Flash News

TREE NEWS reports: Japan’s household consumer confidence index came in at 35 in October, slightly below the 35.1 expected by economists and down from 35.4 in the previous month. The reading points to a modest weakening in household sentiment at the start of the fourth quarter.

TREE NEWS update: BGI Group said on July 29 that it “firmly rejects all allegations” after the US government added three BGI entities to its Xinjiang-related import restriction list. The company denied any involvement in forced labor and said the listing will not have a material impact on its business, with R&D, production and commercial cooperation continuing as normal in China and other countries and regions.

TREE NEWS update: South Korea’s special prosecution team again asked the Seoul High Court to sentence former President Yoon Suk Yeol to death, arguing his first-instance life sentence was too lenient. Yoon is charged with insurrection over his Dec. 3, 2024 declaration of emergency martial law. Prosecutors called the move a “bodyguard coup” aimed at long-term monopoly on power and said it seriously undermined the country’s constitutional order.

TREE NEWS reports: China’s ChiNext Index fell more than 3% and the STAR 50 Index dropped over 4% by midday, while the banking sector rose against the trend and the combined market capitalization of the four largest state-owned banks — ICBC, Agricultural Bank of China, Bank of China and China Construction Bank — surpassed 10 trillion yuan for the first time. Hong Kong’s Hang Seng Tech Index fell nearly 2% by midday, with AI large-model stocks opening lower and sliding, as Zhipu dropped more than 7% and MINIMAX fell over 5%.

TREE NEWS update: The European Central Bank announces its policy rates at 21:15 Beijing time, followed by President Christine Lagarde’s press conference at 21:45. Earlier, the US releases third-quarter GDP, September PCE and weekly jobless claims at 20:30, while the Bank of Ukraine sets rates at 20:00. Amazon, Intel, SanDisk and Strategy report after the US close.

TREE NEWS update: Two domestically built 14-meter-class shield machines, Xianfeng and Xiwang, began boring the Taihu Lake tunnel on the Xiyi S2 line in Wuxi, Jiangsu, on Oct. 29, marking China’s first超大-diameter shield tunnel crossing Taihu. The S2 line is a key project for Yangtze River Delta integration and a half-hour commuting circle linking Wuxi, Jiangyin and Yixing.

TREE NEWS update: China’s Ministry of Commerce, National Development and Reform Commission, Ministry of Ecology and Environment and General Administration of Customs issued a notice to further raise trade liberalization and facilitation levels in the Hainan Free Trade Port. The notice supports deeper economic and trade exchanges and industrial cooperation between Hainan and Hong Kong, with steps to explore rule alignment and mechanism connectivity and to improve the cooperation mechanism focused on trade and investment.

TREE NEWS reports: Alphabet shares fell 9.97% in after-hours trading on Oct. 28 after the company reported third-quarter capital expenditures of $51.355 billion and negative free cash flow of $9.065 billion, with diluted EPS of $2.12 missing the $2.94 consensus. The 10-year Treasury yield rose to 5.05% the same day after the FOMC held rates at 3.75%-4.00% on a 10-2 vote, with Cook and Hammack dissenting in favor of a 25-basis-point hike.

TREE NEWS update: China’s Ministry of Commerce and three other departments issued a notice to further liberalize and facilitate trade at the Hainan Free Trade Port. The measures include a pilot for importing critical fault-related auto parts for R&D testing, support for LNG futures delivery warehouses once LNG futures launch, allowing bonded delivery in energy units, and permitting overseas firms to use the port’s bonded LNG receiving facilities. The notice also encourages barter trade priced in yuan.

TREE NEWS reports: China’s ChiNext Index fell 3.63% at the midday close on Oct. 29, with the Shanghai Composite down 0.93% and the Shenzhen Component down 2.55%, as more than 4,700 stocks declined across the three exchanges. The banking sector bucked the trend, with Qingdao Bank up nearly 8% and the combined market capitalization of the ‘Big Four’ state banks — ICBC, Agricultural Bank of China, Bank of China and China Construction Bank — exceeding 10 trillion yuan for the first time. Computing hardware and memory chip stocks led losses, with Tianfu Communication approaching a 20% limit-down and Biwin Storage falling more than 12%; morning turnover reached 996.7 billion yuan.

TREE NEWS update: The Federal Reserve will reduce the number of rate-setting meetings starting in 2027, Chair Kevin Warsh said on Oct. 28 after the FOMC held its target range at 3.75%-4%. One meeting in 2027 will focus on monetary policy strategy with no rate vote or policy statement, rising to two such sessions in 2028 with six policy meetings. Warsh declined to pre-judge December and said interest rates also affect AI investment.

TREE NEWS update: Gansu province issued a 5-year land-reserve special local government bond of 359 million yuan at a 1.4000% yield with a 2.73x marginal bid-to-cover ratio, alongside a 7-year shantytown redevelopment bond of 594 million yuan at 1.5100%. The largest tranche was a 10-year general bond of 4.1 billion yuan at 1.6900%, which drew a 25.38x marginal ratio. Twenty-year special bonds were priced at 2.1200%-2.1500% and 30-year tranches at 2.2100%.

TREE NEWS update: Shanghai’s municipal government published an action plan to promote high-quality development of small and medium-sized enterprises, widening financing channels and implementing tax and fee reductions. The plan directs local banks to increase credit to tech and traditional SMEs, expand first-time and credit-based lending, and support banks in issuing special financial bonds for small-business loans. It also calls for industrial funds to channel long-term capital into early-stage and hard-tech ventures and for regular publication of intellectual property finance product lists.

TREE NEWS reports: Global fund managers are warming to Japanese government bonds again, drawn by high yields, signs of recovering domestic demand and a more favorable policy environment. T. Rowe Price, which cut its JGB exposure earlier this year, now favors longer-dated bonds; Allianz Global Investors is selectively adding medium- and long-term debt, and BNP Paribas Asset Management has built exposure to ultra-long bonds.

TREE NEWS update: The Hong Kong Monetary Authority said a pronounced interest rate differential between the Hong Kong dollar and the US dollar remains in place. The authority advised the public to fully consider and manage interest rate risk. No further details were provided in the statement.

TREE NEWS reports: The combined A+H-share market capitalization of China’s four largest state-owned banks — Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China and China Construction Bank — exceeded 10 trillion yuan for the first time in history. All four rose more than 1% as the banking sector extended its rally. ICBC’s total market value stood at 2.94 trillion yuan, Agricultural Bank at 2.58 trillion, China Construction Bank at 2.35 trillion and Bank of China at 2.15 trillion.

TREE NEWS reports: The MMLC battery-grade lithium carbonate midpoint price in China fell 2,000 yuan to 96,900 yuan per tonne in early trading, compared with the 16:30 level the previous day. The early-session quote reflects the latest movement in the lithium compound used in EV and energy-storage batteries.

TREE NEWS update: China Development Bank issued a 3-year bond of 6 billion yuan at a yield of 1.3371%, below the expected 1.3400%, with a bid-to-cover ratio of 4.29 times and a marginal ratio of 4.73 times. It also issued a 10-year bond of 2 billion yuan at a yield of 1.6516%, below the expected 1.6700%, with a bid-to-cover ratio of 7.59 times and a marginal ratio of 76.67 times.

TREE NEWS update: China’s new round of refined oil product pricing window opens at 24:00 on Oct 29, with multiple institutions forecasting an increase. The pricing cycle runs from 24:00 on Oct 15, 2026, to 24:00 on Oct 29. Liu Bingjuan, an analyst at Longzhong Information, cited tight Middle East tensions, the US-Iran standoff and Houthi attacks on Saudi Arabia as providing strong support for oil prices.

TREE NEWS update: Iranian Foreign Minister Abbas Araghchi said on the 28th that Tehran has not abandoned diplomacy and is discussing with mediators how to implement a “seven-day plan” to open the Strait of Hormuz in a shorter timeframe. In a social media post, Araghchi said Iran remains committed to giving diplomacy a chance to succeed while its armed forces are fully prepared to defend the country, and that close, continuous communication with mediators is ongoing to ensure the plan can be carried out in under a week.