Tonight's U.S. employment data, #ADP , will be a key market indicator. Currently, CME data shows market expectations for a January rate cut by the Fed have dropped to around 20%, indicating that staying at higher interest rates for longer has nearly become a consensus.

In my view, the tightening expectations have already been gradually digested by the market, and the negative impact is diminishing. As long as tonight's data does not show a significant deterioration, a rebound triggered by 'bad news already priced in' is likely.

Looking back at similar market moves last month, the market often reacts to the gap between expectations and actual data. I believe it's unwise to be overly pessimistic now; instead, we should pay attention to potential structural opportunities that may emerge after the data is released. The market is waiting for a turning point in sentiment, and tonight might be the starting point.

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