1. On October 15 (Wednesday), U.S. stock futures across all three major indices are up. As of this report, Dow futures have risen by 0.56%, S&P 500 futures are up 0.76%, and Nasdaq futures have increased by 0.99%. 2. At the time of this report, Germany's DAX index is up 0.02%, the UK's FTSE 100 is down 0.38%, France's CAC 40 has risen by 2.30%, and the Euro Stoxx 50 is up by 1.28%. 3. As of this report, WTI crude is up 0.73% at $59.13 per barrel, while Brent crude is up 0.51% at $62.70 per barrel. Market news indicates that Powell signaled another interest rate cut may be likely this month, emphasizing ongoing risks in the employment market. Federal Reserve Chairman Jerome Powell stated that the Fed is expected to implement another cut of 25 basis points later this month, despite the significant impact of the government shutdown on its assessment of the economic situation. In his remarks at the National Association for Business Economics annual meeting on Tuesday, Powell noted that the economic outlook has not changed since policymakers lowered rates in September and projected two more cuts this year. Julia Coronado, founder of MacroPolicy Perspectives and former Fed economist, stated, 「The October rate cut is already executed; currently, no new information has changed our perspective that risks remain in the labor market.」 Powell repeatedly mentioned the slow pace of hiring and indicated that this could worsen further. Following Powell's dovish remarks, copper prices rebounded, with industry insiders forecasting prices to rise to $12,000 per ton. After Powell hinted at a potential interest rate cut later this month, copper prices showed a rebound. Some industry experts believe that copper prices could reach $12,000 per ton. Previously, copper prices had seen significant volatility due to geopolitical tensions. Powell's remarks on Tuesday indicated a possible 25 basis point rate cut this month despite the government shutdown’s serious impact on economic evaluations. Powell highlighted the slow hiring pace and indicated the potential for further deterioration. The government shutdown has resulted in a 「data collection crisis」 for inflation statistics, jeopardizing the accuracy of the October CPI data. If the government shutdown continues, one of the most critical inflation figures in the U.S. may not only be unreleased but its quality will also suffer. Policymakers, economists, and investors have begun to express concerns that the October Consumer Price Index (CPI), scheduled for release next month, may be adversely affected by the government shutdown. While the Bureau of Labor Statistics (BLS) was granted special permission to recall some employees to compile the September CPI data, the agency has not been able to collect any new price information since the shutdown began on October 1. 「From now on, the data accuracy will deteriorate,」 said Omar Sharif, president of Inflation Insights LLC, during an interview on October 9, after the government shutdown exceeded one week. 「By the third week, the data quality could become very poor, or there might be a total lack of new data.」 JPMorgan issues a warning: The U.S. is "slowly heading towards bankruptcy," as massive debt coupled with tariff "painkillers" fails to stave off crisis. JPMorgan's David Kelly warned earlier this week that while the U.S. is "heading towards bankruptcy," the process is slow enough not to trigger market panic. Currently, U.S. national debt has surpassed $37.8 trillion, with interest expenses exceeding $1.2 trillion. Kelly noted that even with moderate economic growth, the debt-to-GDP ratio, which stands at 99.9%, may continue to rise. Although tariff revenues provide some relief and temporarily lessen deficit pressures, he cautioned that political shifts or economic slowdowns could quickly worsen fiscal conditions; thus, he advises investors to diversify to reduce reliance on U.S. assets before the "slow bankruptcy" accelerates. Individual stock news includes Morgan Stanley (MS.US) exceeding expectations in Q3 earnings, with a rebound in investment banking as a highlight and equities contributing core momentum. Morgan Stanley reported Q3 net revenue of $18.22 billion, an 18% year-over-year increase, exceeding estimates of $16.64 billion; Q3 earnings per share stood at $2.80, with a return on equity of 18%, surpassing the expected $1.34. Investment banking revenue rose by 44% to $2.11 billion; equity sales and trading revenue reached $4.12 billion, far exceeding the projected $3.41 billion. Abbott (ABT.US) reported Q3 revenue of approximately $11.37 billion, falling short of expectations. The healthcare leader in the U.S., Abbott, announced that its quarterly revenue in the pre-market on Wednesday was below Wall Street analysts’ expectations, primarily due to weak trends in its diagnostics and nutrition segments failing to offset robust demand for its medical device products. As a result, the company's stock fell nearly 3% in pre-market trading. Abbott's overall revenue for Q3 was approximately $11.37 billion, slightly below analysts' average expectations of $11.40 billion. Dollar Tree (DLTR.US) projects a 12-15% annual growth in earnings per share over the next three years. Dollar Tree announced on Wednesday that it anticipates its earnings per share will grow by 12-15% per year over the next three years. The Chesapeake, Virginia-based company stated that, thanks to cost advantages, its fiscal year 2026 earnings per share is expected to see "nearly 20%" growth. This earnings forecast was released ahead of an investor presentation later Wednesday. Following the $1 billion sale of its underperforming Family Dollar business, Dollar Tree is refocusing under CEO Mike Creedon. It is noted that the $1 billion sale price is significantly lower than the nearly $9 billion cost incurred during its acquisition of the business a decade ago. Year-to-date, same-store sales have grown by 3.8%, surpassing the analysts' average expectation of 3.7%. The company has maintained its previous guidance for both the current quarter and the full year. The resurgence in merger and acquisition activity has benefitted Wall Street, with Bank of America (BAC.US) reporting better-than-expected Q3 earnings. Bank of America's Q3 performance surpassed expectations, driven by the long-awaited rebound in merger activity that boosted investment banking, alongside net interest income exceeding analyst forecasts. The financial report indicated that Bank of America had Q3 revenues of $28.09 billion, an 11.0% year-over-year increase, with earnings per share at $1.06, exceeding market expectations. Investment banking revenue surged by 43% to $2.05 billion, exceeding analysts’ expectations of $1.65 billion. Advisory fees skyrocketed by 51% to $583 million, while revenues from stock and bond issuance grew by 34% and 42%, respectively. Bank of America's primary source of income—net interest income—rose by 9.1% to $15.2 billion. Analysts had previously expected this figure (loan interest income minus deposit interest expenses) to increase by 7.6%. Net profit for Bank of America surged by 23% to $8.47 billion for the three months ending in September. The AI arms race intensifies, with "strong engine" ASML (ASML.US) Q3 orders surpassing expectations. Fueled by billions of dollars in investments in AI infrastructure driving robust demand for chip manufacturing equipment, ASML's Q3 order volume exceeded analyst expectations. The Dutch semiconductor equipment manufacturer reported that its order total for the quarter was €5.4 billion (approximately $6.3 billion). According to Bloomberg data, the expected order volume was €4.9 billion. ASML's Q3 sales reached €7.5 billion, exceeding expectations; net sales were €7.5 billion (approximately $8.71 billion), with a gross margin of 51.6% and net profit of €2.1 billion (approximately $2.44 billion). ASML predicts that sales for the fourth quarter of 2025 will range between €9.2 billion ($10.69 billion) and €9.8 billion ($11.39 billion), with gross margins expected to be between 51% and 53%. iPhone 17 shines! Apple (AAPL.US) sees a 0.6% increase in shipments in China for Q3. According to data released by IDC on Wednesday, despite weak demand in China's smartphone market, Apple (AAPL.US) saw a year-over-year increase of 0.6% in shipments to 10.8 million units in Q3. During this period, Apple captured a 15.8% market share, ranking second in terms of shipments. Detailed data shows that total smartphone shipments in China fell 0.6% year-on-year to 68.4 million units. The decline was even sharper in Q2, reaching 4%. IDC senior smartphone analyst Will Wong stated, 「The cost-effective standard iPhone 17 successfully attracted price-sensitive consumers, driving modest growth and improving its ranking from the previous quarter.」 Among the top three smartphone brands by domestic shipments, Apple was the only brand to achieve shipment growth during this quarter. Weight loss effect surpasses competitors! Eli Lilly's (LLY.US) oral weight loss drug reaches pivotal success in Phase 3 trials, plans to apply for market approval next year. Eli Lilly announced on Wednesday that its oral weight loss candidate drug orforglipron achieved its primary goals in two Phase 3 clinical trials involving Type 2 diabetes patients, demonstrating its potential for blood sugar control. The Indiana-based pharmaceutical company noted that based on the results from the ACHIEVE-2 and ACHIEVE-5 trials, the once-daily GLP-1 receptor agonist orforglipron is expected to establish a new standard for Type 2 diabetes treatment. Preliminary results indicated that the ACHIEVE-2 trial met its primary endpoint, with orforglipron lowering the diabetes biomarker A1C by as much as 1.7%, compared to a 0.8% reduction from AstraZeneca's (AZN.US) diabetes drug Farxiga. The ACHIEVE-5 trial also reached its primary endpoint. Important Economic Data and Events Forecasted at 20:30 Beijing Time: U.S. October New York Fed Manufacturing Index. The next day at 04:30 Beijing Time: U.S. API Crude Oil Inventory Change for the week ending October 10 (in thousands of barrels). At 21:30 Beijing Time: Speech by Federal Reserve Governor Mulan. The next day at 00:10 Beijing Time: Speech by Federal Reserve Board member and Atlanta Fed President Bostic, who serves as a voting member of the 2027 FOMC. The next day at 00:30 Beijing Time: Speech by Federal Reserve Board member Milan at the Nomura Research Forum. The next day at 01:00 Beijing Time: Speech by Federal Reserve Board Governor Waller on artificial intelligence. The next day at 01:35 Beijing Time: Speech by Federal Reserve Board member and Kansas Fed President Schmidt, who serves as a voting member of the 2025 FOMC. The next day at 02:00 Beijing Time: Federal Reserve releases its Beige Book on economic conditions. The next day at 02:10 Beijing Time: Speech by Federal Reserve Board member Bostic, who serves as a voting member of the 2027 FOMC. Earnings Forecasts for Thursday Morning: United Airlines (UAL.US) and in the pre-market: TSMC (TSM.US).