[Overnight global news you need to know on Saturday: Warsh reiterated his commitment to fighting inflation, the market increased bets on the Federal Reserve to raise interest rates, the U.S. bond yield curve flattened significantly, and a sell-off in chip stocks dragged U.S. stocks lower] global news 1. Federal Reserve Chairman Warsh said that the Fed needs to curb prices, which alleviated some of the bond market's concerns about its credibility in fighting inflation, pushing the two-year U.S. Treasury yield to rise by 10 basis points to 4.33%, while the 30-year yield fell by about 2 basis points to 5.17%. The flattening of the yield curve reflects market expectations that the Federal Reserve may need to raise short-term interest rates. 2. Traders are increasing bets that the Federal Reserve may start raising interest rates as soon as next month. Barclays and Societe Generale forecast the Fed will raise interest rates in September and December. 3. Iranian President Pezhechiyan said that Iran is currently working hard to ensure that if the Strait of Hormuz is reopened under a specific framework, the United States must also fulfill its obligations. These obligations include: lifting blockades and sanctions, unfreezing Iranian funds, and halting Israeli hostilities in Lebanon. 4. Iran’s Islamic Revolutionary Guard Corps Navy issued a statement saying that the statement by U.S. officials on the opening of the Strait of Hormuz was a lie and its purpose was only to control oil prices and cover up its failure. Iran has ordered that all ships attempting to pass through the Strait of Hormuz without Iranian coordination be blocked. 5. U.S. Treasury Secretary Bessent defended his action to support the yen last month, saying that any extreme fluctuations in the yen may be transmitted to the United States and push up U.S. interest rates. 6. On August 28, local time, Trump signed an executive order at the Johnson Space Center in Houston, Texas, to create the "American Space Academy." 7. The United States is reported to hold interests in 17 oil fields in Venezuela. The United States will have access to approximately 90 billion barrels of crude oil from Venezuela. 8. Fitch confirmed France's rating as A+, with a stable outlook. Standard & Poor's affirmed Portugal's A+/A-1 rating with a positive outlook. Standard & Poor's affirmed Jordan's BB-/B rating with a stable outlook. 9. Apple raised the monthly subscription price of its streaming media service AppleTV+ to $14.99 on Friday, while the annual fee is $119. The previous monthly fee was $12.99 and the annual fee was $99. 10. U.S. Senator Collins asked Lutnick and Greer to resume negotiations with Canada. 11. It is reported that the U.S. House of Representatives will vote on the temporary appropriation bill next Tuesday. The vote will be carried out under the procedure of suspending the rules of procedure. 12. Argentine Foreign Minister Pablo Quirno hinted on the 27th that Argentina may withdraw from the Southern Common Market (Mercosur). global market 1. The three major U.S. stock indexes closed down collectively, with the Dow Jones Industrial Average falling 0.02%, the Nasdaq Composite Index falling 0.52%, and the S&P 500 Index falling 0.25%. This week, the Dow rose 0.53%, the Nasdaq rose 0.85%, and the S&P 500 rose 0.49%. Most of the "Big Seven Technology" rose, with Amazon rising 3.97%, Microsoft rising 1.68%, Apple rising 1.63%, Google rising 1.53%, Meta rising 1.21%, Tesla falling 1.71%, and Nvidia falling 4.57%. Chip stocks weakened, with the Philadelphia Semiconductor Index falling 3.47%. 2. As the market increased its bets on the Federal Reserve raising interest rates within the year, international precious metals fell significantly. The spot gold price fell by 3.20% to US$4,454.23 per ounce; the spot silver price fell by 4.26% to US$66.30 per ounce. 3. International oil prices fell back, with the Brent crude oil futures contract for November delivery falling by 0.5% to close at US$88.10; the WTI crude oil futures for November delivery fell by 0.2% to US$83.40 per barrel, with a cumulative decline of approximately 4% this week. 4. Livermore’s leading index of Chinese concept stocks closed up 0.13%. Among the constituent stocks, UMC rose 3.93%, Bawangchaji rose 3.86%, Shell rose 3.21%, Melco Crown Entertainment rose 3.09%, and Dajian Yuncang rose 2.85%. 5. The short-term supply concerns that have dominated the copper market recently continue. Copper prices once rose above $14,300 per ton and achieved a ninth consecutive week of gains, the longest consecutive rise since 2020. LME copper futures rose 0.1% on Friday to US$14,294 per ton.