Finance Flash | Aug 20: Unitree Debuts, BoJ Hikes, Oil in Play

(Introduction) The following are the key global finance flash items for August 20, covering capital markets, monetary policy, commodities, and industry developments. [Flash 1] Unitree's trading turns volatile on debut's second day. On Aug 20, Unitree Technology (STAR Market)—after closing its first day up 460% at 845 yuan with a ~341.8bn-yuan market cap—saw pronounced intraday swings. About 13.08m institutionally allocated shares are unrestricted, with floatable gains around 9.1bn yuan, making "IPO windfall" and position chess the market's focus. [Flash 2] Bank of Japan hikes to 1.0%. The BOJ raised its policy rate to 1.0%, the highest since 1995; the market reacted calmly, with the yen oscillating near 159 as investors watch the pace of further tightening. [Flash 3] Fed holds; Warsh signals price stability. The FOMC kept rates at 3.50%–3.75%; new Chair Warsh streamlined the statement, dropped cut hints, and drew three hawkish dissents, pushing long-end yields higher. [Flash 4] Oil trades around the Hormuz Strait. Brent oscillated in the $88–$91 range with WTI near $85. U.S.–Iran talks to reopen the strait stalled, providing a floor of risk premium for oil. [Flash 5] Gold tops $4,400. Boosted by soft inflation data and safe-haven demand, spot gold hit a two-month high above $4,400/oz, with COMEX futures settling near $4,467. [Flash 6] China's central bank signals moderately loose stance. The PBOC's H2 work meeting proposed "comprehensively applying and timely adjusting monetary-policy tools"; the market expects a possible RRR cut in Q3 to complement the government-bond issuance peak. [Flash 7] China's Q2 GDP grew 4.3% YoY. Growth slowed sharply from Q1's 5% and missed the annual target, but exports rose 27% YoY on AI-related demand, partly offsetting energy-price pressure. [Flash 8] Trump tariffs on 60 nations. The U.S. imposed 10%–12.5% tariffs on imports from about 60 countries—including the UK, China, Mexico, and the EU—citing forced-labor concerns, reigniting global trade frictions. (Market note) In sum, late-August themes are "policy divergence + geopolitical premium + AI-industry realization." Investors chasing structural opportunities should watch duration risk and currency swings closely. Near term, a continued range-bound dollar index between 97 and 99 will keep capping non-US assets; euro, sterling and EM currencies will likely need a clearer Fed easing signal before regaining elasticity. On crude oil, the Hormuz situation remains the key swing factor—further escalation could push Brent toward 93, while de-escalation may pull it back below 85. In the AI value chain, Unitree's STAR-Market debut will serve as a key barometer for the humanoid-robot theme, with its first-day move and turnover offering a direct reference for subsequent capital participation. In precious metals, gold's near-term upside may be limited by elevated real rates and a relatively strong dollar, but pullbacks remain a sound allocation window over the medium term, underpinned by central-bank buying and the "de-dollarization" narrative. In fixed income, the 10-year UST yield's tug-of-war in the 4.6%–4.8% range reflects a relative balance of bulls and bears, while China's bond market is likely to hold in a narrow range amid expectations of a reserve-ratio cut and supply pressure. Overall, the final week of August will enter a dual "data vacuum + policy watch" quiet period, with volatility likely to compress—though investors should still guard against pulse risks triggered by sudden geopolitical events. Maintain rebalancing flexibility and dynamically adjust between defense and offense.