đč Core judgment
âą The current market is in a waiting-oriented repair of "structure stronger than direction": index volatility is limited, but funds rotate rapidly among finance, some industries and thematic assets
âą The AI narrative shifts from "growth imagination" to "capital discipline", and the market pays more attention to cash flow and execution certainty
đč Market trend
âą European stock indexes are more likely to maintain a range-bound operation: the upside requires profitability and policy signals to resonate
âą The relative strength of financial stocks comes from "certainty of returns" rather than a sudden economic strengthening
âą Manufacturing (Volkswagen cost reduction) reflects Europe's entry into a "profit first" stage-this will change the valuation anchor
đč Risk Factors
âą If the AI sector falls rapidly again, it will spill over to real estate/logistics/finance, triggering second risk repricing
âą US inflation and interest rate expectations may still cause cross-asset volatility
âą Oil prices are dragged by negotiations and expectations of production increases, which may amplify fluctuations in the inflation narrative at any time