A-shares closed, with both the Shenzhen Component Index and ChiNext Index falling more than 1%.

According to Bitget market data, WTI crude oil gained 1% intraday, now trading at $86.26 per barrel.

ECB Governing Council member Kohler stated that recent upside risks to inflation in the euro area have risen. If the ECB’s upcoming forecast confirms this, further interest rate hikes will be necessary immediately. Additionally, the ECB must ensure that medium-term inflation does not stay persistently above its 2% target.

Beating AI News: Researchers from institutions including UC Berkeley and MIT have open-sourced FreeToken, a Mixture of Experts (MoE) inference engine built specifically for local devices, designed to solve the problem of oversized models failing to fit in video memory (VRAM). FreeToken stores most of a model’s expert weights in system memory, caching only a subset in VRAM. When an expert not present in VRAM is required, it dynamically decides whether to transfer the weights to the GPU or offload computation directly to the CPU based on PCIe and CPU memory bandwidth, enabling collaborative inference across CPU, GPU, system memory and PCIe. According to paper benchmarks, a gaming desktop equipped with an RTX 5090 runs the 284B-parameter DeepSeek-V4-Flash at 22–25 tokens per second. The model only activates approximately 13B parameters per generated token, making it particularly well-suited for this CPU-GPU hybrid inference approach. Additional test results show FreeToken runs a 35B model at 39.3 tokens per second on an RTX 4060 laptop with 8GB VRAM; a single 96GB RTX PRO 6000 can run the 753B-parameter GLM-5.2 at roughly twice the speed of llama.cpp. The project currently supports over 20 MoE models and is open-sourced under the Apache 2.0 license.

Japan’s 10-year government bond yield hit 3% for the first time this century, a key milestone for a bond market where benchmark borrowing costs had long hovered near zero and are now gradually returning to normal. On Tuesday, the yield rose as much as 6 basis points to 3%, its highest level since 1996. A year ago, the yield was only half of its current level, highlighting the rapid shift that is rippling through Japan’s economy and global financial markets. Since the Bank of Japan (BOJ) ended the world’s last remaining negative interest rate policy in 2024, the dynamics of this government bond market have changed dramatically. Bond prices, once dominated by the BOJ, are now largely determined by domestic and international investors. Rather than following the central bank’s policy moves, these investors base their trading decisions on inflation and growth outlooks, as well as the risk and return of Japanese government bonds relative to other assets.

Tom Lee told CNBC during an appearance: "I think very few people actually hold cryptocurrencies, which is why I believe Bitcoin could easily break through the six-figure mark (like above $100,000), though it may also be impacted by interest rate hikes. As for where cryptocurrencies will go, I think this will be a good test, but we’ve already seen long-term yields (interest rates) move higher. So, if we see the Federal Reserve raise interest rates while long-term yields fall, that would effectively amount to monetary easing. Therefore, the key may depend on how long-term yields react to the Fed’s rate hikes. I think this is just the first wave of gains, because many people were caught off guard by this crypto rally. I think institutional investors are buying crypto-related stocks, which is obvious—trading volumes have surged sharply, a signal that they are betting on a big rally in the fourth quarter. I think $150,000 is still possible, and it’s actually not that far off from now."

According to monitoring by TradingBeats, a whale address starting with 0x90b5 is currently holding two high-leverage long positions in Bitcoin (BTC) and Ethereum (ETH), with a combined notional value of around $26.334 million. The account’s withdrawable balance has dropped to zero, and the two positions are currently showing a combined unrealized loss of roughly $41,800. Breakdown of the positions: - BTC: A 40x fully leveraged long position of 246.17 BTC, worth ~$19.386 million, with an average entry price of $78,855.4 and a liquidation price of $77,641.8—just 1.41% below the current market price. - ETH: A 25x fully leveraged long position of 2,808.02 ETH, worth ~$6.948 million, with a liquidation price of $2,376.7, 3.95% below current levels. Over the past ~27 hours, the address has added roughly $400,000 in USDC via three deposits from the same funding address: $50,000, $50,000, and $300,000 respectively. After all funds were credited, the whale initiated simultaneous Time-Weighted Average Price (TWAP) buy orders for BTC and ETH at 11:35 today. The BTC order was set to purchase 239.45 BTC; 214.72 BTC (worth ~$16.925 million) was filled within five minutes before the order was halted due to a "margin insufficient" error. Following a minor BTC price rise that unlocked some margin, the address bought an additional ~31.45 BTC, bringing its total BTC position to 246.17 BTC. The position is now underwater amid a short-term BTC pullback.