跌、跌、跌，等待美国接盘

Group 1 - Asian stock markets are generally retreating, with A-shares and Japanese stocks experiencing slight declines, while the RMB, oil, and Bitcoin are also down, contrasting with the rise in gold and the US dollar, indicating a defensive market stance [2] - The market is currently betting on an 80% probability of a Federal Reserve rate cut in December, with expectations for three additional cuts by the end of 2026, leading to a revaluation of global markets [2] - However, the concern arises that the rate cut expectations have already been fully priced in, leaving limited room for further upward movement, as valuations remain high and the issues that troubled the market prior to last week's decline remain unresolved [2] Group 2 - The upcoming rate cut on December 10 is expected to have significantly different implications for both short-term and long-term financial markets, raising questions about the future of the A-shares and the potential for RMB appreciation [3] - A critical stock in China, which is tied to national interests, has shown signs of change, coinciding with an unusual long report released by Goldman Sachs [3] - Multiple reports from Wall Street are analyzing the prospects for A-shares, US stocks, and gold, questioning whether the US bull market will continue and if the narrative for A-shares has concluded [3]