Recently, the U.S. financial market has been turbulent. On October 4, the U.S. Bureau of Labor Statistics released data showing that non-agricultural employment increased by 254,000 in September, far exceeding the market expectation of 140,000, which was the largest increase in six months. The July data was revised up from 89,000 to 144,000, and the August data was revised up from 142,000 to 159,000. At the same time, the unemployment rate unexpectedly fell from 4.2% to 4.1% in September, and the average hourly wage rose by 0.4% month-on-month and 4% year-on-year.

The market reacted strongly to the data. CME's "Fed Watch" tool showed that after the report was released, the market expected the possibility of the bank cutting interest rates by 25 basis points in November to rise to 99.1%. Previously, the Fed made a rare 50 basis point rate cut on September 18. Fed Chairman Powell said that the overall US economy is stable and there are two more rate cuts planned this year.

Yardeni, founder of Yardeni Research, said the Fed's monetary easing in 2024 may be over. He pointed out that the strong employment report showed that the US economy is resilient and further easing of policies may trigger inflation. Similarly, JPMorgan Chase's stance on emerging market bonds has also changed from positive to wait-and-see due to non-agricultural data.

In terms of capital flows, EPFR shows that as of September 26 - October 2, active foreign capital inflows into A-shares turned into US$190 million, and passive funds flowed in sharply to US$2.64 billion; overseas funds in Hong Kong stocks and ADRs accelerated their inflows overall to US$2.99 ​​billion.

In his book, former Greek Finance Minister Varoufakis analyzed the current situation. He believes that the current situation is a continuation of the 2008 global financial crisis, not a repeat. After 2008, the main measures of capitalism were printing money and rescuing the market. China's rise has played a positive role in the capitalism of some countries to a certain extent, but Western capitalism has developed slowly.

In addition, Varoufakis also talked about some other issues. For example, there is a certain competitive relationship between China and the United States, and China should find ways to free itself from its dependence on the trade deficit with the United States and achieve economic rebalancing. As for China-EU relations, he pointed out that Scholz and Macron hope to maintain good relations with China, but the situation in the European Union has affected China-EU relations to a certain extent.