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[Global Interest Rate Repricing, AI Industry Risk Discussions, and Long-Term Test for Crude Oil] ⑴ Several central banks worldwide shifted towards tightening this week. The Federal Reserve raised interest rates by 25 basis points for the first time in three years, increasing the policy range to 3.75%-4.00%, releasing a hawkish signal; the Bank of England kept interest rates unchanged but made a hawkish statement, with the market betting on a possible rate hike in November; the Bank of Japan raised interest rates by 25 basis points as expected, but due to two members voting against it, the market questioned the strength of its tightening, and the yen subsequently fell to a two-week low. ⑵ Executives of leading AI companies called for a slowdown in technology research and development, triggering short-term market concerns. If investment in computing power infrastructure contracts, it will impact the chip and data center related industrial chains. However, given the geopolitical competition, the probability of a significant slowdown in the industry is not high; AI-related indices have significantly outperformed the global market since 2022. ⑶ Continued geopolitical conflicts in the Middle East are disrupting crude oil supply. Shipping risks in the Bab el-Mandeb Strait have increased, Saudi oil pipelines have been attacked, and supply from the Strait of Hormuz is restricted. Brent crude oil remains above $99 per barrel, and the short-term supply shock has evolved into a long-term test. (4) The yield on the 10-year US Treasury bond broke through a key psychological level, reaching 5.02%, a multi-year high. As a global asset pricing benchmark, the rising yield pushes up financing costs for various types of bonds, including mortgages and corporate bonds, reflecting the combined effects of the US economic resilience, inflationary pressures, and fiscal deficit. (5) The global diesel supply gap widened further, with refining margins hitting a new high in August, and the average price of diesel in the US exceeding $5.9 per gallon. Damage to refineries in the Middle East and Russia suppressed exports, the ceasefire agreement on energy facilities between Russia and Ukraine fell short of expectations, and the recovery of refining capacity will take a considerable amount of time.