Market Performance - The Asia-Pacific stock markets experienced widespread declines, with the Nikkei 225 index falling by 1.66% to 37,335.70 points, where 124 stocks dropped over 1% and only 7 stocks rose over 1% [1] - The Korean Composite Index decreased by 0.16% to 2,693.22 points, with 251 stocks declining over 1% and 134 stocks increasing over 1% [1] - The Australian S&P 200 index fell by 0.19% to 8,419 points, while the New Zealand market was closed due to a holiday [2] Sector Performance - In the Hong Kong market, the Hang Seng Index dropped by 1.77%, with the Hang Seng Technology Index expanding its decline to 2% [2] - The pharmaceutical, real estate, and energy sectors in Hong Kong showed significant declines, with Meizhong Jiahe falling over 14% and Stone Four Pharmaceutical Group dropping nearly 11% [2] - The FTSE China A50 index futures saw an increased decline of 2% [3] Commodity Performance - Gold prices opened higher, with COMEX gold surpassing the $3,300 mark [4]

Group 1 - The core viewpoint is that the US dollar is entering a prolonged downtrend, with foreign investors reassessing the risk-reward profile of dollar-denominated assets as US Treasury and stock prices decline [1][2] - Kamakshya Trivedi believes that the dollar will continue to weaken, with the trend expected to deepen, particularly against the euro and potentially the yen [2] - Trivedi highlights that the risk of recession in the US is exceptionally high, leading foreign investors to reevaluate the prospects of US assets, including stocks [2][3] Group 2 - The recent surge in gold prices, reaching an inflation-adjusted historical high of over $3,500 per ounce, indicates a shift away from dollar assets towards safer investments [3][5] - Central bank demand for gold is rising, suggesting a desire to diversify away from dollar assets, with Goldman Sachs raising its year-end gold price forecast to $3,700 per ounce due to stronger-than-expected demand [5][6] - If central bank purchases average 100 tons per month, gold prices could reach $3,810 per ounce by the end of 2025, with potential ETF inflows pushing prices even higher [6]