Wallstreetcn Morning FM-Radio | September 27, 2025

Wallstreetcn Morning FM-Radio | September 27, 2025

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Huajian Morning Voice

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Market Overview

US PCE inflation meets expectations, giving the Fed ample room to deal with a cooling labor market. Dip buying supported a rebound in US stocks on Friday, ending a three-day losing streak.

All S&P 500 sectors closed higher, with consumer discretionary and materials leading the gains. Large tech stocks saw a strong rebound, recovering most of the week's losses. Tesla jumped over 4%. Boeing rose 3.62%, benefiting from the FAA's loosening of 737 MAX delivery restrictions. European pharmaceutical shares rose across the board, after the White House clarified that Trump's drug tariffs do not apply to trade agreement partners such as the EU and Japan. China concept stock index fell 1.56%.

US Treasury yields were mixed, the 2-year yield fell 1.43 basis points, the 10-year rose 1.16 basis points. After the inflation data, the dollar continued to fall, down nearly 0.4%, but still up 0.54% this week. Bitcoin was little changed, Ethereum rebounded 3%.

After the PCE data was released, spot gold surged, rising more than 1.3% from the day's low. Silver topped $46. Crude oil at one point soared 1.5%, then fell back sharply.

In the Asian trading session, the ChiNext index fell over 2%; AI hardware and computing power stocks generally fell, Hang Seng Tech Index dropped nearly 3%, Xiaomi fell 8%, government bonds rebounded, and commodities diverged.

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Top News

People's Bank of China: Implement a moderately loose monetary policy in detail, make good use of the swap convenience of securities, fund and insurance companies, and relending for stock repurchase and increased holdings.

SASAC held an economic operation symposium for state-owned enterprises: must take the lead in resolutely resisting "involution-style" competition.

US August core PCE price index MoM increased by 0.2%, in line with expectations, consumer spending grew for the third consecutive month.

The White House says Trump's drug tariffs do not apply to trade agreement parties such as Europe and Japan, and it's not 100%, it's 15%.

Trump's new chip policy: requires domestic production/import ratio of 1:1, otherwise tariffs will be imposed.

US Department of Justice to Supreme Court: the market will not be scared by Trump firing Cook. Fed Governor Bowman: The labor market is clearly more fragile, should cut rates decisively, prefers smallest balance sheet.

Trump talks tough, says government shutdown is all the Democrats' fault—the House plans to recess until next month. US government shutdown risk is high; the key September jobs report that the Fed relies on may be forced to be delayed.

Jensen Huang responds: on investing in OpenAI, AI bubble, and ASIC competition.

The first domestic GPU IPO: Moore Threads successfully passes, half-year revenue exceeds the previous three years!

Li Auto launches pure electric i6, only one configuration, starting at 249,800 yuan.

 

Market Close

European and US stock markets: S&P 500 rose 0.59%, closing at 6643.70. Dow Jones rose 0.65%, at 46247.29. Nasdaq rose 0.44%, at 22484.068. Europe's STOXX 600 index ended up 0.78% at 554.52, up 0.07% for the week.

A-shares: Shanghai Composite closed at 3828.11, down 0.65%. Shenzhen Component closed at 13209.0, down 1.76%. ChiNext closed at 3151.53, down 2.6%.

Bond market: US 10-year benchmark Treasury yield rose 0.57 basis points to 4.1755%, up 4.81 basis points for the week. Two-year US Treasury yield fell 1.23 basis points to 3.6430%, up 7.15 basis points for the week.

Commodities: WTI November crude futures rose 1.14% to $65.72/barrel, up 5.32% for the week. Brent November crude futures rose 1.02% to $70.13/barrel, up 5.17% for the week. COMEX gold futures rose 0.63% to $3794.90/oz, up 2.37% for the week.

 

Details of Top News

Global Headlines

PBOC: Implement moderately loose monetary policy, make good use of swap convenience for securities, funds, and insurance companies, and relending for stock repurchase and increased holdings. The PBOC pointed out that it is necessary to implement moderately loose monetary policy in detail, strengthen counter-cyclical adjustment, better leverage the dual role of total and structural monetary policy tools, strengthen monetary and fiscal policy coordination, and promote stable economic growth with reasonable prices.

SASAC held economic symposium: Must take the lead in resolutely resisting "involution-style" competition. SASAC Secretary Zhang Yuzhuo chaired a meeting to understand SOE operation, difficulties, challenges, focused on stabilizing electricity prices, coal prices, and preventing "involution-style" vicious competition. 6 central enterprises introduced their operations, analyzed industry trends, and made recommendations.

US August core PCE price index up 0.2% MoM, matches expectations; Consumer spending rises for third month. US consumer spending grew strongly for the third month, inflation-adjusted growth of 0.4%, beating expectations of 0.2%, showing consumer resilience. Meanwhile, the Fed's favored core PCE index (ex-food and energy) rose 0.2% MoM, with YoY still at a high 2.9%, far above the Fed's 2% target.

White House: Trump's drug tariffs do not apply to EU, Japan trade agreement countries, are not 100% but 15%. Officials said the new 100% import drug tariff won't apply to countries with trade agreements with the US. Under the US-EU protocol, export tariffs for EU drugs are capped at 15%. The US-Japan statement says tariffs for Japanese drugs and chips will not exceed the rates applicable to others.

Trump’s new chip policy: requires 1:1 domestic output to import; otherwise will levy tariffs. If implemented, this will challenge large tech firms like Apple, Dell as they import products with various chips. Meanwhile, TSMC, Micron, and Globalfoundries could benefit as increased US production gives them more bargaining power.

US Dept of Justice to Supreme Court: Markets not spooked by Trump firing Cook. DOJ argued firing Cook for clear financial misconduct wouldn't harm the Fed's independence nor cause a market disaster.

Fed Governor Bowman: labor market is more fragile, should cut rates decisively, prefers smallest balance sheet. Bowman said the Fed should "act decisively and proactively" given labor market fragility. Warned of risk of lagging, may require faster/larger policy changes; prefers reserves close to scarcity, not abundance; suggests actively selling MBS, as runoff alone can't return to Treasurys-only portfolio in credible time.

Trump threatens government shutdown, blames Democrats, House to break until next month. With only four days before the shutdown on Oct 1, Trump canceled talks with Dem leaders, left DC, and spent the weekend golfing, showing no sign of mediating. House may not reconvene until Oct 1. Senate GOP demands Democrats withdraw healthcare demands.

US govt shutdown risk high, Fed's key Sept nonfarm payrolls could be delayed. The March emergency plan says all economic data collection and release would stop if shutdown. The Sept CPI may also be affected. If BLS data is delayed before the Fed's Oct 28-29 meeting, the Fed may lack key data.

Democrats hold firm, US government "closer than ever" to shutdown. Sharp divide over stopgap funding: GOP wants to keep govt running, Dems seek $100B healthcare. Data shows shutdown odds now over 75%. Senate meets Sep 29, the last chance. Goldman Sachs expects every week of shutdown trims quarterly GDP by 15bps.

Jensen Huang: on investing in OpenAI, AI bubble, ASICs. Huang says OpenAI likely the next trillion-dollar firm, regrets not investing earlier. AI revenues will likely reach $1 trillion in the next five years. On ASIC rivals: even if their chips are free, clients still choose Nvidia due to lower system operation cost.

OpenAI embraces Nvidia and Oracle—will Microsoft be marginalized? Morgan Stanley says concerns are overdone, upgrades MSFT to "top pick" with $625 target. MSFT is prioritizing enterprise clients with longer LTV on scarce resources; Azure and enterprise software, not just OpenAI tie, are core growth drivers.

China's first GPU IPO: Moore Threads passes, half-year revenue surpasses previous 3 years. Moore Threads passed its IPO hearing, fastest ever on STAR Market; plans to raise 8B yuan, the largest semiconductor IPO this year. Using wholly self-developed MUSA architecture, released four GPU generations, achieved 702M yuan revenue in H1 2025, gross margin rose to 70.71%, expects to be profitable by as early as 2027.

Li Auto launches pure electric i6, only one configuration, starts at 249,800 yuan. The new SUV adopts "shark" design, has in-house 5C LFP battery with 720 km CLTC range, 10-minute charge adds 500 km. Emphasizes large space, smart cockpit (dual screens + rear screen, 22 speakers), excellent efficiency (13.6kWh/100km). Li Auto expands network of 3,300+ proprietary supercharging stations, alleviating range anxiety, and has begun deliveries.

Goldman trader: Bitcoin's "Monday flash crash" is a "leading signal". Paolo Schiavone warns the flash crash is a sign of shifting market tone; part of consensus trades are hitting stop-losses. Warns nothing good happens below the 200-day moving average ($110k). Expects "melt-up" ahead as tariffs peak, fiscal stimulus front-loaded, financial conditions ease; risk asset pullbacks will be bought.

PIPE private placements backlash! If crypto enters bear market, "Treasury companies" face "vicious circle". Firms using PIPEs to buy bitcoin face pressure if share prices return to PIPE issue price. Steep discounts mean unlocked PIPE investors are keen to sell, weighing on shares. If crypto weakens, selling could spiral, forcing companies to sell bitcoin, further dragging both share and coin prices.

Domestic Macro

Li Qiang attends and speaks at the 80th UN General Assembly's general debate. With the world entering a new turbulent period, unilateralism and Cold War thinking are resurging, global rules under attack, the international system is repeatedly undermined, and humanity is again at a crossroads. China is willing to uphold the purposes and principles of the UN Charter, promote multilateralism, implement four global initiatives, and strive towards building a community with a shared future for mankind. At a time of sluggish global growth, we must revive cooperation and seek win-win outcomes.

G7 split over tariffs on Chinese rare earths for "security risks". The Global Times reports G7, except Japan, remain highly reliant on China for key materials such as rare earths. The US is pushing for curbs against cheap Chinese rare earths; Canada backs a price floor; Australia considers separate measures. But there's uncertainty and division within G7 on countermeasures.

MIIT and 6 other departments: Strictly control new refining capacity, guard against methanol overcapacity risk. Policy calls for managing layout of major petrochemical and modern coal chemical projects, controlling new refining capacity, rationalizing ethylene and PX capacity additions, guarding against methanol overcapacity. New refining projects require capacity swap, focus on upgrading old facilities and "reducing oil, increasing chemicals" projects.

Domestic Companies

Lei Jun latest interview: Xiaomi has long abandoned "quick wins". Lei Jun stressed Xiaomi is transitioning from an internet company to a hardcore tech firm, shifting from opportunity-driven to mission-driven. In high-end route, Xiaomi pursues "technology, cognition, and aesthetic leadership", benchmarking Apple in all aspects. Xiaomi will invest 200B yuan in R&D over the next five years, pursuing deep innovation.

Xiaohongshu (RED) focuses on local life: Still a community first, "non-GMV driven" to be set in early 2024. RED believes its local life business is still exploratory, the main aim of Xiaohong Card is not GMV or transactions but to gather more creators and improve quantity and quality of local content, increasing the platform's local life content influence.

36.6B broker share merger plan revealed! The focus is that after the merger, Great Wisdom will delist and its legal status terminated; Xiangcai shares as the surviving entity will assume all assets, liabilities, business, personnel, contracts, qualifications, and all other rights and obligations. The deal is a major asset restructuring and a related-party transaction.

Overseas Macro

Goldman macro trader on US stocks: last week may be the top of the rebound, a slight reversal expected this week. Bobby Molavi believes the current market is contradictory: strong index-level sentiment while client positioning does not fully match. Markets now mainly trade liquidity, positioning, and momentum, not fundamentals—which usually foretells greater volatility. Investors should prepare for possible directional change.

Einhorn, famed for warning about 2008 crisis, warns: AI spending will cause "massive" capital losses. David Einhorn warns big tech's capex numbers are extreme and incomprehensible; there are returns but also huge risks. Adds sluggish job growth and productivity hint at recession. Also reiterates concern about market structure, believes flaws are undermining investing itself.

US media: European diplomats warned Russia, NATO ready to "fully respond" to airspace violations, including shooting down Russian aircraft. Global Times: UK, French, and German officials’ talks with Russia were tense and detailed, to report NATO's stance. Trump said he supports shooting down intruding Russian planes, but support depends on circumstances.

Overseas Companies

Apple developing a ChatGPT-style app, internally testing major Siri upgrade. Apple is internally testing an app codenamed "Veritas", for a major Siri upgrade. It can search personal data (music, emails), perform in-app actions (edit photos), etc. "Veritas" is currently internal only, with no consumer release planned.

Accenture cuts 11,000 jobs in 3 months, warns staff: more layoffs if not reskilled for the AI era. Accenture will extend layoffs through November, paid out $615M in severance and other costs last quarter, $250M more this quarter. CEO Julie Sweet told analysts that employees who cannot feasibly be retrained will be let go on an accelerated schedule.

SoftBank and Ark (Cathie Wood) negotiating with Tether for a major investment. The two tech investment giants, along with other institutions, are in early talks to invest in Tether, the world's largest stablecoin issuer. This would be Tether's largest-ever outside funding round.

Boeing recovery in sight? FAA to gradually relax delivery curbs, 737 MAX ramp-up anticipated. Boeing employees to regain phased safety clearance, FAA inspectors to continue issuing airworthiness certificates. Approval may come as early as Friday; FAA may allow monthly MAX output to rise from 38 to 42.

Key News to Watch Today

China August profits of large industrial enterprises.

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Risk warning and disclaimerMarkets have risks; investment requires caution. This article does not constitute personal investment advice and does not take into account individual user investment objectives, financial situation, or needs. Users should consider whether any opinions, views, or conclusions herein fit their circumstances. Investments are made at your own risk. ```