Global markets experienced significant turbulence today, with both risk and safe-haven assets declining simultaneously.

On November 17 (local time), European and U.S. stocks closed lower. By November 18, major Asia-Pacific indices followed suit, with Japan’s Nikkei 225 dropping 3.22%—its largest single-day decline since April—while South Korea’s KOSPI fell 3.32%. Australia’s S&P/ASX 200 and New Zealand’s S&P/NZX 50 slid 1.28% and 1.16%, respectively.

In China, the A-share market opened weak and extended losses, with the Shanghai Composite Index down 0.81%, the Shenzhen Component Index off 0.92%, and the ChiNext Index declining 1.16%. Intraday losses exceeded 1% for both the Shanghai and Shenzhen indices. Trading volume reached 1.93 trillion yuan, up 15.3 billion from the previous session, while over 4,100 stocks fell across the board.

Sectors showed mixed performance: AI application concepts bucked the trend, with firms like Rongji Software and Inspur Software hitting limit-up for two consecutive sessions. Semiconductor stocks also gained, while robotics-related shares saw selective strength. However, recent hot themes like batteries, coal, and steel led declines, with Fujian-based stocks particularly hard-hit.

Hong Kong’s Hang Seng Index dropped 1.78%, and the Hang Seng Tech Index fell 1.94%, with XPeng plunging over 10%.

Gold briefly dipped below $4,000/oz, with spot gold last at $4,005 and COMEX futures at $4,003. Silver also retreated below $50/oz to $49.5. Oil prices slid, with WTI crude down 0.84% and Brent off 0.76%.

Cryptocurrencies faced steep losses: Bitcoin broke below $90,000, Ethereum tumbled over 6%, and Dogecoin shed 4%. Over 180,000 traders were liquidated in 24 hours.

Analysts attribute the sell-off to shifting Fed rate-cut expectations and surging Japanese bond yields, with the 10-year JGB yield nearing 1.75%—a level last seen in 2008—potentially straining global liquidity. Meanwhile, NVIDIA’s upcoming earnings report reignited AI-sector jitters.

Experts warn that synchronized declines in risk assets (e.g., U.S. stocks, crypto) and traditional havens (e.g., gold) signal systemic liquidity stress.

Despite recent volatility, foreign investors remain bullish on Chinese equities. Morgan Stanley forecasts further gains in 2026, projecting 6% earnings growth for Chinese firms next year, accelerating to 10% by 2027. UBS strategists cite profit recovery, capital inflows, and tech-driven valuation upgrades as key tailwinds.

For 2026, major brokerages anticipate a "slow bull" market, highlighting three investment themes: 1. **Tech Growth**: AI applications, semiconductors, and robotics. 2. **Globalizing Chinese Firms**: Offshore expansion to boost profits. 3. **Commodities**: Benefiting from monetary easing and supply-demand gaps.