Fidelity issued a statement saying that in terms of currency, based on trade-related factors, the US Dollar is likely to continue to be supported, especially against the Mexican Peso, Euro, and Canadian Dollar. As for the credit market, recent strong demand for yields overall is expected to continue to provide support, but spreads may be more vulnerable to changes in growth, trade, and geopolitical concerns. The financial, energy, and defense industries may benefit from any relaxation of regulations. If the Biden administration's Inflation Reduction Act and clean energy policies are repealed, the utility industry may face challenges, while the consumer goods and automotive industries may be negatively impacted by tariffs. In terms of global impact, the Eurozone's growth is weak, and its business fundamentals are not as strong as the United States, making the European market vulnerable. The struggling European automotive industry is likely to continue underperforming the broader market, with the biggest concern being tense trade relations, and cyclical industries will continue to be under pressure.