Market news: Japan's main opposition party said it will disband.

国家统计局：从环比看，受算力需求快速增长等因素影响，移动电话机、平板电脑、数据存储设备价格分别上涨2.3%、2.1%和2.1%，合计拉动CPI上涨约0.03个百分点。

JP Morgan says conditions for cyclicals to reassert versus defensives are emerging. Hedge funds are buying energy, and excluding TMT and financials the relative net position of cyclicals versus defensives remains near neutral, indicating cyclicals are not crowded. Retail sentiment toward cyclicals versus defensives is also low. If economic growth stays firm, cyclicals could outperform defensives. JP Morgan’s view carries a key caveat: bond yields must not rise too quickly, as a sharp increase could trigger a clear shift to risk‑off and weigh on cyclicals. Source: JP Morgan report dated Sept 9.