So joining me now with whether those runs can continue is Paul Siana, the head of technical research over at BFA Securities. So we brought in an expert to talk to us about the prices of Bitcoin and the prices of gold and whether or not those trends are things that can sustain over time or whether we're due for some kind of a reversal. So let's start first of all with the first chart that we're going to put up here and that's going to be a little bit about the gold rally.This is a weekly chart showing all of ...

Bond Market Overview - Bond yields are rising despite weaker-than-expected economic data, particularly in the service sector [1][2] - Two-year and 10-year yields are up several basis points during the session, but down about eight basis points for the week [3] Economic Data Impact - The disappointing service sector data raised questions about both sides of the Federal Reserve's mandate, particularly regarding the labor market [2] - Prices paid in the service sector showed a slight increase, which is not favorable for inflation control [1] Technical Analysis - The NASDAQ index is showing a higher high and a lower low compared to the previous day, indicating potential volatility [4] - A close below the previous day's low could signal a key reversal from all-time highs, which would be technically significant and potentially bearish [4]

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the **A-share market** in China, highlighting recent trends in investor sentiment and market performance amid potential government interventions and economic indicators. Core Insights and Arguments 1. **Investor Sentiment Decline**: A-share investor sentiment has decreased significantly, with the weighted MSASI dropping by **32 percentage points** to **126%** and the simple MSASI to **121%** compared to the previous cutoff date of August 28 [2][6][11]. 2. **Market Correction**: Reports of government measures to cool market sentiment have led to a notable market correction, with the Shanghai Composite Index down **1.3%**, CSI 300 Index down **2.1%**, and ChiNext index down **4.2%** on September 4 [4][11]. 3. **Turnover Trends**: Daily turnover for ChiNext, A-shares, and Northbound fell by **26%** (to **RMB 658 billion**), **25%** (to **RMB 2,366 billion**), and **17%** (to **RMB 166 billion**), respectively, indicating reduced trading activity [2][11]. 4. **Net Inflows**: Southbound trading recorded net inflows of **US$ 2.3 billion** from August 28 to September 3, with year-to-date and month-to-date net inflows reaching **US$ 128.1 billion** and **US$ 3.4 billion**, respectively [3][11]. 5. **Earnings Misses**: The A-share market has seen a moderate miss in earnings, with a slight deterioration compared to Q1 results, indicating potential challenges in corporate fundamentals [11][12]. Additional Important Insights 1. **PMI Indicators**: August PMIs showed a continued growth slowdown, with construction PMI dropping to a record low of **49.1** and manufacturing PMI for consumer goods at **49.2**, reflecting weakening economic conditions [11]. 2. **Government Policy Impact**: The upcoming **15th Five-Year Plan** to be announced in mid-October is expected to be a critical checkpoint for assessing the need for structural reforms to support economic stability [11]. 3. **Monitoring Signposts**: Investors are advised to monitor key indicators such as onshore bond yields, policy catalysts focusing on consumption and social benefits, earnings trajectories, and potential government interventions to stabilize the market [11]. Conclusion - The A-share market is currently facing challenges due to declining investor sentiment, market corrections, and economic indicators suggesting a slowdown. The effectiveness of government interventions and upcoming policy announcements will be crucial in determining the market's trajectory in the near future.

Group 1 - The Agricultural Development Bank issued a 392-day bond with a scale of 15 billion yuan and an issuance rate of 1.3883%, exceeding the expected rate of 1.3700%, with a bid-to-cover ratio of 2.30 times and a marginal ratio of 1.67 times [1] - The Agricultural Development Bank issued a 3-year bond with a scale of 2 billion yuan and an issuance rate of 1.6893%, higher than the expected rate of 1.6500%, with a bid-to-cover ratio of 4.24 times and a marginal ratio of 1.17 times [1] - The Agricultural Development Bank issued a 10-year bond with a scale of 16 billion yuan and an issuance rate of 1.8411%, above the expected rate of 1.8200%, with a bid-to-cover ratio of 2.76 times and a marginal ratio of 6.67 times [1]

Group 1 - Agricultural Development Bank issued a 392-day bond with a scale of 15 billion yuan and an issuance rate of 1.3695%, with a bid multiple of 2.54 times and a marginal multiple of 1.27 times [1] - Agricultural Development Bank issued a 3-year bond with a scale of 2 billion yuan and an issuance rate of 1.6649%, with a bid multiple of 3.26 times and a marginal multiple of 2.67 times [1] - Agricultural Development Bank issued a 10-year bond with a scale of 16 billion yuan and an issuance rate of 1.7888%, with a bid multiple of 3.76 times and a marginal multiple of 1.13 times [1]

Group 1 - Agricultural Development Bank issued a 392-day bond with a scale of 15 billion yuan and an issuance rate of 1.3684%, with a bid multiple of 2.72 times and a marginal multiple of 10.97 times [1] - Agricultural Development Bank issued a 3-year bond with a scale of 2 billion yuan and an issuance rate of 1.6534%, with a bid multiple of 5.41 times and a marginal multiple of 5.00 times [1] - Agricultural Development Bank issued a 10-year bond with a scale of 16 billion yuan and an issuance rate of 1.7526%, with a bid multiple of 3.18 times and a marginal multiple of 5.18 times [1]

Group 1 - The China Development Bank (CDB) issued a 1-year bond with a scale of 6 billion yuan, an issuance rate of 1.3838%, and a bid-to-cover ratio of 2.92 times [1] - The CDB issued a 5-year bond with a scale of 11 billion yuan, an issuance rate of 1.5564%, and a bid-to-cover ratio of 2.71 times [1] - The CDB issued a 10-year bond with a scale of 21 billion yuan, an issuance rate of 1.6790%, and a bid-to-cover ratio of 2.74 times [1] Group 2 - The expected issuance rate for the 1-year bond was 1.4000%, while the actual rate was lower [1] - The expected issuance rate for the 5-year bond was 1.5300%, with the actual rate being slightly higher [1] - The expected issuance rate for the 10-year bond was 1.6700%, with the actual rate being marginally higher [1] Group 3 - The marginal bid-to-cover ratio for the 1-year bond was 1.79 times [1] - The marginal bid-to-cover ratio for the 5-year bond was 3.83 times [1] - The marginal bid-to-cover ratio for the 10-year bond was 13.22 times [1]

Core Viewpoint - Agricultural Development Bank issued 3-year bonds totaling 2 billion with an issuance rate of 1.6524%, slightly below the expected 1.6500%, and received a bid-to-cover ratio of 5.06 times, with a marginal bid-to-cover ratio of 4.64 times [1] Group 1 - Agricultural Development Bank issued 10-year bonds totaling 16 billion with an issuance rate of 1.7389%, close to the expected 1.7400%, and achieved a bid-to-cover ratio of 3.72 times, with a marginal bid-to-cover ratio of 1.90 times [1]

Group 1 - The Ministry of Finance of China issued a 7-year bond with a scale of 109 billion, an issuance rate of 1.5302%, and a marginal rate of 1.5573%, with expectations of 1.5600% [1] - The bidding multiple for the 7-year bond was 4.22 times, and the marginal multiple was 13.84 times [1] - Additionally, a 10-year bond was issued with a scale of 131 billion, an issuance rate of 1.6188%, and a marginal rate of 1.6342%, with expectations of 1.6300% [1] - The bidding multiple for the 10-year bond was 5.04 times, and the marginal multiple was 6.91 times [1]

Group 1 - Agricultural Development Bank issued a 392-day bond with a scale of 15 billion yuan and an issuance rate of 1.3513%, compared to an expected rate of 1.3900%, with a bid-to-cover ratio of 2.58 times and a marginal ratio of 20.21 times [1] - Agricultural Development Bank issued a 3-year bond with a scale of 2 billion yuan and an issuance rate of 1.6501%, compared to an expected rate of 1.6600%, with a bid-to-cover ratio of 4.07 times and a marginal ratio of 2.20 times [1] - Agricultural Development Bank issued a 10-year bond with a scale of 16 billion yuan and an issuance rate of 1.7352%, compared to an expected rate of 1.7400%, with a bid-to-cover ratio of 3.24 times and a marginal ratio of 3.65 times [1]