Kobeissi report: as of Friday, Saudi Arabia’s east–west oil pipeline has been shut after recent attacks, putting about 4 mln b/d of Saudi exports at risk. The Bab el-Mandeb faces potential closure, threatening as much as 9 mln b/d. Strait of Hormuz transit capacity is currently only about 20% of pre-Iran-war levels, obstructing roughly 15 mln b/d. In aggregate ~30 mln b/d of crude flows are disrupted or at risk; even accounting for overlap this is large versus the ~100 mln b/d global market and

On Sept. 13 in New Delhi at the second-stage session of the 18th BRICS leaders' meeting, China said the 15th Five-Year Plan is both its domestic development blueprint and an international cooperation agenda. China pledged to continue pursuing high-quality development, expand high-level opening-up, implement the Global Development Initiative, advance high-quality Belt and Road cooperation, and promote solidarity and self-reliance within the Global South.

Huatai Securities says medium-term Hong Kong valuation repair is likely capped by global liquidity, so maintain low-volatility dividend stocks as core holdings but trim exposure to sectors where HK dividend yield edge vs A-shares may narrow or payout increases are difficult — notably banks and coal — and increase allocation to higher cost‑performance sectors such as utilities. Near term, further upside in the 10yr UST is limited and post-FOMC developments should ease market pressure; the firm recommends holding innovative drug and CXO leaders that combine earnings delivery with market recognition. Previously flagged staples (beverages, dairy) have entered the right side of the fundamentals’ bottom but lack near-term catalysts; remain patient.