现货黄金向上触及4000美元/盎司，日内涨0.60%。

Oxbow Advisors founder Ted Oakley warned US equities could decline at least 40% — and possibly more — in a 'generation-level' bear that could last one to two years. He said valuations sit about three standard deviations above normal and that mean reversion would require a 40–45% drop; chasing a final 6–8% upside now carries roughly 25% downside risk. Oakley flagged semiconductor concentration risk (10–12 names account for roughly half the market) and used Intel's multi-decade recovery after 1999 as a caution against late-cycle buying. Oxbow's equity exposure is slightly above 60% across 45 stocks, with the remainder in short-term Treasuries. The firm is overweight energy and commodities — Oakley said he would be surprised if oil does not return above $100, arguing production-side disruption is worse than widely recognized — and expects gold, miners and silver to rebound next year as momentum unwinds. CIO Chance Finucane said the firm is cautious on 2027 because next year will face a high 1H base, which could slow growth and produce disinflation that is not supportive for risk assets.

市场消息：苹果(AAPL.O)上调了Apple Music和Apple One的订阅价格。