I. Outlook

1. Macroeconomic Summary and Future Predictions

Last week, U.S. macroeconomic data continued to show signs of weakness, with only 22,000 non-farm jobs added in August and the unemployment rate rising to 4.3%. The number of long-term unemployed and involuntary part-time workers increased, reflecting a continued weakening in the labor market. In the market, stocks faced downward pressure, safe-haven sentiment pushed gold to new highs, and there was a noticeable inflow of funds into the bond market.

Looking ahead, the job market may remain sluggish, with wage growth further declining, limiting consumer support; although inflation is gently decreasing, tariffs and policy uncertainties remain risks. The market generally expects…