This Week's Macro Highlights: Nonfarm Payrolls Rekindle Fed Rate Hike Expectations, Yen Trading Logic Shifts Toward Hiking.

BlockBeats News, September 5 - This week's core themes in global markets revolved around Fed policy expectations, yen strength, geopolitical conflicts, and a global bond market selloff.

The U.S. August nonfarm payrolls added 162,000 jobs, far exceeding the expected 56,000, driving markets to reprice a September Fed rate hike, with traders' odds of a September hike climbing back above 60%. Meanwhile, Trump continued to publicly pressure the Fed to cut rates, further highlighting the hawkish-dovish divide within the Fed.

The yen became another major focus this week. USD/JPY briefly approached 160 before rapidly retreating to around 155. Markets initially speculated that Japanese authorities may have intervened in the currency market again, but there is currently insufficient evidence. In contrast, expectations for a Bank of Japan rate hike have notably intensified, with Kazuo Ueda stating that the September meeting will discuss whether to raise rates, as markets gradually shift from "intervention trading" to "hike trading."

The U.S.-Iran conflict escalated further this week, with the U.S. launching a new round of strikes on Iran, while Iran launched consecutive attacks on U.S. military targets in Jordan, Bahrain, Erbil in Iraq, Kuwait, and the UAE. The risk of supply disruptions in the Strait of Hormuz has re-entered market pricing. WTI crude briefly broke above $90, while Brent crude stood above $95.

The global bond selloff continued to spread, with Japan's 10-year government bond yield rising above 3%, the highest since 1996; long-end yields in the U.S., UK, and Europe also moved higher in tandem, prompting capital to reassess the global interest rate anchor. Meanwhile, Indonesia's largest nickel industrial park faces water shortages due to El Niño, potentially reducing output at some nickel smelting and supporting facilities by 30% to 40%.

In the tech sector, on the day GPT-6 Astra was released, AI services from OpenAI, Anthropic, and xAI experienced outages, drawing renewed attention to the stability of AI infrastructure. Tesla also officially launched its Cybercab autonomous ride-hailing service in Austin, further advancing Robotaxi commercialization.

In U.S. equities, this week saw a pattern of "rate shock - dip buying recovery - renewed pressure from strong payrolls," with the S&P 500 rising 0.09%, the Nasdaq gaining 0.4%, and the Dow falling 0.27%. Gold declined 0.52% this week, closing at $4,431 per ounce; the U.S. dollar index fell 0.53%, closing at 99.16.