EM ASIA CREDIT: SK Hynix: Supply agreement with OpenAI

• President Xi Jinping unveiled the Global Governance Initiative at a grand gathering with leaders from the Shanghai Cooperation Organization family on Monday, stressing China's readiness to work with all countries for a more just and equitable global governance system.  He highlighted five principles for the Global Governance Initiative — adherence to sovereign equality, abiding by international rule of law, practicing true multilateralism, advocating the people-centered approach and focusing on taking real actions.  "We should maintain that all countries, regardless of size, strength and wealth, are equal participants, decision-makers and beneficiaries in global governance," Xi said. "We should promote greater democracy in international relations and increase the representation and voice of developing countries," he said.  (source China Daily)
• Shanghai's latest adjustments to home purchase measures triggered a more than 35 percent week-on-week surge in new home transactions, along with a sharp rise in inquiries for pre-owned apartments. Industry experts said on Monday that the response highlights the effectiveness of the new policy and sets the stage for broader market stabilization.  "Following the policy release, visits to some sales offices and brokerage outlets surged, with inquiries doubling, reflecting a boost in market confidence," said Yan Yuejin, research director at the E-House China R&D Institute.  (source China Daily)
• The Hang Seng is down -0.61% today, having finished yesterday up +2.15%. The CSI 300 has lost ground by -0.91% after closing at new highs yesterday. The Shanghai Comp is down -0.70% and Shenzhen down heavily by -2.3%.
• Yuan Reference Rate at 7.1089 Per USD; Estimate 7.1335
• China's 10-Yr Government bond is down -1bp in yield at 1.77%

• RES 4: $3600.0 - Round number resistance 
• RES 3: $3547.9 - 1.764 proj of the Feb 28 - Apr 3 - Apr 7 price swing
• RES 2: $3539.7 - 2.00 proj of the Dec 30 ’24 - Apr 3 - 7 price swing  
• RES 1: $3508.7 - Intraday high              
• PRICE: $3495.8 @ 06:19 BST Sep 2
• SUP 1: $3437.1 - Low Sep 1  
• SUP 2: $3381.8 - 20-day EMA
• SUP 3: $3353.8 - 50-day EMA
• SUP 4: $3311.6 - Low Aug 20  

Gold is trading sharply higher this week as the metal extends its bull cycle. Today’s gains have resulted in breach of key resistance at $3500.1, the Apr 22 high, and delivered a fresh all-time high. This confirms a resumption of the primary uptrend and an extension of the sequence of higher highs and higher lows. The next objective is $3547.9, a Fibonacci projection. Initial firm support to watch lies at $3381.8, the 20-day EMA.