Core Viewpoint - The market is increasingly betting on a 25 basis point rate cut by the Federal Reserve in December, with the probability rising from 30% to 80% following recent comments from Fed officials and market movements [2][3][4] Group 1: Market Reactions - The 10-year U.S. Treasury yield fell below 4% for the first time since October 8, reaching a low of 3.96% [2] - A record net long position among JPMorgan's institutional clients was reported, indicating a strong bullish sentiment [2] - SOFR options market saw a threefold increase in open interest for call options with a strike price of 96.25, corresponding to a 25 basis point rate cut [2] Group 2: Federal Reserve Insights - New York Fed President Williams acknowledged that the policy's restrictive level is quite high and highlighted accumulating risks to employment [3] - A significant shift in the voting dynamics within the Fed was noted, with 9 officials supporting a rate cut and only 4 opposing it, marking the largest disparity since rate hikes began in March 2022 [3] - Some Wall Street firms, like Morgan Stanley, have withdrawn their 2024 rate cut predictions, citing persistent core inflation above 3% [3] Group 3: Economic Outlook - Economists express uncertainty about the path following a potential December rate cut, with concerns about labor market stability and inflation rebound due to fiscal expansion and oil price effects [4] - Historical data suggests that when the market prices in a rate decision above 75%, there is still a 20% chance of an unexpected outcome [4] - The upcoming November non-farm payroll and CPI data will be crucial in determining the Fed's next steps and market reactions [4]

Labor Market Insights - The recent labor market indicators suggest a dovish stance, with an increase in the unemployment rate and permanent layoffs, indicating the impact of restrictive Federal Reserve policies [1][2] - The unemployment rate is projected to potentially rise to 4.5% by December 16, which may influence the Fed's decision-making [11] Inflation Perspectives - Current inflation is reported to be around 3%, but much of this is viewed as a statistical artifact rather than a true reflection of supply-demand imbalances [2][6] - Market rents have been stable at about 1% for a couple of years, suggesting no significant supply-demand issues in the housing market [3][5] Monetary Policy Considerations - The Fed's monetary policy should be forward-looking, focusing on forecasts for the economy 12 to 18 months ahead rather than past data [8][10] - There is a call for a 25 basis point cut in interest rates to prevent economic harm, emphasizing the need for a balanced approach to monetary policy [15][16] Economic Growth Factors - Factors that may support GDP growth in the coming year include regulatory relaxations, which could enhance supply without creating demand excess [19][20] - The timing of regulatory changes and their impact on the economy is acknowledged as a critical consideration, with a distinction made between immediate fiscal measures and longer-term supply-side improvements [21][22] Financial Market Dynamics - The relationship between financial markets and monetary policy is complex, with a caution against conflating stock market performance with the need for job losses [30][34] - Housing remains a key area where financial conditions are still tight, indicating that the current economic environment is not excessively easy [32][33] Inequality and Employment - The Fed's mandate focuses on stabilizing employment and prices, rather than addressing broader social issues like inequality [36] - An increase in unemployment due to restrictive policies could disproportionately affect lower-income individuals, which is a concern for policymakers [37]

Core Viewpoint - The recent monetary policy meetings of major central banks, including the Federal Reserve and the Bank of Canada, indicate a divergence in their approaches, reflecting an increase in the autonomy of these banks in their monetary policies [1] Group 1: Data Dependency - Major central banks have entered a "data-dependent" phase in their monetary policy, responding to increasing uncertainties in international economic growth [2] - The Federal Reserve's recent decision to lower interest rates by 25 basis points marks the second consecutive rate cut this year, with Chairman Powell signaling potential uncertainty for future rate actions [2] - The Bank of Japan decided to maintain its policy rate at 0.5%, emphasizing a cautious approach based on data rather than a preset timeline [2] Group 2: Multiple Objectives - Central banks are increasingly focused on balancing multiple objectives, including inflation, employment, economic growth, and financial stability [3] - The Federal Reserve's decision to end balance sheet reduction on December 1 reflects this balance, as it aims to alleviate liquidity pressures in the financial system [3] Group 3: Localization of Policies - The Bank of Canada was the first among major central banks to announce a rate cut, reducing its overnight rate by 25 basis points to 2.25%, the lowest since July 2022, amid a significant downgrade in GDP growth forecasts [4] - The European Central Bank has maintained its key interest rates, indicating a stabilization in the downward risks to economic growth in the Eurozone [4] - The differing economic cycles and risks faced by various countries suggest that the trend of diverging monetary policies among major central banks is likely to continue [4]

1. Report Industry Investment Rating There is no information about the industry investment rating in the provided report. 2. Core View of the Report - Overseas macro: The October FOMC meeting cut interest rates by 25bp and will stop quantitative tightening on December 1st, in line with market expectations. There are differences within the Fed on the policy rate path, and the expected path of interest rate cuts has changed. Powell's speech was somewhat hawkish, emphasizing a "data-dependent" approach and "risk neutrality" [7]. - Domestic macro: On October 28th, the "Proposal" and "Explanation" related to the 15th Five - Year Plan were released, enhancing the strategic status of science and technology and emerging industries. The Sino - US summit on October 30th was positive, with many consensuses on economic and trade consultations [7]. - Asset view: Short - term balanced allocation is recommended. With the implementation of interest rate cuts, progress in Sino - US tariff talks, and the release of details from the 4th Plenary Session of the 20th Central Committee, it is expected to benefit equity sectors (especially the science and technology innovation sector) and non - ferrous metals. Black commodities also have a chance to rebound, while precious metals may continue to fluctuate and adjust in the short term [7]. 3. Summary by Directory 3.1 Macro Highlights - Overseas: The Fed cut interest rates in October and will stop quantitative tightening. There are internal differences on the policy rate path, and the expected path of interest rate cuts has changed. Powell's speech was hawkish, emphasizing data dependence and risk neutrality [7]. - Domestic: The release of the 15th Five - Year Plan - related documents enhanced the status of science and technology and emerging industries. The Sino - US summit was positive, with many economic and trade consensuses [7]. - Asset: Short - term balanced allocation. Equity sectors, non - ferrous metals, and black commodities are expected to benefit, while precious metals may fluctuate [7]. 3.2 Financial Sector - Stock Index Futures: Technology events catalyze the active growth style, with small and micro - cap funds being crowded. Short - term judgment is a volatile upward trend [8]. - Stock Index Options: The overall market turnover has slightly declined, and the liquidity of the options market may be lower than expected. Short - term judgment is volatile [8]. - Treasury Bond Futures: The bond market continues to be weak. Concerns include policy, fundamental repair, and tariff factors. Short - term judgment is volatile [8]. 3.3 Precious Metals - Gold/Silver: Geopolitical and economic and trade tensions have eased, leading to a phased adjustment of precious metals. Concerns include the US fundamentals, Fed policy, and global equity market trends. Short - term judgment is volatile [8]. 3.4 Shipping - Container Shipping to Europe: The peak season in the third quarter has passed, and there is a lack of upward momentum due to loading pressure. Concerns include the rate of freight decline in September. Short - term judgment is volatile [8]. 3.5 Black Building Materials - Steel: There are continuous policy disturbances and inventory pressure. Concerns include the progress of special bond issuance, steel exports, and iron - water production. Short - term judgment is volatile [8]. - Iron Ore: The fundamental contradictions are not significant, and emotional disturbances are more obvious. Concerns include overseas mine production and shipping, domestic iron - water production, weather, port inventory, and policy dynamics. Short - term judgment is volatile [8]. - Coke: The start - up rate continues to decline, and price increases are about to be implemented. Concerns include steel mill production, coking costs, and macro - sentiment. Short - term judgment is volatile [8]. - Coking Coal: There are continuous supply disturbances, and coal prices are relatively strong. Concerns include steel mill production, coal mine safety inspections, and macro - sentiment. Short - term judgment is volatile [8]. - Other: For other products in this sector, such as silicon iron, manganese silicon, glass, etc., the short - term judgment is mostly volatile, with corresponding concerns for each product [8]. 3.6 Non - ferrous Metals and New Materials - For various non - ferrous metals such as copper, aluminum, zinc, etc., the short - term judgment is mostly volatile, with different concerns for each metal, such as supply disturbances, policy changes, and demand expectations [8]. 3.7 Energy and Chemical Industry - For most products in this sector, such as crude oil, LPG, asphalt, etc., the short - term judgment is mostly volatile or volatile downward, with concerns including supply and demand, policy, and price fluctuations of related raw materials [10]. 3.8 Agriculture - For various agricultural products such as grains, oils, and livestock products, the short - term judgment is mostly volatile, with concerns including weather, supply and demand, and policy [10].

Core Insights - The discussion at the 2025 Bund Summit focused on the challenges facing central banks, including geopolitical tensions, tariff barriers, high public debt, and the impact of artificial intelligence on monetary policy choices [1] Group 1: Tariffs and Inflation - Tariffs are becoming a significant uncertainty for central banks, particularly regarding their impact on U.S. inflation and the Federal Reserve's policy direction [3] - Jacob Frenkel noted that despite previous market concerns not materializing, it is premature to celebrate the current situation, drawing parallels to the "weaponization" of tariffs in the 1930s [3] - Raghuram Rajan indicated that while tariff-induced inflation effects have not fully manifested, there are signs of price increases due to tariffs, with a potential inflation rise of about one percentage point if two-thirds of tariffs are passed on [3][4] Group 2: Labor Market and Economic Growth - Rajan expressed concerns about the slowing net job growth in the U.S. labor market, although the extent to which this will exert downward pressure on wages remains uncertain [4] - The resilience of U.S. consumption and strong investment, particularly in AI, has surprised many, suggesting that the anticipated impacts of trade uncertainties have not yet been fully realized [5] Group 3: Monetary Policy Framework - The traditional monetary policy framework's effectiveness is under scrutiny, especially following the Federal Reserve's recent adjustments to its policy framework [6] - Frenkel emphasized that while the framework should remain stable, it must adapt to significant external changes, indicating that the Fed's previous framework is no longer suitable in the current high-inflation environment [6][7] - The debate continues on whether to maintain a strict 2% inflation target or to adopt a more flexible range to avoid damaging credibility and causing unnecessary policy adjustments [7][8] Group 4: Lessons from Japan - Former Bank of Japan Governor Masaaki Shirakawa highlighted that Japan's prolonged economic stagnation is more related to demographic decline and adaptation to external changes than merely deflation [10] - Shirakawa advised against relying solely on aggressive monetary easing, suggesting that China should focus on supply-side issues rather than adopting Japan's past strategies [10] Group 5: Public Debt and Central Bank Credibility - Patrick Honohan discussed the challenges posed by high public debt, emphasizing the need for central banks to maintain their credibility while addressing inflation [11] - Shirakawa noted that the lack of political will for fiscal reform in Japan is partly due to the perception that low interest rates mitigate concerns over fiscal deficits [12]

Core Insights - The U.S. government shutdown is causing a disruption in the flow of official data, which is critical for decision-making by Japan and other countries regarding their monetary policies, trade performance, and inflation outlooks [1][2] - Global officials express concerns that a prolonged U.S. government shutdown could lead to a "data blackout," complicating their decision-making processes and increasing the risk of errors [1][2] - The International Monetary Fund (IMF) highlights that political pressures on policy institutions may erode public trust in their ability to fulfill their missions, which could complicate policy-making for central banks and decision-makers [3] Group 1 - The Japanese central bank faces challenges in deciding when to resume interest rate hikes due to the lack of reliable U.S. data [1] - An anonymous Japanese decision-maker criticized the situation, emphasizing the reliance of the Federal Reserve on data that is currently unavailable [1] - The Bank of England's policy committee member noted that while U.S. data issues do not directly impact the Bank of England's policy debates, they reflect a broader trend affecting the pound's global standing [1][2] Group 2 - The IMF's World Economic Outlook report indicates that the impact of policy changes on economic prospects has been significant but not catastrophic [4] - Following a previous downward adjustment, the IMF has revised its global growth forecast for the year to 3.2% [5] - The ongoing government shutdown is creating a significant data gap, leading to increased uncertainty and risk of errors in economic forecasts as decision-makers struggle to integrate available microdata and anecdotal evidence [6]

Core Viewpoint - The European Central Bank (ECB) maintains key interest rates and outlines a clear path for reducing asset purchase programs, indicating a commitment to data-driven and flexible monetary policy to support economic stability in the Eurozone [1][2][7]. Interest Rate Policy - The ECB keeps the three key interest rates unchanged: deposit facility rate at 2.00%, main refinancing operations rate at 2.15%, and marginal lending facility rate at 2.40%, as current inflation levels align with medium-term targets [2]. - August inflation in the Eurozone slightly increased to 2.1%, with core inflation stable at 2.3%, indicating a controlled price environment [2]. Asset Purchase Program - The ECB will no longer reinvest the principal of maturing securities from the Asset Purchase Program (APP) and Pandemic Emergency Purchase Program (PEPP), marking a transition from quantitative easing to normalized liquidity management [3]. - The average interest rate for new corporate loans fell to 3.5%, supporting the market conditions for the balance sheet reduction [3]. Economic Growth - The ECB raised its 2025 economic growth forecast by 0.3 percentage points to 1.2%, reflecting a view of short-term pressures but long-term resilience in the Eurozone economy [4]. - The labor market remains strong, with a stable unemployment rate of 6.2%, which is expected to support consumer spending [4]. Risk Assessment - The ECB assesses that growth risks are balanced, with both upward and downward factors at play, while inflation uncertainty remains high [5]. - Downside risks include potential impacts from trade relations and geopolitical tensions, while upside risks involve unexpected increases in defense and infrastructure spending [5]. Policy Coordination - The ECB emphasizes the need for coordinated fiscal and structural reforms to enhance long-term economic resilience, focusing on growth-friendly investments [6]. - The completion of the savings-investment union and banking union is highlighted as essential for financial stability [6]. Data Dependency - The ECB reiterates its commitment to a data-dependent approach for future monetary policy decisions, ensuring flexibility in response to economic changes [7]. - ECB President Lagarde stated that the committee is prepared to adjust all policy tools as necessary to maintain inflation stability around the 2% target [7].

1. Report Industry Investment Ratings No industry investment ratings are provided in the report. 2. Core Views of the Report - The current economic cycle is showing marginal improvement, but there is still economic pressure in the future, and policy support is necessary. The Fed's future policy path will depend on employment market robustness and inflation decline rhythm. The market's expectation of a Fed rate cut in October has decreased marginally [2]. - The exchange rate of the US dollar against the RMB is expected to fluctuate within the range of 7.09 - 7.15 this week. Export enterprises can lock in forward exchange settlement in batches at the upper edge of the exchange - rate range, and import enterprises can adopt a rolling foreign exchange purchase strategy at the 7.10 mark [5]. - The stock index is expected to fluctuate frequently and continue to oscillate during the holiday. Treasury bond investors can close long positions before the holiday [7][8]. - The container shipping futures price is likely to continue to oscillate or oscillate downward in the short term. The 12 - contract can continue to focus on low - buying opportunities, and generally, it is advisable to wait and see or conduct intraday short - selling [11]. - Precious metals are expected to be bullish in the medium - to - long term and may continue to rise in the short term. It is recommended to hold existing long positions lightly during the National Day holiday [15]. - The price of copper has risen due to the suspension of the Grasberg copper mine, and it is expected to decline slightly, with the weekly price range at 81,200 - 82,800 yuan per ton [16][17]. - Aluminum is expected to oscillate strongly; alumina is expected to operate weakly; cast aluminum alloy is expected to oscillate strongly; zinc is expected to operate weakly; nickel and stainless steel are expected to oscillate; tin is expected to oscillate; lithium carbonate is expected to oscillate between 70,000 - 75,000 yuan per ton before the National Day; lead is expected to oscillate at a high level [21][25][28][29]. - The steel market is expected to oscillate weakly, and the iron ore price may decline in the short term; coking coal and coke are expected to maintain a wide - range oscillation; ferrosilicon and ferromanganese are supported by cost but face large supply pressure [30][31][35][38]. - The oil price has rebounded in the short term due to geopolitical factors, but the medium - to - long - term fundamental trend is weak. PX - TA has rebounded at a low price, and it is advisable to consider cautious long - position attempts; MEG is expected to oscillate between 4150 - 4350, and it is not recommended to operate methanol before the National Day; PP may have a rebound drive, and PE is expected to oscillate weakly; PVC is recommended to wait and see; pure benzene and styrene are recommended to wait and see, and it is advisable to consider widening the price difference between them; fuel oil is recommended to wait and see; low - sulfur fuel oil has limited upward drive; asphalt can try long - position allocation after the oil price stabilizes; rubber and 20 - number rubber are expected to oscillate weakly, and it is recommended to wait and see during the holiday; urea is expected to oscillate between 1650 - 1850 [42][46][48][52][54][57][58][60][61][63][67][69]. 3. Summaries According to Relevant Catalogs 3.1 Financial Futures - **Macro**: The supply - and - demand - side policies are being gradually advanced. The demand - side focuses on "benefiting people's livelihood and promoting consumption", and there may be incremental policies in the future. The "anti - involution" policy on the supply - side is being refined and implemented. The Fed may restart the rate - cut cycle in September, but the uncertainty of the rate - cut path has increased [1][2]. - **RMB Exchange Rate**: The RMB against the US dollar is expected to oscillate between 7.09 - 7.15 this week. Export enterprises can lock in forward exchange settlement in batches at the upper edge of the exchange - rate range, and import enterprises can adopt a rolling foreign exchange purchase strategy at the 7.10 mark [5]. - **Stock Index**: The stock index is expected to fluctuate frequently and continue to oscillate during the holiday due to the approaching holiday and the increase in risk - aversion sentiment [7]. - **Treasury Bond**: The Treasury bond market is currently weak. It is recommended to close long positions before the holiday [8]. - **Container Shipping**: The container shipping futures price is likely to continue to oscillate or oscillate downward in the short term. The 12 - contract can continue to focus on low - buying opportunities, and generally, it is advisable to wait and see or conduct intraday short - selling [11]. 3.2 Commodities 3.2.1 Non - ferrous Metals - **Gold & Silver**: The precious metals market has continued to rise strongly, and it is expected to be bullish in the medium - to - long term and may continue to rise in the short term. It is recommended to hold existing long positions lightly during the National Day holiday [13][15]. - **Copper**: The suspension of the Grasberg copper mine has pushed up the copper price. It is expected to decline slightly, with the weekly price range at 81,200 - 82,800 yuan per ton [16][17]. - **Aluminum & Its Industry Chain**: Aluminum is expected to oscillate strongly; alumina is expected to operate weakly; cast aluminum alloy is expected to oscillate strongly [20][21]. - **Zinc**: Zinc is expected to operate weakly due to the increased uncertainty of rate cuts and the suppression of the US dollar index [22]. - **Nickel & Stainless Steel**: The nickel and stainless - steel market is expected to oscillate. The nickel market is affected by factors such as mine - end sentiment and new - energy support, and the stainless - steel market is affected by factors such as inventory and profit [24]. - **Tin**: Tin is expected to oscillate, and the macro impact on tin prices has decreased, with the supply being tight in the short term [25]. - **Lithium Carbonate**: Lithium carbonate is expected to oscillate between 70,000 - 75,000 yuan per ton before the National Day. The downstream lithium - battery material demand is expected to increase, which may support the lithium - carbonate futures price [28]. - **Lead**: Lead is expected to oscillate at a high level. The supply side may recover, and the demand side is generally stable, but the long - term demand is average [29]. 3.2.2 Black Metals - **Rebar & Hot - Rolled Coil**: The steel market is expected to oscillate weakly. The supply - and - demand are both increasing, but the inventory reduction is less than in previous years. High - supply pressure remains, and the cost support is weakening [30]. - **Iron Ore**: The short - term macro利好 has been exhausted, and the iron ore price may decline, but the downward space may be limited [31][33]. - **Coking Coal & Coke**: Coking coal is expected to maintain a wide - range oscillation, and coke follows coking coal. The "anti - involution" is the trading main line in the second half of the year [35]. - **Ferrosilicon & Ferromanganese**: Ferrosilicon and ferromanganese are supported by cost but face large supply pressure. The cost support and term structure have improved, but the supply is high and the demand is weak [38]. 3.2.3 Energy & Chemicals - **Crude Oil**: The oil price has rebounded in the short term due to geopolitical factors, but the medium - to - long - term fundamental trend is weak. It is necessary to pay attention to the pre - holiday trend [42]. - **PTA - PX**: PX - TA has rebounded at a low price. It is advisable to consider cautious long - position attempts or widen the TA - SC price difference. The polyester peak season has limited height [46]. - **MEG - Bottle Chip**: MEG is expected to oscillate between 4150 - 4350. The demand has improved marginally, but the long - term accumulation expectation is difficult to change [48]. - **Methanol**: It is not recommended to operate methanol before the National Day. The coal price has weakened slightly, and the port inventory is difficult to solve [49]. - **PP**: PP may have a rebound drive due to the reduction of marginal supply. It is not advisable to chase short positions at present [52]. - **PE**: PE is expected to oscillate weakly. The supply is increasing, and the demand is recovering slowly, with inventory pressure [54]. - **PVC**: PVC is recommended to wait and see. The market is in a pattern of weak reality and strong policy disturbance [57]. - **Pure Benzene & Styrene**: Pure benzene and styrene are recommended to wait and see, and it is advisable to consider widening the price difference between them. The supply of pure benzene is high, and the upward space of styrene is limited [58]. - **Fuel Oil**: Fuel oil is recommended to wait and see. The export has decreased, and the cracking upward drive is limited [60]. - **Low - Sulfur Fuel Oil**: Low - sulfur fuel oil has limited upward drive. The supply has decreased, and the demand is weak [61]. - **Asphalt**: Asphalt can try long - position allocation after the oil price stabilizes. The supply is increasing, and the demand has not been effectively released, but the inventory structure has improved [63]. - **Rubber & 20 - Number Rubber**: Rubber and 20 - number rubber are expected to oscillate weakly, and it is recommended to wait and see during the holiday. The supply is expected to increase, and the demand has high - level resilience but also faces challenges [67]. - **Urea**: Urea is expected to oscillate between 1650 - 1850. The domestic supply - and - demand pattern is weak, but the second - batch export may support the demand [69].

Core Viewpoint - The Federal Reserve's "third mission" of pursuing moderate long-term interest rates has gained attention, especially after new board member Stephen Milan's dissenting vote against a 25 basis point rate cut, advocating instead for a 50 basis point cut, indicating potential political influence from the White House [1][2][3]. Group 1: Federal Reserve's Rate Decisions - On September 17, the Federal Reserve announced a 25 basis point cut in the federal funds rate target range to 4.00% to 4.25%, marking the first rate cut of 2025 and following three cuts in 2024 [1]. - Milan's dissenting vote highlights a significant internal division within the Federal Reserve, with 11 votes in favor of the rate cut and 1 against, suggesting a strong consensus despite political pressures [2][4]. - The dot plot revealed a notable divergence in opinions among the 19 voting members regarding future rate cuts, indicating a lack of consensus on the pace of monetary easing [5]. Group 2: Economic Forecasts and Implications - The Federal Reserve slightly raised its GDP growth forecast for 2025 from 1.4% to 1.6%, while maintaining its predictions for unemployment and inflation for 2024 [5]. - For 2026, the Fed's outlook suggests higher growth, lower unemployment, and higher inflation, with the terminal rate projected to decrease to 3.4% from 3.6% [5]. - The current economic data indicates a shift in the Fed's focus towards stabilizing the labor market, with a cautious approach to future rate cuts [7][8]. Group 3: Market Reactions and Investment Opportunities - The anticipated continuation of rate cuts may lead to a revaluation of global assets, benefiting physical assets and precious metals, such as energy, metals, real estate, and gold [6]. - A weaker dollar could accelerate capital flows into emerging markets, particularly those benefiting from manufacturing shifts and resource exports [6]. - The Fed's cautious stance on rate cuts reflects a balancing act between achieving its dual mandate of maximum employment and price stability while navigating political pressures [8][9].

Group 1 - The Federal Reserve is expected to restart interest rate cuts after a 9-month pause, with a consensus leaning towards a 25 basis point reduction, although some institutions predict a 50 basis point cut [3][4][6] - Morgan Stanley and Allianz expect the Federal Reserve to lower the federal funds rate target range to 4.00% to 4.25% and anticipate a total of five rate cuts by Q1 2026, bringing the rate down to 3% to 3.25% [4][8] - The potential for political pressure from the Trump administration on the Federal Reserve's decision-making process is highlighted, which may influence future interest rate policies [8][12] Group 2 - Recent personnel changes at the Federal Reserve, including the confirmation of Stephen Miran, may impact decision-making dynamics within the FOMC, with potential dissent from hawkish members depending on the extent of the rate cut [6][7] - The upcoming FOMC meeting is expected to provide important signals regarding future monetary policy, particularly in relation to labor market data and inflation [10][11] Group 3 - The anticipated interest rate cuts are seen as beneficial for stock markets, with expectations of economic growth support and favorable conditions for equities [12] - Emerging markets and Asian stock markets have already reached new highs due to easing signals, with specific positive implications for Chinese A-shares and Hong Kong stocks driven by a weaker dollar and increased liquidity [13]