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.

Building Materials

1. [Paper] On September 2nd, Shanying Paper announced a planned shutdown and maintenance period for the National Day holiday. This shutdown affects 12 paper production lines across Shanying International's bases in Anhui, Zhejiang, Central China, Fujian, Guangdong, and Jilin. The shutdowns will last from 4 to 8 days, concentrated between September 29th and October 6th. The products affected primarily include containerboard and corrugated paper, with a total production capacity impact estimated at approximately 97,000 tons.

2. [Asphalt] As of the week of September 3rd, the capacity utilization rate of China's 92 asphalt refineries was 30.5%, a decrease of 0.9% month-on-month. Weekly asphalt production was 509,000 tons, a decrease of 2.9% month-on-month.

If you have any enquiries or purchasing needs, please feel free to contact SunSirs with support@sunsirs.com.