EUR/USD
1.16556
-0.065%
Gold
4646.84
-0.104%
Oil
83.772
-0.921%
USD/JPY
159.317
0.141%
GBP/USD
1.36239
-0.047%
GBP/JPY
217.057
0.102%
Real-time News
On August 25th, Danske Bank senior analyst Jesper Fjarstedt stated in a report that escalating geopolitical tensions have added new complexity to the upcoming Jackson Hole symposium. Federal Reserve Chairman Warsh will speak on Friday, and "the market widely expects him to avoid giving clear policy signals and is unlikely to directly discuss Treasury intervention in the market." Meanwhile, US Treasury Secretary Bessant stated on Monday that the US is launching an operation aimed at isolating the Iranian regime and warned that countries and businesses doing business with Iran will face US retaliation.On August 25th, according to the Yomiuri Shimbun, a panel of experts from Japans Ministry of Economy, Trade and Industry approved a proposal on Monday to establish a subsidy program to support companies in diversifying their crude oil and naphtha supply sources. This proposal is part of Japans efforts to reduce its reliance on petroleum products imported via the Strait of Hormuz and is expected to be incorporated into the governments upcoming energy diversification policy. The program will compensate companies for the additional costs incurred by avoiding the Strait of Hormuz. The Japanese government will levy fees on all companies importing crude oil and naphtha and use the collected funds to finance the subsidy program. Companies that prioritize sourcing via the Strait of Hormuz will bear a higher cost burden. Meanwhile, the panel also confirmed that the national petroleum reserve program, including naphtha, will be restored to the equivalent of 90 days of consumption by the end of March 2028.The main contract for low-sulfur fuel oil (LU) fell 2.00% during the day, currently trading at 4931.00 yuan/ton.On August 25, the draft revision of the Banking Supervision and Management Law was submitted to the Standing Committee of the National Peoples Congress for its second review. The second draft further strengthens the responsibilities of banking regulatory agencies in protecting banking consumers, improves relevant systems, and specifically regulates illegal activities such as the misappropriation of customer funds by banking financial institution employees. The second draft adds a list of prohibited actions by banking financial institutions and their employees that infringe upon the legitimate rights and interests of consumers, including not infringing upon the legitimate rights and interests of depositors and other customers through misappropriation of funds, not forcing customers to bundle or sell products or services, not providing depositors and other customers with products that do not meet their risk tolerance in violation of suitability management regulations, and not using improper means for debt collection. To provide stronger legal support for preventing and resolving banking financial risks, the second draft splits Chapter Four, "Supervision and Management Measures," into two chapters: "Supervision and Management Measures" and "Risk Disposal," clarifying the division of responsibilities between the central and local governments in risk disposal for banking financial institutions, strengthening risk disposal measures, and specifying the ways in which deposit insurance fund management institutions and other entities participate in risk disposal.August 25th - According to the Financial Times, US corn belt farmers say they are facing their worst crisis in 40 years. Following Trumps war with Iran, soaring diesel and fertilizer costs have pushed food farmers to the brink of survival. A recent study by the American Farm Bureau Federation (AFBF) shows that without government assistance, farmers growing nine major crops, including corn, will lose a combined $31 billion this year and a combined $32 billion by 2027. AFBF economist Faith Parum stated that corn farmers will lose $131 per acre this year, and losses will widen to $167 per acre in 2027. Soybean farmers will lose $80 per acre this year and $138 per acre next year. 2027 will mark the sixth consecutive year of negative returns for most major US field crops. This escalating pressure is the latest sign of the impact of the ongoing Middle East conflict, now in its sixth month, on the American heartland. With the crucial midterm elections approaching, these economic pressures are also affecting voter sentiment in agricultural states.
