Ministry of Finance: In the first half of 2026, 572 billion yuan in ultra-long-term special government bonds have been issued, accomplishing 44% of the annual issuance target.

智通财经2026/10/09 08:06

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The Ministry of Finance has released a report on the implementation of China’s fiscal policy for the first half of 2026, highlighting ongoing improvements in government bond management. 1. Active efforts have been made in government bond issuance: a total of 7.75 trillion yuan in government bonds was issued in the first half, including 7.565 trillion yuan in book-entry bonds and 189.7 billion yuan in savings bonds. In April this year, the issuance of ultra-long-term special government bonds for 2026 was launched, with 572 billion yuan already issued in the first half, completing 44% of the annual target, outpacing last year’s progress and effectively supporting the advancement of major projects. 2. The sovereign bond issuance for 2026 has been started in an orderly manner, with rational design regarding currency structure, maturities, issuance locations, and innovative products. In May this year, 6 billion yuan in RMB-denominated green sovereign bonds were successfully issued in Hong Kong, achieving the lowest yield ever recorded through book-building for RMB-denominated sovereign bonds, with a 10.4 times oversubscription and a record order size for offshore RMB bond offerings; the scale and proportion of sovereign class investments reached a new high. In June, a 5 billion euro sovereign bond was successfully issued in Luxembourg, marking the largest euro-denominated bond issue in Asia-Pacific history and setting records for the lowest issuance spread. Regular issuances of Hong Kong RMB government bonds continued, with a total of 50.5 billion yuan issued in the first half. 3. The integration of electronic savings bonds into personal pension products has been smoothly implemented. In June 2026, personal pension electronic savings bond services went online as scheduled, supporting the accelerated development of a multi-level and multi-pillar pension insurance system and meeting investors’ needs to purchase electronic savings bonds using their personal pensions. 4. Further strengthening of electronic channels for savings bonds is underway. New members have been added to the mobile banking sales channel; all 40 savings bond underwriters now provide electronic savings bonds to investors via mobile banking, significantly improving purchase convenience for the public. At the same time, the per-person purchase limit for individual electronic savings bond issues has been reasonably adjusted, benefiting more people. 5. Government bonds have been promoted for inclusion in the China-UK Bond Connect counter program, with the first transaction completed. Domestic government bond registration and settlement institutions have been guided to improve relevant systems, enabling overseas investors to open real-name accounts in China. This underpins the stable operation of the China-UK Bond Connect counter program while strengthening risk prevention measures for cross-border business. China Construction Bank has officially included government bonds among China-UK Bond Connect counter products, and completed the first 100 million yuan government bond transaction with HSBC on June 1.

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The Ministry of Finance released the report on the implementation of China’s fiscal policy for the first half of 2026, which mentioned that government bond management has been continuously strengthened.First, the issuance of government bonds was actively carried out. In the first half of the year, 7.75 trillion yuan of government bonds were issued, including 7.565 trillion yuan in book-entry government bonds and 189.7 billion yuan in savings bonds. In April this year, the issuance of ultra-long-term special government bonds for 2026 was launched, with 572 billion yuan issued in the first half of the year, completing 44% of the annual target and progressing faster than last year, effectively ensuring the smooth advancement of major projects.Second, the issuance of sovereign bonds for 2026 was initiated in an orderly manner. The currency structure, maturity structure, issuance location, and innovative varieties of sovereign foreign debt were reasonably designed. In May this year, 6 billion yuan in green sovereign bonds were successfully issued in Hong Kong, with the yield reaching a historic low for book-built RMB sovereign bonds, a subscription ratio of 10.4 times, and the order size set a record for offshore RMB book-built issuances, while sovereign investor scale and proportion both hit new highs. In June, 5 billion euros in sovereign bonds were successfully issued in Luxembourg, setting records for the largest euro bond issuance in the Asia-Pacific region and the lowest historical issue spread. Issuance of Hong Kong RMB government bonds has become routine, with a cumulative issuance of 50.5 billion yuan in Hong Kong RMB government bonds in the first half of the year.Third, the inclusion of electronic savings bonds in the individual pension product range progressed smoothly. In June 2026, the business for individual pension savings government bonds (electronic) was launched as planned, supporting the accelerated development of a multi-level, multi-pillar pension insurance system and meeting investor demand to purchase savings government bonds (electronic) with personal pension funds.Fourth, efforts to strengthen electronic channels for savings government bonds have continued. New mobile banking channel members were added, and currently, all 40 savings government bond underwriting syndicate members are able to sell savings government bonds (electronic) to investors via mobile banking, further improving convenience for the public to purchase bonds. At the same time, the cap for individual single-term purchase of savings government bonds was reasonably adjusted to benefit more people.Fifth, efforts were made to promote government bonds' inclusion in the China-UK counter bond business and complete the first transaction. Domestic government bond registration, custodianship, and settlement institutions were guided to improve related system infrastructure, enabling overseas investors to open real-name accounts in China, ensuring the smooth and orderly operation of the China-UK counter bond business while comprehensively consolidating the risk prevention foundation of cross-border connectivity. China Construction Bank officially included government bonds in the China-UK counter bond business, and, on June 1, completed the first 100 million yuan government bond transaction with HSBC.

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智通财经•2026/10/09 11:12

BUZZ - Delta Air Lines shares fall after sharply lowering full-year earnings forecast

Latest Updates October 9 - Delta Air Lines (DAL.N) shares fell nearly 5% in pre-market trading to $78.12. Delta Air Lines (DAL) lowered its full-year adjusted profit forecast due to soaring jet fuel prices. Shares of industry peers United Airlines (UAL.O), Alaska Airlines (ALK.N), and American Airlines (AAL.O) also dropped by about 1%. The US airline now expects adjusted earnings per share for 2026 will be between $5.10 and $5.60, down from the previous forecast of $6.5 to $7.5 per share. The midpoint of this range is $5.35 per share, below analysts’ expectations of $5.46 per share, according to data compiled by LSEG. DAL expects annual fuel costs to increase by about $6.0 billion, versus a prior forecast of a $4.0 billion increase. Analysts tracking Delta Air Lines have on average assigned a “Buy” rating. Year-to-date, DAL shares have gained 18.4%, outpacing its major US competitors. (To facilitate non-English speakers, Reuters automatically translates its reports into several other languages. As automated translations may be inaccurate or lack context, Reuters does not guarantee the accuracy of the automated translations, which are provided strictly for the convenience of readers. Reuters accepts no liability for any damages or losses arising from the use of or reliance on automated translations.)

路透社•2026/10/09 11:12

Portugal's trade deficit narrowed to 2.99 billion euros in August, with export growth surpassing imports.

(1) Portugal's trade deficit narrowed to 2.99 billions euros in August 2026, compared to 3.11 billions euros in the same period last year. (2) Exports rose by 6.8% to 5.36 billions euros, driven by a surge of 61.7% in fuel and lubricant prices. (3) Exports of machinery and other capital goods increased by 16.7%, industrial goods exports rose by 6.5%, while exports of transport equipment fell by 19.1%, mainly due to a decrease in passenger car sales. (4) Exports to the Netherlands increased by 46.8%, exports to Spain grew by 11.2%, while shipments to the United States declined by 28.5%. (5) Imports grew by just 2.8% to 8.35 billions euros, with fuel and lubricant imports increasing by 23.5% and imports of machinery and other capital goods rising by 16.7%. (6) Imports of industrial goods fell by 8.6%, mainly due to chemicals. (7) In the first eight months of 2026, Portugal's trade deficit widened to 24.42 billions euros, compared to 21.97 billions euros in the same period last year.

智通财经•2026/10/09 11:06