---
title: "Breakfast | Three major indices rose, with the Nasdaq up over 1%, and cryptocurrencies surged"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/277846624.md"
description: "In February, the ADP employment figures and the ISM services PMI in the United States both strengthened, leading to an increase in the three major indices, with the Nasdaq rising over 1%. Cryptocurrencies surged, with Bitcoin rising nearly 8% and Ethereum briefly soaring nearly 12%. Precious metals saw slight increases, with both gold and silver rising over 1%"
datetime: "2026-03-05T00:10:29.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/277846624.md)
  - [en](https://longbridge.com/en/news/277846624.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/277846624.md)
---

> Supported Languages: [简体中文](https://longbridge.com/zh-CN/news/277846624.md) | [繁體中文](https://longbridge.com/zh-HK/news/277846624.md)


# Breakfast | Three major indices rose, with the Nasdaq up over 1%, and cryptocurrencies surged

## Market Overview

**Strong U.S. economic data, along with easing price pressures, temporarily overshadowed the gloom brought by the Middle East situation.** U.S. stocks rose, with the Nasdaq gaining over 1% supported by technology stocks. The consumer discretionary and utilities sectors led the gains, while the energy and materials sectors lagged behind. Software stocks rebounded for the third consecutive day, and North American technology software ETFs rose nearly 2%.

**U.S. Treasury bonds fell for three consecutive days,** with the 10-year yield rising by 3.8 basis points and the 2-year yield increasing by 4.7 basis points. The U.S. dollar fell by 0.26%.

Cryptocurrencies surged, with **Bitcoin rising by 7.8%, strongly breaking through $73,000, and Ethereum briefly soaring nearly 12%.**

Precious metals saw slight increases, with **gold rising by 1%** to around $5,140. **Spot silver rose by 1.78% after a brief pullback.** Bessenet pledged to secure the Persian Gulf, and **oil prices saw their first intraday decline after the outbreak of the U.S.-Iran war**, although they ultimately still rose.

During the Asian session, the Shanghai Composite Index fell by 1%, slipping below 4,100 points, with PetroChina becoming the champion of A-share market capitalization. Power grid equipment surged against the trend, while the Hang Seng Index fell by over 2%, with tech stocks broadly declining.

## Key News

> **China**
> 
> The **14th National Committee of the Chinese People's Political Consultative Conference** opened, with **Xi Jinping** and other party and state leaders attending the opening meeting. **At the NPC press conference**: **The key to technological development lies in core technology being independently controllable, and we will continue to expand domestic demand and formulate a childcare service law.**
> 
> **China's February official manufacturing PMI** was 49, and the non-manufacturing PMI was 49.5. **China's February RatingDog manufacturing PMI** surged to 52.1, driven by both domestic and external demand, with **the growth rate of new export orders reaching a five-year high.**
> 
> **COSCO Shipping**: Due to the escalation of conflicts in the Middle East, **new bookings for related routes will be suspended starting today.**
> 
> **Moxi Co., Ltd.** expects Q1 revenue to increase by 25%-87% year-on-year, with **non-recurring net profit losses narrowing by 4.00%-77.14%.**
> 
> **Overseas**
> 
> The **U.S. Senate** failed to pass a vote to halt Trump's actions against Iran. **U.S. Defense Secretary** stated that **the U.S.-Iran conflict may last for eight weeks or longer**, while **Iran** denied seeking negotiations. **Wang Yi** stated that China will send a special envoy for Middle East issues to the region for mediation. **Iran has confirmed candidates for the Supreme Leader**, and **Israel** stated that any new leader will become a "target for elimination." **U.S. ammunition stocks are running low**, and Trump will convene defense industry giants at the White House this week to discuss accelerating weapon production. After Hormuz, **tankers in the Mediterranean** have also been attacked.
> 
> **U.S. Treasury Secretary Bessenet**: **A 15% global tariff may be implemented this week, pledging to secure the Persian Gulf**, hinting at more measures to come. The shipping industry questions the commitment to security.
> 
> The Middle East conflict has led to flight cancellations in Dubai, with **20% of global gold logistics potentially disrupted**, and **silver** also being impacted.
> 
> **U.S. military** reportedly used **Claude AI** for airstrikes in Iran, responsible for intelligence assessment and target identification, with **experts issuing stern warnings.**
> 
> **Putin** stated that he is considering actively cutting off gas supplies to Europe, and Russia remains a reliable energy supplier to all partners.
> 
> **U.S. February ADP** employment increased by **63,000**, the highest in three months. **U.S. February ISM Services PMI** reached a new high since mid-2022, with a rare surge in the backlog index.
> 
> AI revenue doubled, supporting **Broadcom**'s record high revenue last quarter, with guidance for this quarter also exceeding expectations, planning to repurchase up to $10 billion.
> 
> After soaring again after a month, reports indicate that **Samsung Electronics** has raised its Q1 **DRAM** price increase forecast from 70% to **100%**. Severe supply-demand imbalance, with **Nand** flash memory expected to increase by 90% in the first quarter.
> 
> **Apple** launched the most affordable laptop MacBook Neo, priced under 4600 yuan, entering the low-end PC market for the first time with an iPhone chip.
> 
> **Jensen Huang**: The $30 billion investment in OpenAI is "likely the last time," ruling out the possibility of a $100 billion investment.

## Market Closing Report

**U.S. and European Stock Markets**: The S&P 500 index rose by 0.78%, closing at 6869.50 points. The Dow Jones increased by 0.49%, closing at 48739.41 points. The Nasdaq rose by 1.29%, closing at 22807.484 points. The European STOXX 600 index closed up 1.37%, at 612.71 points.

**A-shares**: The Shanghai Composite Index closed at 4082.47 points, down 0.98%. The Shenzhen Component Index closed at 13917.75 points, down 0.75%. The ChiNext Index closed at 3164.37 points, down 1.41%.

**Bond Market**: The yield on the U.S. 10-year Treasury rose by 2.69 basis points, at 4.0862%, with a cumulative increase of 14.88 basis points over the last three trading days. The yield on the two-year U.S. Treasury rose by 2.49 basis points, at 4.0843%.

**Commodities**: WTI crude oil rose by 1.6%, and Brent crude oil rose by 0.7%. COMEX gold futures rose by 0.50%, at $5149.20 per ounce. COMEX silver futures rose by 0.15%, at $83.600 per ounce.

## Key News Details

**Global Highlights**

**China**

The 14th National Committee of the Chinese People's Political Consultative Conference (CPPCC) opens, with Xi Jinping and other party and state leaders attending the opening meeting**.** The opening meeting of the 14th CPPCC reviewed and approved the agenda for the fourth session of the 14th National Committee of the CPPCC. Wang Huning, Chairman of the CPPCC, delivered a work report on behalf of the Standing Committee of the 14th National Committee of the CPPCC National People's Congress Press Conference: The key to technological development lies in core technology being self-controlled and independent, insisting on expanding domestic demand, and formulating a childcare service law. Lou Qinjian, spokesperson for the Fourth Session of the 14th National People's Congress, stated that this year will adhere to the strategic basis of expanding domestic demand, vigorously boost consumption, and promote the construction of a strong domestic market. This year, the Standing Committee of the National People's Congress will supervise the construction of a unified domestic market and solidly promote comprehensive rural revitalization, among other aspects, and formulate laws on social assistance, medical security, and childcare services, to push for more resources to be invested in people's livelihoods, allowing the public to consume, dare to consume, and be willing to consume. The innovation and development of technology hinge on core technology being self-controlled and independent.

China's February official manufacturing PMI at 49, non-manufacturing PMI at 49.5. China's February RatingDog manufacturing PMI surged to 52.1, with both domestic and external demand gaining momentum, and new export orders growing at the fastest pace in over five years.

-   China's February manufacturing PMI fell to 49.0% due to the extended Spring Festival holiday, returning to the contraction zone, with small and medium-sized enterprises particularly impacted. **However, high-tech manufacturing expanded against the trend to 51.5%, and the service sector saw strong holiday consumption**, with industries such as catering, accommodation, and entertainment soaring above 60%. The business production and operation expectation index rose to 53.2%, indicating sustained market confidence in post-holiday recovery.
-   China's February RatingDog composite PMI rose to 55.4, reaching a 33-month high. Among them, the manufacturing PMI (52.1) and service PMI (56.7) both rebounded significantly. The core increment of this month's data lies in "order explosion" and "restoration of bargaining power": new export orders in manufacturing recorded the highest growth rate since September 2020; service sector sales prices increased at the fastest rate in 21 months, alleviating marginal pressure on corporate profits.
-   Guolian Minsheng Securities believes that the February manufacturing PMI experienced a seasonal decline due to the Spring Festival, but the drop was smaller than expected. After excluding disturbances, the economic climate has actually improved. The beginning of the year shows structural "temperature differences": first, price indicators are diverging, with factory prices showing resilience; second, export orders fell more than expected, putting pressure on small enterprises; third, in the non-manufacturing sector, the construction industry's work stoppage and the service sector's consumption recovery are offsetting each other.

COSCO Shipping: With the escalation of conflicts in the Middle East, new booking services for related routes are suspended starting today**.** The escalation of the US-Iran conflict impacts global shipping, and COSCO Shipping announced on March 4 that it would suspend new booking services for multiple countries in the Persian Gulf, involving key ports in the UAE (excluding Fujairah and Khor Fakkan), Qatar, Iraq, and others AI computing power continues to explode! Muxi Co., Ltd. expects Q1 revenue to increase by 25%-87% year-on-year, with non-recurring net profit loss narrowing by 4.00%-77.14%. Muxi Co., Ltd. disclosed its Q1 2026 performance forecast, expecting revenue of 400 million to 600 million yuan, a year-on-year increase of 24.84% to 87.26%, achieving a leap from 320 million yuan in the same period last year. Profit quality is also improving, with net profit attributable to the parent narrowing its loss to 90.76 million to 182 million yuan, a year-on-year reduction of 22% to 61%; non-recurring net profit loss narrowed by 4% to 77%. The performance growth is mainly driven by the high prosperity of the AI industry, with continuous improvement in downstream customer recognition.

**Overseas**

U.S. Senate fails to pass vote to stop Trump's military action against Iran. On March 4 local time, a majority of U.S. senators supported President Trump's military actions against Iran, voting 47 in favor and 52 against a bipartisan resolution aimed at stopping airstrikes and requiring any hostile actions against Iran to be authorized by Congress.

U.S. Defense Secretary says U.S.-Iran conflict may last eight weeks or longer, Iran denies seeking negotiation reports, Wang Yi states China will send a Middle East envoy to mediate in the region. The U.S. Defense Secretary stated that the U.S. and Israel plan to "completely control" Iranian airspace within a week; NATO's interception of Iranian missiles will not trigger collective defense clauses; U.S. submarines sank an Iranian warship in the Indian Ocean. The U.S. military claims to have attacked over 20 Iranian vessels. The White House stated that over 2,000 Iranian targets have been struck, **with no plans to deploy ground troops**. An assistant to Khamenei stated there is no intention to negotiate with the U.S., and they can fight as long as they want, similar to the Iran-Iraq War; Iran has completed 17 rounds of strikes against the U.S. and Israel, claiming over 500 U.S. soldiers have died and three U.S. "THAAD" missile defense systems have been destroyed. NATO condemned Iran's attack on Turkey, marking the first interception of Iranian missiles heading towards member countries since the conflict began; the UK reportedly has not ruled out joining military action against Iran, while the German Defense Minister stated that the German military will not participate. Spain denied agreeing to military cooperation with the U.S. A cargo ship flying the Maltese flag was attacked by missiles near the Strait of Hormuz.

Iran identifies candidates for Supreme Leader! Israel: Any new leader will become a "target for elimination". Iran has identified several candidates for the Supreme Leader and will soon select the new Supreme Leader. Israeli Defense Minister Katz threatened, "No matter what his name is or where he is, he will become an indisputable target for elimination."

Iran "has long had a plan": a long-term war expanded to the entire Middle East? Iran claims to be prepared for a "long-term war" and refuses to negotiate Some media reports indicate that Iran is implementing a systematic strike plan personally devised by Supreme Leader Ali Khamenei before his death, aimed at spreading war in the Middle East and disrupting global markets, in order to pressure the United States and Israel to cease their attacks. However, the Iranian Foreign Ministry stated that the current military actions are defensive and not aimed at neighboring countries.

U.S. ammunition stockpile is running low! Trump will convene defense giants at the White House this week to discuss accelerating weapon production. After the U.S. military took action against Iran, the ammunition stockpile has sharply dwindled, prompting the White House to urgently gather defense giants like Lockheed Martin to pressure for increased production, while the Pentagon is simultaneously planning a supplemental budget of about $50 billion. Trump has just publicly claimed that the U.S. has "almost unlimited" ammunition.

After Hormuz, tankers in the Mediterranean have also been attacked. The U.S.-Iran conflict continues to escalate, with the Strait of Hormuz blocked and tensions rising in the Mediterranean. A Russian LNG tanker exploded in waters south of Malta, reportedly due to a drone attack, with Ukraine suspected to be the mastermind behind it. Three tankers in the Mediterranean have already been damaged, and shipping safety has sharply deteriorated. Under this dual impact, energy volatility (OVX) has surged to levels second only to the 2020 negative oil price crisis, with the market pricing in a broader supply disruption. Although Trump has promised to provide escort, the effectiveness of this commitment remains in doubt.

U.S. Treasury Secretary Yellen: A 15% global tariff may be implemented this week, and "marine insurance" will stabilize oil transport in the Persian Gulf. Yellen stated that the U.S. will provide insurance for vessels in the Persian Gulf and will contact shipowners in the coming days. The 15% global tariff rate will take effect this week, and the tariff rate will return to the level prior to the Supreme Court's rejection of Trump's reciprocal tariffs within five months.

-   After the outbreak of the U.S.-Iran war, oil prices have shown a decline for the first time: Yellen promises to escort the Persian Gulf, hinting at more measures to come. Since the outbreak of the U.S.-Iran conflict, international oil prices saw their first decline on Wednesday, ending a two-day surge of over 11%. Treasury Secretary Yellen stated that the White House will introduce a series of measures to ensure the safety of oil transportation in the Persian Gulf. This has alleviated market concerns about supply disruptions; as of the time of writing, WTI crude oil fell 1.48% to $73.46, and Brent crude oil fell 1.3% to $80.34. Although passage through the Strait of Hormuz remains stalled, policy signals have temporarily eased market sentiment.
-   The shipping industry questions Trump's escort promise: Are there enough warships? Is the insurance reliable? Several shipowners expressed uncertainty about whether the U.S. military has enough vessels to escort ships while maintaining operations against Iran; they remain cautious about tying their fate to the policy-volatile U.S. government The Middle East conflict causes flight cancellations in Dubai, 20% of global gold logistics may be interrupted, and silver is also impacted! The Middle East conflict severely hits the global precious metals supply chain: flight cancellations in Dubai have significantly obstructed cross-border gold transportation, with gold prices in India rebounding from a discount of $50 to align with London prices within a week. The impact on silver may be even greater than that on gold, with "obstructed exports" in London worsening. Analysts warn that **if the situation drags on, supply gaps and price premiums in Asia will be unavoidable.**

U.S. military reportedly uses Claude AI for airstrikes in Iran, responsible for intelligence assessment and target identification, experts issue stern warnings. From forcibly controlling Maduro to airstrikes in Iran, AI is quietly intervening in real battlefield decision-making. The U.S. military utilized Claude for target identification in the airstrike against Iran, prompting the Pentagon to demand "unrestricted access," which Anthropic firmly refused. This reliance on unreliable technology is raising severe concerns: academic simulations show that AI tends to resort to nuclear weapons in 95% of high-risk games. **Experts sternly warn: "Society has yet to decide whether to allow machines to adjudicate human life and death."**

Putin claims to consider proactively cutting off gas to Europe, Russia remains a reliable energy supplier to all partners. Putin stated that since the EU will eventually ban imports of Russian gas, it would be better for Russia to proactively "cut off gas" to Europe, stopping supplies to the European market and turning to emerging markets instead. In contrast, earlier that day, against the backdrop of a 75% surge in natural gas prices, the EU may reconsider the ban on Russian gas imports.

The small non-farm payrolls exceeded expectations, U.S. ADP employment increased by 63,000 in February, the highest in three months. Federal Reserve officials have become more confident in the stability of the employment outlook, but increasing inflationary pressures are further delaying the interest rate cut timeline. Traders currently expect the Fed to initiate the next rate cut as early as July, and the probability of a second rate cut this year has also decreased.

U.S. ISM Services Index hits a new high since mid-2022 in February, backlog index sees a rare surge. The U.S. ISM Services Index rose to 56.1 in February, jumping 2.3 points from the previous month, reaching a new high since mid-2022, exceeding expectations. The new orders sub-index climbed to 58.6, the highest in over a year; the backlog index surged by 11.9 points in a single month, recording an unprecedented increase, reaching its highest level in nearly four years AI revenue doubles, supporting Broadcom's record high revenue last quarter, with guidance exceeding expectations and plans to repurchase up to 10 billion. In the first fiscal quarter, Broadcom's total revenue increased by 29% year-on-year, with AI revenue nearly doubling to $8.4 billion, surpassing the company's guidance. Software business revenue only grew by 1%. In the second fiscal quarter, AI revenue is expected to reach $10.7 billion, a year-on-year increase of 143%. Broadcom anticipates total revenue in the second fiscal quarter to increase by 47% year-on-year to $22 billion, exceeding analysts' average expectations by over 7%. During the conference call, it was mentioned that **next year, Anthropic will bring a demand for 3GW of computing power, OpenAI will deploy chips in bulk, and Meta's custom chip roadmap is progressing well**. **After initially turning down in after-hours trading, the stock price rose over 5%.**

After a month of soaring again, reports: Samsung Electronics Q1 DRAM price increase adjusted from 70% to 100%. Samsung Electronics' Q1 DRAM price increase has been finalized at over 100%, expanding about 30 percentage points from the 70% level negotiated a month ago. According to South Korean media reports, some overseas customers have completed payments, and the supply negotiation cycle has been compressed from annual to quarterly and even monthly. This round of price increases is driven by the AI investment boom, which has squeezed HBM capacity, leading to limited supply of general DRAM while demand remains strong. SK Hynix and Micron are following with similar price increases, establishing a collective price increase situation among the three major manufacturers, with the upward trend expected to continue into the second quarter.

Severe supply-demand imbalance, NAND flash prices expected to rise by 90% in Q1. The explosive demand for AI infrastructure combined with the effect of HDD shortages has continued to exacerbate the supply-demand imbalance in the NAND flash market. The latest data from TrendForce indicates that flash memory prices are expected to increase by as much as 85% to 90% in the first quarter of 2026, with the combined revenue of the five major manufacturers in Q4 reaching $21.17 billion. With no hope for capacity expansion and AI demand remaining strong, this price increase feast may continue throughout the year.

Apple launches the most affordable laptop MacBook Neo, priced under 4600 yuan, entering the low-end PC market for the first time with iPhone chips. **For the first time in decades, Apple is actively entering the low-end laptop market**, directly challenging Microsoft Windows PCs and Google Chromebooks. The MacBook Neo features a 13-inch Liquid Retina display and uses the same A18 Pro processor as the iPhone 16 Pro, with AI processing speeds reportedly three times that of some laptops in the same price range. The battery life is 16 hours, starting at $599, and Apple rarely offers color options such as peach pink, targeting young consumers Jensen Huang: The $30 billion investment in OpenAI may be the "last time," ruling out the possibility of a $100 billion investment. NVIDIA CEO Jensen Huang stated at the Morgan Stanley conference that NVIDIA's $30 billion investment in OpenAI may be the last large-scale equity opportunity, as OpenAI plans to go public within the year. Previously, both parties had agreed on a cumulative investment cap of $100 billion, but that agreement was shelved in January this year. **Jensen Huang also rebutted the "AI bubble theory," emphasizing that the deployment of computing power has already brought substantial benefits, and the industry is still at the starting point of a growth cycle.**

**Research Report Highlights**

Will Trump TACO for the stock market? Wall Street is not too optimistic this time. Wall Street strategists are warning in unison: this time, don't expect Trump to compromise to save the market. War is different from tariffs—once it starts, it has its own momentum, and the White House finds it hard to "turn off the switch." Rising oil prices threaten inflation and suppress interest rate cut expectations, combined with doubts about AI prospects and slowing employment, putting pressure on U.S. stocks. Analysts bluntly state that U.S. stocks need to fall at least 10% to 15% to truly trigger Washington's nerves.

Goldman Sachs CEO Solomon: The market's mild reaction to Iran is surprising, and it may take a few weeks to truly digest. Solomon stated that the market needs a few more weeks to truly digest the impact of this conflict, as everything happening will have a cumulative effect and may lead to a stronger reaction. The U.S. endorsement of shipping security in the Strait of Hormuz is currently one of the key factors supporting market sentiment.

Why haven't oil prices risen to $100 despite the "actual closure" of the Strait of Hormuz and attacks on Middle Eastern energy facilities? With 150 oil tankers stranded in the Strait of Hormuz and attacks on Qatar's LNG plants, the "worst-case scenario" has already unfolded, yet oil prices have only risen 30% to $85, with the $100 mark remaining unbroken. Ample inventories, U.S. strategic reserves on standby, and traders' crisis restructuring experience have kept the market restrained—but analysts warn that if the blockade continues for two weeks, a rise above $100 may be inevitable.

**Domestic Macro**

The U.S. considers "purchase limits" on Chinese companies buying H200 chips; experts say the U.S. strategy to curb China's AI chip development has failed. According to Global Times, the U.S. government is repeatedly weighing its export policy for NVIDIA's H200 chips to China, considering setting a purchase limit of 75,000 chips for a single Chinese company to prevent the chips from being used for military purposes or to support China in building top supercomputers. Chinese experts point out that the U.S. strategy to curb China's AI development has failed, as leading Chinese AI companies have ample computing power reserves and are becoming more cautious in their investments The industry suggests that China should firmly pursue an independent innovation path in order to gain the initiative in the technological competition.

**Domestic Companies**

On the eve of the departure of the "soul figure" of Qianwen, Jack Ma leads the management team to release AI strategic signals, firmly investing in AI.

Benchmarking Apple and Samsung, Xiaomi officially announces its self-developed SoC "annual update" plan, planning to collaborate with Google Gemini to create an international version of the AI assistant. Xiaomi President Lu Weibing also stated that Xiaomi plans to integrate the Xuanjie O1 chip, HyperOS operating system, and AI assistant into the same device for the first time this year, starting in the Chinese market.

**Overseas Macro**

Trump officially nominates Kevin Warsh to serve as the Chairman of the Federal Reserve, to replace Powell. If Warsh's nomination is confirmed by the Senate, he will succeed the current Federal Reserve Chairman Powell. Trump's nomination has been formally submitted to the Senate.

Federal Reserve Beige Book: Economic growth in most regions of the U.S. is slight to moderate, sales are suppressed, and inflation is moderate. The Federal Reserve Beige Book states that economic activity in most regions of the U.S. has been growing at a slight to moderate pace in recent weeks, but an increasing number of regions report that economic activity is flat or declining. In many jurisdictions, heightened economic uncertainty, increased price sensitivity, and reduced spending by low-income consumers have suppressed sales performance. Employment levels remain generally stable, although businesses are seeking to leverage artificial intelligence to improve efficiency. Among the 12 Federal Reserve districts, 8 reported that inflation is at moderate levels.

Federal Reserve Governor Milan dovish: The situation in the Middle East has not changed the judgment on interest rate cuts, and the labor market still needs policy support. Milan stated on Wednesday that despite the market turbulence caused by the U.S. attack on Iran, interest rates should continue to be cut by 25 basis points to neutral levels, stating that the labor market still needs policy support. This statement contrasts with the cautious stance of most officials, who emphasize that the escalating situation in the Middle East increases uncertainty and tend to maintain interest rates unchanged. The rise in oil prices has led the market to lower expectations for interest rate cuts in 2026. The employment report for February, to be released on Friday, may be a key point of internal divergence.

Federal Reserve Cleveland Fed President: The impact of the Iran war is still difficult to assess, supporting the maintenance of interest rates at current levels for a long time. Cleveland Fed President Beth Hammack stated that it is still too early to assess the impact of the Iran war on the U.S. economy; she believes that the Federal Reserve should currently focus its policy on suppressing inflation and clearly supports maintaining interest rates at the current level "for a considerable period of time." Stock market crash! South Korea: If volatility intensifies, a market stabilization plan of 1 trillion won will be actively launched. The South Korean stock market has fallen sharply for two consecutive days, with the composite index dropping over 12%. In response to excessive turbulence, South Korea's financial regulatory authorities have clearly stated that if the decline expands, they will actively launch a market stabilization plan of 1 trillion won. At the same time, regulatory agencies will closely monitor and severely punish market disruption violations, calling on investors to remain rational based on confidence in the economy and avoid excessive panic.

-   Middle East conflict, piercing the high leverage of Asian stock markets? The excessive crowding in AI semiconductor trading and historically high leverage positions have led to concentrated liquidation under external shocks.

Bank of Japan Governor's stance on interest rate hikes remains unchanged, but emphasizes that the Iran conflict may have a significant impact on the economy. Bank of Japan Governor Kazuo Ueda stated that if economic expectations are met, interest rate hikes will continue. He also emphasized that he is closely monitoring the situation in the Middle East, as the conflict may have a "huge impact" on Japan and the global economy through rising energy costs and market volatility, as well as the impact of yen depreciation on prices. Additionally, he stated that achieving the 2% inflation target hinges on wage growth, and the pace of policy will depend on the linkage effects of geopolitical risks and inflation.

**Overseas Companies**

Jobs predicted by OpenAI three years ago to be unaffected by AI are now being brutally crushed at four times the speed. In the United States, 93% of jobs are affected by AI to varying degrees. Previously, the AI exposure of all occupations was growing at an annual rate of 2%, but it has now surged to 9%, equivalent to an acceleration of 4.5 times. AI will lead to a structural rupture in the labor market: entry points are closing, middle layers are collapsing, while a very small number of "AI masters" at the top are reaping everything.

## Today's News Preview

The Fourth Session of the 14th National People's Congress will be held in Beijing.

U.S. trade balance for January.

U.S. initial jobless claims for last week.

Eurozone retail sales for January.

Earnings reports from Alibaba, JD.com, Bilibili, and Costco.

Speech by European Central Bank President Christine Lagarde

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