Global financial markets are experiencing severe volatility again, with institutions stating that the market pricing logic is undergoing profound changes.

The situation in the Middle East has suddenly escalated, causing global financial markets to experience violent turbulence once again. On March 23rd, the market presented a rare "double-edged sword" pattern: on one hand, the stock market was under pressure and precious metals plummeted, while on the other hand, energy and chemical products surged collectively. Under the extreme switch between risk aversion and inflation expectations, funds quickly withdrew from traditional safe-haven assets such as gold and shifted towards crude oil and related energy and chemical sectors - the "Black Monday" storm swept through global markets. However, influenced by the latest statement from US President Trump on US-Iran relations, international oil prices plunged significantly in the evening, with a decline of over 13% at one point, while the decline in gold narrowed rapidly, and US stock index futures such as the S&P 500 quickly rose, leading to a significant increase in market volatility. Many institutional professionals pointed out that the core logic of this round of market trends is not solely the impact of geopolitical conflicts, but a rapid revaluation of the "oil price - inflation - monetary policy" chain. Against the backdrop of rising stagflation expectations, pricing logic in the market is undergoing profound changes.