Breakfast | Today's focus: The State Council Information Office's major press conference! The new fees for the U.S. H-1B visa have caused confusion

Market Overview

Last Friday, the trading volume on "Triple Witching Day" surged, setting the third highest record. The three major U.S. stock indices reached historic highs for two consecutive days, while small-cap indices fell from record highs; the iPhone 17's first sale in Asia was strong, with Apple rising over 3%, and Oracle, rumored to be negotiating a $20 billion cloud computing deal with Meta, rose over 4%. The chip index retreated, with Intel dropping over 3% the day after a significant rise; it was a super central bank week, with the tech sector rising over 3%, and among the seven tech giants, only NVIDIA fell, while Tesla accumulated a 7.6% increase.

The China Concept Index fell for two consecutive days but still rose over 3% for the week. Pony.ai, expected to achieve key profit targets early next year, surged 18%.

The yield on the 10-year U.S. Treasury rose for three consecutive days, reaching a two-week high. The U.S. dollar index rose for three consecutive days to a one-week high; Bitcoin briefly fell over $2,000, dropping below the $116,000 mark.

News Highlights

U.S.-China leaders spoke on the phone. According to Global Times, Trump stated that the call was "very productive" and that he would meet with Chinese leaders during the APEC meeting, planning to visit China early next year.

ByteDance: Will advance related work in accordance with Chinese laws, allowing TikTok's U.S. company to continue serving American users. A spokesperson from the Ministry of Commerce answered questions from reporters regarding the TikTok issue, stating that they hope the U.S. side will fulfill its commitments and provide an open, fair, just, and non-discriminatory business environment for Chinese companies, including TikTok, to operate continuously in the U.S.

The State Council Information Office will hold a series of themed press conferences on "High-Quality Completion of the 14th Five-Year Plan" at 3 PM on Monday, with Pan Gongsheng, Wu Qing, Li Yunze, and Zhu Hexin attending.

The State Council: Discussed implementing domestic product standards and related policies in government procurement, and discussed the "Banking Supervision Law of the People's Republic of China (Revised Draft)."

Shanghai optimized and adjusted its property tax policy: First-time homebuyers are exempt from property tax.

Wuhan University announced: It decided to revoke the disciplinary action against Xiao Moumou and maintain the resolution to award Yang Mouyuan a master's degree, with multiple individuals held accountable.

The J-20's first static display and the H-6's first dual-aircraft formation were showcased at the Changchun Airshow, witnessing the accelerated iteration of the Chinese Air Force's equipment and promoting the coordinated development of multiple aircraft types.

The State Council Food Safety Office: Accelerating the formulation of national standards for pre-prepared dishes, and vigorously promoting the use of pre-prepared dishes in the catering sector.

Trump signed an announcement, increasing the H-1B visa application fee to $100,000; introducing a new revenue-generating Gold Card visa—$1 million for low-tier, $5 million for high-tier with no taxes in the U.S.; U.S. Secretary of Commerce: This will bring over $100 billion in funding to the government. The "H-1B new policy" caused confusion, prompting Silicon Valley to urge employees to return to the U.S. overnight, while the White House urgently clarified: it only applies to new visa applications and is a one-time fee

U.S. Senate rejects bipartisan short-term spending bills, Trump threatens that “the U.S. government is likely to shut down on October 1.”

U.S. SEC Chairman: Has communicated with Trump regarding quarterly financial reporting issues, the market can determine the appropriate disclosure frequency.

Bank of Japan keeps interest rates unchanged, unexpectedly sees two dissenting votes, initiates ETF reduction, with an annual sell-off scale reaching 330 billion yen, causing Japanese stocks to drop. Bank of Japan Governor: It will take over 100 years to sell off the held ETFs, and real interest rates remain very low.

The UK, Canada, and Australia officially recognize the State of Palestine, Netanyahu threatens: wait and see.

News Details

Global Highlights

U.S. and China leaders hold a phone call. According to CCTV News, Chinese President emphasized that the U.S. should avoid unilateral trade restrictions to prevent impacting the results achieved through multiple rounds of consultations. China’s position on the TikTok issue is clear; the Chinese government respects the will of enterprises and welcomes them to conduct business negotiations based on market rules to reach solutions that comply with Chinese laws and regulations and balance interests. It hopes the U.S. will provide an open, fair, and non-discriminatory business environment for Chinese enterprises to invest in the U.S.

• According to Global Times, Trump stated on social media that this was a “very productive” call, and progress was made on many very important issues. He revealed that he would meet with Chinese leaders during the informal APEC leaders' meeting held in South Korea and plans to visit China early next year.
• ByteDance: Will advance related work according to Chinese laws, allowing TikTok U.S. to continue serving American users.
• Ministry of Commerce spokesperson answers questions from reporters regarding the progress of the TikTok issue. The spokesperson stated that it hopes the U.S. will work with China to fulfill corresponding commitments and provide an open, fair, just, and non-discriminatory business environment for Chinese enterprises, including TikTok, to continue operations in the U.S., promoting stable, healthy, and sustainable development of China-U.S. economic and trade relations.
• Li Qiang meets with a delegation of U.S. Congress representatives. Li Qiang stated that maintaining stable, healthy, and sustainable development of China-U.S. relations is in the common interest of both countries and the expectations of the international community. Li Qiang pointed out that China and the U.S. should be partners in development, treating each other sincerely, empowering each other, and achieving mutual success The Chinese side is willing to resolve mutual concerns through communication with the U.S. side in the spirit of equality, respect, and reciprocity. We hope that the U.S. side will move towards the Chinese side to jointly promote the bilateral relationship to develop forward along the right track.

Heavyweight Preview! At 3 PM on Monday, Pan Gongsheng, Wu Qing, Li Yunzhe, and Zhu Hexin will attend. The State Council Information Office will hold a series of themed press conferences on "High-Quality Completion of the 14th Five-Year Plan" at 3 PM on September 22nd, Monday. The Governor of the People's Bank of China, Pan Gongsheng, the Director of the Financial Regulatory Administration, Li Yunzhe, the Chairman of the China Securities Regulatory Commission, Wu Qing, and the Deputy Governor of the People's Bank of China and Director of the State Administration of Foreign Exchange, Zhu Hexin, will introduce the achievements of the financial industry during the 14th Five-Year period and answer questions from reporters.

State Council Meeting: Research on Implementing Domestic Product Standards and Related Policies in Government Procurement, Discuss "The Revised Draft of the Banking Supervision and Administration Law of the People's Republic of China". According to Xinhua News Agency, the meeting pointed out that it is necessary to set domestic product standards reasonably based on actual conditions and clarify specific requirements for key components and key processes of specific products. This is also a pragmatic action to implement national treatment for foreign-funded enterprises in the field of government procurement. The stability of banking financial institutions is related to the stability of China's financial system and the safety of people's property. It is necessary to further improve management systems and severely crack down on illegal financial activities and violations of laws and regulations according to the law.

Shanghai Optimizes and Adjusts Property Tax Policy: First-time homebuyers are exempt from property tax. High-level talents introduced in accordance with national and municipal regulations who hold a residence permit in the city and work and live in the city, as well as homebuyers who have held a residence permit in the city for more than three years and work and live in the city: For those who purchase new housing in the city, and the housing is the family's first home, they are temporarily exempt from property tax.

Wuhan University Announcement: Decided to revoke the disciplinary action against Xiao Moumang and maintain the resolution to award Yang Mouyuan a master's degree, multiple people held accountable.

The Chinese Air Force promotes coordinated development of multiple aircraft types, building a modern combat system, Changchun Airshow witnesses the "Acceleration" of Air Force Equipment Iteration. Military experts pointed out that the September 3rd military parade showcased the complete integrated joint combat system of the Chinese Air Force. The aerial flight performance at the Changchun Airshow on the 19th is a detailed breakdown of this large system, such as the Airborne Early Warning and Control (AEW&C) aircraft KJ-500 paired with the J-20 stealth fighter forming a small system for long-range air strikes. These small systems serve as foundational bases, and through modular assembly, they can form a complete large system, akin to the flexibility and efficiency of building blocks

• What is the significance of the first static display of the J-20?
• What is the special meaning of the H-6's first dual aircraft formation at the Changchun Airshow?

State Council Food Safety Office: Accelerate the promotion of the national standards for pre-prepared dishes, vigorously promote the use of pre-prepared dishes in the catering sector.

Trump administration raises fees for H-1B visa applicants to $100,000; New revenue-generating scheme with gold card visa, low-end $1 million, high-end $5 million with no tax in the U.S.; U.S. Secretary of Commerce: It will bring over $100 billion to the U.S. government.

• According to Xinhua News Agency, Trump signed an announcement on Friday to raise the fees paid by companies for H-1B visa applicants to $100,000, stating that this move aims to ensure that the U.S. attracts high-skilled talent that cannot be replaced by Americans.
• Trump introduced a new visa program providing a fast track for visa processing, requiring $1 million for a gold card; $5 million for a platinum card, allowing holders to stay in the U.S. for up to 270 days without paying taxes on income earned outside the U.S.; companies can pay $2 million each for an unlimited number of employees to obtain gold cards, and the gold card privileges can be transferred among employees. U.S. Secretary of Commerce Gina Raimondo expects the new visa program to raise over $100 billion for the government.
• The "new H-1B policy" has caused chaos, Silicon Valley urges employees to return to the U.S. overnight, White House urgently "patches": "New and old applicants are distinguished". The White House clarified that the new policy only applies to future new visa applicants and does not involve existing visa holders, visa renewals, or even those who have participated in the 2025 lottery; the $100,000 is a one-time fee. This contradicts Raimondo's emphasis that the $100,000 is an "annual" fee, and how the new policy will be specifically implemented remains unknown, leaving market concerns lingering.

U.S. Senate rejects both parties' short-term spending bills, Trump threatens "the U.S. government is likely to shut down on October 1", Democrats "are ready for a big fight". Democrats demand increased healthcare spending, while Republicans refuse to agree. Republican leaders hope Democrats will abandon their demands and make concessions as the deadline approaches, rather than risk being blamed for a government shutdown. This time, Senate Democratic leaders have taken a stronger stance, increasing the likelihood of a government shutdown U.S. SEC Chairman: Has communicated with Trump regarding quarterly earnings report issues, and the market can decide the appropriate disclosure frequency. SEC Chairman Paul Atkins stated that he "principally" supports Trump's proposal to amend the existing quarterly earnings report rules. If the rule change is approved, companies can independently decide whether to switch to semi-annual reports or continue with quarterly reports. Currently, the Republican Party has a 3-1 voting advantage at the SEC, and a simple majority vote is needed to pass the rule change.

Newly appointed Federal Reserve Governor Milan: The low interest rate expectation in the September dot plot is mine, and the voting was not under political pressure. Milan stated that prior to this week's interest rate decision, he had only a brief conversation with President Trump and was not under any voting pressure; his decision was made independently. The low interest rate expectation in the September dot plot was provided by him, and the Federal Reserve's rates are far from neutral levels, with expectations of continued rate cuts in the coming months. Despite the controversial process of Milan's appointment, he indicated that the atmosphere of the meeting was very friendly, including his interactions with Cook. Milan will deliver a speech at the Economic Club of New York on Monday.

Federal Reserve Kashkari: It is appropriate to cut rates two more times this year, and the risks in the labor market may outweigh inflation risks. Kashkari stated that, at present, the risk of further rapid deterioration in the labor market may be greater than the risk of inflation significantly exceeding expectations. This risk assessment has become an important basis for his support for rate cuts.

Bank of Japan maintains interest rates unchanged, unexpectedly sees two dissenting votes, initiates ETF reduction, with an annual selling scale of 330 billion yen, Japanese stocks fall in response. Bank of Japan Governor: It will take over 100 years to sell off the ETFs held, and real interest rates remain very low.

• Considering the current upward inflation risk, this decision unexpectedly saw two votes for a rate hike. The Bank of Japan also plans to sell real estate investment trust assets to the market at a rate of about 5 billion yen per year. Ueda Kazuhiro stated that after necessary preparations are completed, the sale of ETFs will begin; the selling plan has the flexibility to stop if necessary; if economic and price outlooks materialize, a rate hike will occur, with the timing depending on the likelihood of actual impacts from U.S. tariffs and the development of food inflation.
• Bank of Japan unexpectedly initiates ETF sales: Is the step too big, but the impact limited? Analysis suggests that although the selling scale seems large, at the current pace, it would take the central bank 112 years to completely clear its ETF holdings, with an average daily selling amount of only about $20 million, and the direct impact on the market is expected to be limited Analysis indicates that although this is a negative factor, cleaning up ETF positions is the right step.

The UK, Canada, and Australia officially recognize the State of Palestine. According to Global Times, Western media generally point out that this is a symbolic milestone for the Palestinian cause, but also state that recognizing the State of Palestine cannot currently change the local realities. Moreover, the statements from the UK, Canada, and Australia all express support for Israel and indicate that the Palestinian National Authority has committed to making reforms.

• Netanyahu threatens: wait and see. In response to the UK, Canada, and Australia announcing their recognition of the State of Palestine, as well as the expectation that countries like France and Belgium will recognize the State of Palestine during the high-level meeting of the United Nations General Assembly this week, Israeli Prime Minister Netanyahu issued a video statement on Sunday threatening action. He reiterated that "there will never be a Palestinian state" and stated, "I will respond to the latest attempt to establish a 'terrorist state' in the core area of our land after returning from the United States."

OpenAI accelerates its efforts to undermine Apple: reaches hardware manufacturing agreement with Luxshare Precision, plans to launch its first device by the end of 2026 or early 2027. Apple device assembler Luxshare Precision has secured an assembly contract for at least one OpenAI device. Additionally, OpenAI is in talks with GoerTek, which assembles AirPods, HomePods, and Apple Watches, hoping to supply speaker modules and other components for its future products. According to insiders, OpenAI's planned products include screenless smart speakers and is also considering developing glasses, digital voice recorders, and wearable brooches.

To prevent a computing power crisis, OpenAI plans to invest $100 billion in renting backup servers. Due to a severe shortage of computing power, OpenAI plans to invest up to $100 billion over the next five years to rent backup servers. Altman and the management team believe that potential new blockbuster products or breakthroughs in AI technology may lead to an unpredictable surge in computing power demand. Analysts believe this move will help OpenAI secure a favorable position in the market, but this "hoarding" strategy has raised concerns about monopolizing GPU resources.

Report: Oracle in talks with Meta for a $20 billion AI cloud computing agreement. Analysts believe this marks Oracle's gradual emergence as an important supplier of AI infrastructure. Previously, Oracle signed the largest AI computing power agreement with OpenAI, and its cloud business continues to expand, with its stock price rising 85% this year.

TSMC's 2nm competition: Apple locks in over half of the capacity, competitors may fall into a passive situation. Apple has increased its reservation share of TSMC's 2nm capacity from nearly 50% to over 50%, and as TSMC's largest customer, Apple contributed 22% of the revenue for this chip foundry giant in 2024 At the same time, Apple's capacity monopoly strategy may force competitors such as Qualcomm and MediaTek to face supply shortages.

Domestic Companies

Apple iPhone 17 series launches in China: Pro Max becomes a "hot seller", scalpers in Beijing mark up prices by thousands, while Shenzhen's enthusiasm cools down. On Friday, the iPhone 17 series debuted in China, with strong demand for the Pro Max version, leading to a resurgence of queues in cities like Beijing and Shanghai, where scalpers are marking up prices by hundreds to over a thousand yuan; however, the number of customers queuing for pickup in places like Shenzhen is "much lower than in previous years." Analysts believe that the redesign of the Pro Max is expected to boost Apple's market share in China.

LiDAR orders explode! Sales surge nearly 100%, orders extend to the end of the year. With the boom in the robotics market, the application of LiDAR in these new robots is also accelerating. Data shows that in the first half of this year, the production of industrial robots reached 370,000 units, and service robots reached 8.824 million units, representing year-on-year growth of 35.6% and 25.5%, respectively. It is expected that the scale of China's LiDAR market will reach 24.07 billion yuan by 2025, further rising to 43.18 billion yuan by 2026.

Xiaomi's strongest voice model is open-sourced, trained for hundreds of millions of hours, excels in stand-up comedy and fast-paced speech. Xiaomi-MiMo-Audio achieves SOTA in the open-source model, surpassing several tests compared to other open-source models with the same parameter count, as well as Google Gemini and OpenAI GPT-4o. This model possesses capabilities in natural conversation, audio understanding, and voice continuation, and can perform dialect fast-paced speech and stand-up comedy. It is the first to achieve few-shot generalization based on contextual learning in the voice field, demonstrating "emergent" behavior. Xiaomi calls this the "Llama moment in the voice open-source community" and will continue to promote the development of voice AGI through open sourcing.

CITIC Securities evaluates Huawei's Ascend AI chips: not pursuing extreme performance for a single card, but super nodes at the level of tens of thousands of cards will support domestic computing power. CITIC Securities believes that, unlike the traditional approach focused on extreme performance of a single card, Huawei is shifting to solving problems from a system collaboration perspective, connecting multiple nodes through high-speed interconnect buses. Although the performance of a single card is not as good as NVIDIA's, the cluster capability significantly enhances bandwidth, reduces latency, and adapts to training scenarios involving tens of thousands of cards.

Profit expectations are far more optimistic than the market, Goldman Sachs raises the target price for Industrial Fulian, stating that the third quarter enters a period of rapid profit growth. Goldman Sachs believes this is mainly driven by four factors: increased market share in AI servers, construction of modular AI data centers, upgrades of network equipment, and the new product cycle of smartphones Goldman Sachs' net profit forecast for 2025-2027 is 4%-14% higher than Bloomberg's consensus expectations, indicating a significantly more optimistic outlook for the company. The bank derived a 12-month target price using recent price-to-earnings ratios, raising the target price-to-earnings ratio from the previous 26.9 times to 29.4 times, and increasing the 12-month target price to RMB 77.2, maintaining a buy rating.

Goldman Sachs raises Baidu's target price: reassessing the AI full-stack capability from chips to applications, doubling the Robotaxi valuation. Goldman Sachs raised Baidu's target price to $154/150 HKD, reiterating a "buy" rating, believing that AI cloud, with its self-developed chips and the integration advantages of platforms and applications, demonstrates sustained high growth potential; the valuation of the autonomous driving business has doubled from $4 billion to $8 billion, reflecting breakthroughs in fleet expansion and cost optimization. Baidu's growth momentum has far exceeded traditional search business.

JP Morgan remains optimistic about Chinese bank stocks: "The high dividend narrative is far from over!" JP Morgan stated that the 4.3% dividend yield of the CSI 300 bank stocks significantly surpasses the 1.8% yield of ten-year government bonds, creating a clear advantage. Even in extreme stress scenarios, bank stocks can still provide a dividend yield of 4%-4.5%. It is expected that 14 trillion yuan of incremental funds will flow into the stock market over the next three years, with high dividend sectors being the main beneficiaries. As net interest margins stabilize and intermediary business income recovers, the continuous improvement of the banking sector's fundamentals supports the sustainability of dividends.

Goldman Sachs "changes its tune" and turns bearish on photovoltaics: overly high expectations for polysilicon prices! Goldman Sachs stated that since July 1, the average increase in the photovoltaic stocks it covers has been 40%, and the market pricing has reflected expectations of polysilicon prices as high as 60 yuan per kilogram. Goldman Sachs believes that this price level is unrealistic in the context of weak demand and high inventory, expecting polysilicon prices to drop about 20% from current levels to 42 yuan per kilogram.

Overseas Macro

Bank of America Hartnett: "The seven sisters of US stocks" valuation bubble is far from peaking. Bank of America analysis shows that the valuation bubble of "the seven sisters of US stocks" has not yet peaked. This portfolio has accumulated a 223% increase since March 2023, below the historical bubble average increase of 244%. Its current tracking price-to-earnings ratio is 39 times, also far below the historical peak of 58 times. The artificial intelligence boom and interest rate cut expectations are the main drivers.

Reports say the Trump administration is brewing a direct-to-consumer prescription drug platform: bypassing pharmacies to drive down drug prices. Media reports indicate that the Trump administration is discussing the creation of a direct-to-consumer prescription drug platform named "TrumpRx," making it easier for patients to purchase discounted prescription drugs directly from pharmaceutical companies Pharmaceutical giants like Eli Lilly and Pfizer have actively responded to the "direct-to-consumer" model by launching related services.

After the Federal Reserve's interest rate cut, investors' next focus: Can a recession be avoided? Historical data shows that the stock market performs better when there is no economic recession following an interest rate cut. However, some analysts are concerned that the benefits of the rate cut have already been priced in, and the market's rise is overly concentrated among a few tech giants. Some strategists suggest that investors should broaden their investment landscape, anticipating that non-U.S. markets like European stocks may outperform the broader market.

How do commodities perform during the Federal Reserve's interest rate cut cycle? JP Morgan: Typically enters an upward trend in the "fourth month." JP Morgan's research report reveals that interest rate cuts generally benefit commodities, with an average increase of 3% within nine months after the first cut. The specific trend shows an upward trajectory in the "fourth month": the first month continues to rise, followed by a pullback in the second and third months, and then regaining momentum. However, the macroeconomic backdrop is crucial; a robust "healthy" rate cut cycle has an average return of 15%, while a "recessionary" cycle sees an average decline of 16%. Energy and precious metals are the leaders, while industrial metals perform poorly.

Overseas Companies

A turning point of fate, NVIDIA's investment in Intel in 2025 = Microsoft's investment in Apple in 1997? NVIDIA's $5 billion strategic investment in Intel has been likened by Wall Street to Microsoft's historic rescue of Apple in 1997. At that time, Microsoft's $150 million assistance provided Apple with a turning point, resulting in an astonishing growth of about 1450 times in its stock price over nearly thirty years. Today, NVIDIA's investment is seen as an endorsement of Intel's wafer foundry business; although the market is skeptical, this collaboration is considered a key step for Intel's potential revival.

• Can NVIDIA save Intel? Although NVIDIA's $5 billion investment brings funding and AI collaboration opportunities to Intel, media commentary suggests that this is merely a tactical victory and cannot turn the tide. What Intel truly needs is structural reform—a complete separation of chip design and manufacturing into two independent entities. The spun-off Intel foundry business may find it easier to attract external clients like NVIDIA and secure more investments, thereby regaining competitiveness in the fiercely competitive foundry market.
• NVIDIA and Intel joining forces may reshape the AI PC market landscape, MediaTek faces significant pressure. JP Morgan believes that if Intel can leverage NVIDIA's graphics and AI technology to launch more competitive AI PC products at a faster pace, it could ultimately spark a stronger product cycle. However, with Intel's involvement, MediaTek's partnership with NVIDIA in the PC sector will no longer be exclusive, potentially impacting MediaTek's long-term development prospects U.S. lawmakers urge SEC to investigate Sun Yuchen. Two Democratic lawmakers in the U.S. have written to the SEC, requesting an explanation for why the enforcement case against Sun Yuchen has been suspended, suggesting that this decision may be related to Sun's "substantial investment" in President Trump's related cryptocurrency projects. Meanwhile, the lawmakers have raised concerns about TRON's recent listing on Nasdaq, arguing that this move could pose financial and national security risks, urging the SEC to ensure that the company meets strict listing standards.

Trump's son: Cryptocurrency will "save the dollar". According to reports, Eric Trump stated that attracting global capital into the U.S. digital asset market could provide new support for the dollar. His core logic is that a U.S. friendly to digital assets will become a safe haven for global capital. When investors seek to move funds out of "unstable currencies," the U.S. crypto market will offer an attractive option, thereby indirectly supporting the demand for dollar-denominated assets.

Wood's firm partners with UAE to invest $300 million, another Nasdaq-listed company "hoards coins," Brera transforms into "Solana treasury". Brera Holdings announced its transformation into a "Solana treasury" and has been renamed Solmate. It is reported that after economist Laffer joined the company, Wood quickly decided to invest, having previously referred to Laffer as her "mentor." Solmate plans to dual-list in the UAE, leveraging local connections to enhance its ability to hoard SOL tokens. Following the announcement, the stock price experienced significant volatility, soaring 592% to $52.95 at one point during trading, with a closing increase still maintaining a high of 225%.

Musk's xAI raises $10 billion at a $200 billion valuation, Musk denies. According to CNBC citing insiders, Musk's xAI is raising $10 billion from investors, with this round of financing valuing the artificial intelligence startup at $200 billion. However, later on Friday, Musk posted on the X platform stating that the report was "fake news" and indicated that "xAI is not currently raising funds."

Micron's stock has risen over 50% since September, with earnings report next week, market needs a "strong HBM narrative". Barclays stated that the temporary recovery of the NAND flash memory business and the long-term upward trajectory of high-bandwidth memory (HBM) market share will drive Micron's stock performance strongly after the earnings report. Barclays has significantly raised Micron's target price by 25% to $175, indicating a 3.5% upside potential from the current level, and maintains an "overweight" rating

Today's News Preview

China's September one-year and five-year Loan Prime Rate (LPR).

The State Council Information Office holds a series of press conferences on "High-Quality Completion of the 14th Five-Year Plan," attended by Pan Gongsheng, Wu Qing, and Li Yunze.

The campaign activities for the Japanese Liberal Democratic Party presidential election begin.

Federal Reserve's "number three," New York Fed President John Williams speaks.

Newly appointed Federal Reserve Governor Lisa D. Cook delivers a speech at the New York Economic Club.

2025 Federal Open Market Committee voting member, St. Louis Fed President James Bullard speaks