Core Viewpoint - Despite ongoing market turbulence and significant uncertainties, financial stability in the Eurozone remains strong [1] Group 1 - The European Central Bank's Vice President, Luis de Guindos, emphasized the resilience of the Eurozone's financial system [1] - The statement reflects confidence in the Eurozone's ability to withstand external shocks and maintain stability [1]

Group 1 - The core viewpoint is that recent market volatility is a result of risk transfer, and the market is functioning normally [1]

Group 1: Gold Market - Spot gold maintained around $3,300, with a cumulative increase of nearly 2.5%, and reached a historical high of $3,396.71 before stabilizing around $3,396 [1] - Wall Street analysts predict that investor demand for safe-haven assets like gold is increasing due to rising concerns over economic recession and global trade tensions, with UBS forecasting gold prices could rise to $3,500 this year [17] Group 2: U.S. Stock Market and Economic Indicators - The Dow Jones fell by 2.66%, the Nasdaq by 2.62%, and the S&P 500 by 1.5% last week, with market focus on Trump's tariff policies [2] - The upcoming U.S. economic data, particularly the April manufacturing and services PMI, is highly anticipated as it reflects the impact of tariffs, with March showing the fastest growth in nearly two years [12] - S&P 500 earnings growth expectations for 2025 have been revised down from 14% to 9.2%, indicating potential further downward adjustments as companies account for tariff costs [13] Group 3: Political Climate and Trade Policies - Trump's trade war is becoming a significant political burden for the Republican Party, with some members privately opposing tariffs but fearing public criticism [5] - The Republican Party currently controls both houses of Congress, which has facilitated Trump's tariff measures, but upcoming midterm elections may challenge this control [7] - There is a growing concern among Republican lawmakers about the potential negative impact of tariffs on the economy and their electoral prospects in the 2026 midterm elections [5][7]