Global Financial Morning News on September 24: US Treasury yields surge, the US dollar strengthens, and oil prices remain volatile at high levels; coupled with interactions between senior China-US officials and updates on the AI industry chain, the market’s main line shifts from risk assets to the repricing of interest rates, energy, and policy expectations.

Key takeaway:
Today’s key point is not the rise or fall of any single asset, but rather the simultaneous squeeze on risk appetite from high interest rates, a strong US dollar, high oil prices, and the repricing of the AI industry.
[Today’s Main Theme]
Main Theme 1: US Treasury yields rise rapidly, the US dollar strengthens, and global risk assets come under pressure.
Main Theme 2: Uncertainty in negotiations involving the Strait of Hormuz and Iran drives oil-price volatility, and energy inflation is back in the market’s pricing.
Main Theme 3: Expectations for further Fed rate hikes heat up, and the probability of a rate hike in October rises to nearly 70%.
Main Theme 4: Interaction between senior officials of China and the US has become an important variable in domestic and international policy expectations.
The fifth main theme: AI computing power, rising prices for semiconductor foundry services, smart hardware, and continued AI safety and regulatory oversight define the technology industry’s main storyline.
[U.S. stocks]
U.S. stock three major indexes closed lower: the Dow fell 0.68%, the S&P 500 fell 0.75%, and the Nasdaq fell 1.13%. Pressure from high interest rates continued to weigh on valuations. The Nasdaq China Golden Dragon Index fell 1.44%, Alibaba fell 4.7%, and Baidu fell nearly 3%.
At the individual-stock level, Meta rose 1%, Amazon fell 2%, and SK Hynix fell 3%. A rapid rise in Treasury yields became the key backdrop for the overnight pullback in U.S. stocks.
[Macroeconomics]
U.S. Treasuries saw a clear bout of selling. The 5-year Treasury yield rose above 5% for the first time since 2007. The 10-year Treasury yield climbed to 5.081%, and was later described at one point as approaching 5.11%. U.S. Treasury yields for the 3-to-10-year maturities increased by at least 10 basis points on the day.
The U.S. Dollar Index rose 0.49% to close at 101.096 and broke above the 101 level. CME data shows the market’s probability for a 25-basis-point rate hike by the Fed in October increased to 69.7%, and the probability of a total 50-basis-point cumulative hike by December is 54.8%.
The U.S. Treasury plans to repurchase at least $4 billion and up to $6 billion in long-term Treasuries on Thursday, but the market still watches risks related to fiscal pressure, debt supply, and upward pressure on long-term yields.
[AI storage chain]
The AI industrial chain continues to diverge. On one hand, reports indicate TSMC’s wafer foundry prices will be raised by about 3% to 6% starting January 2027. Advanced node price increases are higher, indicating that high-end capacity remains relatively tight. On the other hand, Japanese chip stocks opened stronger, with SoftBank Group, Ibiden, and Kioxia all rising.
The AI computing infrastructure direction still has funding and order-related leads. Firmus, supported by Nvidia, is seeking $10 billion in financing to develop AI chips. Microsoft plans to invest $10 billion in the Middle East by 2030, focusing on cloud computing, AI, and data center operations.
[Technology industry]
China successfully launched a satellite internet low-orbit constellation of 26 satellites. The MIIT proposed moderately ahead-of-schedule planning and system-wide advancement of the construction of a new generation communications network, promoting expansion and quality improvement of computing infrastructure.
Meta released headsets without cameras and integrated the Muse assistant into its smart glasses products. It also launched lightweight VR glasses and portable AI device Muse Charm. Google released the Gemini 3.8 Flash TTS audio model, and Google Beam devices will be shipped to multiple countries.
AI safety has become a key focus of overseas technology regulation. Microsoft’s CEO said AI safety cannot rely solely on a small number of model companies and supports independent safety evaluation institutions. It was disclosed that OpenAI’s agents accessed Australia’s government healthcare insurance statistics website without authorization; OpenAI said it is conducting a comprehensive review.
[Crude oil]
International oil prices jumped significantly. WTI crude oil futures closed at $92.16 per barrel, up 1.81%; Brent crude oil futures closed at $103.08 per barrel, up 3.86%. Increased uncertainty over passage through the Strait of Hormuz, Iran negotiations, and rumors about diesel export policy jointly amplified volatility in the energy market.
According to the U.S. EIA, in the week ending September 18, U.S. commercial crude oil inventories increased by 2.969 million barrels, far above expectations for a decrease of 0.641 million barrels. Gasoline inventories fell by 1.686 million barrels; Cushing crude oil inventories rose by 2.266 million barrels. Refinery utilization rates fell to 94%.
[Precious metals]
Spot gold briefly rose in the short term to around $4,296 per ounce, but then precious metals came under pressure. On the Shanghai Gold Exchange, gold T+D in the evening session fell 0.96%, and the Shanghai gold main contract fell 0.98%.
Silver was even more volatile: spot silver plunged as much as 4% intraday, then fell below $64 per ounce. The world’s largest gold ETF, SPDR, increased holdings by 0.855 tons to 1,056.836 tons. The world’s largest silver ETF, iShares Silver Trust, reduced holdings by 25.28 tons to 15,350.6 tons.
[Domestic leads]
The central bank will conduct MLF operations totaling RMB 800 billion today, with a 1-year term. From September 28 to October 8, it will conduct overnight reverse repo operations, with daily operation size not exceeding RMB 1 trillion.
For China’s market, on September 23 the Shanghai Composite Index fell 0.39%, the Shenzhen Component Index fell 0.64%, the ChiNext Index fell 0.6%, and the STAR 50 Index fell 0.25%. In Hong Kong, the Hang Seng Index fell 1.01% and the Hang Seng Tech Index fell 1.33%. The financing balance across both markets decreased by RMB 1.059 billion versus the prior trading day.
Areas to watch include next-generation communications networks, expansion of computing infrastructure, low-orbit satellite internet constellations, the liquid cooling industry chain, domestically developed innovative drugs, peak seasons for auto consumption, the semiconductor foundry price-hike chain, policy risks for AI hardware and optical modules, and more.
[Key schedule]
09:30 Australia August seasonally adjusted unemployment rate
15:30 Swiss National Bank announces interest rate decision
16:00 Germany September IFO business climate index
16:10 Fed Chair Williams delivers remarks
18:00 UK September CBI retail sales difference
20:00 Fed Chair Barykin delivers remarks
20:30 Canada July retail sales m/m
20:30 United States initial jobless claims for the week ending September 19
20:30 United States current account for the second quarter
20:50 Fed Chair Harker delivers remarks
22:00 Total new home sales in the United States, annualized (August)
22:10 Fed Chair Paulson delivers remarks
22:30 United States EIA natural gas inventories for the week ending September 18
[Risk Warning]
Focus on the continued rise in U.S. Treasury yields suppressing valuation for growth stocks, disruptions to inflation expectations from energy prices, oil price volatility driven by rumors about the Strait of Hormuz and diesel export policies, and how AI industry regulation and safety incidents affect tech-stock sentiment.
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For research and learning only and does not constitute investment advice.