又一次，全球市场的逻辑该变了！

Core Viewpoint - The article discusses a significant shift in global investment sentiment, highlighting a rebound in the US economy and a potential strengthening of the US dollar, which contrasts with the previous preference for non-US assets like European stocks, emerging markets, and gold [1][3][8]. Group 1: Economic Performance - The US economy showed an unexpected rebound in Q2, leading to a potential monthly increase in the dollar by 3% for the first time in 2025 [3][5]. - The AI boom has driven US stock markets to continually reach new historical highs [1][3]. Group 2: Shift in Investment Sentiment - Previously strong-performing European markets, emerging market assets, and gold are now experiencing declines, with gold facing its first three-month consecutive drop since November of the previous year [5][9]. - The euro has fallen below 1.15 against the dollar, marking the largest monthly decline since May 2023, and the relative advantage of European stocks over US stocks has diminished [5][10]. Group 3: Reassessment of Non-US Assets - A consensus is forming around the re-evaluation of the "rest of the world trade" logic, as speculative funds that previously bet on dollar depreciation are now retreating [7][8]. - Trend-following hedge funds have closed their short positions on US Treasuries and reduced their exposure to European stocks [8][10]. Group 4: Future Outlook - There are mixed opinions on the sustainability of the dollar's strength, with some analysts predicting a rotation towards US stocks and currency markets, while others remain cautious about the long-term outlook for the dollar [9][10]. - Concerns persist that rising tariffs could eventually hinder US economic growth, despite current strong performance in the stock market [9].