Today's selection.

Gold is set to refresh historical highs to $2722 per ounce.

Israeli Energy Minister: All options to deal with Iran are on the table, including targeting nuclear facilities.

Sources: Some European central bank officials hope to abandon the commitment to maintaining tight monetary policies.

Sources: Bank of Japan officials believe there is no need to rush to raise interest rates this month.

Musk announces daily random distribution of $1 million to American voters until election day.

National Bureau of Statistics: GDP growth in the third quarter was 4.6%, with noticeable improvements in multiple economic indicators in September.

The central bank has officially launched convenient operations for securities, funds, and insurance companies. Currently, 20 companies have been allowed to participate, with the initial application quota exceeding 200 billion yuan.

Pan Gongsheng: Will further reduce the deposit reserve ratio by 0.25-0.5 percentage points at the appropriate time; It is expected that the LPR on the 21st will also decrease by 0.2-0.25 percentage points.

The first batch of special loans for share repurchase and holding have been implemented, and 23 A-share listed companies have received bank loan commitment letters.

Magic Square Quantitative announced the gradual reduction of hedge positions for all products to 0.

Market inventory.

Last Friday, after rising for five consecutive days, the US dollar index took a breather, but still remained above the 103 level, ultimately closing down by 0.3% at 103.45. The benchmark 10-year US Treasury yield closed at 4.0820%; the more interest rate-sensitive two-year US Treasury yield closed at 3.9650%.

Benefiting from escalating tensions in the Middle East, uncertainties surrounding the US presidential election, and expectations of loose monetary policies by central banks of many developed countries, spot gold continued to hit historical highs, reaching a new high of $2722 per ounce, ultimately closing up by 1.08% at $2721.64 per ounce. Spot silver surged by 6.41%, closing at $33.72 per ounce.

Due to investors digesting the mixed prospects of the Middle East and concerns about global demand, crude oil fell more than 7% last week. WTI crude oil accelerated its decline during the U.S. session, ending down 1.94% at $68.79 per barrel; Brent crude oil closed down 1.74% at $72.87 per barrel.

The U.S. stock market closed slightly higher, with the Dow rising 0.09%, the S&P 500 up 0.4%, and the Nasdaq up 0.63%. The Nasdaq Golden Dragon Index in China rose 3.03%, with Ke Holdings (BEKE.N) up 8.37% and Li Auto Inc. (LI.O) up 6.3%.

Most major European stock indices closed higher, with the German DAX30 Index up 0.38%; the UK's FTSE 100 Index down 0.32%; and the Euro Stoxx 50 Index up 0.79%.

Boosted by central bank policies, Hong Kong stocks surged on Friday, with the Hang Seng TECH Index rising more than 7% at one point. The Hang Seng Index closed up 3.61% at 20804.11 points. The Hang Seng TECH Index rose 5.77% to 4600.85 points. By the close, the total market turnover of the Hang Seng Index was 259.056 billion Hong Kong dollars. Chinese-affiliated brokerage stocks soared, tech stocks showed strength, and CROs gained momentum. In terms of individual stocks, China Merchants (06099.HK) rose nearly 18%, S.Why (06806.HK), Citic Securities (06030.HK), China International Capital Corporation (03908.HK), and 10 other stocks rose more than 10%. Semiconductor Manufacturing International Corporation (00981.HK) rose 16.35%, Meituan (03690.HK) rose 8.9%, Xiaomi Group (01810.HK), and Bilibili (09626.HK) rose more than 6%.

In the afternoon, the three major A-share indices rose sharply. By the close, the Shanghai Composite Index was up 2.91%, the Shenzhen Component Index rose 4.71%, and the ChiNext Price Index increased by 7.95%. The BSE 50 Index rose by 10.3%. Across the board, sectors rose, with the semiconductor sector hitting limit up, with over 20 stocks including Semiconductor Manufacturing International Corporation hitting the limit. The brokerage sector rallied, and chip concepts, industrial machinery, medical care, aviation, and brewing sectors were among the top gainers. The total trading volume of the two markets exceeded 2 trillion yuan.

International News

1. Israeli Energy Minister stated that all options to deal with Iran are on the table, including strikes on nuclear facilities. Additionally, following the killing of Hamas leader Sinwar, the U.S. is once again pushing for a ceasefire in Gaza.

Israeli officials revealed that Israel's response to Iran's missile attacks is already "in the bag". The unmanned aerial attack on Israeli Prime Minister Netanyahu's residence on the 19th will not affect the scale or timing of Israel's attacks on Iran. The Israeli military stated that as of 3 p.m. local time, around 160 "projectiles" from Hezbollah entered Israel on that day.

NATO defense ministers did not support Ukraine's "Victory Plan"; Zelensky confirmed the exchange of prisoners of war between Russia and Ukraine.

North Korean Ministry of Defense: The infiltration of drones into Pyongyang was led by the South Korean military, and attempts by the US and its followers to sanction North Korea will only increase North Korea's strength. South Korea responded to North Korea's drone incident: Unilateral claims against North Korea have no value without confirmation and rebuttal.

Sources: At last week's meeting, some European central bank officials hoped to abandon commitments to maintain contractionary policies.

Sources said that Bank of Japan officials believe there is no need to rush to raise interest rates this month.

South Korea plans to cancel the manual monitoring requirement for algorithmic trading in Korean won.

OpenAI and Microsoft have separately hired Goldman Sachs and Morgan Stanley to negotiate equity conversions for transitioning to for-profit companies.

European credit rating agency Scope downgraded France's rating.

Elon Musk announced on Saturday that he would randomly give $1 million to American voters every day until election day, totaling an estimated $17 million.

Indonesia's newly elected President Prabowo took the oath of office.

SpaceX has completed its 100th orbital launch mission this year.

Boeing is reportedly exploring selling assets to generate much-needed cash while divesting non-core or underperforming segments.

Domestic News

National Bureau of Statistics: GDP grew by 4.6% in the third quarter, with significant improvements in multiple economic indicators in September.

The detailed rules for the 500 billion inter-bank swaps have been released, with a pledge rate not exceeding 90% and a replenishment line set no lower than 75%. The central bank has officially launched inter-bank swaps for securities, funds, and insurance companies, with 20 companies approved to participate and the initial application quota exceeding 200 billion yuan. In addition, the central bank has officially introduced share buyback and holding for re-lending, with an initial quota of 300 billion yuan, an interest rate of 1.75%, and a term of 1 year.

Pan Gongsheng: Inter-bank swaps do not involve direct funding support from the central bank; it is the bottom line that credit funds must not illegally enter the stock market; and there will be an opportunity to further reduce the deposit reserve ratio by 0.25-0.5 percentage points. It is expected that the Loan Prime Rate (LPR) on the 21st will also decrease by 0.2-0.25 percentage points.

4. The first batch of repurchase and shareholding special loan projects have been implemented, with 23 A-share listed companies receiving bank loan commitment letters, or signing loan agreements with banks for share buyback or shareholding, involving a total fund amount exceeding 10 billion yuan.

5. **** made important instructions on the establishment of China Resource Recycling Group Limited, emphasizing the creation of a national and functional resource recycling platform.

6. **** made important instructions on the work of national economic and technological development zones, emphasizing high-level opening up to promote deep-seated reform and high-quality development.

7. Premier **** signed a State Council order to promulgate the 'Regulations on the Export Control of Dual-use Goods of the People's Republic of China'. The Ministry of Justice and the Ministry of Commerce stated that the 'Regulations on the Export Control of Dual-use Goods of the People's Republic of China' will not create obstacles to normal international scientific and technological exchanges and economic cooperation.

8. Vice Premier of the State Council He Lifeng: China will further deepen financial system reform and promote high-level financial opening up.

9. State Council executive meeting: Study and deploy relevant measures to further promote the construction of a unified national market.

10. The General Office of the Central Committee of the Communist Party of China and the General Office of the State Council issued the 'Opinions on Resolving the Issue of Overdue Payments by Enterprises'. In addition, the General Office of the Central Committee of the Communist Party of China and the General Office of the State Council also issued the 'Opinions on Accelerating the High-Quality Development of Doctoral Education', systematically deploying comprehensive reforms to deepen doctoral education.

11. National Energy Administration: In September, the total electricity consumption of the whole society was 847.5 billion kilowatt-hours, an 8.5% year-on-year increase.

12. National Bureau of Statistics: Establishing and perfecting specific rules for the national integrated data market as soon as possible.

13. National Healthcare Security Administration: More than 80 kinds of rare disease drugs included in the national medical insurance catalog.

14. China Photovoltaic Industry Association: Suspected illegal bidding for photovoltaic modules below 0.68 yuan/W.

15. The first batch of CSI A500 index enhanced funds partially approved, the market is expected to welcome incremental funds.

16. China Securities Regulatory Commission: Administrative regulatory measures taken against Open Source Securities and Central China Securities, suspending corporate bond underwriting business for 6 months.

17. China Securities Regulatory Commission held a symposium with experts, scholars, and media leaders to discuss further comprehensive deepening of capital market reforms. CSRC Chairman Wu Qing: Welcome experts, scholars, media reporters to reflect market demands, offer suggestions, and carry out supervision.

18. Shenzhen Stock Exchange clarified that for investment projects that do not directly have synergies with the existing main business in terms of raw materials, technology, customers, etc., they are generally considered as cross-border investments.

19. BSE and National Equities Exchange and Quotations Co., Ltd. formulated a comprehensive service action plan for the development of specialized, special, and new small and medium-sized enterprises.

20. Fantasia Quant announced that it will gradually reduce the hedge positions of all products to 0, and exempt the management fees for later stages of hedge series products starting from October 28. Industry insiders: it is currently hard to see that abandoning hedge strategies is a trend in the industry.

21. The samples from the back side of the moon of Chang'e 6 are being exhibited globally for the first time.

22. Multiple gold shops see the price of gold trinkets breaking through the key level of 800 yuan/gram.

23. Beijing is planning a 3,000 square kilometer autonomous driving demonstration area.

24. More than 10 times the subscription record was broken, with over 2,000 people rushing to buy 192 homes at a property in Shenzhen.

25. Will China impose a 'wealth tax' on overseas individuals? The media states that China's 'global taxation' has always had policy basis, but the enforcement strength has been limited.

Risk warning.

☆ At 9:00, China will announce the one-year loan market quote rate until October 21.

☆At 14:00, Germany will release the September PPI data;

☆At 22:00, the USA will release the September Conference Board Leading Economic Index (LEI) m/m;

☆At 22:55, in 2026, FOMC voting member and Dallas Fed President Logan will deliver a speech and participate in a Q&A session at the 2024 Securities Industry and Financial Markets Association (SIFMA) annual conference;

☆Today, the IMF-World Bank 2024 Autumn Annual Meeting is held and will continue until October 26.