A global asset sell-off with no one knowing the exact reason...

地平线全球策略2026/02/08 10:37

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By:地平线全球策略

1/ This Bloomberg article is very well written. A global-level asset sell-off with no one knowing the exact cause is more about price movements that don't require a reason. When prices rise too much, they have to fall, and when they fall too much, they have to rise—this is the most natural thing. Ultimately, this is simply a result of a range of assets—from gold and silver, to the crypto market, to tech stocks—having grown excessively and now requiring a cleansing adjustment. This is a reset, because in the short term, the momentum of each asset class has already stretched itself to the limit.

A global asset sell-off with no one knowing the exact reason... image 0

2/ Against the backdrop of this sell-off, everyone should take another look at Isabella Rosenberg’s chart. Just like last year, if you’ve been watching the markets closely these past few days, it’s very clear that the behavior of B is highly synchronized with unprofitable tech stocks (on both down days and rebound days). A global asset sell-off with no one knowing the exact reason... image 1

A global asset sell-off with no one knowing the exact reason... image 1

Furthermore, compared to December last year, as of today, the correlation between B and gold has turned net negative. A global asset sell-off with no one knowing the exact reason... image 2

A global asset sell-off with no one knowing the exact reason... image 2

3/ In the US, the beta of non-farm payrolls is rising. Cross-asset volatility is being lifted by a series of technical factors, including questions about the market’s response function to AI capital expenditure, the speed of recent market movements (particularly in commodities), and the overall long positioning in the market. But so far, from a cross-asset perspective, interest rate volatility remains relatively contained, mainly because the macro outlook hasn't truly changed. A global asset sell-off with no one knowing the exact reason... image 3

A global asset sell-off with no one knowing the exact reason... image 3

4/ As our indicator for monitoring global risk appetite (growth stocks), KOSDAQ/NIFTY has already seen a continuous pullback for six consecutive trading days since peaking on 26.01.30: A global asset sell-off with no one knowing the exact reason... image 4

A global asset sell-off with no one knowing the exact reason... image 4

5/ We are closely watching TWD, ZAR, and GBP... A global asset sell-off with no one knowing the exact reason... image 5

... More content will be discussed in tonight's Cross-Asset Weekly.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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A global asset sell-off with no one knowing the exact reason...

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