Wall Street News Breakfast FM-Radio | September 9, 2026
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Li Qiang: We will coordinate and promote the renovation and upgrading of housing, residential areas, communities, and urban areas.
The AI wave has driven up chip prices, with China's exports increasing by 25% year-on-year and imports by 28.2% in August; China's crude oil imports increased by 6.2% month-on-month in August, while the value of integrated circuit exports surged by 130% year-on-year.
Houthi rebels have penetrated deep into the interior, attacking Saudi energy facilities; the conflict between the US and Iran has escalated, with Iran claiming that US missiles struck an Iranian oil tanker near Kharg Island and warning of attacks on oil tankers in Kuwait and Bahrain ports; Iran plans to establish a restricted zone outside the Strait of Hormuz, and an agreement with Oman is imminent.
Putin and Trump spoke by phone to exchange views on the visit of the US presidential envoy to Russia and Ukraine.
Canada's $20 billion retaliatory tariffs on the United States took effect on Tuesday. Carney stated that while not seeking an escalation of the trade war, the US aims to accelerate its reduction of dependence on the US. The US has tightened its investment requirements for South Korea, demanding that the country submit projects exceeding $350 billion. Is controlling Venezuelan oil not enough? Reports indicate that the US is now turning its attention to mineral resources such as gold.
Japanese media reports that the Bank of Japan plans to raise interest rates by 25 basis points next week, potentially accelerating the pace of rate hikes to "once a quarter"; Japan's nominal wage growth in July hit a new high since 1997, further supporting the central bank's rate hike plans.
DeepSeek V4.1 Flash intermediate version has entered closed beta testing, and user tests show it's incredibly fast. DeepSeek is also significantly expanding its recruitment, opening 150 backend/server-side engineer positions.
Tencent executive: 50 billion yuan prepayment in the second quarter to lock in memory chips; Harness's gross profit margin for paid users is comparable to Maas and its consumption rate is more than twice that of free users.
Moutai has adjusted its prices for the sixth time this year: Feitian Moutai in self-operated stores has risen to 1,766 yuan, and staff said that "the stores have sufficient products."
Amazon is betting up to $60 billion on Qualcomm's AI chips, tied to 25 million stock warrants. Apple is reportedly signing a 3-5 year NAND contract, possibly with no price cap. Reports indicate Intel is raising CPU prices by another 10% and plans to phase out low-margin products.
Novartis' stock price plummeted nearly 11% at the close after three consecutive failed trials in a week.
OpenAI releases ChatGPT Images 2.5: Generation speed improved by up to 50%, AI image editing allows for "point-and-click" correction.
Market Overview
The US-Iran conflict has impacted oil tankers and facilities, causing the three major US stock indexes to fall for the second consecutive day, with the Dow Jones Industrial Average falling more than 1%, leading the decline. European pharmaceutical stock Novartis fell more than 10%, dragging down its US counterpart Amgen, which fell 10%, leading the decline among Dow components. Chip stocks and AI infrastructure stocks bucked the trend, with the chip index rising more than 1%, marking its fourth consecutive day of gains. Intel closed up more than 9%, AMD rose nearly 6%, and Qualcomm rose more than 3%. Among AI infrastructure stocks, CoreWeave and Lumentum both rose more than 10%, and Nebius rose nearly 8%.
Following the long weekend, US Treasury bonds fell for the second consecutive day. The US dollar index fell to a more than two-week low for the second consecutive day; the Japanese yen broke through 153 during the session, reaching a nearly seven-month high; the offshore yuan recovered to 6.71, approaching a three-year high; Bitcoin fell below $78,000 during the session, down more than 2% from its daily high.
The ongoing tensions in the Middle East continued to push up crude oil prices, with Brent crude surging toward the $100 mark and WTI crude rising more than 3% during the session. WTI crude closed with its sixth consecutive gain, reaching a three-month high. Gold prices fell again, with futures dropping nearly 2% at one point. LME copper rose more than 1%, continuing to hit record highs, while New York copper closed up more than 2%, also reaching a new record high.
U.S. stocks : The S&P 500 fell 0.58% to 7,673.52 points, the Dow Jones Industrial Average fell 1.18% to 52,786.07 points, and the Nasdaq Composite fell 0.32% to 26,421.413 points.
European stocks : The Stoxx Europe 600 index closed down 0.05% at 649.60 points.
A-shares : The Shanghai Composite Index closed up 0.20% at 3940.55 points. The Shenzhen Component Index closed down 0.52% at 13703.21 points. The ChiNext Index closed down 1.15% at 3359.72 points. Agricultural stocks surged, with over 3400 stocks rising, while computing power hardware stocks retreated, with CATL falling over 3%.
Japan and South Korea : The Nikkei 225 fell 1.7% to 65,269.33 points, and the Korea Composite Stock Price Index (KOSPI) fell 0.58% to 6,954.52 points; memory chip stocks rose and then fell back, with Kioxia falling more than 3%.
US Treasuries : By the close of the bond market, the yield on the benchmark 10-year US Treasury note was approximately 4.79%, up about 1 basis point during the day; the yield on the 2-year US Treasury note was approximately 4.39% by the close of the bond market, up about 2 basis points during the day.
Commodities : WTI October crude oil futures rose 1.69% to $93.03 per barrel; Brent November crude oil futures rose 0.95% to $97.92 per barrel. COMEX September gold futures fell 0.81% to $4393.9 per ounce. COMEX September silver futures rose 0.38% to $66.297 per ounce. LME copper futures rose approximately 1.4% to $14708 per tonne. COMEX September copper futures rose 2.15% to $6.739 per pound.
News Details
China
Li Qiang: We must coordinate and promote the renovation and upgrading of housing, residential areas, communities, and urban areas . Li Qiang pointed out that we should focus on improving the livability and workability of the city, starting from the scenarios of people's daily life, cultural and leisure activities, education, medical care, and employment, and coordinate and promote the renovation and upgrading of housing, residential areas, communities, and urban areas. We should accelerate the transformation and upgrading of old streets and factories, actively introduce new industries and new business formats, and comprehensively enhance the city's functions, quality, and development vitality.
The AI wave has driven up chip prices, leading to a 25% year-on-year increase in China's exports and a 28.2% year-on-year increase in imports in August , according to data from the General Administration of Customs. In dollar terms, China's August exports increased by 25% year-on-year, while imports rose by 28.2%, resulting in a record monthly trade surplus of $119.09 billion. In yuan terms, exports increased by 18.6% and imports by 21.7%. Integrated circuit exports reached $40.731 billion in August, with cumulative exports from January to August reaching $256.751 billion, a year-on-year increase of 103.9%. High-tech product exports in the first eight months increased by 42.9% in dollar terms.
- China's crude oil imports rose 6.2% month-on-month in August, while integrated circuit exports surged 130% year-on-year : The key highlights of the import data were concentrated in the technology sector. From January to August, the import value of diodes and similar semiconductor devices increased by 105.1% year-on-year, and the import value of integrated circuits increased by 61.7%. Crude oil imports also rebounded amid tensions in the Middle East.
- Three main drivers of August exports : Shenwan Macro believes that August exports rose to 25%, exceeding expectations, supported by three main drivers: high growth in AI exports, continued improvement in consumer goods exports, and weakening of non-AI production materials and exports to the EU and ASEAN. Exports are expected to remain strong in the future.
Xiaomi MiMo Desktop is here! It can control the browser itself and supports generating preview interfaces . Xiaomi AI Big Model Xiaomi MiMo Desktop is officially open for invitation testing. It upgrades AI capabilities from a dialog box to a real workbench. Documents, PPTs, web pages, 3D models and even apps can be generated directly in the conversation. The preview interface is clickable and iterative. Local editing only changes the selected area. Smart scheduling automatically matches the optimal model and the same conversation cache hit rate is up to 99%.
DeepSeek is massively expanding its workforce! It has opened up 150 backend/server-side engineer positions at once. This recruitment scale represents about one-third to one-half of the existing team's total number of employees. The focus is on addressing the backend system bottlenecks caused by the surge in data volume, training tasks, agent environment volume, and user request volume, which require large-scale upgrades and rewrites.
- Just now, DeepSeek's new model is in beta testing! User tests show it's incredibly fast! : On September 8th, DeepSeek V4.1 Flash intermediate version began beta testing, adopting a new model structure and natively supporting multimodal models. The price is the same as V4 Flash, and user tests show that the output speed has reached up to 507 tokens/s.
Tencent's Chief Strategy Officer: RMB 50 billion prepayment secured memory chips in Q2; Harness paid user gross margin has caught up with MaaS and consumption rate is more than twice that of free users . Tencent's over RMB 50 billion prepayment to secure memory chips in Q2 was characterized by management as a "once-in-five-years" strategic procurement, indicating that Q2 capital expenditure may have become the new normal. Simultaneously, AI monetization is accelerating—Harness paid user inference gross margin has caught up with MaaS, and token consumption is more than twice that of free users, demonstrating strong user segmentation and monetization capabilities.
Moutai has raised its prices for the sixth time this year: the price of Feitian Moutai at its self-operated stores has increased to 1,766 yuan. Staff stated that "stores have sufficient products." Just one month after the last price adjustment, Guizhou Moutai has once again bucked the trend by raising prices, affecting multiple products. After the adjustment, the price of Feitian Moutai at self-operated stores is 127 yuan higher than on iMoutai, widening the price difference. Currently, stores are implementing a policy of "one case per day and five cases per year." In the first half of the year, Moutai experienced "increased revenue but not increased profit," with net profit attributable to the parent company declining year-on-year for the first time since 2015. With the Mid-Autumn Festival and National Day holidays approaching, the market is focused on whether terminal sales can improve.
overseas
Brent crude oil nears the $100 mark! Houthi rebels penetrate deep into the interior, attacking Saudi energy facilities . The Houthis expanded their attacks, causing fires and partial operational disruptions at energy facilities in several parts of southern Saudi Arabia, resulting in injuries to 73 civilians. Coupled with disruptions to transportation from the Hormuz and Iran's tough stance, concerns about supply disruptions surged, causing Brent crude oil to jump to $98.65, nearing the $100 mark.
- US-Iran conflict escalates as Iran claims US missile strikes oil tankers near Kharg Island and warns of attacks on oil tankers in Kuwait and Bahrain ports : Following news of the attack on Iranian oil tankers, US oil prices rose again to over 2% intraday. US officials revealed that the US military struck Iranian targets near Kharg Island, and the Iranian military warned that oil tankers docked in Kuwait and Bahrain ports would be targeted.
Iran plans to establish a restricted area outside the Strait of Hormuz as an agreement with Oman is nearing completion : Rezaei, secretary of Iran's Supreme National Security Council, said that new restricted areas will be established in the Persian Gulf and the Gulf of Oman. The agreement between Iran and Oman on the management of shipping in the Strait of Hormuz has entered its final stage, and temporary safe routes and tolls will be collected.
Putin and Trump spoke by phone, exchanging views on the visit of the US presidential envoy to Russia and Ukraine . Trump clearly expressed his desire to end the conflict as soon as possible, believing that this would immediately open the prospect of a full restoration of US-Russia relations, especially in terms of mutually beneficial economic and trade cooperation. Trump hopes to achieve this breakthrough during his term. Putin expressed his support, highly praised the mediation efforts of the US and Trump himself, and pointed out concrete measures the US could take to accelerate the end of military operations. The two sides agreed to maintain contact and speak at any time as needed.
Trump posted images supporting renaming New Mexico to "New America" and painting the entire North America in American flag colors . He also released an AI-generated video showing himself covering road signs with stickers in celebration. Another image showed the entire North America—including Canada and Mexico—in the American flag. The governor of New Mexico strongly rejected the idea, accusing it of being a distraction. Previously, Trump had renamed the Gulf of Mexico "American Gulf" and Lake Ontario "American Lake."
Icelandic Prime Minister: Iceland being "included in the US map" is absurd . On July 7th, Trump posted on social media that Iceland was "included in the US map." Icelandic Prime Minister Kristren Frostadotil stated on July 8th that the message conveyed in the post was "absurd" and an insult to Icelanders, Canadians, and the people of Greenland. "Making jokes about national sovereignty is neither funny nor normal."
Canada's $20 billion retaliatory tariffs on the United States took effect on Tuesday. Prime Minister Carney stated that while he does not seek to escalate the trade war, he aims to accelerate the reduction of dependence on the US . He mobilized the entire nation to unite in the fight against the trade war, stating that in the next six months, the number of people covered by tariff-free trade will be doubled to 3 billion, while simultaneously accelerating large-scale infrastructure projects.
The US has tightened its investment requirements for South Korea, demanding that the country submit projects exceeding $350 billion . The US has requested a batch of investment projects from South Korea, with a total amount exceeding the $350 billion cap agreed in last year's bilateral trade agreement. South Korea is currently in the final stages of negotiations with the US, attempting to bring its actual investment commitments back within the previously agreed limits.
Is controlling Venezuelan oil not enough? Reports indicate that the US is now turning its attention to mineral resources such as gold . The Trump administration is expanding its resource strategy towards Venezuela from oil to key minerals such as gold, iron ore, and nickel, considering using executive orders to encourage US capital investment. US officials have already held talks with several companies to assess their willingness to invest in or participate in Venezuela's mining industry.
Japanese media reports that the Bank of Japan (BOJ) plans to raise interest rates by 25 basis points next week, potentially accelerating the pace of rate hikes to once per quarter . Expectations for a BOJ rate hike are rising, with reports suggesting a possible 25 basis point increase to 1.25% at next week's meeting, and the pace of rate hikes may also accelerate from once every six months to once per quarter. The depreciation of the yen and rising oil prices, pushing up inflation, are key drivers of this policy shift, but internal disagreements within the central bank remain regarding the path of rate hikes.
- Japan's nominal wage growth hit a new high since 1997 in July, providing further support for the central bank's interest rate hike : Japan's nominal wages rose 4.7% year-on-year in July, and real wages rose 2.4%, the highest in five years and the seventh consecutive month of positive growth. However, household consumption declined for the eighth consecutive month, and whether wages can effectively boost domestic demand remains the biggest uncertainty for the policy path.
The yen surged to 154.06, its highest level since February, surpassing the peak of the joint intervention by Japan and the US. The USD/JPY pair broke below the key support level of 155, triggering a chain reaction of stop-loss orders. Option market makers were forced to sell dollars, accelerating the yen's rise. Bank of Japan board member Hajime Takada hinted at the possibility of further interest rate hikes. Coupled with expectations of GPIF asset reallocation and seasonal money market operations at the beginning of the month, many strategists believe this rally is more endogenous and sustainable than previous intervention-driven rallies.
LME copper hits record high! Tariff arbitrage triggers short squeeze in LME copper, major mine production cuts increase supply-side pressure , LME copper breaks through $14,700 per ton to hit a record high, up 47% in the past 12 months. The high premium of New York copper over London copper triggers arbitrage, and physical inventories on the London Metal Exchange fell to a crisis low in August, triggering a short squeeze. Chile's copper export revenue in August fell to its lowest level in more than a year, and global mine copper supply may see its first annual decline since 2017.
- Copper prices hit new highs as global copper mine supply expectations weaken: Morgan Stanley lowers its production growth forecast : Morgan Stanley has lowered its global copper mine supply growth forecast to be basically flat or even down. The logic behind the record high copper prices is shifting from short-term "buying frenzy" to a combination of tight supply and demand growth.
Amazon is betting heavily on Qualcomm's AI chips! Qualcomm announced a collaboration with Amazon to develop custom chips for AWS AI infrastructure, spanning multiple generations of products, including chips running AI services and those connecting internal computer components. Qualcomm's chip orders over the next ten years could reach up to $60 billion, and the company has also issued 25 million warrants to Amazon, valued at up to approximately $4 billion.
Novartis shares plunged nearly 11% in a week after three failed clinical trials. The Swiss pharmaceutical giant suffered three consecutive setbacks in a single week, with its core candidate drug del-desiran failing in Phase III trials. This has cast doubt on the value of its $12 billion acquisition by Avidity, causing its European shares to fall by more than 9%. Analysts believe that pipeline pressures may weaken Novartis' medium- to long-term growth prospects, and its acquisition capabilities will face more rigorous scrutiny.
Apple has signed a 3-5 year NAND long-term contract, possibly without a price cap. AI is squeezing out production capacity, causing a shift in the bargaining power of storage . Apple's negotiation with Kioxia for a 3-5 year NAND flash memory contract, possibly without a price cap, signifies a shift in its procurement logic from "price pressure + multiple sources" to "volume lock + long-term contracts." This stems from the fierce competition for storage capacity among AI data center customers. The pricing power of storage chips is shifting from buyers to sellers, and the duration of this storage cycle may exceed market expectations.
Corning has signed a multi-billion dollar, ten-year fiber optic contract with Verizon, a US telecom operator, to provide over 80 million miles of high-density fiber optic cable, serving both home broadband and AI data center backbones . The fiber optic demand for AI data centers is approximately 16 times that of traditional switches, and this demand is further fueled by network upgrades by carriers.
Intel is raising CPU prices by another 10% and plans to phase out low-margin products . Intel plans to raise the price of its PC CPUs by about 10% in October, marking the third round of price increases since the end of 2025. CEO Chen Liwu is reviewing low-margin product lines, and some products may face discontinuation and withdrawal from the market. The core logic is to prioritize gross margin and move away from the past strategy of trading volume for price.
OpenAI releases ChatGPT Images 2.5, boasting up to 50% faster image generation speed and AI-powered image editing with "point-and-click" functionality. The new Sketch feature allows AI to generate complete images from user-drawn sketches on ChatGPT, and users can directly add comments and circle areas for modification. OpenAI claims users generate over 3 billion images weekly through ChatGPT Images and introduces the API models GPT-Image-2.5 Flare and Sunburst, priced at twice the cost of its predecessor.
Selected Views
JPMorgan Chase: "Currency devaluation trading" is a mistake; don't rush to short the dollar. Declining purchasing power benefits hard assets like gold, but this doesn't necessarily mean the dollar will collapse. Currently, the dollar's real yield and interest rate advantage are at multi-decade highs, and its valuation is relatively low compared to its fair value. Directly shorting the dollar is unwise. A better strategy is to go long on the dollar and short low-yielding currencies that are sensitive to economic cycles, with the Japanese yen being a major exception.
Deutsche Bank: The global bond sell-off is not "fiscal doomsday," but merely the end of a decade-long era of "financial repression." The continued rise in global bond yields is more a result of interest rate normalization driven by the exit of quantitative easing, increased government bond supply, and a rise in the inflation center. As yields return to more normal levels, bonds will regain their stable interest income and risk buffering function, and investors' resilience to future market shocks will also increase.
Commodity guru Jeff Currie: The market is returning to the era of "hard assets," and gold reaching $10,000 is not just wishful thinking. With US Treasury interest rates soaring to $1.5 trillion, the US Treasury has been forced to implement "financial repression," leading to inflation eroding debt. If the proportion of gold reserves in foreign exchange reserves returns to pre-1971 levels, a gold price of $10,000 is not just wishful thinking. Constrained by a decade-long stagnation in capital expenditure, the "Big Seven" energy companies have a far stronger moat than tech stocks.
Goldman Sachs: Agricultural price increases are far from over; trade barriers are the real risk amplifiers. The simultaneous unfolding of three risks—the Hormuz fertilizer supply disruption, the obstruction of the Black Sea grain corridor, and the super El Niño—has already pushed the BCOM agricultural index up 24% this year. Since 2020, the annual number of new global agricultural trade restrictions has roughly doubled. The higher the trade barriers, the greater the price volatility caused by the same shock, and the tail risk of rising agricultural prices is systemically thickening.
Roubini: AI is not a bubble; the real danger lies in these four things. Tech giants' continued investment in AI infrastructure and the resulting expectations of increased productivity have provided solid support for the market, but he warned of four major macroeconomic risks: a blockade of the Strait of Hormuz, an escalation of the war with Iran, rising global bond yields, and a potential stock market correction.
Today's Focus
China
The National Bureau of Statistics released the August CPI and PPI.
The People's Bank of China released August financial data, including M2, total social financing, and new RMB loans.
overseas
The U.S. Treasury’s expanded long-term Treasury bond repurchase program took effect on September 9.
The first Republican National Convention was held in Dallas, where Trump is expected to deliver a keynote address.
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