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On September 11th, Futures News reported that data released by the China Futures Association on September 10th showed that, calculated unilaterally, the national futures market saw a trading volume of 1.087 billion lots and a turnover of 85.04 trillion yuan in August, representing year-on-year increases of 29.05% and 30.67%, respectively. Looking at the first eight months, the national futures market's cumulative trading volume reached 7.194 billion lots, with a cumulative turnover of 654.02 trillion yuan, representing year-on-year increases of 20.36% and 37.37%, respectively. 1. Wei Gang, chief economist at Hengtai Futures, told reporters that the August futures market saw a "simultaneous increase in both volume and price," mainly driven by three factors: First, both volume and price increased in non-ferrous metals and precious metals. Second, the crude oil and energy sectors saw a significant increase in trading volume due to geopolitical factors. Third, the chemical and agricultural futures sectors showed a strong trend and high trading activity due to cost transmission and supply-demand disturbances. Hongyuan Futures analyst Wang Jiangnan stated that, judging from the performance of various commodities, commodity futures were generally strong in August, with most major contracts closing higher. Coking coal saw a cumulative increase of over 45% in August, the energy and chemical sector generally rose, and the precious metals sector also strengthened. Looking ahead to September, Wang Jiangnan believes that the Federal Reserve's monetary policy expectations are a key macroeconomic variable, with the probability of a September rate hike rising to 60%, which will suppress the performance of precious metals and risk assets. The ferrous metals sector is entering its traditional peak season, and actual demand will be the main factor determining whether the sector's performance can be sustained. Non-ferrous metals may exhibit a pattern of "structural recovery and product differentiation," maintaining high-level fluctuations in the short term. Wei Gang added that, in addition to the Federal Reserve's monetary policy path, the evolution of geopolitical conflicts in the Middle East is also an important factor affecting futures market trading.

On September 11th, Edmond de Rothschild Asset Management believes that the recent rise in the yen signals a broader correction of the currency's long-term undervaluation. Michael Nizad, the firm's head of strategy, wrote that for many years, the yen's movements have been primarily driven by the US-Japan interest rate differential and its role as a funding currency for global carry trades; now, the yen is beginning to trade more based on its own fundamentals. He wrote, "The yen may be beginning to trade as a fundamentally-driven currency again. Any pullbacks in yen cross rates should increasingly be seen as opportunities to rebuild or increase long yen positions."

The Euro Stoxx 50 index fell 0.3%, German DAX futures fell 0.3%, and UK FTSE futures fell 0.1%.

Market news: Next week, SpaceX's AI team will start a company from scratch and broadcast the entire process live.

Trump stated that he believes the Republican Party has a strong chance of winning the U.S. midterm elections.

Japan's BSI large non-manufacturing confidence index was 4.2 in the third quarter, compared with a previous reading of -0.5.

September 11th - Nvidia's Grace Blackwell platform shipments recently saw a 27% month-over-month increase, reflecting continued strong demand for high-end AI computing chips from cloud service providers and AI infrastructure companies. Grace Blackwell combines Nvidia's Grace CPU with a Blackwell GPU and can be used in liquid-cooled rack systems such as the GB200 NVL72. Nvidia previously stated that demand for Blackwell products exceeds supply capacity.

Japan's BSI large-scale manufacturing confidence index was 7.6 in the third quarter, compared with a previous reading of -1.8.

Japan's corporate goods price index rose 7.6% year-on-year in August, below the expected 7.40% and the previous reading of 7.20%.

Japan's corporate goods price index fell 0.2% month-on-month in August, compared to a forecast of 0.00% and a previous reading of 0.10%.

On September 11, US President Donald Trump stated on Fox News Thursday night that he plans to block Democratic-backed legislation if Democrats regain control of the House and Senate after the midterm elections. This indicates that as Republicans struggle to retain their majority in Congress, Trump has begun to envision a governing strategy in a "divided government" scenario. Trump said, "Things will be different. I'll be a blocker, what else can I say? However, I might be able to make a deal with them (the Democrats). They'll have demands, and you can make a deal with them. That's often how it is." Trump also stated that this election is not as "difficult" as previous campaigns.

Beijing Mayor Yin Yong met with the President and CEO of S&P Global Group.

Market news: After the Houthi rebels captured Moha in Yemen, Iranian Parliament Speaker Qalibaf praised the group's "victory".

Trump stated that Iranians believe the U.S. Democrats might allow them to possess nuclear weapons.

On September 11, U.S. Treasury Secretary Bessant took some unusual measures in recent weeks, seen as efforts to help lower yields, including expanding the bond buyback program and making rare interventions in the yen's exchange rate. Bessant stated on Thursday that part of his actions were related to Iran's actions. He said, "I'm not doing this for the election." He pointed out that Iran is "trying to create economic problems for the United States through bond yields or oil prices." Bessant also attempted to clarify his "I'm the house" comment. Two days earlier, when discussing Japan and the yen, he told traders, "Come and bet against me if you want." Regarding this statement, he explained, "When I said 'I am the house,' I wasn't challenging people to compete with me." He said, "I'm not saying I'm always right, don't challenge me," "but what I'm trying to express is that I have a more advantageous information, and I'm trying to provide a reasonable analytical framework for the market to avoid panic."

September 11 - According to Fox News, despite concerns that the decision to strike Iran's nuclear capabilities will impact the midterm elections, US President Trump defended the decision, saying he would make the same choice again if given the chance.

On September 11, Canadian Prime Minister Mark Carney stated that while the trade measures imposed by the United States on Canada this week will impact some businesses, the overall impact will be "limited." He also hinted that the government currently has no plans for retaliatory action. "We fully recognize that these measures have a significant impact on individual businesses and specific industries," Carney said. "But I also believe that when considered in the context of other measures taken by the U.S. government, these measures are relatively limited." When asked whether Canada would retaliate, Carney stated that the best approach is to focus on the government's established plans to strengthen the domestic economy and diversify trade and economic relations.