Global Market Overview - The global markets experienced increased volatility this week, with most markets showing fluctuations. The US stock market rebounded after a significant drop last week, but faced volatility due to banking issues and tariff policy uncertainties, leading to a rise in the VIX index [1][2] - The TAMAMA Technology Index has a P/E ratio of 37.1, the Philadelphia Semiconductor Index at 51.5, and the Nasdaq Index at 42.9, indicating that US tech stocks remain historically overvalued [1][2] - The S&P 500 Shiller P/E ratio is at 39.79, close to the 40 high range, suggesting continued pressure for adjustment in the US market due to economic fundamentals and tariff uncertainties [1][2] US Market Performance - The S&P 500, Nasdaq, and Dow Jones Industrial Average all saw gains this week, with increases of 1.7%, 2.14%, and 1.56% respectively [2][12] - Within the S&P 500, the communications sector had the highest increase at 3.64%, while the financial sector had the smallest gain at 0.02% [12][16] Hong Kong Market Performance - The Hang Seng Index and the Hang Seng China Enterprises Index both declined, with drops of 3.97% and 3.7% respectively. The Hang Seng Technology Index fell by 7.98% [24][30] - The utilities sector was the only sector to show a gain, increasing by 1.38%, while the information technology sector saw the largest decline at 8.21% [28][30] Economic Data - In September 2025, the Eurozone CPI year-on-year growth rate was 2.2%, up from the previous 2% [2][46] - The Eurozone ZEW Economic Sentiment Index for October 2025 was -31.8, lower than the previous -28.8, indicating a decline in economic sentiment [40][46] - Japan's industrial production index year-on-year growth rate for October 2025 was -1.64%, down from -0.37% previously [42][46]