避险情绪升温，全球股市涨势暂歇，纳指期货跌0.5%，债市受捧，金银下挫

Core Viewpoint - The market is experiencing a cooling period after a strong start in 2026, influenced by weak economic data and geopolitical tensions, leading to a decline in risk sentiment and a rise in bond prices [1][2]. Market Performance - U.S. stock index futures fell collectively, with the Dow Jones futures down nearly 0.3%, S&P 500 futures down over 0.3%, and Nasdaq 100 futures down over 0.5% [2]. - Asian stock indices mostly declined, while the KOSPI index in South Korea reached a new high due to strong earnings expectations from Samsung Electronics [4]. - The 10-year U.S. Treasury yield decreased by 1 basis point to 4.13%, while yields in Japan and Australia also fell [2]. Economic Data - Mixed economic signals were observed, with the ADP report indicating a moderate pace of hiring in December, suggesting a slowdown in the labor market, while the ISM services index showed the fastest expansion in over a year, indicating strong economic demand [3]. - The market is closely watching the upcoming U.S. non-farm payroll report, marking the first release since the government shutdown in October [3]. Bond Market Activity - The global bond market is experiencing significant activity, with total borrowing in the U.S., Europe, and Asia reaching approximately $245 billion, setting a record for this time of year [9]. - U.S. investment-grade bonds issued $72 billion over two days, while European financing exceeded €57 billion in a single day, both breaking previous records [9]. Precious Metals Market - The precious metals market is undergoing a collective adjustment due to the rebalancing of the Bloomberg Commodity Index, which has led to a significant reduction in the weight of gold and silver, forcing passive funds to adjust their positions [12].