On Sept 1 the National Energy Administration said China’s new-type power grid will link upstream renewable generation with downstream industrial and residential demand, creating strong spillovers and requiring large-scale investment that supports near-term investment and long-term structural adjustment. The NEA instructed authorities to speed approval and construction of major grid projects including transmission corridors, strengthen overall coordination of new-grid development, and step up pol

Elon Musk said AI will boost global economic growth by 20-30%.

Precious metals led gains as inflation concerns and fears of financial repression boosted safe-haven demand: gold +9.7% in August to $4,437/oz, silver +15.6% to $66.58/oz. Agricultural commodities rallied on a still-closed Strait of Hormuz and lingering El Niño supply pressure: wheat +18.3%, corn +16.8%, sugar +21.5%. Oil and gas: Brent +0.4% to $90.49/bbl, WTI +1.3% to $85.76/bbl; European gas futures +18.2%, US natural gas futures +6.8%. Equities rose on strong global data and corporate results: S&P 500 +2.7%, STOXX Europe 600 +0.5%, MSCI Emerging Markets +3.4%. Source: Deutsche Bank monthly review.