Macroeconomics

1. [MLF] The People's Bank of China announced that, to maintain ample liquidity in the banking system, it will conduct a 600 billion RMB medium-term lending facility (MLF) operation on September 25th, using a fixed-volume, interest-rate tendering method with multiple price levels. The term is one year.

2. [US-EU Tariffs] The United States confirmed that EU cars and auto parts will face 15% tariffs, retroactive to August 1st.

3. [Bank of England] Bank of England Governor Bailey stated that interest rates still have room to fall, but the timing and extent of the reduction will depend on the trajectory of inflation. The labor market, in particular, is showing signs of weakness, which is also reflected slightly in employment data.

4. [German Business Climate Index] Germany's Ifo business climate index fell 1.2 points to 87.7 in September, the lowest level since May and the largest monthly drop in the past year.

5. [Australian CPI] Australia's CPI rose 3% year-on-year in August, the highest level since July 2024, reaching the upper limit of the Reserve Bank of Australia's (RBA) 2%-3% inflation target range. However, the trimmed mean of core inflation, the RBA's preferred indicator, fell to 2.6% from 2.7% in July.

1. [Crude Oil] On September 24, international crude oil futures saw significant gains. The November contract for U.S. West Texas Intermediate (WTI) crude oil futures settled at $64.99 per barrel, up $1.58, or 2.5%. The December contract for Brent crude oil futures settled at $68.46 per barrel, up $1.49, or 2.2%.

2. [Crude Oil] Data released by the U.S. Energy Information Administration (EIA) showed that the U.S. Strategic Petroleum Reserve (SPR) increased by 230,000 barrels to 405.958 million barrels in the week ending September 19 from the previous week.

3. [Crude Oil] The U.S. Energy Information Administration (EIA) said on Wednesday that U.S. refinery crude oil processing increased by 52,000 barrels per day in the week ending September 19, but capacity utilization fell 0.3 percentage points to 93%.

4. [Crude Oil] The U.S. Energy Information Administration (EIA) said on Wednesday that U.S. crude oil and refined product inventories fell last week due to rising demand. Crude oil inventories fell by 607,000 barrels to 414.8 million barrels in the week ending September 19, compared with analysts' expectations for an increase of 235,000 barrels. Gasoline inventories fell by 1.1 million barrels to 216.6 million barrels, compared with analysts' expectations for an increase of 150,000 barrels. Distillate fuel inventories, including diesel and heating oil, fell by 1.7 million barrels to 123 million barrels, compared with analysts' expectations for a decrease of 494,000 barrels.

5. [Coking Coal] According to reports, Russia's Serbian Kuzbass Company plans to suspend production at the Berezovskaya Mine in Kemerovo Oblast (annual production of 1.5 million tons of K-grade coking coal) in November 2025 to prepare for new longwall mining.

6. [Liquefied Natural Gas] The Chongqing Fuling shale gas processing plant expansion project recently completed and began operations, doubling its production capacity to 2 million cubic meters per day, making it the largest liquefied natural gas (LNG) plant in Southwest China. The plant's first phase, commissioned in 2018, processes 1 million cubic meters of feed gas per day and produces 222,000 tons of LNG annually. The expanded capacity will bring the annual supply to 440,000 tons, bringing the cumulative clean energy supply to over 1.4 million tons, significantly enhancing regional energy security.

7. [Petroleum Coke] On September 24, Qirun Petrochemical quoted petroleum coke 4A at 1,420 RMB/ton, up 20 RMB/ton from the previous trading day. The sulfur content was 4.3, and the vanadium content was 800-850. The delayed coking unit had an annual capacity of 1.6 million tons and a daily output of 700 tons.

From:SunSirs