Macroeconomics

1. [Anti-Circumvention Investigation] The Ministry of Commerce announced the ruling in China's first anti-circumvention investigation, determining that US exporters circumvented China's anti-dumping measures on US non-dispersion-shifted single-mode optical fiber products by exporting relevant cut-off wavelength-shifted single-mode optical fiber to China. The Ministry of Commerce decided to implement anti-circumvention measures starting September 4th. The Ministry of Commerce stated that this case is China's first anti-circumvention investigation and has groundbreaking significance in enriching China's trade remedy investigation tools.

2. [US-Japan Trade Agreement] The White House announced that Trump signed an executive order formally implementing the US-Japan Trade Agreement. The order will reportedly clarify tariff adjustments to ensure that Japanese imports previously subject to higher tariffs will not be subject to double taxation, while goods previously subject to tariffs below 15% will be adjusted to the new rates. Furthermore, the White House stated that Japan is committed to accelerating its plan to increase US rice purchases by 75%.

3. [US ADP Employment] US ADP employment increased by 54,000 in August, significantly below market expectations of 68,000 and a significant slowdown from the revised 104,000 increase in July.

4. [Indian Taxation] Indian Finance Minister Sitharaman announced tax cuts on hundreds of consumer goods, from soap to small cars, to stimulate domestic demand and offset the economic headwinds from US tariffs. The Indian Goods and Services Tax (GST) panel approved lowering tax rates on a range of everyday items, streamlining them to 5% and 18%. The tax cuts will take effect on September 22.

Energy

1. [Crude Oil] On September 4, international crude oil futures closed lower. The October contract for US WTI crude oil futures settled at $63.48 per barrel, down $0.49, or 0.8%. The November contract for Brent crude oil futures settled at $66.99 per barrel, down $0.61, or 0.9%.

2. [Crude Oil] Data released by the U.S. Energy Information Administration (EIA) on Thursday showed that U.S. crude oil inventories rose last week as refineries entered maintenance. For the week ending August 29, U.S. crude oil inventories increased by 2.4 million barrels to 420.7 million barrels, compared with analysts' expectations for a 2 million-barrel decrease. U.S. gasoline inventories fell by 3.8 million barrels to 218.5 million barrels last week, compared with expectations for a 1.1 million-barrel decrease. Distillate fuel inventories, including diesel and heating oil, rose by 1.7 million barrels to 115.9 million barrels, compared with expectations for a 600,000-barrel decrease.

3. [Crude Oil] According to Goldman Sachs, Brent crude, the global benchmark, is expected to fall to just over $50 per barrel next year due to a global oil glut.

4. [Coking Coal] On September 4th, coking coal prices in the Wuhai market fell by 5 RMB/ton. The ex-factory price for high-ash, low-sulfur fat coals A15, S0.8, V32, G85, Y20, and CSR65 was 935 RMB/ton, cash, tax included.

5. [Petroleum Coke] On September 4th, Qirun Petrochemical quoted 4A petroleum coke at 1,730 RMB/ton, up 30 RMB/ton from the previous trading day. Sulfur content was 4.13-4.19, vanadium content was 620, and the delayed coking unit had an annual production capacity of 1.6 million tons and a daily output of 700 tons.

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