Patrick Munnelly of Tickmill Group said in a note that rising rates could pressure credit-asset valuations and equity prices. LSEG data show Middle East tensions and a spike in oil have led markets to price at least three rate hikes by major central banks over the next year. "If energy prices remain elevated, central banks will have less room to ease and more reason to prioritize inf risk."

1、AI領導力從“集中使能者”轉向“槓鈴”結構。摩根士丹利Stephen Byrd將約3600只股票按AI敞口和重要性映射，認爲半導體和基礎設施自週期開始已跑贏標普500約500-700點；共識預計高重要性AI採用者在2025-26年實現460bps的EBIT利潤率擴張。下一步應擴大至早期軟件使能者和AI採用者。 2、資金流驗證AI主題擴散。基金持續買入代理式AI、半導體和全球內存，繼續加倉不擁擠的AI敞口。Meta Muse登頂App Store帶火代理式商務，MSXXCLAW（代理式AI受益籃子）10天內跑贏廣義AI Capex籃子10%；反向的MSXXARSK（代理風險籃子）包括CHTR、CMCSA、SIRI，押注訂閱、廣告和聚合業務受代理衝擊。（摩根士丹利9月26日報告）

Japan's top FX official Mimura warned again on the weak yen, pushing the currency about 0.4% higher to 156.51 per dollar, its strongest since Sept. 18. Mimura said the prime minister, finance minister and US counterparts had given "very clear" signals on yen depreciation. Prime Minister Takaichi said US President Trump voiced concern about the weak yen at a recent meeting. Finance Minister Katayama spoke by phone with the US treasury secretary on Friday evening; both reiterated that the yen is undervalued and agreed to deepen US-Japan cooperation. Nomura FX strategist Yusuke Miyairi said the comments should raise market tension over possible Ministry of Finance intervention, and that Mimura—who had previously signalled silence to sustain concern over intervention risk—has begun verbal intervention since last Friday.