Although a series of events have recently occurred, they can mainly be divided into two categories. One is tariff-related, such as the EU's proposal to freeze the approval process of the trade agreement with the United States tomorrow, primarily due to the repeated tariffs by the US. Not to mention refund issues, the cancellation of IEEPA and the change of tariff laws by the Trump administration are complex matters: with the EU's freeze, other countries may also raise objections one after another.

The second is geopolitical conflicts. The conflict between Russia and Ukraine has not been resolved, and the US-Iran relations are still quite tense. At this time, Iran and Russia have started arms deals, worth 500 million euros in missiles and equipment. This has made the current geopolitical tensions even more intense. The market's reaction should be known tomorrow. It is a turbulent time. A rebound to around 1890-1912 can be shorted, with targets possibly around 1818-1750.