Asian equities were broadly steady on Monday, September 15, as investors awaited a widely expected 25 bp U.S. rate cut and guidance on the pace of easing. Trading was thinned by a Japan holiday, while South Korea notched record levels after scrapping a planned stock‑tax hike. Chinese shares outperformed despite underwhelming August data, helped by optimism around policy support and ongoing U.S.–China talks in Madrid. In commodities, oil ticked higher and gold hovered near last week’s record, providing a mixed backdrop for metals risk. For steel and base metals, macro cross‑currents remain key: a softer dollar and easier global financial conditions would typically aid demand and support prices, but China’s property malaise and trade frictions continue to cap upside. Market participants are watching the Fed’s dot plot and Chair Powell’s tone for clues that could influence currencies, interest‑rate expectations and, by extension, dollar‑denominated metals pricing and arbitrage flows across LME, SHFE and CME. The near‑term path for iron ore and Shanghai steel benchmarks may hinge on signals about Chinese stimulus alongside any de‑escalation in U.S.–China tariffs.