周三，韩元兑美元汇率升至1380美元左右，为约一个月来的最高水平，原因是美元在美联储为期两天的会议结束时作出政策决定之前下跌。虽然25个基点的降息已完全消化，但投资者的注意力已转向美联储的前瞻性指引及其宽松周期的步伐。在国内方面，韩元受到强劲贸易数据的支撑，韩国8月汽车出口增长8.6%，达到55亿美元，创下本月新高，尽管美国征收关税，但欧洲电动汽车需求强劲。出口量增长5.5%，达到200317台，而1月至8月的累计出货量达到创纪录的477亿美元。

The South Korean won rose at around 1,380 per dollar on Wednesday, the highest level in about a month as the dollar retreated ahead of the Federal Reserve’s policy decision at the conclusion of its two-day meeting. While a 25-basis-point rate cut is fully priced in, investor attention has shifted to the Fed’s forward guidance and the pace of its easing cycle. On the domestic front, the won drew support from strong trade data as South Korea’s auto exports jumped 8.6% in August to $5.5 billion, a record for the month, driven by robust EV demand in Europe despite US tariffs. Export volumes rose 5.5% to 200,317 units, while cumulative shipments from January to August hit a record $47.7 billion.

ICYMI中国服务业振兴计划，开放重点行业，资助体育、文化、医疗。周二，中国宣布了一系列广泛的措施来促进服务消费，以应对经济放缓的势头。该计划由包括商务部、财政部和央行在内的九个机构发布，承诺进一步开放互联网、文化、电信、医疗和教育等领域。

ICYMI China services boost plan, opening key sectors & funding sports, culture, healthcare.On Tuesday China announced a broad set of measures to boost services consumption as it grapples with slowing economic momentum. The plan, issued by nine agencies including the commerce and finance ministries and the central bank, pledges to further open sectors such as internet, culture, telecommunications, medical care, and education.

在联邦公开市场委员会做出决定之前检查美国债券和收益率曲线。如果你还没有看到我们对债券收益率的介绍以及对其最近走势的解释，我正式邀请你阅读一下，这可能有助于你理解明天的一些走势。

Examining US Bonds and Yield Curve Before FOMC Decision.In case you haven't seen our introduction to bond yields and an explanation on their recent moves, I formally invite you to read it over which may help you to understand some of tomorrow's moves.

基准韩国综合股价指数周三下跌1.1%，至3410点左右，从前一交易日的历史高点回落，追随华尔街隔夜的下跌，因为投资者在美联储的政策决定之前变得谨慎。美联储开始为期两天的会议后，标准普尔500指数、纳斯达克指数和道琼斯指数在震荡中下跌，市场普遍预计将降息25个基点以应对劳动力市场的恶化。尽管如此，8月份美国零售销售强于预期，加剧了人们的担忧，即鲍威尔主席可能会采取更谨慎的语气，缓和全球风险偏好，并拖累亚洲股市。在国内，韩国综合股价指数的回落也归因于在连续创下历史新高后的获利回吐。重量级芯片制造商三星电子（-2%）和SK海力士（-3.5%）领跌，而韩华航空航天（-0.8%）和斗山能源（-3.2%）等其他大盘股也下跌，外国投资者在当地市场成为净卖家。

The benchmark KOSPI fell 1.1% to around 3,410 on Wednesday, retreating from record highs in the previous session, tracking overnight losses on Wall Street as investors turned cautious ahead of the Federal Reserve’s policy decision. The S&P 500, Nasdaq, and Dow slipped in choppy trade after the Fed began its two-day meeting, with markets largely expecting a 25 basis point cut to counter a deteriorating labor market. Still, stronger-than-expected US retail sales in August added to concerns that Chair Powell could strike a more measured tone, tempering global risk appetite and weighing on Asian equities. Domestically, the KOSPI’s retreat was also attributed to profit-taking after straight sessions of record highs. Losses in heavyweight chipmakers Samsung Electronics (-2%) and SK Hynix (-3.5%) led the decline, while other large caps such as Hanwha Aerospace (-0.8%) and Doosan Enerbility (-3.2%) also moved lower, with foreign investors turning net sellers in the local market.