0910 | Dolphin Research Focus: 🐬 Macro/Industry 1) The U.S. Treasury expanded long-dated buybacks to $6bn, well below Wall Street’s optimistic ~$10bn. After the department announced Thursday’s buyback size, Treasuries sold off and the 10Y UST yield hit a near three-year high.

0909 | Dolphin Research Focus: 🐬 Macro/Industry. 1) NBS data: Aug. CPI +0.8% YoY, core CPI back to 1.0%. 2) Reports suggest...

Energy and consumer electronics were the main drivers. With pass-through from rising global commodity prices, PPI YoY expanded to 3.8%.

Prices indicate a structural recovery of 'modest consumer recovery and stronger-than-expected industrial rebound'. This supports upstream resources and industrial profits in the near term, but the divergence between imported inflation and soft domestic demand warrants caution, leaving limited room for policy easing.

0907 | Dolphin Focus: Daily News Recap | Dolphin Research🐬 Macro/Industry

1) Iran said it will set exclusion zones around the Strait of Hormuz in the coming days, with non-compliant vessels subject to sanctions, raising concerns over a key energy chokepoint and lifting intl oil prices.

2) U.S. Labor Day today: U.S. equities are closed for the day, overseas futures have a shortened session, and HK stocks trade as usual...

0903 | Dolphin Research Focus: 🐬 Macro/Industry 1) US Aug. ADP private payrolls rose just 37k, the lowest since Jan. Wage growth slowed in tandem, signaling an ongoing cooldown in the labor market.

0902 | Dolphin Research Focus.

0831 | Dolphin Research Focus: 🐬 Macro/Industry. NBS reported Aug. manufacturing PMI at 49.8% (+60bps MoM). Production and demand improved in tandem but remained below the 50 line.

Aug 27 | Dolphin Research watchlist: 🐬 Macro/Industry 1) U.S. Jul PCE +3.7% YoY; core PCE +3.3% YoY. Both were in line with expectations.

0826 | Dolphin Research focus: 🐬 Macro/Industry

0825 | Dolphin Research Focus: Macro/Industry — 1) The U.S. Treasury Secretary said on Mon (local time) that a new round of long-bond buybacks will be executed on Sep 9, and the tool will remain active. The operations will cover 10–30Y USTs to address the recent spike in long-end yields.

0820 | Dolphin Research Focus: 🐬 Macro/Industry — 1) U.S. Treasury data show that as of Tue close, U.S. public debt outstanding reached $40.05TN, breaching $40TN for the first time. The structural expansion of Gov. debt implies a persistently rising UST supply.