1. Economic events and data

China's official manufacturing PMI may hit a three-year low in August

On the evening of the 26th, a Reuters survey showed that China's official Manufacturing Purchasing Managers' index (PMI) may hit a three-year low in August, another sign of the intensification of China's economic slowdown. According to the median forecast of an economist, China's official manufacturing PMI in August will fall to 49.7 from 50 in July, below the 50 watershed, a new low since August 2012. The data released last week showed that the initial value of China's Caixin manufacturing PMI in August was 47.1, a new low in six and a half years, raising concerns in the global market that the world's second-largest economy may decelerate more significantly than previously expected. China's official PMI survey samples are concentrated in large state-owned enterprises, while Caixin PMI samples are more inclined to small and medium-sized enterprises. China's official manufacturing PMI data in August will be released on September 1 (next Tuesday), and Caixin's final manufacturing PMI value in August will also be released on the same day.

It is not impossible for the Federal Reserve to raise interest rates in October

The Fed conventionally holds a press conference after every two meetings, so the market takes September and December as the time for the fed to announce interest rate hikes. But now it seems that the global market turmoil makes it too fast to raise interest rates in September, and the liquidity has dried up by December. It is more feasible to raise interest rates at the only meeting in October this year, and Yellen has never said that there is anything to do with the press release.

Onshore RMB rose in late trading

The onshore RMB closed up 0.03% against the US dollar at 6.4105, with trading volume of US $49 billion, the second highest in history. After 11 a.m. on Wednesday, there was a wave of pull-up of more than 150 points in the onshore RMB, which was close to 6.4050 at one time, but then gradually fell, and it rose again quickly near the closing.

2. Closing of major financial markets

The three major U.S. stock indexes all recorded the largest one-day increase in the year

In the early morning of the 27th, the US stock market closed sharply higher on Wednesday, and the three major stock indexes all recorded the largest one-day increase in the year. The Central Bank of China [microblog] launched new stimulus policies and optimistic durable goods order data, which boosted market sentiment. As of the close, the Dow Jones industrial average rose 619.07 points to 16285.51 points, or 3.95%; The standard & Poor's 500 index rose 72.90 points to 1940.51 points, or 3.90%; The Nasdaq composite index rose 191.05 points, or 4.24%, to 4697.54.

European stocks closed down 1.8% on Wednesday

European stocks closed down 1.8% on Wednesday as investors questioned the success of the economic growth stimulus measures introduced by the Chinese authorities. On the same day, the pan European Stoxx 600 index fell 1.8% to 350.14 points, and all sections of its constituent stocks fell. Among European stock markets, Germany's DAX 30 index fell 1.3% to 9997.43; France's CAC 40 index fell 1.4% to 4501.05; The FTSE 100 index fell 1.8% to 5979.20.

Hong Kong stocks closed down 1.5%

Hong Kong's Hang Seng Index retreated its early gains on Wednesday (August 26) and ended down 1.5%. Analysts pointed out that this was because the excitement caused by the central bank's reduction in reserve requirements and interest rates subsided, and the resumption of the decline of the mainland stock market in the afternoon also weighed on market confidence here.

3. Major exchange rates

The pound fell to a two-week low against the dollar

On Wednesday (August 26), the pound fell to a two-week low against the US dollar. Due to the strong US data boosting the US dollar, the foreign exchange market returned to relative calm today, weakening the demand for safe haven currencies. At a time of increased external risks, in addition to pushing back the Fed's interest rate hike expectation, the Bank of England's interest rate hike expectation was also pushed back, putting pressure on the pound.

The dollar index rose for the second day in a row

On Wednesday (August 26), the US dollar strengthened for the second consecutive trading day. Due to the good performance of us durable goods order data, the strong rebound of US stocks and the recovery of some lost land by European stocks, the uneasiness in the financial market was relieved, and the demand for safe haven currencies such as the yen decreased.