The trading volume of the Shanghai and Shenzhen stock markets exceeded 500 billion.

The Dow Jones Industrial Average closed down 173.96 points, or 0.38%, at 45,947.32 on Thursday, September 25. The S&P 500 closed down 33.25 points, or 0.50%, at 6,604.72 on Thursday, September 25. The Nasdaq Composite closed down 113.16 points, or 0.50%, at 22,384.70 on Thursday, September 25.

Domestic News: 1. Li Chenggang met with an international business delegation. The two sides exchanged views on Sino-US economic and trade relations, the development of foreign-invested enterprises in China, and other topics. 2. North Korean Foreign Minister Choe Son Hui will visit China. 3. The northbound "Swap Connect" program has been further optimized, with the daily net trading limit more than doubled to 45 billion yuan. 4. The State Administration of Financial Supervision and Administration held a seminar for financial regulators from ASEAN, China, Japan, and South Korea. 5. The Ministry of Agriculture and Rural Affairs announced: Strengthen comprehensive regulation of pig production capacity and ensure stable supply and prices. 6. The China Nonferrous Metals Industry Association held a meeting to resolutely oppose "involutionary" competition in the copper smelting industry. 7. The 2025 National Day Culture and Tourism Consumption Month campaign has launched, with over 480 million yuan in consumer subsidies being distributed. 8. The Ministry of Commerce announced: Regarding soybean trade, the US should take proactive action to remove relevant unreasonable tariffs. 9. The Ministry of Commerce is conducting a trade and investment barrier investigation into Mexico's restrictive measures against China. An anti-dumping investigation has been launched on imported pecans originating from Mexico and the United States. International News: 1. Trump: Will not allow Israel to annex the West Bank. 2. South Korea plans to launch a 24-hour foreign exchange market, fully opening up trading in the Korean won. 3. Russian strategic bombers patrol the Bering Sea; the US intercepts them but does not consider them a threat. 4. Overnight market: Spot silver surged 3%, breaking above $45, while Bitcoin fell below $110,000. 5. Ukrainian President Zelensky: Prepared to step down after the Russia-Ukraine conflict ends, pledging elections if a ceasefire is achieved. 6. The Swiss National Bank maintained interest rates at 0%, the first time it has remained on hold since the start of its rate-cutting cycle in March 2024. 7. The Trump administration is reportedly planning to adjust the US-ROK trade agreement, seeking an increase in South Korea's investment commitment to $550 billion, with the majority in cash. 8. US Secretary of Defense Hegseth convened a meeting of senior US military commanders worldwide next week for an unknown reason. Trump responded: "It's nothing. Don't make a big deal out of it." 9. Federal Reserve - ① Logan called for a reform of the interest rate benchmark, replacing the federal funds rate with the more efficient Tripartite General Guaranteed Rate (TGCR), given that the former trades approximately $1 trillion per day, while the latter is $100 billion per day. She called the move a technical adjustment and said it was important to be prepared for any potential risks before reforms are implemented. ② Bowman: The focus should shift now to employment, not inflation. ③ Schmid: The more the balance sheet shrinks, the better. ④ Goolsbee: I'm somewhat concerned about prematurely implementing too many rate cuts based on slowing employment data. We're still trying to determine whether inflation has peaked. ⑤ Cook warned the Supreme Court: If she were fired, the market would be in "turmoil." ⑥ Daly: We shouldn't completely shift to a neutral stance; the risks are too great.