EM ASIA CREDIT: LG Energy Solutions: Revenues guided lower

Bitcoin had a range overnight of $111 964k - $114 485k, Asia is trading around $114 800k. Bitcoin once more found buyers on the dip back towards its first support around $108 000. Big support remains in between  the $100k-108k area where demand should return for those waiting to “buy the dip”, the crypto treasury firm's chief amongst those. Only below 95k-100k would the Bulls' conviction start to be challenged. It looks like we might see some consolidation between $108k-$123k for the moment as the bulls try to build another base from which to extend higher from.

• Julien Bittel on X: “Most people are overcomplicating the idea that Bitcoin’s traditional four-year cycle can extend. It’s simple. If the business cycle extends, the crypto cycle extends. Bitcoin is a macro asset…”
• Robin Brooks on X: “Gold is up 15% since Powell's dovish speech at Jackson Hole, even as the Dollar is flat. This is very unusual and says the rise in gold isn't about Dollar debasement but debasement in fiat currencies broadly. Sign of a global debt crisis.”
• Bloomberg - “Saylor Is Unbothered by Strategy’s Narrowing Share Premium. Shares of the former MicroStrategy have fallen about 20% since June. Strategy has been a stock market sensation since Saylor transformed the enterprise software maker into a crypto treasury company, allowing investors to gain exposure to Bitcoin without buying the token.”
• “Overall, digital-asset treasuries raised more than $44 billion this year, marketed as steady buyers that would transform Bitcoin and other coins from speculative tokens into financial infrastructure.”
• Milk road on X: “Transactions on Worldchain are climbing non-stop. Back in September 2024, $WLD transactions hovered between 60k–70k. Now, they’re sitting at 4M+. That’s not growth, that’s liftoff.”

Fig 1: Bitcoin spot Daily Chart

Source: MNI - Market News/Bloomberg Finance L.P

• China's official PMIs for September continued with the theme from the last few months.  
• PMI Manufacturing continues to inch up whilst PMI Services inches down.  
• PMI Manufacturing printed at +49.8 which whilst still in contraction, it was the 3rd consecutive month of improvement.  It last printed above 50 in March, just prior to the imposition of US tariffs.
• New orders rose to 49.7 from 49.5 and employment was up to 48.5 from 48.0.  Exports were up at 47.8 from 47.2 and imports at 48.1 from 48.0.  
• PMI Services declined to 50.0 from 50.3 in August.  
• New orders were down to 46 from 46.6 and employment at 45 from 45.6

• **CHINA SEP MANUFACTURING PMI 49.8 VS 49.4 IN AUG