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Robert Kaplan, chairman of the Dallas Fed and chairman of the 2017 FOMC, attended the Permian Basin Oil Industry Luncheon and gave a speech at 01:05 Beijing time on Thursday (August 24). At the same time, the three-day Jackson Hole Global Central Bank Annual Meeting will also be held in the Kansas City Federal Reserve. The theme of this annual conference is “Promoting a Changing Global Economyâ€.
Today's important economic agenda
1. The three-day Jackson Hole Central Bank Annual Meeting was held today; Federal Reserve Chairman Yellen and European Central Bank President Draghi made a speech at this annual meeting;
2. Corrected value of UK second quarter GDP data;
3, 22:00 US existing home sales in July.
List of major global market conditions
stock market
1. On Wednesday (August 23), the Shanghai Composite Index closed down 0.08% to 3287.7 points; Shenzhen Component Index fell 0.33% to 10619.34 points; the ChiNext Index fell 0.42% to 1807.37 points. The two cities traded 430.9 billion yuan, compared with 484.6 billion on the previous day.
2. The three major US stock indexes fell across the board on Wednesday. The Dow closed 0.4% lower at 21,812.09 points; the Nasdaq closed 0.3% lower at 6,278.41 points; the S&P 500 closed 0.35% lower at 2,440.04 points. Trump threatened to close the government and put the stock market under pressure. Investors are cautious before the Jackson Hole Global Central Bank annual meeting.
3. Most of the three major European stock indexes fell. The UK's FTSE 100 index closed up 0.01% at 7382.65 points. The French CAC40 index closed down 0.32% to 5115.39 points. The German DAX index closed down 0.45% to 12,174.30.
futures
1. WTI October crude oil futures closed up 0.58 US dollars on Wednesday, or 1.21%, to 48.41 US dollars / barrel. Brent crude oil closed up 0.70 US dollars in October, or 1.35%, to 52.57 US dollars / barrel. US EIA crude oil inventories fell for eight consecutive weeks.
2. COMEX December gold futures closed up 3.70 US dollars on Wednesday, up 0.3%, to $1,294.70 per ounce. The dollar weakened and US stocks fell.
3. On Wednesday, London's base metals were mixed. LME nickel closed up 2.2% to 11,660 US dollars / ton, once refreshed the intraday high since December 7, 2016 to 11,690 US dollars / ton. LME zinc closed down 0.7% at $3,096.50/ton. LME aluminum closed up 1.1% at $2,097/ton. LME copper closed down 0.2% to $6,565/ton. LME lead fell 1.6% to $2,377/ton. LME tin futures closed up 0.9% at $20525/ton.
Foreign exchange
1. Onshore, the closing price of RMB against the US dollar at 16:30 was 6.6636, which was 31 basis points lower than the previous trading day. The central parity of the yuan against the US dollar was adjusted at 36 basis points to 6.6633.
2. The US dollar index fell 0.29% to 93.2240, under pressure from Trump's closure of the government and the end of the North American Free Trade Agreement (NAFTA). In late New York, the dollar fell 0.48% against the yen to 109.045. The euro rose 0.37% against the dollar to 1.1807.
International financial news
1. Trump has an amazing word. Trump threatened to shut down the government if he could not get funding for the planned US-Mexico border wall.
2. Mexican Foreign Minister: Mexico will continue to negotiate on the North American Free Trade Agreement; the second round of North American Free Trade Agreement negotiations will start on September 1, the negotiations will be long-term and complex; the second round of the North American Free Trade Agreement The negotiations will begin on September 1st; Trump's border wall is not part of the agenda of both parties.
3. U.S. House Speaker Ryan: I don’t think it is necessary to stop the government. I believe most people don’t want to see this result; I and President Trump fully agree that it is necessary to establish a border wall.
4, the United States August Markit manufacturing PMI initial value of 52.5, a two-month low, expected 53.5, the previous value of 53.3; August Markit service industry PMI initial value of 56.9, a new high since April 2015, expected 54.9. In the United States, new home sales in July were 571,000, with an expected 610,000, and the previous value of 610,000 was revised to 630,000.
5. Fed Kaplan: Excessive debt levels are threatening the further growth of the US economy; I hope to be patient and wait for more information on monetary policy actions. This is not to say that I hope to continue to raise interest rates once during the year; the labor market tends to be tight. It indicates that some easing measures need to be withdrawn; the balance sheet should be reduced as soon as possible.
6. ECB President Mario Draghi: Policies cannot be based on ethics or prejudice; ECB findings help to determine whether changes are needed; research shows QE and forward-looking guidance succeeds; monetary policy You must always be prepared to deal with the new adjustments. Draghi has not yet discussed the outlook for the economy and monetary policy.
7. The British government: will make constructive contacts with the EU and reach an agreement on the law enforcement issues after the Brexit; it will work with the EU to reach an interim plan, including agreements on judicial supervision and dispute settlement agreements; After Brexit, the rights and obligations of individuals and businesses will be enforced by the English courts and will eventually be handed over to the Supreme Court of the United Kingdom.
8. The European Central Bank's management committee, Hansen, said that the choice of asset purchase portfolio is more important than the rules; it opposes any adjustments to the issuance of bond purchases and issuer restrictions under the QE program. The ECB's easing tendencies do not need to focus solely on the target of bond purchases. The current gains in the euro are not "significant."
9. German Ministry of Finance: Germany has not started work on establishing a new eurozone common debt pool; the common debt pool is not in line with the intention of the finance minister, Ibrahim, whose long-term goal has been to deepen the euro zone.
10, the euro zone August manufacturing PMI initial value of 57.4, a two-month high, expected 56.3, the previous value of 56.6; August service industry PMI initial value of 54.9, expected 55.4, the previous value of 55.4. Germany's August manufacturing PMI initial value of 59.4, expected 57.6, the previous value of 58.1. France's August manufacturing PMI initial value of 55.8, expected 54.5, the previous value of 54.9.
11. European Central Bank Management Committee Weidman: Want to withdraw asset purchases in an orderly and fast manner, but this is not a one-off event. It does not extend QE's strong demand to 2018; inflation is approaching the European Central Bank's target.
12. BHP Billiton said that Chile's Escondida copper mine, the world's largest copper mine, recovered faster than expected after six weeks of strikes, and production is now at normal levels.
13. LME: Aluminum stocks increased by 5,750 tons, increasing for four days, the longest increase since December last year; zinc stocks decreased by 500 tons; nickel stocks increased by 438 tons, the highest level since March; copper stocks decreased by 6,175 tons; Tin stocks were flat; lead stocks were reduced by 200 tons.
14. US EIA crude oil inventories recorded a decline for eight consecutive weeks. In the US on August 18, EIA crude oil inventories decreased by 3.327 million barrels, a slight decrease of less than the expected decrease of 3,458,000 barrels, and the previous value decreased by 8,455,000 barrels. In the United States on August 18, the EIA Cushing area crude oil inventories decreased by 503,000 barrels, the previous value increased by 678,800 barrels. In the US on August 18, EIA gasoline inventories decreased by 1.23 million barrels, and it is expected to decrease by 1.0 million barrels. The previous value increased by 2,200,000 barrels.
Domestic financial news
Domestic macro
1. Li Keqiang presided over the State Council executive meeting, deployed and promoted the deepening reform of central enterprises to reduce leverage, promoted enterprises to improve quality and efficiency; listened to the implementation of incentive policies such as equity options and dividends, and reported progress on the reform of scientific research projects and fund management systems to promote innovation and development. power. The meeting pointed out that to actively and steadily promote market-oriented debt-to-equity swaps, it is necessary to take the leverage of state-owned enterprises as the top priority of “de-leverage†and promote the reduction of production and production capacity of thermal power electrolytic aluminum and other industries. Encourage state-owned capital investment, operating companies and conditional central enterprise funds to participate in debt-to-equity swaps in various market-oriented ways.
2. Development and Reform Commission: The price is a thermometer to measure the people's livelihood. The price is stable and the people are stable; "stable" is the main tone, the overall situation, and the premise; in terms of current price work, "stable" is first of all the price level and the important commodity price. It is necessary to maintain basic stability, and secondly, the reform must be carried out steadily, and it is still necessary to unswervingly carry out the price reform to the end.
3. The central bank launched a 180 billion yuan reverse repurchase operation on Wednesday through interest rate bidding, including 7 days for 100 billion and 14 days for 80 billion. On the same day, the net retreat was 40 billion yuan, and the net was returned for three consecutive days. Shibor rose again across the board, and Shibor rose 0.43bp to 2.9028% in 7 days.
Domestic stock market
1. The Shenzhen Stock Exchange investor protection column issued a statement saying that investors should carefully review the company's disclosure announcement when buying stocks. For those who need to consult, they should consult with the institutions and personnel who have securities qualifications, and avoid blindly listening to the forum and Weibo. Information obtained by other channels to avoid being deceived.
2. The balance of the two financial companies rose for two consecutive months, continuing to create a four-month high. As of August 22, the balance of A-share financing and securities lending was 926.451 billion yuan, an increase of 2.247 billion yuan from the previous trading day of 924.204 billion yuan.
Domestic property market
1. Shanghai launched four rental housing sites, located in Gubei, Nanpu Bridge, Longyang Road and Shanghai South Station, with a total construction area of ​​nearly 200,000 square meters.
2. “Guangdong Province New Urbanization Plan (2016-2020)†revealed that the corresponding proportion of property rights held by individuals and governments or individuals and relevant units in housing property rights will be determined according to pricing standards and individual contribution amount; cancellation of agriculture, non-agriculture and The classification of all other households is subject to the “one yuan†registration management of urban and rural household registration.
3. Shenzhen Municipal Mayor Chen Rugui: Shenzhen is formulating the city's housing supply and security plan for the next 10-20 years. It will issue relevant policy opinions and build a multi-level housing supply and security system. In the future, we will revitalize the stock and establish a unified housing rental supervision and service platform.
4, the daily economic news published a commentary article said that the bank will increase the interest rate of the first suite by 10%-30%, which is contrary to the central government's "satisfying the demand for housing" real estate regulation spirit, or the accidental need of the market and other deviating from the public interest. The situation happened.
Enter [Sina Finance and Economics Unit] Discussion
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