China A-share large-consumer sector slid in afternoon trading; Xinhua Department Store and Baida Group hit limit-down, after Haixin Foods and Huatian Hotel earlier hit limit-down. Junting Hotel, Anji Food, Wo Ai Wo Jia, Huanlejia, Youhao Group and Yo

China’s State Administration for Market Regulation (SAMR) launched a nationwide campaign in May to remove bottlenecks to a unified market and fair competition and reports positive results. SAMR pushed local standards-management reform across 31 provincial-level jurisdictions, abolishing more than 7,400 local standards by end‑June. It reviewed filings for over 15,000 certification rules, refusing registration for rules that impede fair competition and removing a batch of low-quality, inefficient rules. Next steps include stepping up enforcement against abuse of administrative power to exclude or restrict competition and concentrating investigations on a number of cases SAMR says hinder efficient economic circulation and the construction of a unified national market.

Domestic News 1. The "15th Five-Year Plan for Building a Financial Power" was officially released. 2. A new batch of 23 high-value medical consumables were included in the national centralized procurement program. 3. The National Development and Reform Commission issued a notice on matters related to cost accounting for disorderly competition in the low-price market for important industrial products. 4. The General Office of the State Council issued a notice on strengthening the governance of the problem of difficult payment collection by small and medium-sized enterprises. 5. The People's Bank of China: Will conduct overnight reverse repurchase operations from September 14 to September 17, using fixed interest rates and quantity bidding, with a daily operation volume not exceeding 600 billion yuan. International News 1. Sources: The White House's copper tariff plan has stalled. 2. According to Algerian National Television: Algeria has decided to sever diplomatic relations with the UAE. 3. Governor of the Polish Central Bank: Poland's gold reserves have increased to 648 tons. He reiterated Poland's plan to increase its gold reserves to 700 tons. 4. OPEC Monthly Report: ① Saudi Arabia's crude oil production in August hit a low since 1990. ② The 2026 global oil demand growth forecast has been further lowered, marking the fifth consecutive downward revision. ③ OPEC's daily production in August was 24.08 million barrels, an increase of 350,000 barrels from the previous month. 5. Middle East Situation: ① According to Iran's Tasnim News Agency: The Houthi rebels in Yemen have seized control of the Zubab region and the strategically important Zukar Island near the Bab el-Mandeb Strait. ② Yemeni government military sources: The Houthi rebels have reached the Hanish Islands in the Red Sea. ③ The IAEA has observed construction activities at the Ghoshka Tunnel in Iran but has not yet entered the tunnel complex for inspection. ④ Iran has temporarily suspended the imposition of the 10% energy freight surcharge. 6. European Central Bank: ① The European Central Bank raised interest rates by 25 basis points as expected, increasing the deposit facility rate from 2.25% to 2.5%. ② The European Central Bank: It will adopt a data-driven and meeting-by-meeting approach to determine the appropriate monetary policy stance. It will not make any pre-commitments to a specific interest rate path. ③ The European Central Bank raised its economic growth forecasts for this year and next, and also raised its core inflation forecasts for the next two years. 7. US PPI Data—The US August PPI month-on-month rate was 0.4%, exceeding the expected 0.40%, with the previous value revised from 0.00% to 0.1%; the US August PPI year-on-year rate was 5.4%, exceeding the expected 5.3%, with the previous value revised from 4.70% to 4.8%. Following the release of the PPI data, the probability of a Fed rate hike in September rose to 70%, and the probability of a rate hike in October rose to 80%.