Morgan Stanley said the market had been too optimistic on Meituan's food-delivery unit economics recovery and the normalization of competition in its in-store business, but recent share-price weakness has made expectations more reasonable and created an entry point, according to ETNet. The broker kept its forecast that food-delivery unit economics will recover to RMB1 per order next year and said the market has largely priced out concerns. It also said Meituan's long-term growth potential in other in-store businesses has not been fully reflected, leaving room for upside. Morgan Stanley maintained its Overweight rating and HK$110 target price. On competition, the broker said Douyin expanded aggressively in in-store dining in the first half of this year, narrowing the gap in gross merchandise value with Meituan, and expects competition to remain intense in the near term. It nevertheless expects Meituan's core competitiveness in other physical-store businesses to remain intact, with a 60% restaurant market share and continued share in other in-store businesses. Morgan Stanley said it remains confident in Meituan's long-term potential, but competition will pressure near-term profits. It forecast Meituan's core local commerce operating profit at RMB14 billion, RMB50 billion and RMB60 billion for 2026 to 2028. In e-commerce, it ranked Alibaba, Meituan, PDD and JD.com in that order.

Hong Kong stocks fell for a fifth straight session and hit a near two-month low as U.S. Treasury yields rose again and markets priced in a 70% chance of a rate hike next week, according to Ming Pao. Overnight U.S. equities declined, while U.S. futures were mixed this morning. Asian markets also weakened, with Japan's market down more than 3%, South Korea's market down more than 2%, Shenzhen's market down 2.7%, Shanghai's market down 1.8% and Taiwan's market down more than 1.5%. Hong Kong's decline was less than 1%.

According to Jin10, Xingyun Technology said the profit margins of its orders on hand are affected by upstream supplier purchase prices. The company said its core long-term contracts use a monthly delivery, monthly payment, and monthly revenue recognition model, and that if upstream supplier purchase prices rise or fall, signed but undelivered orders may still be subject to negotiated adjustments to service contracts based on market conditions. It also said it is constrained by multiple factors, including upstream hardware supply, procurement cycles, financing, production capacity, and delivery and operations capabilities, and that adverse changes in these conditions or weaker-than-expected resource access could affect revenue and profit realization in related businesses.

According to Sina Finance, the Central News Agency and the Hong Kong Economic Times, Asian equities broadly retreated at midday Friday after a hotter-than-expected U.S. August producer price index, a jump in oil prices to a near five-month high and 10-year Treasury yields approaching 5% lifted bets on a Federal Reserve rate hike next week to about 70%, pressuring rate-sensitive and metals sectors. Tokyo's Nikkei 225 sank to 63,630.11 as of 04:33 UTC, down 1,640.84 or 2.51%, with chip-related names among the heaviest losers; Advantest fell 7.40% and Tokyo Electron dropped 4.01%. Seoul's KOSPI, which opened down 3.29%, was at 6,853.07 as of 04:33 UTC, off 180.85 or 2.57%. Chip heavyweights weighed on the index, with Samsung Electronics down 4.18% and SK Hynix off 3.78%. Hong Kong stocks closed the morning session lower, with the Hang Seng Index down 0.85% at 24,742.51 and the Hang Seng Tech Index off 0.79% at the half-day break. Non-ferrous metal names slid, with Jiangxi Copper down 10.65% after LME copper tumbled on stalled U.S. tariff plans; property developers and storage-chip stocks also weakened, while Tencent bucked the trend, up 1.03% at HK$430.00, and Xiaomi added 1.23%. Taiwan's TAIEX was at 46,326.10 as of 04:32 UTC, down 1.31%, having fallen more than 900 points intraday to a low of 45,964 and breaching the 46,000 level; TSMC eased 1.22% to NT$2,420 and MediaTek fell 2.44%. In mainland China, the Shanghai Composite ended the morning down 1.82% at 3,862.73, the Shenzhen Component off 2.34% at 13,298.77 and the ChiNext Index down 2.04% at 3,270.35, with precious- and industrial-metal shares leading declines while defense and power names traded higher.

アーサー・ヘイズ氏はポッドキャスト番組のインタビューに応じ、世界的なマクロ経済環境と暗号資産市場の見通しについて議論を交わした。

Ripple is adding AI agents to Ripple Treasury, the corporate treasury business it spent $1 billion to enter last year. According to NS3.AI, the tools can monitor cash, risk, and forecasts, and recommend actions. People must approve any action before it is executed.

PPP prediction market tool monitoring shows OpenAI's probability of having the best image editing AI on Polymarket at the end of September is 93%, up 43% over the past week. According to Odaily, the market will settle based on the company behind the model ranked first on arena.ai's "Image Edit Arena" leaderboard at 12:00 p.m. Eastern Time on September 30, 2026. The settlement will use the Image Edit Arena overall leaderboard filtered to "Models." Models marked "AutoEval" will not count, while models marked "Preliminary" may participate. If multiple models share the same rank, the one shown higher on the leaderboard will take priority; if they are still tied, the company names will be ordered alphabetically. If the leaderboard is temporarily unavailable at settlement time, the market will remain open until it can be checked again. If the leaderboard becomes permanently unavailable, the market will settle as "Other."

Asian refiners have bought large volumes of U.S. crude for October shipment, with 18 to 20 very large crude carrier slots already booked by mid-month. According to Sina Finance, the total purchase volume is about 36 million to 40 million barrels. The buyers include refiners in Japan, South Korea, Singapore, and other parts of Southeast Asia. The larger U.S. crude buyers so far include Cosmo Oil, Idemitsu Kosan, and SK Energy. Landed prices for U.S. crude shipped to Asia have continued to rise, and October-shipment cargoes were priced at about $30 a barrel above the Dubai benchmark this week. U.S. crude shipped in October on very large crude carriers typically arrives in Asia around December.

According to Jin10, Dubai Airport CEO Paul Griffiths said the new airport may place some areas underground to guard against possible future drone or missile attacks, and that fuel tanks and other critical infrastructure could be located underground while other areas may need additional reinforcement.

米国当局は、個々の仮想通貨詐欺師にとどまらず、東南アジアの産業規模の詐欺拠点が資金を移動・洗浄するのを支援しているとされる金融・通信インフラを標的にしている。

AI関連資本が市場の半分を支えており、集中度リスクはシステミックな臨界点に近づきつつある。

共和党は、法案に含まれる分散型金融（DeFi）および信用組合に関する条項を修正したが、来週火曜日の手続き上の採決の見通しは依然として不透明である。ホワイトハウスは、倫理条項について依然として立場を明らかにしていない。

リキッド・ネットワークは、3億2000万ドル相当の不正アクセスによりフェデレーションウォレットから約4,000 BTCが流出した後、ブロック生成を再開した。その後、攻撃者によって3,400 BTCが返還された。 LiquidがElementsソフトウェアの欠陥を修正し、ビットコイン準備金の回復に取り組んでいる間、取引およびペグ操作は引き続き停止されており、現在も約598.5 BTCが未回収の状態にある。

人工知能、LLM、法律、政策・規制、二元論の否定：大規模モデルの蒸留行為に対しては、法的評価と証拠重視の姿勢を堅持すべき　金色財経、大規模モデルの蒸留技術の中立性という表層の下で、法的境界線は一体どこにあるのか？

PumpFunは、暗号資産業界で最も収益性の高い事業の一つを有している一方で、透明性の欠如やトークンへのインセンティブの結びつきが弱いといった問題も抱えている。PonsやStonkFunからの衝撃に効果的に対処できるかどうかが、同社の競争優位性を維持できるかどうかの試金石となるだろう。

有名人が発行する仮想通貨は価値がゼロになる運命を免れず、MEMEブームもいずれ下火になる。投機を投資と混同してはならない。

TradeXYZが新たな取引市場を次々と追加するにつれ、同取引所における同社の取引高のシェアは上昇し続けている。新しい取引市場が1つ追加されるごとに純新規ユーザーが増加しており、年間を通じて数回見られたマクロ的な要因が、この成長をさらに加速させた。

金曜日のCPI発表に先立ち、債券市場はすでに動き出していた。10年物米国債の利回りは4.943％まで上昇し、FRBが来週利上げを行う確率は71％に高まった。市場ではFRBが再び金融引き締めに転じる可能性を懸念しているが、真の鍵となるのは、CPIが「最後の決め手」となるかどうかだ。