Macroeconomics

1. [Industrial Value Added] National Bureau of Statistics: In August, the value added of industrial enterprises above designated size increased by 5.2% year-on-year in real terms. Month-on-month, the value added of industrial enterprises above designated size increased by 0.37% in August compared to the previous month. From January to August, the value added of industrial enterprises above designated size increased by 6.2% year-on-year.

2. [Power Generation] National Bureau of Statistics: In August, industrial power generation above designated size reached 936.3 billion kWh, a year-on-year increase of 1.6%. The average daily power generation exceeded 30 billion kWh for the first time, reaching 30.2 billion kWh. From January to August, industrial power generation above designated size reached 641.93 billion kWh, a year-on-year increase of 1.5%. Excluding the number of days affected, the average daily power generation increased by 1.9% year-on-year.

3. [US-Japan Tariffs] The Trump administration announced that the import tariff on Japanese cars will be reduced to 15% starting at 00:01 Eastern Time on the 16th (13:01 Japan Time on the 16th).

4. [New York Fed Manufacturing Index] The New York Fed Manufacturing Index fell sharply by 21 points to -8.7 in September, far below market expectations of 5. Both new orders and shipment indicators fell to their lowest levels since April 2024.

5. [European Central Bank] ECB Executive Board member Schnabel said the ECB should maintain current interest rates, as price risks remain tilted to the upside. People familiar with the matter said that unless the eurozone suffers another major shock, interest rates are expected to remain at current levels for some time.

Agricultural and Sideline Products

1. [Soybean Meal] Maintenance plan for soybean meal units at soybean oil mills in North China: Tianjin COFCO will operate a single soybean meal unit from October 1st to 7th; Tianjin Bangji will shut down its soybean meal unit from October 1st to 12th; Tangshan CMST will shut down its soybean meal unit from September 22nd to October 3rd; Tianjin Jiusan will shut down both its soybean meal units from September 28th to October 8th; Hebei Jiahao will operate a single soybean meal unit from October 1st to 7th; Beijing Huifu will start up a small soybean meal unit from October 1st to 7th, with the schedule to be determined.

2. [Soybeans] National Grain and Oils Information Center: As of the week of September 12th, soybean crushing volume at major domestic oil mills was 2.36 million tons, up 60,000 tons week-on-week, 20,000 tons month-on-month, and 120,000 tons year-on-year, and up 380,000 tons from the average for the same period over the past three years. Since May 23rd, domestic soybean crushing has exceeded 2 million tons for 17 consecutive weeks. Mill operating rates are expected to rebound slightly this week, with crushing volumes around 2.4 million tons.

3. [Soybeans] The U.S. Department of Agriculture (USDA) reported that 63% of U.S. soybeans were in good-to-excellent condition for the week ending September 14th, in line with market expectations. This compares to 64% the previous week and 64% the same period last year.

4. [Palm Oil] Data from shipping research firm ITS shows that Malaysia's palm oil exports from September 1st to 15th were 742,648 tons, a 2.6% increase from 724,191 tons exported in the same period last month.

5. [Palm Oil] Data from shipping research firm SGS shows that Malaysia's palm oil exports from September 1st to 10th are expected to be 244,940 tons, a 27.8% decrease from 339,143 tons exported in the same period last month.

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