全球集体大跌，到底发生了什么？

Market Overview - Major stock markets in Europe and the US experienced collective declines on November 17, with significant drops in the Asia-Pacific region on November 18, including a 3.22% drop in the Nikkei 225 index, marking the largest single-day decline since April [1] - The Shanghai Composite Index fell by 0.81%, the Shenzhen Component Index by 0.92%, and the ChiNext Index by 1.16% [1] Asset Performance - Safe-haven assets also saw declines, with gold prices dropping below $4,000, currently reported at $4,005 per ounce [1] - International oil prices fell, with WTI crude down 0.84% and Brent crude down 0.76% [1] - The cryptocurrency market faced significant losses, with Bitcoin dropping below $90,000, Ethereum down over 6%, and Dogecoin down over 4%, resulting in over 180,000 liquidations in the past 24 hours [1] Factors Influencing Market Movements - Concerns regarding Sino-Japanese relations have impacted the Japanese stock market, particularly affecting tourism and consumer sectors. Chinese tourists are projected to contribute ¥1.73 trillion to Japan's economy in 2024, accounting for 21.3% of total foreign tourist spending [3] - The Japanese bond market faced significant sell-offs, with 20-year yields reaching their highest since 1999 at 3.26%, driven by expectations of economic stimulus plans from the Japanese government [6] - Delayed expectations for a Federal Reserve interest rate cut have tightened dollar liquidity, negatively impacting Bitcoin and other cryptocurrencies. The U.S. government's crackdown on Southeast Asian fraud markets is also expected to flood the market with Bitcoin [7] Gold Market Dynamics - Gold prices are declining due to a stronger dollar and the Federal Reserve's unchanged interest rate outlook, which diminishes gold's appeal as a non-yielding asset [9][10] - The relationship between actual interest rates and gold prices is highlighted, with the actual rate remaining stable due to the Fed's stance on interest rates [12][13][14] Upcoming Events and Market Sentiment - The market is characterized by high uncertainty, with upcoming employment data and Nvidia's earnings report expected to influence market movements significantly [18][20] - Nvidia's earnings are particularly crucial as it holds substantial weight in major indices, potentially affecting investor sentiment and market direction [26][27]