Core Viewpoint - The article highlights a positive shift in market sentiment, driven by easing geopolitical tensions and strong performances in global stock markets, particularly in the U.S. and Asia [1][2][3]. Market Performance - Asian markets saw a collective rise, with the South Korean KOSPI index surpassing 5000 points for the first time, reaching a peak of 5019.54 points before closing at 4983 points, up 1.49% [1][3]. - The Japanese Nikkei 225 index also increased by over 1%, with significant gains in semiconductor-related stocks [3]. - U.S. markets experienced a broad rally, with the Dow Jones, S&P 500, and Nasdaq all rising by more than 1% [2][4]. Sector Highlights - In the U.S., large technology stocks performed well, with Intel rising over 11% and AMD increasing by over 7% [4]. - Semiconductor stocks, including SanDisk and Western Digital, saw substantial gains, reflecting strong investor interest in the sector [4]. Geopolitical Context - The easing of tensions regarding Greenland between the U.S. and Europe contributed to a reduction in market volatility, with President Trump indicating that military action was not being considered [5][6]. - Trump's comments on economic growth and stock market performance suggest a bullish outlook, with expectations of significant market gains in the future [6].

Group 1 - Global stock funds recorded the largest weekly net inflow in 15 weeks, amounting to $45.59 billion, as investors pushed global markets close to historical highs, continuing last year's upward momentum [1][4] - The MSCI global index rose by 20.6% last year and reached a new high that week, with a year-to-date increase of approximately 2.4% [4] - U.S. stock funds saw a net inflow of $28.18 billion, marking the highest weekly inflow in two and a half months, leading regional fund inflows [4] Group 2 - Global bond funds had a net inflow of $19.03 billion, remaining stable compared to the previous week's $19.12 billion [7] - Money market funds experienced a net outflow of $67.15 billion, with total redemptions of $250 billion over the past two weeks [10] - Emerging market assets were favored, with $5.73 billion flowing into emerging market equity funds, the highest weekly inflow since October 2024 [10]

Group 1 - The core viewpoint of the article is that global stock markets are expected to continue rising in the coming year due to corporate earnings growth and the Federal Reserve's accommodative monetary policy [1] - The report indicates that the 12-month stock return forecast, weighted by regional market capitalization, suggests a return of 13% in US dollar terms for 2026, which includes a total return of 15% when dividends are accounted for [1]

Core Viewpoint - The global stock market is expected to rise further, supported by potential interest rate cuts in the U.S. and fiscal measures in Europe, Japan, and China, which will boost the global economy and stock markets [1] Group 1: Global Economic Outlook - The report indicates that emerging markets are showing strong signals for growth [1] - A divergence in central bank policies is leading to a weaker U.S. dollar, which, combined with improved global growth and reduced inflation pressures in emerging markets, is likely to benefit emerging market assets in the coming year [1] Group 2: U.S. Monetary Policy - The anticipated interest rate cuts by the Federal Reserve in 2026 may create additional room for emerging market central banks to lower rates, stimulating domestic demand and boosting stock markets [1]

Market Review - Spot gold prices have surpassed $3840 per ounce, reaching a new high [6] - On September 29, US major stock indices experienced slight gains, with the Dow Jones up 0.15% at 46316.07 points, S&P 500 up 0.26% at 6661.21 points, and Nasdaq up 0.48% at 22591.15 points [6] - European stock indices also saw minor increases, with Germany's DAX up 0.02% at 23745.06 points, France's CAC40 up 0.13% at 7880.87 points, and the UK's FTSE 100 up 0.16% at 9299.84 points [6] International Macro - US President Trump met with congressional leaders on September 29 to discuss avoiding a government shutdown, with significant disagreements noted by Senate Democratic leader Chuck Schumer [7] - The US federal government is set to run out of funding by midnight on September 30, risking a government shutdown if no agreement is reached on funding legislation [7] - The Bureau of Labor Statistics (BLS) has announced that it will halt data collection and not release planned reports, including the monthly non-farm payroll report, if funding is interrupted [7] Corporate News - On September 29, DeepSeek-V3.2-Exp model was officially released and open-sourced on the Hugging Face platform, introducing a sparse attention mechanism for improved efficiency in training and inference of long texts [8] - OpenAI plans to release the new Sora 2 video generator as a standalone application, which may generate videos containing copyrighted content unless rights holders opt out [8] Institutional Views - Goldman Sachs analysts predict that global stock markets are likely to continue rising until the end of the year, supported by strong US economic performance and favorable stock valuations [9] - The team led by Christian Mueller-Glissmann has upgraded the global stock market allocation rating to "overweight" for the next three months, suggesting that stocks typically perform well in the later stages of economic slowdown with strong policy support [9]