The morning session unfolded as a "Black Friday"! From the cryptocurrency market to commodities, and from US stock index futures to Asia-Pacific markets, a wave of selling hit across the board during the morning session on January 30. The Shanghai Composite Index dropped by as much as 40 points intraday, while spot gold plummeted, with its intraday decline widening to 4%, reaching $5,152.94 per ounce. Crude oil futures, copper, and other commodities also experienced sharp declines. A significant shift emerged from external markets. Firstly, on January 29, US President Donald Trump stated his plans to engage in dialogue with Iran, expressing a "hope" to avoid using military force. This move potentially reduced the upward momentum for crude oil and international gold prices. Secondly, the US Dollar Index surged significantly. Thirdly, the candidate for the next Federal Reserve Chair might be announced tonight Beijing time, a prospect causing market apprehension due to its uncertainty. A comprehensive market sell-off ensued. By around 10:00 AM on January 30, both the Shanghai and Shenzhen Composite Indices had fallen over 1%, while the ChiNext Index was down 0.1%. Sectors such as precious metals, lithium mining, rare earth permanent magnets, and photovoltaic equipment led the declines. Nearly 3,500 stocks fell across the Shanghai, Shenzhen, and Beijing Stock Exchanges. The non-ferrous metals sector experienced volatile declines, with stocks like Nanshan Aluminium, Tongling Nonferrous Metals, Yunnan Copper, Zhuye Group, China Nonferrous Metals, Jiangxi Copper, and Jiangsu Aluminium hitting the跌停板 (down limit). The Hong Kong market also saw a broad sell-off, with the Hang Seng Index falling sharply by over 1.5%. Simultaneously, domestic futures for lithium carbonate and polysilicon fell over 6%, while platinum futures saw losses widen to 9% intraday, and palladium futures dropped 7% intraday. Shanghai silver and gold futures declined over 2%. LME copper prices fell more than 1.5%, following a delayed opening by the exchange. WTI and Brent crude oil were down approximately 1%. Looking at external markets, US stock index futures were all lower, with the US2000 index falling nearly 1%. Japan's Nikkei index also experienced a sharp plunge. The cryptocurrency market saw even steeper declines, with Bitcoin falling nearly 8%, approaching $81,000, and Ethereum tumbling over 9%, nearing $2,700. Major external uncertainties suddenly emerged. The first involves the Middle East. On January 29, Trump indicated his intention to initiate talks with Iran, stating he "hopes" to avoid military action. Speaking to reporters in Washington D.C., he said, "We have a lot of very big, powerful ships going to Iran right now. It would be a great thing if we didn't have to use them." Separately, according to a CCTV News report, EU High Representative for Foreign Affairs and Security Policy Josep Borrell stated on the 29th that the Middle East does not need a new war. The second key variable for commodities is the significant rebound in the US Dollar Index. The index's gains widened to nearly 0.5%, reaching 96.65. The US dollar rose 0.5% against the yen to 153.88. A strengthening dollar typically exerts downward pressure on commodity prices. However, the dollar's trajectory remains uncertain. When asked on January 27 in Iowa if he thought the dollar had fallen too much, Trump responded, "No, I think it's good." This comment triggered the dollar's largest single-day drop since last April and pushed the index against a basket of currencies to a near four-year low. Thirdly, the Federal Reserve's independence is facing challenges. In the morning, Bloomberg reported that the Trump administration is preparing to nominate Kevin Warsh for Fed Chair. On January 29 local time, Trump again criticized Fed Chair Jerome Powell on social media for "refusing to lower interest rates," publicly asserting that "the US should have the lowest interest rates in the world." In an interview on January 28, Bank of Canada Governor Tiff Macklem noted that Trump's public pressure on the Fed constitutes an "unusually new shock risk," adding that "a Fed that cannot provide predictability is not good for anyone."