Core Insights - Global financial markets experienced a significant downturn, with gold prices surging as a safe-haven asset, reaching a peak of $4038.6 per ounce on October 11 [1] - Major U.S. stock indices saw sharp declines, with the Dow Jones dropping by 1.9%, the Nasdaq plummeting by 3.56%, and the S&P 500 falling by 2.71% [1] - European stock markets also faced declines, with the Euro Stoxx 50 index down by 1.75%, and major indices in Germany, France, and Italy dropping over 1% [1] - Oil prices fell sharply, with WTI crude oil dropping over 4.24% and Brent crude oil declining by 4.62%, approaching year-to-date lows [1]

Core Viewpoint - The resignation of French Prime Minister Leclerc has intensified the political crisis in France, leading to market volatility and concerns over the government's ability to address pressing issues [1][8]. Group 1: Political Context - Leclerc's resignation comes less than a month after his appointment, marking him as the shortest-serving Prime Minister since the establishment of the Fifth Republic in 1958 [1]. - The French political landscape has been paralyzed since the 2024 elections failed to produce a party with an absolute majority, complicating governance [1][4]. - Leclerc's cabinet appointments were criticized for lacking significant changes, reflecting a continuation of Macron's pro-business stance, which has drawn ire from both left and right political factions [3][4]. Group 2: Economic Impact - Following Leclerc's resignation, the CAC40 index fell by 1.5%, and the euro depreciated by 0.66% against the dollar, indicating market instability [1]. - The yield on 30-year French government bonds surged to 4.441%, the highest in a month, before slightly retreating, highlighting investor concerns [1]. - The spread between French and German government bond yields reached 0.88 percentage points, nearing the highest level since the eurozone debt crisis, signaling heightened market anxiety [7]. Group 3: Social Unrest - France is experiencing widespread public discontent, with significant protests against government austerity measures, exacerbated by high inflation affecting lower-income groups [6]. - The political deadlock has led to calls for reform from various political leaders, with threats of no-confidence votes if changes are not made [4][6]. Group 4: Future Outlook - Analysts suggest that Macron may have limited options, potentially leading to the dissolution of the National Assembly or triggering new presidential elections, with the former being more likely [7]. - The ongoing political uncertainty is causing investors to adopt a cautious approach, complicating the investment landscape in Europe [7].

Group 1 - The core viewpoint of the article highlights the weakening U.S. employment data, which has led to an increase in expectations for interest rate cuts by the Federal Reserve [2][54][62] - The S&P 500 index rose by 0.3%, while the Hang Seng Index increased by 1.4% during the week [2][3] - The U.S. 10-year Treasury yield fell by 13.0 basis points to 4.1%, and the dollar index decreased by 0.1% to 97.74 [2][3] Group 2 - The article notes that the U.S. added only 22,000 jobs in August, significantly below the expected 75,000, with the unemployment rate rising to 4.3% [62][73] - The ADP reported an increase of 54,000 jobs in August, also below the expected 68,000 [62] - Job openings in July were reported at 7.181 million, lower than the expected 7.382 million, indicating a weakening demand in the labor market [62] Group 3 - The article discusses the performance of various sectors, with communication services, consumer discretionary, and healthcare sectors showing increases of 5.1%, 1.6%, and 0.3% respectively in the S&P 500 [7] - In the Hang Seng Index, healthcare, materials, and consumer discretionary sectors rose by 7.1%, 6.6%, and 3.6% respectively [10] - Conversely, energy, financials, and utilities sectors in the S&P 500 saw declines of 3.5%, 1.7%, and 1.1% respectively [7] Group 4 - The article highlights that the market is now shifting from rate cut expectations to recession trading due to the disappointing employment data [72] - The Federal Reserve's expectation for a 50 basis point rate cut in September has increased following the weak employment figures [54][62] - The article emphasizes the importance of upcoming CPI data and the potential for further adjustments in employment figures [54][62]

Market Overview - US stock market was closed on September 1 due to Labor Day holiday [1] - European major indices saw slight increases, with Germany's DAX up 0.57%, France's CAC40 up 0.05%, and UK's FTSE 100 up 0.1% [1] Commodity Prices - International precious metals futures generally rose, with COMEX gold futures up 0.84% at $3545.8 per ounce and COMEX silver futures up 2.46% at $41.725 per ounce [1] - US crude oil main contract increased by 0.94% to $64.61 per barrel, while Brent crude oil main contract rose by 1.01% to $68.16 per barrel [1] Currency and Metal Markets - At the New York close, the US dollar index fell by 0.18% to 97.68, and the offshore RMB against the US dollar decreased by 131 basis points to 7.1351 [1] - Most London base metals saw price increases, with LME lead up 0.80% at $2007.00 per ton, LME zinc up 0.50% at $2833.00 per ton, and LME nickel up 0.35% at $15475.00 per ton; however, LME copper fell by 0.27% to $9875.00 per ton [1] Bond Market - Eurozone bond yields generally increased, with the UK 10-year government bond yield rising by 3 basis points to 4.750%, France's by 2.5 basis points to 3.534%, Germany's by 2.2 basis points to 2.744%, Italy's by 2.2 basis points to 3.606%, and Spain's by 2.1 basis points to 3.349% [1]

Group 1 - Major European stock indices opened mostly higher, with the German DAX30 index rising by 0.38% [1] - The UK FTSE 100 index experienced a slight decline of 0.1% [1] - The French CAC40 index increased by 0.26%, while the Euro Stoxx 50 index rose by 0.41% [1]

Core Viewpoint - Major European stock indices opened collectively higher following the agreement between the US and EU on a 15% tariff rate [1] Group 1: Stock Market Performance - The German DAX30 index rose by 1.07% [1] - The UK FTSE 100 index increased by 0.41% [1] - The French CAC40 index saw a gain of 0.7% [1] - The European Stoxx 50 index climbed by 1.22% [1]

Market Performance - The German DAX30 index opened on July 23 with an increase of 256.27 points, representing a rise of 1.07%, reaching 24283.44 points [1] - The UK FTSE 100 index opened on July 23 with an increase of 44.04 points, representing a rise of 0.49%, reaching 9067.85 points [1] - The French CAC40 index opened on July 23 with an increase of 91.97 points, representing a rise of 1.19%, reaching 7836.38 points [1] - The Euro Stoxx 50 index opened on July 23 with an increase of 49.77 points, representing a rise of 0.94%, reaching 5340.25 points [1] - The Spanish IBEX35 index opened on July 23 with a decrease of 37.45 points, representing a decline of 0.27%, reaching 13984.85 points [1] - The Italian FTSE MIB index opened on July 23 with an increase of 338.85 points, representing a rise of 0.84%, reaching 40504.00 points [1]

Core Viewpoint - The global capital markets are experiencing a rare and unusual phenomenon where both stock markets and commodities are rising simultaneously, despite the decline in oil and gold prices [1][4][7]. Group 1: Stock Market Performance - Major global stock indices have seen significant increases, with the US stock market reaching historical highs after a downturn earlier in the year [1][4]. - The Shanghai Composite Index has stabilized above 3400 points, marking a new high for the year [1]. - European indices such as France's CAC40, Germany's DAX, and the UK's FTSE 100 have also shown positive performance [1]. Group 2: Commodity Market Trends - Commodities like copper, aluminum, and lead have experienced price increases, with copper prices surpassing $5 and aluminum reaching a three-month high [6][25]. - In contrast, oil and gold prices have declined, with Brent crude falling from $79 to $66 and gold dropping from 3452 to 3289 [8][9]. Group 3: Underlying Factors - The rise in global stock markets is closely linked to the depreciation of the US dollar, which has fallen from 101 to 97 since May [14][13]. - The US government's intention to weaken the dollar is aimed at reducing debt pressure and encouraging capital repatriation [16][15]. - The expectation of increased US debt and monetary easing by the Federal Reserve is driving market sentiment [22][21]. Group 4: Capital Flow Dynamics - The disparity in commodity price movements is influenced by US purchasing behavior, with the US prioritizing the accumulation of certain commodities while neglecting others like oil and gold [28][27]. - The capital flow towards commodities that the US is willing to stockpile indicates a strategic approach to manage future costs amid a weaker dollar [24][25]. Group 5: Future Outlook - The upcoming month of July is critical, with potential further interest rate cuts and significant legislative actions expected [35][34]. - The overall market sentiment is characterized by uncertainty, particularly regarding the credibility of the dollar and US debt [39][40]. - Despite the current stock market rally, there are concerns that it may be a prelude to a downturn, necessitating caution and preparation for potential risks [41][42].

Group 1 - The German DAX index fell by 0.48% [1] - The UK FTSE 100 index decreased by 0.31% [1] - The Euro Stoxx 50 index declined by 0.44% [1] Group 2 - The French CAC 40 index opened down by 0.55% [2]

Market Performance Summary - The German DAX30 index closed down by 130.17 points, a decrease of 0.55%, ending at 23325.30 points [1] - The UK FTSE 100 index closed up by 9.44 points, an increase of 0.11%, ending at 8843.47 points [1] - The French CAC40 index closed down by 27.61 points, a decrease of 0.36%, ending at 7656.12 points [1] - The European Stoxx 50 index closed down by 20.23 points, a decrease of 0.38%, ending at 5268.45 points [1] - The Spanish IBEX35 index closed up by 6.61 points, an increase of 0.05%, ending at 13914.81 points [1] - The Italian FTSE MIB index closed up by 24.78 points, an increase of 0.06%, ending at 39412.00 points [1]