According to a report by TechFlow on Deep Tide, on May 15, CICC pointed out that the 'three kills' of U.S. stocks, bonds, and the dollar have reappeared, reflecting changes in the inflation environment and the dollar cycle. The safe-haven ability of safe assets in dollar assets has decreased, making it difficult to hedge against losses in risk assets.
With the internal allocation of dollar assets unable to effectively diversify risks, attention should be paid to the possibility of a prolonged and recurring 'three kills'. The safe-haven ability of U.S. Treasuries in dollars has declined, and safe assets are scarce, increasing the value of gold allocation. The uncertainty regarding U.S. stocks has increased, and the attractiveness of non-U.S. risk assets has risen, while Central and Eastern European stocks may demonstrate resilience.