Group 1 - Recent hedge fund liquidations have led to an unusual decline in both stocks and gold, as institutions may need to sell off overvalued gold to meet margin calls for stock positions [1] - The U.S. has implemented a combination of tariffs, resulting in an overall tariff rate of 104% on Chinese goods, which has heightened recession fears and caused significant volatility in global stock markets [2][4] - Goldman Sachs indicates that the current market is in an "event-driven" bear market, with risks of evolving into a "cyclical" bear market, and suggests that further valuation adjustments are necessary before a new bull market can begin [4] Group 2 - The recent volatility in the market has prompted institutional investors to adopt a strategy of reducing positions and raising cash for potential future buying opportunities [5] - Gold prices have experienced a significant pullback, dropping over 5% to below $3,000 per ounce, as hedge fund liquidations have led to the selling of traditionally safe assets [6][7] - UBS forecasts that gold prices could reach $3,200 per ounce, and potentially $3,500 if trade-related or geopolitical risks escalate, highlighting a strong long-term outlook for gold [7][8] Group 3 - The foreign exchange market has been volatile, with most emerging market currencies depreciating against the dollar, and the offshore RMB briefly surpassing the 7.4 mark against the dollar [9] - Barclays predicts that if the RMB's effective exchange rate depreciates by about 9%, it could offset the impact of new tariffs on exports, while the central bank will manage the pace of depreciation [10]