スイス貿易収支

中国FDI (年初来) 前年比

ユーロ圏ECBラガルドのスピーチ

ユーロ圏当座預金

Silver slipped below $41.5 per ounce on Thursday, falling for a third consecutive session after the US Federal Reserve delivered a widely expected quarter-point rate cut but struck a more cautious stance on further easing than markets anticipated. The Fed signaled two more reductions this year but only one in 2026, pushing back against expectations for two or three cuts next year. Chair Jerome Powell described the move as “risk management” in response to labor market weakness, while emphasizing there is no urgency to accelerate cuts. Elsewhere, the Bank of Canada also lowered its policy rate by 25 bps, while the Bank of England and Bank of Japan are expected to keep policy steady this week. Still, robust industrial demand from solar, electric vehicles and electronics, alongside supply constraints, continues to provide underlying support for silver.

Silver Extends Losses on Fed’s Cautious Tone

The People’s Bank of China (PBOC) conducted CNY 487 billion (USD 68.56 billion) in seven-day reverse repos through open market operations on September 18, at an interest rate of 1.4%, unchanged from the previous period. With CNY 292 billion in seven-day reverse repos maturing on the same day, the central bank achieved a net injection of CNY 195 billion, continuing its efforts to inject liquidity into the banking system.The move came just hours after the US Federal Reserve’s decision to cut interest rates by 25 basis points. The seven-day reverse repo rate now serves as the economy's main policy rate. The PBOC last lowered the seven-day reverse repo rate by 10 basis points in May.

China Injects Liquidity via Reverse Repo, Rate Unchanged at 1.4%

Malaysian palm oil futures slipped below MYR 4,450 per tonne after slight gains in the previous session, weighed by further losses in rival oils on the Chicago market following a U.S. biofuels proposal that disappointed traders. Sentiment was also cautious amid a shortened trading week and ahead of Malaysia’s August trade data, due in the coming days. Industry data last week showed end-August stocks rose 4.2% to 2.2 million tonnes. Limiting further declines, demand from top buyer India remained strong. The country’s palm oil imports surged 15.8% in August from July to 990,528 tonnes, the highest in over a year, as competitive pricing against soyoil prompted refiners to stock up ahead of the mid-October festive season, according to the Solvent Extractors’ Association of India. The group expects imports to stay above 800,000 tonnes in September. Meanwhile, export estimates were mixed, with Intertek reporting shipments up 2.6% for Sept 1–15, while AmSpec said they edged down 0.1%.

Palm Oil Trades Lower

Australia’s 10-year government bond yield steadied at 4.21% as traders assessed the labour market report. Employment fell by 5,400 in August, following a revised 26,500 rise in July and defying forecasts of a 22,000 gain. The jobless rate, however, stayed at 4.1%, matching expectations and still low by historical standards. The mixed data did little to alter expectations for monetary policy as markets upheld bets the Reserve Bank of Australia will leave rates unchanged this month, while pricing a 75% chance of a November cut. The RBA has so far adopted a cautious approach to policy easing, delivering only three cuts this year—guided mainly by quarterly inflation data. On Tuesday, Assistant Governor Sarah Hunter said the bank was close to achieving both of its inflation and employment goals, though risks remain on both sides of the outlook. In contrast, the US Federal Reserve lowered rates as expected on Wednesday and indicated a steady pace of further cuts for the rest of this year.

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