Binance's latest Launchpool has received over 18.4 million BNB

Hyperliquid co-founder Jeff Yan told Bloomberg’s *Odd Lots* podcast that regulatory obligations should be imposed on financial service providers operating markets on the Hyperliquid blockchain, rather than the blockchain network itself, to lower compliance burdens for platforms entering the U.S. market. Yan drew an analogy to internet infrastructure: as the underlying liquidity and trading infrastructure, blockchain should not directly shoulder all regulatory responsibilities of traditional trading platforms. Instead, compliance duties should fall on service providers that actually operate the markets and hold relevant control rights. Yan noted Hyperliquid does not seek to replace Wall Street’s traditional financial institutions, but rather aims to provide them with underlying trading technology—similar to how Amazon Web Services (AWS) delivers computing infrastructure to businesses. He added the team is actively working to build Hyperliquid into an infrastructure covering all types of financial markets. Currently, Hyperliquid remains unavailable to U.S. users, but Payward, Kraken’s parent company, plans to use its technology to offer derivative services to U.S. investors through a regulated trading platform.

20:30 Beijing Time tonight, the U.S. will release September PPI data and retail sales figures, widely known as the "Terror Data". Market forecasts currently show September’s headline PPI is expected to rise 0.6% month-on-month, significantly higher than August’s 0.4%, while core PPI is projected to increase 0.3% month-on-month. If the released data meets expectations, it indicates that price pressures in the U.S. production sector continue to mount. Bill Adams, chief U.S. economist at Fifth Third Commercial Bank, noted that a strong PPI reading could further raise the likelihood of a Federal Reserve rate hike in October. Energy costs are likely to remain a key driver of PPI. Crude oil, gasoline and diesel prices have stayed at high levels recently, and sectors like transportation, logistics and manufacturing are more sensitive to energy costs, meaning the production sector is usually impacted more directly than consumer prices. If September’s headline PPI hits 0.6% month-on-month, it signals that rising energy costs are continuing to pass through to the corporate sector. Investors will closely monitor the extent of energy price pass-through to the production sector and its impact on U.S. consumer resilience, as the data could alter Fed rate hike pricing and trigger market volatility.

U.S. September CPI rose 3.7% year-over-year and 0.6% month-over-month, while core CPI increased 2.6% YoY and 0.3% MoM, both exceeding market expectations. Following the inflation data release, market bets on the Federal Reserve raising interest rates by 25 basis points in October climbed to around 40%, up from roughly 20% the previous day. The Fed just implemented a 25 basis point rate hike last month, its first increase since 2023. The next interest rate decision is scheduled for October 28, just six days ahead of the U.S. midterm elections on November 3. Inflation remaining above the Fed’s 2% target and resilient economic activity have provided justification for further rate increases. Economists at firms including Jefferies and Nationwide argue that data supports rate hikes in both October and December, though some analysts expect the Fed may hold off action until December, citing the election timing and potential economic fragility. Historical data shows that Fed rate hikes in October or November ahead of midterm elections are uncommon. Markets will watch closely for remarks from Fed Chair Kevin Warsh ahead of the pre-meeting blackout period to assess his policy stance. This upcoming meeting will not only test the Fed’s resolve to tackle the inflation rebound, but also its ability to uphold policy independence and market trust during this politically sensitive period.

According to Bitget market data, Hong Kong stocks closed with the Hang Seng Index down 1.03% and the Hang Seng Tech Index down 2.72%. Newly listed firm Transsion Holdings (02636.HK) dropped over 5%, Zhipu fell 11.01%, MINIMAX-W declined 12.29%, Daysun Semiconductor fell 13.58%, and Lenovo Group dropped 15.20%.

According to CNBC, tensions between Iran and the U.S. over control of the Strait of Hormuz continue to escalate. Ali Ozmaei, head of Iran's Islamic Revolutionary Guard Corps (IRGC), said Iran is waiting for an opportunity to attack U.S. warships, and threatened that if the U.S. believes the strait is open, it can approach further. U.S. Central Command (CENTCOM) responded that U.S. military forces and regional partners remain firmly in control of the key waterway. Shipping security risks have risen in tandem. A Singapore-flagged container ship, the GFS Pride, sank after being attacked in the Strait of Hormuz; all crew members were evacuated with no injuries. Another Singapore-flagged vessel, the GFS Giselle, was also attacked, sustained hull damage, and later reached a safe anchorage. Singapore's Maritime and Port Authority (MPA) condemned the attacks as unprovoked, unjustified, and in violation of international law. On the macro front, U.S. September CPI rose 3.7% year-over-year, above the market consensus estimate of 3.6%; core CPI rose 2.6% year-over-year, also exceeding expectations. Energy prices rose 5.2% month-over-month, continuing to fuel inflationary pressures. Affected by the inflation data, the S&P 500 fell 1.11%, the Nasdaq Composite dropped 1.88%, and South Korea's Kospi index plunged 7.26%. Analysts note that Trump's temporary relaxation of restrictions on Russian diesel exports may have limited impact on easing energy inflation. Separately, Elon Musk said the military-grade Starshield system is owned and controlled by the U.S. government, with usage limits for Ukraine determined by the U.S. military and ultimately approved by the U.S. president. Meanwhile, TSMC's third-quarter net profit rose 68.7% year-over-year, marking a sixth consecutive quarter of record results, reflecting sustained strong demand for AI chips.

According to market data from BIT (Bit.com), US pre-market semiconductor stocks were broadly lower, with NVIDIA (NVDA.O) down 1.9%, AMD (AMD.O) down 3.7%, Intel (INTC.O) down 3.6%, Marvell Technology (MRVL.O) down 3.7%, Applied Materials (AMAT.O) down 3%, and Broadcom (AVGO.O) down 1.7%.