Japan August final manufacturing PMI 54.9, versus 55.1 previously.

上海黄金交易所黄金T+D 8月31日（周一）晚盘收盘下跌1.16%报957.7元/克； 上海黄金交易所白银T+D 8月31日（周一）晚盘收盘下跌1.78%报16150.0元/千克。

The 10-year US Treasury yield touched 4.75% intraday on Aug. 31, the highest since January 2025. Refinitiv reported that after Walsh's hawkish Aug. 28 speech the two-year yield jumped 12.8bp and the 10-year rose 5.6bp in one day, signaling rate-hike expectations as the immediate catalyst; renewed US–Iran exchanges and oil near $90 added to energy-inflation concerns. The sell-off is not just trading higher inflation: as of Aug. 28 the 10-year breakeven was about 2.31% and the real yield about 2.34%, while the 10-year term premium had risen to roughly 0.87%, implying markets are demanding higher real returns and extra compensation for fiscal, supply and rate risk on long-dated Treasuries.