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China State Council: Boost computing power infrastructure, promote key tech R&D
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This article from TradeAlpha summarizes multiple global developments. China's State Council executive meeting focused on improving computing power infrastructure and promoting R&D of key technologies. The Ministry of Commerce spokesperson responded to questions about senior CIA officials' public statements on conducting espionage against China. Three Chinese departments are exploring the use of high-throughput satellites and low-Earth orbit satellite internet to provide diverse network access for rural and remote areas. In the US, core CPI rose 2.4% year-on-year in August, with month-on-month growth exceeding expectations, strengthening the case for Federal Reserve rate hikes. Reports indicate Houthi forces have seized a key island in the Red Sea, taking full control of the Bab el-Mandeb Strait region. The IEA downgraded oil demand forecasts but pushed back the expected return to oversupply to 2027. US diesel prices broke the $6-per-gallon mark for the first time. European Central Bank officials hinted at further tightening after a rate hike. Pre-market US stock futures were up, the 10-year Treasury yield approached 5%, spot gold experienced sharp volatility, and oil prices fell over 3%. Asian markets closed lower, with the Nikkei 225 down 1.9%, Shanghai Composite down 1.18%, and Hang Seng Index down 0.6%.
Source report
China
State Council Executive Meeting: Advancing Computing Power Infrastructure The State Council has called for further improvements to computing power infrastructure, alongside active promotion of research, development, and application of key technologies and equipment.
Ministry of Commerce Responds to CIA Espionage Remarks A spokesperson for the Ministry of Commerce addressed reporters' questions regarding public statements by senior CIA officials concerning espionage activities directed against China.
Three Departments: Expanding Rural Internet Access Three government departments are exploring the use of high-throughput satellites, low-orbit satellite internet, and other methods to provide diverse network access services for rural and remote areas.
United States
Inflation Data
- U.S. core CPI rose 2.4% year-on-year in August
- Month-on-month growth exceeded expectations, strengthening the case for Federal Reserve rate hikes
Energy Prices
- Diesel prices have broken through the $6-per-gallon mark for the first time in history
- Inflationary pressures may further transmit through the economy
Pre-Market Indicators
- All three major U.S. stock index futures are trading higher
- The 10-year Treasury yield is approaching 5%
- Spot gold is experiencing sharp volatility
- Oil prices have fallen more than 3%
Europe
European Central Bank Following yesterday's decision to raise interest rates, ECB officials have hinted at the possibility of further tightening.
Middle East
Yemen Conflict Reports indicate that Houthi forces have seized a key island in the Red Sea and taken full control of the Bab el-Mandeb Strait region.
Energy Markets
IEA Outlook The International Energy Agency (IEA) has downgraded its oil demand forecasts but pushed back the timeline for returning to oversupply to 2027.
Asian Markets
Market Close
- Nikkei 225: Closed down 1.9%
- Shanghai Composite Index: Closed down 1.18%
- Hang Seng Index: Closed down 0.6%
Source
thsEastern