The People's Bank of China conducted reverse repurchase operations. All three major indices experienced collective adjustments, with the Shanghai Composite Index falling 0.82% while the banking sector led gains. Fuel prices will increase tonight. The longest domestic subway loop line opened along its entire route. The Shanghai to Buenos Aires flight route was suspended. The Federal Reserve paused its interest rate hike in October. The United Kingdom announced an additional ten billion pounds in aid to Ukraine. A U.S. round-the-world cruise ship was forced to halt its voyage due to soaring fuel prices.
1. The central bank carried out reverse repurchase operations
On October 29, the People's Bank of China conducted 115 billion yuan of 7-day reverse repurchase operations through fixed-rate, quantity-based bidding, fully meeting the demand of primary dealers. At the same time, it conducted 1 trillion yuan of overnight reverse repurchase operations.
2. All three major indices adjusted collectively, with the Shanghai Composite Index falling 0.82% and the banking sector leading gains
The three major A-share indices fluctuated and adjusted on October 29. As of the close, the Shanghai Composite Index reported 3,651.43 points, down 0.82%, with a turnover of 715.621 billion yuan; the Shenzhen Component Index reported 11,138.20 points, down 2.92%, with a turnover of 840.896 billion yuan; the ChiNext Index reported 2,517.59 points, down 4.45%, with a turnover of 419.357 billion yuan. In terms of industry sectors, banking, wind power equipment, and insurance sectors led the gains; components, communication equipment, and semiconductors sectors led the declines.
3. Fuel prices will increase tonight
Since the domestic refined oil price adjustment on October 15, geopolitical tensions in the Middle East have escalated, and international crude oil prices have risen sharply. To mitigate the impact on the domestic market, the state once again adopted regulatory measures for refined oil prices. According to the current pricing mechanism, starting from 24:00 on October 29, the prices of domestic gasoline and diesel (standard products) should have been raised by 440 yuan and 420 yuan per ton respectively. Taking into account both reducing the burden on downstream users and ensuring the safe and stable supply of refined oil, the actual increases after regulation are 345 yuan and 335 yuan.
4. The longest domestic subway loop line opened along its entire route
On October 29, Wuhan Metro Line 12 in Hubei Province opened for operation along its entire route. Confirmed by the China Association of Metros, this is currently the longest domestic subway loop line, with a total length of 59.9 kilometers, 37 underground stations, connecting 7 central urban districts of Wuhan, linking the two major railway hubs of Hankou Station and Wuchang Station, and allowing transfers with 18 existing and planned lines. The full journey takes about 96 minutes.
5. Shanghai to Buenos Aires flight route suspended
Due to runway construction at Ezeiza International Airport, the "world's longest (with stopover) route" from Shanghai to Buenos Aires (with a stopover in Auckland) will be suspended from October 25 to November 11. This route has a total length of 20,000 kilometers and was launched in December 2025, with two flights per week. The China Eastern Airlines app shows that on November 12, the route will resume, with economy class tickets starting at 18,000 yuan and a total flight duration of 25 hours and 55 minutes. Starting December 5, the route will increase from 2 flights per week to 4 flights per week.
6. The Federal Reserve paused its interest rate hike in October
The U.S. Federal Reserve concluded its two-day monetary policy meeting on October 28 local time and announced that it would keep the target range for the federal funds rate unchanged at 3.75% to 4%.
7. The United Kingdom announced an additional ten billion pounds in aid to Ukraine
According to a message on the UK government website on October 28, UK Chancellor of the Exchequer John Healey announced in the House of Commons while presenting the new government's first fiscal budget that the United Kingdom will provide an additional 10 billion pounds (1 pound is about 8.9 yuan) in economic and military aid to Ukraine. Healey said the aid will include loans, export financing guarantees, and 500 million pounds in emergency military funding for this winter. Healey and UK Prime Minister Burnham had earlier that day informed Ukrainian President Zelensky of the commitment to additional aid.
8. A U.S. round-the-world cruise ship halted its voyage due to soaring fuel prices
Multiple U.S. media outlets reported on October 27 that due to a sharp rise in fuel costs, a U.S. round-the-world cruise ship code-named "Odyssey" was forced to halt its voyage after reaching Cambodia, and 203 passengers were asked to disembark. The cruise ship departed from the United Kingdom in October 2024 and was originally scheduled for a three-and-a-half-year voyage. The cruise operator said that due to soaring oil prices, the average monthly fuel cost allocated to each cabin rose from the historical average of $1,800 to $8,000, and the cruise ship was operating at a loss and could no longer continue. At present, there is no news on when the cruise ship will resume its voyage.
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