The shock wave of global asset sell-off has passed? These factors may reignite panic. After experiencing a wave of sell-off on Monday, global risk assets have shown a stabilizing trend. After Japanese government officials released dovish signals in the face of pressure, one of the "big thunder" that troubled the market - the shock wave of carry trades - is expected to ease. However, this may not mean that the dangerous phase that began in early August has ended. Potential recession clouds, valuation levels, liquidity, and geopolitical factors could all become the spark that ignites a new round of market turbulence.