Macroeconomics

1. [Automobile] According to preliminary statistics from the China Passenger Car Association (CPCA), in August, the national new energy vehicle market saw retail sales of 1.079 million units, a year-on-year increase of 5% and a month-on-month increase of 9%. The national new energy vehicle market penetration rate reached 55.3%. Year-to-date, cumulative retail sales reached 7.535 million units, a year-on-year increase of 25%.

2. [Federal Reserve] Federal Reserve Board Governor Waller stated that the Fed should begin cutting interest rates this month and make multiple cuts in the coming months, but he remained open to the specific pace of rate cuts, believing that this would depend on future economic data.

3. [US Job Vacancies] The US Job Openings Index (JOLTS) for July reached 7.181 million, the lowest level since September 2024 and below expectations. The previous reading was revised down from 7.437 million to 7.36 million. July's JOLTS vacancies were the second time since the end of 2020 that the number of JOLTS vacancies fell below 7.2 million.

4. [Eurozone PMI] The final Eurozone Composite PMI for August rose slightly to 51, revised down 0.1 percentage point from the initial reading, reaching a 12-month high; the Services PMI fell to 50.5 from 51 in July.

5. [Bank of Japan] Bank of Japan Governor Kazuo Ueda, after a meeting with Prime Minister Shigeru Ishiba, stated that the Bank of Japan will raise interest rates if Japan's economic growth and prices meet expectations. Ueda revealed that the two sides exchanged views on economic, price, and market trends, and also discussed exchange rate issues.

Energy

1. [Crude Oil] On September 3, international crude oil futures closed lower. The October contract of U.S. West Texas Intermediate (WTI) crude oil futures settled at $63.97 per barrel, down $1.62, or 2.5%. The November contract of Brent crude oil futures settled at $67.60 per barrel, down $1.54, or 2.2%.

2. [Crude Oil] Data released by the American Petroleum Institute (API) on September 3rd showed that U.S. crude oil and distillate inventories rose last week, while gasoline inventories fell. For the week ending August 29th, crude oil inventories increased by 622,000 barrels. Gasoline inventories decreased by 4.58 million barrels, while distillate inventories increased by 3.69 million barrels.

3. [Crude Oil] A survey showed that OPEC crude oil production increased by 400,000 barrels per day to 28.55 million barrels per day in August.

4. [Crude Oil] Iraqi Oil Ministry documents show that Iraq's oil exports averaged 3.38 million barrels per day in August.

5. [Coking Coal] On September 3rd, Mongolia's ETT Company held an online auction for coking coal. The starting price for 1/3 coking coal (A18, V33, S1.1, G75, Mt4.0) was $73.40 per ton. All 19,200 tons of the listed quantity were sold at the reserve price. All prices are excluding tax. Delivery will be made from the Ganqimaodu Port Control Area in China. Delivery will be within 27 days of payment, with the final delivery date being September 30, 2025.

6. [Petroleum Coke] On September 3rd, Zibo Xintai Petrochemical Co., Ltd. quoted petroleum coke at 1,950 RMB/ton, a 50 RMB/ton increase from the previous trading day. Sulfur content was 4.2%, volatile matter was 9.5%, and ash content was 0.2%. The coking plant's daily petroleum coke production was 500 tons, and the company's shipments were normal.

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