The Asia-Pacific stock markets experienced varying degrees of decline today, with A-shares hovering between ups and downs, and the atmosphere is exceptionally cautious.

1. Today's decline is not a sign of panic, but rather a rational warning from the most astute individuals who sense the risk of an overheated market—not panic, but a rational alert. However, for the Chinese market, the vast majority believe it has not yet overheated, as neither media headlines nor street conversations have formed a nationwide discussion trend.

2. The foreign exchange market has provided some signals: the US dollar index surged by 1% overnight (equivalent to a 2%-3% increase in the stock market, which is not a small signal), and today it has not retraced any of the gains, indicating that the risks have just begun to ferment. The rise of the dollar is largely driven by the plummet of the euro, which has fallen due to market distrust in the US-Europe trade agreement—one needs to pay attention to the possibility of changes in the US-Europe trade agreement. The initial 15% tax rate on Europe was somewhat reassuring, but it quickly became less optimistic. The leaders of France and Germany lament that this outcome will drag down economic growth, which has lowered the stock markets and bond yields across the entire European continent, while also impacting the euro.

In addition, the market had previously largely factored in the trade agreement, and now with the news coming out, there has been a 'sell the fact' operation.

3. Investors are also paying attention to the China-US economic and trade talks, which were held for more than five hours in Stockholm on Monday. The final news may come out before 5:00 AM Beijing time on Wednesday, with a potential period of high market volatility expected between 7:00-8:00 AM tomorrow.

The current market feels a bit like the last few hours before an exam: seemingly quiet, but even when hearing a joke, one cannot laugh. $BTC $ETH #币安Alpha上新