SCB CIO analysis forecasts one more Fed rate hike in December, followed by a pause and possible cuts in Q4 of next year. Trump-Xi talks expected to ease near-term trade tensions but won't resolve strategic tech competition (AI, semiconductors, rare earths). AI regulation risks are management issues, not growth killers. For Thai SMEs: prefer quality growth and mega-cap tech stocks; short-to-medium duration bonds; avoid high-debt and small-cap exposure.