高盛：全球市场评论-市场压力监测

Investment Rating - The report does not explicitly provide an investment rating for the industry [4]. Core Insights - Market function measures have deteriorated recently, reflecting weaker risk sentiment, although they are better than the peak stress observed a few weeks ago [1][6]. - Credit and rates market functions have shown modest improvement but have not returned to normal levels [1]. - Funding conditions remain largely unchanged, while liquidity conditions in equities have improved for large-cap stocks but remain challenging for small-cap stocks [1]. Summary by Sections Summary of Market Function Measures - Stress indicators are normalized by market segment and averaged across categories, with indices represented as 3-day moving averages [6]. Temperature Check - The report includes a percentile ranking of various market indicators compared to the past 10 years, indicating current market conditions [9]. DM Credit Markets - Specific insights into the credit markets are provided, but detailed data is not included in the excerpts [11]. Rates Markets - The report discusses the rates markets, but specific findings are not detailed in the excerpts [16]. Equity Markets - Insights into equity markets are mentioned, but specific data points are not provided in the excerpts [21]. Emerging Markets - The report touches on emerging markets, but detailed insights are not included in the excerpts [26].