Group 1 - The US stock market reached a historical high this week, but there are concerns about a potential pullback if the Federal Reserve signals a dovish stance at the Jackson Hole Economic Symposium [1] - Investors are heavily investing in high-risk assets such as stocks, cryptocurrencies, and corporate bonds, betting on interest rate cuts to support a weak job market and alleviate US debt pressure [1] - Michael Hartnett's strategy team emphasizes a preference for international stocks over US equities, a strategy that has been validated by market performance this year [1] Group 2 - The S&P 500 index recently hit a record high, driven by tech giants and supported by moderate CPI data, with a 92% probability of a rate cut in September indicated by interest rate swap contracts [2] - The S&P 500 index has risen nearly 30% since its low in April, and there was a net inflow of $21 billion into US stock funds in the week ending August 13, reversing the previous week's outflow of $28 billion [2] - Hartnett warns of stock market bubble risks, suggesting that gold, commodities, cryptocurrencies, and emerging market assets will benefit the most as investors seek inflation-hedged assets and hedge against a weakening dollar [2]

Group 1 - Investors are withdrawing from the US stock market due to concerns over high tariffs potentially suppressing economic growth, with nearly $28 billion redeemed from US equities as of the week ending August 6 [1] - Cash funds have seen an influx of approximately $107 billion, marking the largest inflow since January [1] - Global equity markets experienced a capital outflow of $41.7 billion, attributed to an "abnormal clearing outflow" from three UK-registered funds on July 31 [1] Group 2 - The S&P 500 index's record rally has stalled as signs of a slowdown in the US labor market emerge, coinciding with the implementation of comprehensive new tariffs by President Donald Trump [1] - The average tariff rate has risen to 15.2%, significantly higher than last year's 2.3%, reaching the highest level since World War II [1] - Market focus is shifting towards the Federal Reserve, with swap markets anticipating a rate cut of about 100 basis points by mid-2026 [3] Group 3 - Most clients of the bank expect a "Goldilocks" scenario where the economy neither overheats nor cools down, with anticipated rate cuts expected to boost the stock market [3] - The bank's strategist accurately predicted that international equities would outperform US stocks earlier this year, but has recently warned of rising bubble risks in the stock market due to easing monetary policy and financial regulation [3]