Group 1 - The article discusses the challenges faced by retail investors in the stock market, highlighting that they are often unable to influence market movements and frequently incur losses [2] - A retail investor shares strategies to avoid being exploited by market leaders, emphasizing the importance of not chasing high prices or participating in popular stocks unless already invested [4] - The article notes that retail investors can avoid the traps set by market leaders by resisting the temptation to follow trends and instead focus on rational decision-making [6] Group 2 - The evolution of retail investors over decades is seen as a positive development, contributing to a more regulated and stable capital market [8]

Market Performance - The Japanese and South Korean stock markets performed strongly last week, with energy, technology, and defensive sectors showing varied performance across different markets [1] - The MSCI Global index decreased by 0.3%, with MSCI Developed down by 0.3% and MSCI Emerging remaining flat [1] - International crude oil prices continued to rise, while the German 10Y government bond yield saw the largest increase [1] Trading Sentiment - Global stock market trading volume showed divergence, with increased trading volume in European and American markets, while Hong Kong's Hang Seng Index saw a decrease in trading volume [1] - Investor sentiment in Hong Kong improved, reaching historically high levels, while sentiment in the US also rose to historical highs [1] - Volatility decreased in Hong Kong, US, and Japanese markets, while European market volatility increased [1] Earnings Expectations - Global stock market earnings expectations were mostly revised downwards last week, with European stocks showing the best marginal change [2] - The earnings per share (EPS) forecast for the Hang Seng Index was revised down from 2234 to 2231 for 2025 [2] - The EPS forecast for the Eurozone STOXX50 index was revised up from 345 to 346 for 2025 [2] Economic Expectations - Economic expectations showed mixed changes globally, with the US economy showing signs of weakness and European economic trends improving [2] - The Citigroup Economic Surprise Index for the US fell significantly, influenced by the Federal Reserve's hawkish stance and trade negotiation challenges [2] - The Economic Surprise Index for Europe increased slightly due to strong economic data and progress in trade negotiations [2] Capital Flows - Global macro liquidity showed marginal improvement last week, with central banks in the US, Japan, and the UK maintaining interest rates, while Switzerland and Norway cut rates by 25 basis points [3] - The futures market implied a market expectation of 2.1 rate cuts by the Federal Reserve within the year [3] - Capital primarily flowed into the US, China, and Japan, with continued inflows into Hong Kong [3]

Group 1 - The German stock market is perceived to be overly optimistic regarding economic growth prospects according to American bank strategists [1] - The team led by Sebastian Raedler anticipates that the German stock market will underperform the broader market due to weakening global growth momentum [1] - Following a strong performance in recent weeks, the outlook for European stocks remains negative, with a shift in investment strategy favoring larger, more established companies over small-cap stocks [1]