Sept 21 — Turnover in multiple Southbound Stock Connect ETFs surged. Wind data show Southern East‑West Select (3441) traded HK$339m on Sept 21; that ETF’s single‑day turnover had been below HK$100m over the past three months. Ping An Technology Select (3406) and Ping An East‑West Select (3477) each traded above HK$100m, both posting record highs and large volume increases. An institutional source said some insurance firms have received implementation notices and may have begun buying Southbound

The ECB said in its Economic Bulletin on Monday that recent gas-price spikes are likely to transmit to euro-area inflation faster than in the past, though growth in renewable generation lessens the pass-through to electricity costs. Supply constraints from a war in Iran and low European inventories raise further upside price risk; wholesale gas prices are more than 140% higher YoY. Market liberalization since the 2022 Russia-Ukraine shock — including more flexible pricing and shorter contract tenors — means retail gas prices will also respond faster. An ECB survey of euro-area national central banks found that in over half of countries wholesale gas moves now feed into gas inflation within 1–3 months, about 10% report 4–6 months, one-third report 7–12 months, and the share of countries reporting 13–24 month lags has fallen from roughly 40% to about 5% since 2022.

U.S. Treasury Secretary Bessent said yields are "deviating" from equilibrium.