News

British Chancellor of the Exchequer Healy: The top priority is to uphold fiscal discipline, which is the cornerstone of economic stability.

ECB Governing Council member Kazak: Inflation cannot be allowed to take root.

Sumitomo Corporation: Participates in the dos Amigos copper-gold project in Chile through its investment in Tintina Minerals in Canada.

Iran's Mehr News Agency analyzed that Trump's reliance on the old strategy of "making a huge threat first, then backing down at the right time" not only failed to achieve his goals but also reduced the credibility of the US threat to zero. His strategic errors are mainly reflected in two points: first, his failure to understand the fundamental differences between the Iranian people and the people of other countries in the region; second, his insistence on a method that is not only ineffective in the face of Iranian "identity resistance" but also strengthens national will. The news agency pointed out that Western media have correctly warned that the new regional reality is Iran's permanent or semi-permanent control of the Strait of Hormuz, and regional countries have already accepted this reality. Trump must admit that major mistakes inevitably come at a heavy price. A wiser approach is for Washington to accept the reality that peace and stability in the Gulf region are impossible without recognizing Iran's sovereignty over the Strait of Hormuz and ending the provocative US military presence in the region.

According to Reuters: Japan Steel Corporation has signed a contract with the Ministry of Defense to sell its former Setouchi plant site in the Gore area.

According to Reuters, Vietnamese leaders have urged Qualcomm and Samsung Electronics to increase their investments in artificial intelligence, semiconductors, and research and development as Vietnam seeks to become a regional innovation hub.

Russian authorities say they launched an airstrike on the Nova Poshta warehouse near Kyiv, Ukraine.

Toyota: In July, the parent company's Japanese automobile production increased by 12.4% year-on-year to 328,157 vehicles.

JPMorgan Chase lowered its price target for Kroger (KR.N) from $63 to $62.

The yield on Japan's 5-year government bonds rose 4 basis points to 2.195%, a record high.

The yield on Japan's 30-year government bonds rose 5 basis points to 4.11%.

According to a Japanese Financial Services Agency (FSA) official, the FSA has expressed concern about "50-year mortgage loans" and has strengthened its oversight of personal loans.

The tail demand indicator for Japan's two-year government bond auctions is the weakest since 2016.

The bid-to-cover ratio for Japan's 2-year government bond auction was 2.97, down from 3.63 in July.

The yield on India’s benchmark 10-year government bond rose to 6.9136%, its highest level since June 12.

At the close of the morning session, most domestic futures contracts rose, with SC crude oil and lithium carbonate rising nearly 4%, apples rising over 3%, coking coal rising nearly 3%, coke and asphalt rising over 2%, and live hogs and paraxylene rising nearly 2%. On the downside, rapeseed fell over 4%, ethylene glycol (EG) fell over 1%, and soybean futures fell nearly 1%.

On Tuesday, Indian Defense Minister Rajnath Singh approved the transfer of technology developed by the Defence Research and Development Organisation (DRDO) to Indian defense companies for the domestic production of all conventional missile systems. The DRDO is the research and development agency under the Indian Ministry of Defence. This move is part of New Delhi's "Aatmanirbharta" (Self-Reliance) initiative, aimed at strengthening India's defense manufacturing sector, reducing reliance on overseas suppliers, and enhancing defense export capabilities and deterrence against Pakistan. However, analysts say that achieving self-sufficiency in India's defense manufacturing sector remains a distant goal, as its missile supply chain still relies on imported components, and whether private companies can independently produce complex weapon systems in the short term remains to be seen.

A Reuters poll shows that more than two-thirds of forecasters expect the Reserve Bank of New Zealand to raise interest rates at least once more after September, with the cash rate expected to reach 3.00% or higher by the end of the year.

A Reuters poll showed that 27 out of 31 economists expect the Reserve Bank of New Zealand to raise the cash rate by 25 basis points to 2.75% on September 2.

Goldman Sachs strategist Rich Privorotsky believes that oil prices may be more important than the Jackson Hole symposium. In other words, Goldman Sachs believes the market may be overemphasizing Warsh's speech while underestimating the impact of oil prices on inflation and financial markets. Goldman Sachs argues that if oil prices fall: oil prices ↓ → inflation expectations ↓ → consumer pressure ↓ → long-term US Treasury yields ↓ → equity valuation pressure ↓ → risk assets benefit. Therefore, oil prices may be more important than Warsh's speech itself. Privorotsky believes that unless Warsh significantly deviates from his previous policy stance, Jackson Hole itself may not pose a "major event risk."