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12/09/2025

The Straits Times Index in Singapore fell 0.3% to 4,344.24 points.

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UBS raises the target stock price of Alaska Air Group from $56 per share to $90 per share.

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Hong Kong property market: Hong Kong housing rents have increased by about 2.9% so far this year, with some residential estates in Tseung Kwan O outperforming the market.

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Gemini's public stock offering for the encryption exchange has been hotly sought after and purchased vigorously.

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On September 11, the Party Committee of the State Council's State-owned Assets Supervision and Administration Commission and the Party Committees of central enterprises conducted joint theoretical learning sessions to thoroughly study and implement General Secretary Xi Jinping's important speeches on urban work and the spirit of the Central Urban Work Conference, and to further enhance the sense of responsibility and mission of central state-owned enterprises in doing urban work, fully leverage their own advantages, and do urban work with a broader perspective, making new and greater contributions to the construction of modern cities. Zhang Yuzhuo, Secretary and Director of the Party Committee of the State-owned Assets Supervision and Administration Commission of the State Council, presided over the joint learning session. Ni Hong, Secretary of the Party Group and Minister of the Ministry of Housing and Urban-Rural Development, was invited to give a special lecture. In his lecture, Ni Hong focused on studying and implementing General Secretary Xi Jinping's important speech at the Central Urban Work Conference, analyzed the new situation, challenges, and opportunities facing urban work, and introduced key measures to implement the spirit of the Central Urban Work Conference. He emphasized that central enterprises have significantly supported urbanization, improved the well-being of urban residents, enhanced urban technological levels, and opened up cooperation in the field of urban living, achieving remarkable results in supporting urban development. He hoped that central state-owned enterprises would firmly establish and implement the concept of people-oriented cities, accurately grasp the overall requirements of urban work in the current and future periods, proactively adapt to new changes in urban development stages, earnestly implement the new deployment of the central government on urban work, deepen the implementation of urban renewal actions, promote the construction of a new model of real estate development, upgrade "Chinese construction," and explore a new path for the modernization of Chinese cities with distinctive characteristics. Zhang Yuzhuo stated that central enterprises are important participants in China's urban development and should continue to deeply study and understand General Secretary Xi Jinping's important speeches, further enhance political positions, grasp the strategic orientation of connotative urban development, use the formulation and implementation of the "14th Five-Year Plan" as a starting point to carry out major reforms and innovations, vigorously promote the optimization of urban structure, transformation of kinetic energy, improvement of quality, and green transformation, strive to achieve the coordinated development between enterprises and cities, and promote each other. They should strengthen their sense of responsibility, actively integrate into the urban innovation ecology, infrastructure, and livable environment construction, nurture and strengthen new productive forces in cities, fill in the gaps in urban development, and create a high-quality urban living space. They should activate existing resources, effectively demonstrate and guide, optimize the use of existing resources such as land, housing, facilities according to urban resource endowments and development plans, improve operational efficiency, make good use of various supporting policies, and enhance the dynamic vitality of urban development through institutional mechanisms. The joint learning session was conducted through a combination of on-site and video methods. The Secretary-General of the State-owned Assets Supervision and Administration Commission of the State Council, the Discipline Inspection and Supervision Group of the Commission, responsible comrades of various departments, bureaus, directly affiliated institutions and relevant subordinate units, as well as responsible comrades of central enterprises, participated in the learning session.

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Citigroup analysts pointed out that as part of the trade agreement between Japan and the United States, a $550 billion investment fund may heavily utilize Japan's $13 trillion foreign exchange reserves. U.S. Treasury bonds are a core component of Japan's foreign exchange reserves, and Citigroup analysts believe that Japan's use of these bonds could trigger a chain reaction leading to an increase in long-term U.S. bond yields. This, in turn, could pressure the U.S. to demand Japan extend the maturity of the U.S. bonds it holds. "We do not anticipate a major shift in multi-currency policy leading to a result similar to the 'Plaza Accord,' but there is a possibility of reaching some kind of bilateral 'mini-Plaza Accord,'" Citigroup analysts Osamu Takashima and others noted in the report. "From a currency policy perspective, we believe there will be a continued bias towards a weaker dollar and a stronger yen."

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