CHINA: "*CHINA IS SAID TO TIGHTEN SCRUTINY OF LISTED COMPANY SPINOFFS

Below is a selection of key recent onshore media highlights for China ICYMI :

MNI China Press Digest Sep 23: Bonds, Sino-U.S., Investment

AUTO Sector (Xinhua): Chinese companies willing to prosper together with their global partners.

Chip Boom (Global Times): Chinese company unveils new-generation AI chip; move to accelerate push for domestic alternatives.

FDI (China Sec Journal): Foreign institutions are optimistic about the increasing global allocation value of Chinese assets and RMB bonds.

NDRC (China Sec Journal): Expanding opportunities for private enterprises to participate in high-quality project investments

China US Relations (China Daily): Experts see ample room for bilateral cooperation.

Pinglu Canal (China Daily):  Unlocks trade opportunities.

AI Boom (China Daily): Nation's AI rise seen boosting intelligent computing power.

Consumption (China Daily): Nation pushing holiday spending.

Economy (China Daily): Power consumption remains above 1t kWh.

Patient Capital (SCMP): As Buffett exits, can China win back Wall Street with own brand of his winning formula?

Tech Boom (Sec Daily): A flurry of new technology-themed funds have been launched.

China US Meeting (BBG): China’s US Envoy Urges AI Cooperation to Avoid ‘Silicon Curtain’

Passive Bond Funds (Shanghai Sec News): Passive index bond funds exceeding two trillion yuan in size.

PBOC (Shanghai Sec News): Finance is expected to become a key pillar in the industry's fight against involution.

European gas has followed oil lower this week on hopes that diplomacy on the sidelines of this week’s UN gathering will result in a reopening of the Strait of Hormuz. In contrast, US prices are sharply higher due to cut backs in production to their lowest since July due to the current “shoulder season”.

• President Trump and Saudi-owned Al Arabiya said that US and Iranian delegations met and talks were productive. The latter reported that Iran sees multiple steps and wants sanctions and the blockade eased before reopening the Strait. However, Trump threatened Iran with “annihilation” if it doesn’t reach a deal. Iran’s President Pezeshkian is due to speak to the UN Wednesday.
• US special envoy Witkoff said that lengthy talks have taken place with the Iranian delegation through mediators and they are set to continue.
• Dutch TTF fell 2.5% to EUR 71.435 on Tuesday after reaching EUR 68.650, lowest this month. It is currently around EUR 71.940. Prices peaked at EUR 84.50 on 14 September.
• An increase in global LNG shipments would be very welcome even if they only occur later in the northern winter. European storage has only just reached 70% full, a point it was at in early August last year. Bloomberg reported Qatar plans to load a tanker in late September at Ras Laffan on the Persian Gulf.
• Ukrainian President Zelenskyy has asked President Trump for a military package including air defence items. The US wants Ukraine/Russia to cease targeting energy infrastructure.
• US Henry Hub rose 6.4% to $3.018 to be up 3.9% this week and is currently around $3.025. This is the first break above $3.00 since 8 September. The outlook is uncertain though given that the US is between the cooling and heating seasons and a storm heading towards the northeast may increase heating demand but could also cause blackouts reducing power consumption. 

The antipodeans continue to ignore the rebound in risk overnight trading heavy in the Asian session. The NZD moved back toward 0.5700 walking back nearly all the Breman gains from yesterday. The price action remains eye-catching as the disconnect between the US Dollar and broader risk continues to persist. 

• {AUDUSD Curncy} - 0.7106, -0.13%
• {NZDUSD Curncy} - 0.5710, -0.32%
• {AUDNZD Curncy} -  1.2444, +0.18%