Wallstreetcn Morning FM-Radio | September 13, 2025

Wallstreetcn Morning FM-Radio | September 13, 2025

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Huajian Morning News

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Market Overview

Investors showed a degree of caution ahead of next week's Fed meeting. US stocks were mixed. The Nasdaq, supported by large tech stocks, rose 0.44%, the S&P slipped slightly, and the Dow dropped by about 0.6%.

Tesla rose about 7.4%, its biggest daily gain in nearly three months, up nearly 14% in two days. Circle fell about 6.3% as rival Tether launched a new stablecoin. Vaccine makers' shares plunged: BioNTech fell more than 10% intraday, Moderna dropped 7.3%. Gemini soared over 60% on its IPO debut, closing up 14%.

US Treasury yields climbed, with the 10-year yield up 4.57 basis points. The dollar oscillated above 97 during the day and saw the largest weekly decline in about a month.

Cryptocurrencies broadly rose. Bitcoin gained about 2%, up for the third consecutive day; Ethereum broke out of a two-week-long range, rising more than 6.2% at one point; Solana gained 6.3%.

Gold rose 0.27%, pulling back and consolidating after hitting a new weekly high at $3,674. Oil fell first then rose, at one point up 3.65% off the day's low, but later gains narrowed sharply.

In Asia, the Hang Seng Tech Index was up 1.7%. Alibaba hit a new four-year high, Baidu surged 8%. The startup board fell more than 1%, chip stocks boomed, with Cambricon momentarily regaining the “stock king” title.

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Top News

Ministry of Commerce spokesperson answered reporters’ questions about China-US talks in Spain and the TikTok issue.

Li Qiang presided over a State Council executive meeting, deploying measures to further promote private investment.

China’s Ministry of Finance made major statements regarding local government debt, replacement of old products with new, and fiscal and tax reforms.

In August, China added 2.57 trillion yuan in social financing, new loans at 590 billion yuan. Corporate loan rates stayed at historical lows. RMB deposits increased by 20.5 trillion yuan in the first eight months, M2-M1 spread hit a four-year low.

Reports: Federal Reserve Governor Cook declared a second home as a vacation house, contrary to Trump administration claims. Trump "races against time": trying to fire Cook before next week’s Fed meeting.

Nvidia’s DGX Cloud business shrank on weak demand, AI developers resist high prices.

US regulators are investigating search ads, Amazon and Google stocks turned lower intraday.

Crypto IPO Gemini surged over 60% on debut; IPO popularity led to reported share sale restrictions. Tether, the largest stablecoin issuer, launched a new US stablecoin, Circle dropped over 6%.

 

Market Close

US/Europe Stocks: S&P 500 fell 0.05% to 6,584.29, up 1.59% for the week. Dow fell 0.59% to 45,834.22, up 0.95% for the week. Nasdaq gained 0.44% to 22,141.10, up 2.03% for the week. European STOXX 600 ended down 0.09% to 554.84, up 1.03% for the week.

A Shares: Shanghai Composite at 3,870.60, down 0.12%; Shenzhen Component at 12,924.13, down 0.43%; ChiNext at 3,020.42, down 1.09%.

Bonds: US 10-year Treasury yield up 3.80 basis points to 4.0586%, down 1.56 basis points this week. 2-year US yield up 1.41 basis points to 3.5556%, up 4.44 basis points this week.

Commodities: COMEX gold futures up 0.19% to $3,680.50/oz, up 0.74% this week. WTI October crude up 0.51% to $62.69/barrel, up 1.32% for the week. Brent November crude up 0.93% to $66.99/barrel, up 2.27% this week.

 

Key News Details

Global Headlines

Ministry of Commerce spokesperson answered questions on China-US talks in Spain. The Ministry said that by mutual agreement, Politburo member and Vice Premier He Lifeng will lead a delegation to Spain from Sept 14-17 for talks with the US. Topics include US unilateral tariffs, export control abuse, and TikTok trade issues.

Ministry spokesperson on TikTok. China’s stance is clear and consistent: China is determined to protect its companies' legitimate rights and will review the TikTok issue by law. The Chinese government takes data privacy and security seriously, and never asks companies or individuals to violate local laws to collect or provide data abroad. A China-US meeting on TikTok and related issues will be held soon.

Li Qiang chaired a State Council Executive Meeting, deploying measures to further promote private investment. The meeting emphasized private investment’s importance for jobs and the economy. It called for pragmatic steps to expand market entry, clear bottlenecks, bolster guarantee, and stimulate private investment. Areas of focus: new quality productivity, emerging services, and new infrastructure.

China’s Ministry of Finance major statements on local government debt, trade-in program, fiscal and tax reform. By late August, the government allocated about 420 billion yuan, driving sales over 2.9 trillion yuan. 4 trillion yuan of the one-off increased 6 trillion yuan special bonds quota had been issued. More measures will address implicit debt, including part of 2026 local bond quotas issued in advance. Finance Minister Lan Foan stressed China’s government debt ratio is reasonable and risks are controllable.

China’s August new social financing increased 2.57 trillion yuan, new loans 590 billion, M2-M1 spread hit four-year low.

  • August aggregate social financing additions: 2.57 trillion yuan; total stock: 2.4 trillion yuan. New RMB loans: 590 billion. New RMB deposits: 2.06 trillion. August enterprise loan rates remain at historic lows. RMB deposits up 20.5 trillion in first eight months. The M2-M1 spread narrowed 0.4 percentage points from July.
  • Analysts cite sector recovery, export resilience, summer demand, and real estate supportive policy as credit drivers for August.

Reports: Fed governor Cook listed a second property as a vacation home, contradicting Trump administration allegations.

Tesla explodes: Up nearly 14% in two days! Robotaxi is the most direct boost: Nevada confirmed Tesla got a testing permit this week. The Model Y L in China is a new growth point, earliest deliveries in November; Tesla also released revolutionary energy storage products Megapack 3 and Megablock; plus Elon Musk’s "trillion-dollar pay package." Tesla's chairwoman said, only Musk can lead the company's AI and robotics transformation over the next decade and the pay plan considers him possibly serving as chief product officer or searching for a successor.

Report: Nvidia’s DGX Cloud business shrinks as AI developers push back over high prices. This strategic change signals limited demand for Nvidia’s cloud services. Nvidia had planned to spend $13 billion renting its own chips from cloud giants and subleasing them for a $150 billion revenue target. Insiders say developers baulked at DGX Cloud’s price, usually higher than traditional cloud providers.

Reports: US regulators investigating search ads, Amazon & Google turn lower. Media say the FTC’s consumer protection unit is reviewing Amazon’s ad auction system, investigating disclosure of "floor pricing" to advertisers. Also reviewing Google’s pricing and if costs were raised without fully notifying advertisers. Amazon fell three days straight; Google reversed higher intraday to a record close.

Crypto IPO Gemini soared over 60% debut, red-hot IPO led to reported share sale restrictions. Gemini’s IPO price: $28, far above an already raised guidance by at least 37%. Closed up 14%, nearly $3.8 billion market cap. Media say the IPO was oversubscribed 20x, could have raised 2% more funds but was capped, resulting in 9% fewer shares sold. Founder Winklevoss twins: Bitcoin is gold 2.0 and still in its very early stages.

Biggest stablecoin issuer Tether launches new US stablecoin, rival Circle drops 6%. Tether says the new USAT stablecoin will be minted/redeemed via Anchorage Digital Bank NA’s platform and complies with US regulation. Former White House crypto official Bo Hines appointed to run it. This will intensify competition with rival Circle.

China Macro

Morgan Stanley signals “Buy China”: Foreign interest in China assets at 2021 highs, inflows imminent! Morgan Stanley says over 90% of investors at its recent 1.5-week US roadshow clearly want to increase China market exposure. Allocations are just beginning and will be significant. US investors’ market preference: ADRs, Hong Kong stocks, then A shares. Top themes: A shares, AI/semiconductors, humanoid robots, new consumption.

PBOC official paper: Primary dealer evaluation changes to smooth rate transmission. Financial Times says these reforms will improve short-to-long-term rate transmission and domestic yield curve benchmarks. Evaluations will focus not just on funding volume, price and coverage, but also market-stabilizing behavior during volatility. For bond market-making, quotes, trading, and stabilization during bond swings are emphasized.

Ministry of Industry will solicit comments on smart connected vehicle combo ADAS standards next week. On Sept 12, China Securities reported the ministry will draft fine-grained combo ADAS standards, including categories like single-lane, multi-lane, and pilot assist. Expected-publishing by year-end.

Domestic Companies

Alibaba’s DeepSeek moment! New open-source model, 10x faster inference, 90% lower cost. Alibaba unveiled new Qwen3-Next-80B-A3B architecture with delta-gated and attention gating, reducing training cost by 90% vs Qwen3-32B, 10x inference boost, excelling at long-form 32K+ text. Instruction-tuned version rivals Qwen3-235B. Outpaces Gemini-2.5-Flash and is among the strongest low-power open models.

SK Hynix: HBM4 ready for first mass production, power efficiency up 40%. Hynix said the product uses 2048 I/O terminals for double bandwidth, 40%+ power efficiency gain, speed over 10Gbps (vs JEDEC’s 8Gbps). HBM4 can boost AI service performance up to 69%, easing data bottlenecks and cutting data center costs.

Morgan Stanley on CATL: Europe breakthrough, leading position secure, solid-state battery “hype,” CATL still leads. Morgan Stanley said CATL gained major EV battery market share in Europe in H1, cementing its leadership. Solid-state battery is “more hype than opportunity” now, but CATL is the cheapest in the sector and a continued leader due to R&D strength, with no likely dark horse.

“Ban” on Chinese innovative drugs? First global pharma giant says “No”. White House considering an executive order to strictly review China’s new drugs for US commercial development. HSBC argues the market reaction outweighs actual impact and patent trade bans are technically hard. Global pharmas facing patent cliffs badly need Chinese assets and have already lobbied against such a ban.

Goldman Sachs: Pop Mart price swings due to scaling strategy, demand fine, Miniso IP incubating well, valuation still attractive. Goldman: Pop Mart corrected price premiums but boosted monetization via more supply, supporting valuation with strong earnings. Blue Orca sped new product launches; Miniso IP shines with PE restored to high double-digits by 2025.

Pop Mart launches “pain gold” jewelry. On Sep 12, Pop Mart’s jewelry brand popop released its first solid gold line. “Pain gold” means gold pieces with hit IP elements, “pain” refers to anime fandom in youth culture.

Overseas Macro

US CBO slashes 2024 growth outlook, forecasts higher unemployment and inflation. The Congressional Budget Office (CBO) now expects US GDP to grow 1.4% in 2025, down from 1.9%. Core PCE inflation will rise to 3.1% (vs previous 2.2%). Unemployment will peak at 4.5% by year-end (was 4.3%).

US consumer sentiment hits lowest since May, long-term inflation expectations rise two months, jobs concerns. University of Michigan’s survey head said odds of individual job loss have jumped this year and rose again in September, suggesting consumers worry about labor market risks. Persistent high prices add to the stress.

Morgan Stanley: Fed may cut rates four times in a row, total 100bps! Morgan Stanley forecasts that inflation and jobs data will lead the Fed to cut by 25bps at each of the next four meetings, reducing the funds target range to 3.375% by January, near the upper estimate for neutral.

Trump “bully” deals trigger backlash from Europe to Japan/Korea. South Korea rejected Japanese-style investment pacts after Hyundai-LG plant raids and more than 300 workers detained, questioning alliances with the US. Japan had to yield budgetary sovereignty to Trump for $550B in investment, at his sole discretion. Analysts: leaders in both Japan/South Korea feel “coerced” and now reconsider accommodating Trump.

UBS raises gold outlook: end-2025 target to $3,800/oz, ETF holdings near records. UBS cited easier Fed policy, dollar weakness, and geopolitical risks, raising its end-2025 gold target by $300. Expects ETFs to hold 3,900+ tonnes by then, close to the all-time high set in Oct 2020.

Overseas Companies

Apple AI veteran Robby Walker to leave, brain drain worsens. Apple’s senior-most AI executive Robby Walker plans to leave next month. He reports directly to AI chief John Giannandrea. Apple shares have fallen nearly 7% this year. Although rebounded 1.7% on Friday, AI team turbulence remains a market focus.

Galaxy CEO: Crypto market entering “Solana season”. Galaxy Digital CEO says institutional inflows are large. Forward Industries raised $1.65B to build the world’s largest Solana reserve. Regulation is improving; SEC Chair Atkins supports on-chain operation and says most crypto tokens are not securities. Experts predict Solana will rally like BTC/ETH as ETFs get approved and corporates buy.

“Crypto treasury companies” in cutthroat competition, scarcity premium is gone. Coinbase report: “crypto treasury companies” now compete with each other—the early adopter scarcity premium has vanished. Copying MicroStrategy’s playbook is no longer a guarantee for success. Success depends increasingly on execution, differentiation, and timing.

Armani will: LVMH, L'Oréal as preferred buyers; list if unsold. Giorgio Armani, who died last week at 91, named as preferred buyers: LVMH, L'Oréal, eyewear giant EssilorLuxottica. If not sold, heirs must list Armani on stock markets.

Trump administration blamed COVID vaccine for child deaths, biotechs tumbled. BioNTech and Moderna, both COVID vaccine makers, fell over 7%; partner Pfizer down 4%. Investors fear further Trump crackdown on vaccine mandates would hit vaccine makers hard, especially those reliant on COVID vaccine sales.

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