严防夏季闪崩！金融大鳄屏住呼吸，“低流动性陷阱”恐再袭市场？

Group 1 - Global large investors are preparing for the traditional trading lull with unusual caution due to oil price volatility risks and potential tariff impacts, which could disrupt market complacency and lead to a repeat of last August's market crash [1] - As the July 9 deadline for US-EU tariff negotiations approaches, asset management firms are increasing portfolio protection, with a lack of consensus on baseline tax rates suggesting that blind optimism regarding trade risks may not last [1] - HSBC's Chief Investment Officer, Xavier Baraton, expressed concerns that the optimistic expectations priced into the market may fall short in the next three months, prompting strategies such as buying put options to hedge risks [1] Group 2 - The market's calm trading environment is partly attributed to the relationship between VIX and risk asset prices, influenced by automated trading funds that buy stocks when VIX declines and sell when it rises, which was a factor in last August's flash crash [2] - Royal London Asset Management's multi-asset head, Trevor Greetham, noted that while their automated systems are signaling stock purchases, fund managers have opted to sell some stocks to manage portfolio risk [2] - UBS's European equity strategy head, Gerry Fowler, indicated that options pricing suggests traders are betting on increased daily stock market volatility, warning that this summer may not be an ideal time for vacations due to various catalysts [3]