PIMCO CEO says large sums are flowing into fixed-income markets.

太平洋投資管理公司（PIMCO）首席執行官：AI融資規模正走向“過高”水平。

Guoyuan Futures says U.S. midterms will hit Chinese energy-chem futures mainly via changes in expected international crude, refined-product and LPG supply, with effects transmitting through the naphtha, aromatics and olefins chains to domestic contracts. Different commodities have distinct cost structures and domestic supply/demand, so price elasticity and persistence will vary. Domestic contracts most directly linked to international energy prices and supply include crude oil, fuel oil (including low-sulfur grades), LPG, bitumen, PX, benzene and propylene. The firm judges direct market impact will concentrate around the Nov. 4 key voting stage; if results meet expectations, persistence depends on follow-up policy; if Republicans unexpectedly retain both chambers, markets should guard against concentrated upside in crude and other highly sensitive energy-chemical contracts.