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Real-time News
September 14th - According to a Reuters survey, a majority of economists believe the Federal Reserve will raise interest rates this week and at least once more before the end of March next year, reversing the previously fragile consensus that interest rates would remain unchanged. Following Fridays inflation report, the Reuters survey showed that 85% of economists believe the Fed will raise rates by 25 basis points at its September meeting, bringing the rate to 3.75%-4.00%, the first rate hike since July 2023. Nearly 53% of forecasters expect at least one more rate hike by the end of March, compared to 56% last week who believed rates would remain unchanged. The prevailing view of a rate cut in 2027 is no longer valid. Stephen Juneau, senior economist at Bank of America, said, "Wash has actually put himself in a position where the Fed will only abandon rate hikes if the data is very weak." He has been expecting three rate hikes this year since June. "We didnt initially meet that expectation... then we received this inflation report, and things became clearer."On September 14th, exclusive data compiled from reliable industry sources revealed that the outstanding assets of 14 wealth management companies (including 6 state-owned bank wealth management companies and 8 joint-stock bank wealth management companies, accounting for approximately 80% of the market share) with assets under management exceeding 1 trillion yuan reached approximately 27.4 trillion yuan as of the end of August, representing a net inflow of over 280 billion yuan compared to July. Data from the China Banking Wealth Management Registration and Custody Center shows that the total outstanding assets in the market reached 33.66 trillion yuan at the end of June this year. Based on the compiled data, even considering only the increase in assets under management by the 14 wealth management companies in the past two months (1.46 trillion yuan in July and 0.28 trillion yuan in August), the total size of the wealth management market has reached approximately 35.4 trillion yuan. In the first eight months of this year, the outstanding assets of the 14 major wealth management companies increased by approximately 1.96 trillion yuan. By product category, the scale of equity-inclusive products increased by over 1.98 trillion yuan, non-cash pure debt products increased by only about 176 billion yuan compared to the beginning of the year, and cash products decreased by over 180 billion yuan compared to the beginning of the year.September 14th - The German Finance Ministry stated on Monday that Germany will push for a windfall profits tax on energy companies during Fridays informal meeting of EU finance ministers. Meanwhile, the German government expressed growing concern about rising gasoline prices. A government spokesperson said, "We are closely monitoring developments with increasing concern." He added that recent price increases are placing a heavy burden on businesses and the public.GAIL, India’s state-owned natural gas company, says that liquefied natural gas prices exceeding $20 per million British thermal units (MMBtu) have impacted demand.On September 14th, it was reported that from September 8th to 11th, Zhang Geping, a member of the Party Committee of the General Administration of Customs and Director of the Guangdong Sub-Administration, led a delegation to Turkey. During the visit, Zhang Geping exchanged views with Turkish Deputy Minister of Trade, Saizai Ucharmak, on promoting the establishment of a smart customs partnership, AEO mutual recognition, and administrative assistance and cooperation. She also had in-depth exchanges with Turkish Deputy Minister of Agriculture and Forestry, Ahmet Gümen, on promoting customs and food safety cooperation under the Belt and Road Initiative and mutual access for agricultural and food products. Cooperation documents were signed, and Turkish Minister of Agriculture and Forestry, Ibrahim Yumakl, attended the signing ceremony. The delegation also visited Turkish port customs supervision sites and agricultural and food product export enterprises, and exchanged working views with officials from the Chinese Embassy in Turkey and the Consulate General in Istanbul.
