Core Insights - Global equity markets faced overall pressure, with significant performance divergence, particularly in Asia where Japanese and Korean markets excelled [1][2] - Precious metals, especially gold and silver, reached new highs, while oil prices declined [1][4] - The bond market showed a "bull steep" trend in China, while US bonds exhibited a "bull flat" trend, indicating differing yield curve behaviors [3] Group 1: Equity Market Performance - The MSCI global index fell by 1.3%, with developed markets underperforming compared to emerging markets, particularly in Asia [2] - The Nikkei 225 index surged by 7.0%, reaching a new high, driven by a weaker yen and optimistic policy expectations [2] - A-shares experienced a slight decline, with the Wande All A index down by 0.4%, while the KOSPI and KOSDAQ in South Korea rose by 5.4% and 2.1%, respectively [2] Group 2: Commodity and Currency Trends - The COMEX silver and gold prices increased significantly, with silver up over 60% and gold over 50% year-to-date [1][4] - The South China commodity index and CRB commodity index rose by 0.2% and 2.0%, respectively, with most major commodities showing gains except for WTI and Brent crude [4] - The US dollar index increased by 1%, while the Japanese yen depreciated by 2.2% against the dollar [4] Group 3: Bond Market Dynamics - In China, the yield curve showed a downward trend overall, with the long end (20-30 years) rising, indicating a "bull steep" characteristic [3] - The US bond market also saw a downward shift in the yield curve, with a narrowing 10Y-2Y spread, reflecting a "bull flat" trend [3] - As of October 12, the probability of a 25 basis point rate cut in October rose to 98.3%, with expectations for two rate cuts within the year [3]