Recent weeks have seen several noteworthy turning signals in the global financial markets.

The Federal Reserve's easing expectations are gradually heating up—there are still two more rate cuts possible next year. As soon as this news broke, the global bond market immediately rebounded, and institutional investors began adjusting their allocations. Meanwhile, corporate bankruptcy data reached a 15-year high, indicating that the financing environment is indeed tightening, and investors' risk appetite is also declining.

Interestingly, the US dollar index is weakening and may record its worst annual performance in over a decade. Against this backdrop, metal prices are collectively rising, and the commodity markets are showing clear inflation trading signals. However, caution is warranted as profit pressures in the industrial sector are increasing, and outlooks for some major industries are being adjusted—for example, some automotive industry insiders expect a significant decline in global demand for lithium batteries by early 2026.

For traders, this is a market environment characterized by ample liquidity but risk divergence, and the weakness of the dollar may present opportunities for alternative assets.