UBS GLOBAL WEALTH MANAGEMENT EXPECT US FED TO DELIVER TWO 25 BPS RATE CUTS EACH IN SEPTEMBER AND DECEMBER VS PRIOR FORECAST OF CUTS IN JUNE AND SEPTEMBER

Domestic News: 1. Economic Daily commentator article: The food delivery war should end. 2. COSCO Shipping resumes bookings with Gulf countries; ships temporarily not passing through the Strait of Hormuz. 3. Ministry of Commerce determines that Mexico's related restrictions on China constitute trade and investment barriers. 4. General Office of the CPC Central Committee and General Office of the State Council issue opinions on accelerating the establishment of a long-term care insurance system. 5. National Press and Publication Administration announces approval information for domestic online games in March 2026, with a total of 130 games approved. 6. National Energy Administration: As of the end of February, the national cumulative installed power generation capacity reached 3.95 billion kilowatts, a year-on-year increase of 15.9%. International News: 1. Danish Prime Minister submits resignation; new round of cabinet formation process begins. 2. US government lifts sales restrictions on E15 blended gasoline containing 15% ethanol. 3. Intel and AMD stock prices jump; reports indicate CPU prices will increase in March and April. 4. Hungary has suspended natural gas shipments to Ukraine due to disruptions in the Ukrainian section of the "Friendship" oil pipeline. 5. Zelensky: The US proposed a security guarantee agreement if Ukraine withdraws its troops from Donbas. 6. US Interior Secretary: He brought back $100 million worth of physical gold during his visit to Venezuela. 7. Putin signed a decree banning the export of gold bars exceeding 100 grams from Russia and limiting the amount of cash rubles that can be carried into the Eurasian Economic Union. 8. Situation in Iran— ① Iran stated that a ceasefire and negotiations are not feasible at this stage. Iran has set five conditions for a ceasefire: a complete cessation of aggression and assassinations; assurances that war will not be imposed on Iran again; war reparations; an end to the war on all fronts and by all resistance groups; and recognition of Iran's sovereignty over the Strait of Hormuz. ② Iranian officials: The US's so-called "15-point ceasefire proposal" is "a list of fantasies." ③ The White House stated that some media reports of the "15-point plan" are true. ③ US officials say the US plans to hold a meeting in Pakistan this weekend to discuss a ceasefire plan. ④ Iranian Foreign Minister: There have been no negotiations with the US, no intention to hold talks with the US, and sending messages through intermediaries does not mean negotiations with the US are underway. ⑤ Iran warns: If hostile forces support the occupation of Iranian islands, a certain regional country will face a fierce attack. Iran may be opening a new front in the Bab el-Mandeb Strait.

WESTERN INTELLIGENCE SOURCES TO FT: RUSSIA CONTINUES TO SEND DRONES AND SATELLITE IMAGES TO IRAN