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On August 26, the Shanghai branch of the Peoples Bank of China released the monetary and credit situation in the Yangtze River Delta region in July 2026. The data showed that RMB deposits in the Yangtze River Delta region increased by RMB 214.6 billion in July, RMB 448.8 billion more than the same period last year; RMB loans decreased by RMB 19.6 billion, RMB 151.6 billion less than the same period last year.On August 26th, Jiangsu Province issued the "Three-Year Action Plan for Promoting the High-Quality Development of the Biopharmaceutical Industry in Jiangsu Province." The plan includes improving and perfecting a diversified payment system. It encourages commercial health insurance and medical mutual aid programs to include innovative drugs in their coverage, and to optimize and strengthen affordable commercial health insurance programs such as "Jiangsu Medical Benefit Insurance." The medical insurance department will leverage the trusted data space of the medical insurance industry to cooperate with eligible commercial health insurance companies in areas such as data integration and application, and settlement and clearing. Cases involving the application of innovative drugs within the coverage of relevant commercial health insurance may be excluded from the disease-based payment scope and will be paid after review and evaluation.Market news: Irans energy minister said that four power plants that were attacked at the beginning of the war have been rebuilt.On August 26, Iranian military spokesman Mohammad Akraminia stated that Iran has upgraded its military capabilities and is accelerating the reconstruction of damaged infrastructure after the war. Akraminia said that in response to potential further attacks from the United States, Iran plans to adjust its military strategy, shifting from a defensive to an offensive posture to protect its security. He also stated that Iran carried out several "preemptive actions" in the final stages of the war. He claimed that Irans attack on a US military base in Jordan effectively deterred further US attacks. Akraminia also stated that the Iranian government will offer financial rewards to anyone who captures US soldiers if they enter Iranian territory. He further announced that Iran has made significant progress in rebuilding infrastructure destroyed during the war and has also acquired new military equipment. Regarding the Strait of Hormuz, Akraminia stated that ships will be monitored by Iran before reaching the strait and will only be allowed to pass after obtaining Iranian permission.On August 26, the Xian Municipal Housing and Urban-Rural Development Bureau and three other departments issued measures to support the high-quality development of the Xian real estate market. The measures include five specific initiatives: optimizing planning and construction procedures, increasing support from housing provident funds, encouraging residents to sell old properties and buy new ones, establishing an efficient linkage mechanism for "mortgage-backed property transfers," and allowing enterprises to independently determine housing sales prices. The government will increase support for housing provident funds, raising the maximum loan amount for a single contributor to 900,000 yuan and for two contributors to 1.2 million yuan. Families with two or more children will see an increase of 20% on top of these limits. For purchasing commercial housing, the time limit for the homebuyer (property owner) and their spouse, children, and parents to withdraw provident funds will be extended from 5 years to 10 years from the date of online contract signing and registration, and these funds can be used jointly to pay for the purchase. The monthly provident fund withdrawal limit for employees without housing to rent housing will be increased from 1,500 yuan to 2,000 yuan. For the installation or renovation of elevators in existing owner-occupied housing within the urban area of Xian, the property owner and their spouse, children, and parents can all withdraw provident funds. Loan applicants for newly built commercial housing and second-hand housing, along with their spouses, can withdraw housing provident funds to directly pay the down payment.

Wharton Professor of Business School said: US stocks are at risk in the fourth quarter, bullish on gold!

Oct 26, 2021 10:57

U.S. stocks may not have a good time in the fourth quarter of this year. Last Friday, Wharton Finance Professor Jeremy Siegel, who is known for his active market forecasts, issued a warning about the market’s ability to respond to inflation. He believes that inflation will be a bigger problem than the Fed believes. Rising prices have brought serious risks. The Fed will face pressure to accelerate the reduction of bond purchases, and he believes that the market is not ready.



His cautious attitude is markedly different from his optimistic attitude in early January. In the "Trading Nation" program on January 4, he correctly predicted that the Dow Jones Industrial Average would reach 35,000 points in 2021, a 14% increase from the first opening this year. On August 16, the index reached a record high of 35631.19 points. Last Friday, the index closed at 34326.46 points.

He now believes that the biggest threat to Wall Street is that Fed Chairman Powell withdrew from loose monetary policy earlier than expected due to a sharp rise in inflation.

He pointed out: "We all know that many volatility in the stock market is related to the liquidity provided by the Federal Reserve. If the rate of cut is faster, it also means that interest rates will be raised faster. Both of these things are not good for the stock market. "

Siegel is particularly worried about the impact this will have on growth stocks, especially technology stocks. He believes that Nasdaq (Nasdaq), which is dominated by technology stocks, is currently only 5% away from its historical high, and may fall sharply, and the market will tilt towards value stocks.

He believes that this background bodes well for companies that have benefited from interest rate hikes, have pricing power, and pay dividends. In the context of inflation, underperforming utilities and consumer goods companies that are known for their dividends may see strong increases.

In addition, Siegel is also bullish on gold. He believes that as a hedge against inflation, gold has become relatively cheap, and pointed out that the popularity of Bitcoin is one reason.

Siegel said: "The market turned to Bitcoin, and I think they ignored gold. I remember that during the inflation of the 1970s, everyone switched to buying gold. Now in our digital world, investors are turning to Bitcoin. , And I think they ignored gold."

Siegel was not frightened by the rise in real estate prices. He said: "I don't think this is a bubble. Investors have already foreseen inflation to a certain extent... I think that mortgage interest rates will have to rise sharply to really hit the real estate market. Therefore, I think real estate is still A good asset worth having."



S&P 500 index daily chart

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