市场波动加剧，美元短期走弱

Report Industry Investment Rating - The rating for the US dollar is "Oscillating" [5] Core Viewpoints - Market risk appetite is fluctuating, with most global stock markets rebounding, most bond yields rising, and the US dollar index falling. The market is affected by factors such as the end of the US government shutdown, data uncertainties, and changes in tariff policies [1][11] - Liquidity crunch occurs repeatedly, leading to increased market volatility. The market's expectation of a December interest rate cut has changed, and asset prices are sensitive to liquidity changes [33][37] Summary by Directory 1. Global Market This Week Overview - Market risk appetite is wavering. Most stock markets rebound, most bond yields rise, the US dollar index drops 0.31% to 99.3, most non - US currencies appreciate, gold rebounds 2.1% to $4081 per ounce, the VIX index rises to 19.8, the spot commodity index closes higher, and Brent crude oil drops 0.1% to $63.74 per barrel [1][5][9] 2. Market Trading Logic and Asset Performance 2.1 Stock Market - Global stock markets mostly rebound. The S&P 500 in the US rises 0.08%, while the Shanghai Composite Index in China falls 0.18%. The end of the US government shutdown, data uncertainties, and changes in tariff policies affect the market. In China, the weak economic data in October puts pressure on the stock market [10][11] 2.2 Bond Market - Global bond yields mostly rise, with the 10 - year US Treasury yield reaching 4.14%. The end of the US government shutdown and potential fiscal deficit increase pressure on long - term bonds. Developed countries' monetary policies are on hold, and the domestic bond market in China is volatile [14][19][22] 2.3 Foreign Exchange Market - The US dollar index drops 0.31% to 99.3, and most non - US currencies appreciate. Offshore RMB rises 0.38%, the euro rises 0.47%, the British pound rises 0.08%, the Japanese yen drops 0.74%, the Swiss franc rises 1.39%, and some other currencies also show gains [25][27][28] 2.4 Commodity Market - Gold rebounds 2.1% to $4084 per ounce, affected by expectations of the Fed's policy shift. However, after the end of the US government shutdown and hawkish remarks from Fed officials, it gives back some gains. Brent crude oil drops 0.1% to $63.74 per barrel, and the supply - demand pattern for oil remains weak [29][32] 3. Hotspot Tracking - Liquidity crunch occurs repeatedly, causing increased market volatility. The market experiences a significant turnaround from the beginning to the end of the week due to data uncertainties and hawkish signals from the Fed [33][37] 4. Next Week's Important Event Reminders - Monday: Japan's Q3 GDP, US November New York Fed Manufacturing Index - Tuesday: US November NAHB Housing Market Index - Wednesday: UK and Eurozone October CPI - Thursday: US weekly initial jobless claims, November Philadelphia Fed Manufacturing Index, US September non - farm payrolls - Friday: Japan's October CPI, US November University of Michigan Consumer Confidence Index final value [39]