposit Trends - As of the end of August, M2 stood at 331.98 trillion yuan, growing 8.8% year-on-year, while M1 reached 111.23 trillion yuan, up 6% year-on-year [2][3] - The M1-M2 spread narrowed to -2.8%, the lowest since June 2021, reflecting a trend of more funds being converted into demand deposits, which can stimulate consumption and investment [2][3] - Non-bank deposits increased by 1.18 trillion yuan in August, contrasting with a decline in household deposits, indicating a shift towards investment in capital markets [3][4] Economic Implications - Analysts suggest that the narrowing M1-M2 spread reflects enhanced liquidity as households and businesses convert time deposits into demand deposits for consumption or investment [3][4] - The trend of "deposit migration" is expected to continue, with non-bank deposits serving as a key indicator of capital market inflows [5][7] Consumer Behavior and Loan Trends - Despite the increase in non-bank deposits, households exhibit a cautious approach towards future economic conditions, maintaining a "more saving, less borrowing" attitude [8][9] - The total increase in household loans was only 711 billion yuan in the first eight months, significantly lower than previous years, indicating a trend of deleveraging among consumers [8][9] Policy Responses - The government has implemented various measures to stimulate consumer spending, including issuing consumption vouchers and providing interest subsidies for personal loans [10] - The effectiveness of these policies in boosting retail loan growth will depend on improvements in employment and income levels [10]

居民存款和非银存款连续两个月呈现"跷跷板"关系，被市场解读为"存款搬家"，并与近期国内股市行情 联系起来。 从央行最新发布的8月金融数据来看，居民存款连续两个月超季节性下行，非银存款再度多增。8月，居 民存款新增1100亿元，同比少增6000亿元，连续两个月同比负增长。与此同时，8月非银存款新增1.18 万亿元，虽同比回落，但与去年同期相比仍大幅多增。另外，M1（狭义货币）-M2（广义货币）剪刀 差进一步收窄至2021年6月以来的最低值，资金活性增强与"存款搬家"趋势引发市场广泛关注。 资金活性提升 M1-M2剪刀差进一步收窄、非银存款再度多增，是8月金融数据的重要特征。 在货币供应量方面，8月末M2余额331.98万亿元，同比增长8.8%，增速与上月持平，比上年同期高2.5个 百分点；M1余额为111.23万亿元，同比增长6%，比上月加快0.4个百分点，继续维持较高增长。 M1增速回升带动M1-M2剪刀差进一步收窄，8月末该差值为-2.8%，较上月收窄0.4个百分点，是2021年 6月以来的最低值。今年以来M1-M2剪刀差明显收敛，进一步印证更多资金转化为活期存款，有助于投 入消费、投资等经济活动。 在央行 ...

Core Insights - The recent financial data indicates a "deposit migration" trend, with a notable decrease in household deposits and an increase in non-bank deposits, which is linked to the performance of the domestic stock market [1][3][4] Group 1: Financial Data Overview - In August, household deposits decreased by 110 billion yuan, a year-on-year decline of 600 billion yuan, marking two consecutive months of negative growth [1][3] - Non-bank deposits increased by 1.18 trillion yuan in August, showing a significant year-on-year increase despite a decline compared to the previous month [1][2] - The M1-M2 spread narrowed to -2.8%, the lowest since June 2021, indicating enhanced liquidity and a shift towards more active funds [2][3] Group 2: Market Dynamics - The increase in non-bank deposits is interpreted as a signal of residents moving funds into capital markets, particularly as the stock market shows strong performance [6][7] - Analysts suggest that the current trend of "deposit migration" is likely to continue, driven by lower deposit interest rates and a strong equity market [5][7] - The capital market's performance is seen as a key factor attracting funds from bank deposits to non-bank financial institutions [6][7] Group 3: Consumer Behavior and Economic Outlook - Despite the increase in non-bank deposits, there remains a cautious attitude among residents regarding future economic conditions, reflected in a strong preference for saving over borrowing [8][9] - The household sector is exhibiting a trend of deleveraging, with a significant reduction in loan growth compared to deposits [8][9] - Government policies aimed at stimulating consumer spending are becoming increasingly important, with measures such as consumption vouchers and interest subsidies for personal loans being implemented [10]

Core Insights - The China Securities Investment Fund Industry Association has released the top 100 public fund sales institutions for the first half of 2025, highlighting the significant role of securities firms in the fund distribution sector [1] - The total "equity fund holding scale" of the top 100 fund distribution institutions reached 51,374 billion yuan, marking a 5.89% increase compared to the end of 2024 [1] - The "stock index fund holding scale" saw a notable growth of 14.57%, totaling 19,522 billion yuan compared to the end of 2024 [1] - The "non-money market fund holding scale" reached 101,993 billion yuan, reflecting a 6.95% increase from the end of 2024 [1] Securities Firms Performance - A total of 57 securities firms made it to the top 100 list, with CITIC Securities maintaining its position as the leading firm in fund distribution, followed by Huatai Securities and Guotai Junan [1] - In the "equity fund holding scale," CITIC Securities led with 1,421 billion yuan, while Huatai Securities followed with 1,266 billion yuan [2] - For the "non-money market fund holding scale," the top three securities firms were CITIC Securities (2,397 billion yuan), Huatai Securities (1,752 billion yuan), and Guotai Junan (1,605 billion yuan) [2] - In the "stock index fund holding scale," CITIC Securities again led with 1,223 billion yuan, followed by Huatai Securities with 1,150 billion yuan [2] Financial Product Distribution - The ability to distribute financial products has become a key indicator of the effectiveness of securities firms' wealth management transformation [3] - In the first half of the year, 42 listed securities firms achieved a total revenue of 55.68 billion yuan from financial product distribution, representing a year-on-year growth of 32.09% [3] - CITIC Securities generated the highest revenue from financial product distribution at 8.38 billion yuan, followed by China International Capital Corporation (6.03 billion yuan) and Guotai Junan (4.48 billion yuan) [3] Growth Trends - Smaller securities firms such as Nanjing Securities, Guolian Minsheng, and Guojin Securities exhibited remarkable growth, with year-on-year increases in financial product distribution revenue exceeding 100% [4] - Other firms like Southwest Securities and Guotai Junan also showed significant growth, with increases over 50% [4]

India’s securities regulator on Friday eased rules for mega-cap private companies to go public, boosting one of the world’s top destinations for first-time share sales https://t.co/PYdqgo0g22 ...

Core Viewpoint - Recent weeks have seen a significant rise in long-term bond yields across developed markets, reaching multi-year highs, driven by concerns over fiscal sustainability and external risks in various economies [1][3][4] Supply Side: "Fiscal Expansion" Leading to Imbalance - The current surge in long-term bond yields reflects a severe imbalance in supply and demand, exacerbated by fiscal expansion pressures in major economies [4] - The U.S. federal debt has surpassed $37 trillion, with interest payments projected to reach $1-1.2 trillion by fiscal year 2025, indicating a growing fiscal burden [4][5] - France's government is facing challenges in reducing its deficit, with proposed budget cuts meeting public resistance, which could further strain its fiscal position [5][6] Demand Side: Investors Reacting to Fiscal Concerns - Concerns over fiscal sustainability are leading to increased selling of long-term bonds, with a notable decline in demand from traditional holders such as central banks and insurance companies [9][10] - The structure of bondholders is shifting, with a decrease in the proportion of "non-price sensitive" buyers, leading to heightened volatility in bond markets [10] - The demand for long-term bonds is being negatively impacted by reduced purchases from foreign investors, particularly from Japan and China, which are significant holders of U.S. debt [9][10] Market Outlook - Analysts suggest a focus on short-term U.S. Treasury rates, anticipating a continuation of the steepening yield curve, although the potential for further significant increases in long-term yields may be limited [11] - The current market dynamics indicate that while short-term yields may rise, long-term yields could face resistance at key levels, particularly around the 5% mark for 30-year bonds [11]