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The Huoxing Finance report states that on September 12, over the past week, global market focus centered on three key themes: "inflation + war + rate hikes." U.S. August CPI accelerated again, significantly increasing market expectations for a Fed rate hike at its September 15–16 meeting; the Middle East situation continued to escalate, with crude oil rebounding above $100; the European Central Bank announced a 25-basis-point rate hike, as major central banks globally once again faced inflationary pressures. U.S. August CPI rose 0.4% month-over-month and 3.4% year-over-year, with core CPI up 0.3% month-over-month. Coupled with previously strong PPI and employment data, the market widely anticipates the Fed will hike rates by 25 basis points next week. Meanwhile, the 10-year U.S. Treasury yield neared 5%, and the dollar first declined then recovered this week. Oil emerged as one of the week’s strongest-performing assets. The Middle East conflict continued to spread to the Strait of Hormuz, the Red Sea, and the Bab el-Mandeb Strait, compounded by attacks on Saudi energy infrastructure, pushing Brent crude briefly above $100. The temporary shutdown of Saudi Arabia’s east-west oil pipeline further intensified supply concerns. If shipping through the Strait of Hormuz or the Red Sea remains disrupted, institutions like Goldman Sachs believe oil prices could rise further. This week, the European Central Bank raised its deposit facility rate by 25 basis points to 2.5% and warned that the Middle East conflict could keep inflation above its 2% target for an extended period. Markets are also currently pricing in further rate hikes in December. Politics also became a market variable. At the Republican midterm convention, Trump proposed that if Republicans retain control of Congress, each adult U.S. citizen would receive a $5,000 “Trump Dividend,” with potential costs exceeding $1 trillion—though funding sources and implementation details remain unclear. On Ukraine-Russia fronts, high-level U.S.-Russia contacts have increased, raising market expectations for renewed negotiations, yet military actions on both sides have not noticeably eased. Meanwhile, U.S.-Canada trade tensions continue to escalate, with potential measures such as auto tariffs still capable of further disrupting North American supply chains. In the tech sector, another theme emerged: as the AI industry accelerates its expansion, concerns over security risks and capital bubbles are simultaneously rising. Internal researchers at OpenAI and Anthropic have publicly discussed risks of AI loss of control and self-improvement, making whether AI investments can sustain returns a new focus for markets. Overall, this week’s core market logic has shifted from solely betting on economic growth toward repricing the combination of “high oil prices, high inflation, and high interest rates.” The future trajectory of risk assets will increasingly depend on energy prices and the Fed’s policy path.