Good morning

After the opening plunge of US stock futures, the markets in Japan, South Korea, and Taiwan have also followed suit, experiencing a sharp decline. The global economy faces one of its most severe tests in recent years, and the US's reciprocal tariff policy may trigger a financial crisis. Be cautious of the potential systemic risks if US stocks experience a circuit breaker.

Next, pay attention to two signals:

1. Whether gold continues to fall. A drop in gold indicates that a large number of safe-haven assets are being offloaded to free up positions for buying the dip in US stocks and other risk assets like cryptocurrencies.

2. Monitor the progress of tariff negotiations. We will soon enter a negotiation process between various countries and the US. If negotiations go well, the market is likely to gradually stabilize. Don't be afraid of missing out; the bottom will also have to fluctuate for a period.