Last week, global risk assets experienced a decent Rebound — the Dow soared by 3.18%, the Nasdaq jumped even more directly towards 5%, and the main indices of A-shares also took off, finally making up for the mess from the previous week.

What is the core driver of this rebound? Simply put, it's the sudden shift in interest rate cut expectations from 'unlikely to cut' to 'likely to cut 80%'. The probability of the Federal Reserve cutting rates in December jumped from less than 30% to over 80%. Goldman Sachs' latest assessment is that during the December 9-10 meeting, a 25 basis point cut is basically a done deal, and the market has already priced in an 85%-86% probability for this.

However, the Federal Reserve will enter a quiet period, and apart from Powell having a speaking opportunity tonight, no other officials will come out to give hints.

As interest rate cut expectations rise, safe-haven assets and commodities immediately took off. Gold and silver surged violently last week, with COMEX silver futures hitting a historic high, increasing more than 14% in a week; London copper also went to da moon, standing back above the 11,000 mark. On the exchange rate side, the offshore RMB against the US dollar surged over 300 basis points in a week, reaching around 7.07, and this morning's opening broke past 7.07.

The manufacturing PMI data for November released over the weekend is 49.2%, an increase of 0.2 percentage points from last month. Although it is still below the growth line, it is at least improving. Another noteworthy signal is that as of November 30, there were 136 new public funds established this month, with a total scale of 96.616 billion, approaching the 100 billion mark. Equity funds (, including stock and mixed funds ), have become the main force, indicating that the enthusiasm for subscription from retail investors and institutions is indeed warming up.

On a geopolitical level, there was a meeting between the U.S. and Ukraine over the weekend. Rubio stated after the meeting that it was "productive," but whether it can be implemented specifically will depend on subsequent developments.