UK cuts interest rates by 25 basis points. Tomorrow night, the non-farm payroll expectations are far lower than previous values, and the US job market is grim, which is favorable for rate cuts. However, under the current circumstances, the positive impact on the stock market should be limited. The root cause of the recent sharp decline in the stock market is the trade war initiated by Trump, which was launched in a rough, intense, and multi-faceted manner as soon as he took office, and is bound to have a severe impact on inflation, leading to repeated downward adjustments in market expectations for rate cuts. Compared to this month's non-farm payroll, next week's CPI will have a more direct impact on the market.