The forward 12-month price-to-earnings (P/E) ratio for the S&P 500 stands at 20.9, surpassing both the 5-year average of 20.0 and the 10-year average of 18.9. FactSet posted on X, highlighting this trend in the market. This indicates that investors are currently valuing the index higher compared to historical norms, reflecting expectations of future earnings growth. The elevated P/E ratio suggests a level of optimism among investors, although it also raises questions about potential overvaluation in the market.

Despite ongoing conflicts involving the United States and Israel against Iran, the Hong Kong property market continues to thrive. According to Ming Pao, recent sales of new developments in the region have shown promising results. Notably, projects such as Yu Yi by Chinachem in Jordan and Wing Tai Properties' Cloud in Fanling have recorded favorable sales in their initial rounds. Market data indicates that over 1,000 transactions were completed in the first half of March, marking the 14th consecutive month with more than 1,000 new property sales since February last year. In urban areas, unique units in new developments are achieving high prices. A penthouse unit with a rooftop at Yu Yi was sold at a record-breaking price of over HKD 31,200 per square foot, setting a new benchmark for the project.

Recent unilateral military actions by the United States, such as the capture of Venezuelan President Maduro for trial in New York and the targeting of Iran's leadership, have sparked discussions on why these events are occurring now. According to Ming Pao, the belief within the U.S. military that it possesses unique capabilities and strength, unmatched by other nations, is a driving factor. This perceived advantage provides the U.S. military with a rare opportunity to act with impunity. The situation is reminiscent of 1945 when the U.S. was the sole possessor of atomic weapons, allowing it to dominate adversaries without fear of retaliation. However, the balance of power shifted in 1949 when the Soviet Union developed nuclear capabilities, leading to the Cold War era, which paradoxically resulted in a tense but stable peace.

The S&P 500 Index, despite maintaining levels above 6,600 points since the beginning of the year, has recently experienced three consecutive weeks of declines. According to Ming Pao, the index has fallen to its lowest point this year, marking a 3% decrease since the start of the year and a drop of over 5% from its peak of 7,000 points. This downturn has sparked investor concerns about the potential return of a market crash.

The ongoing conflict in the Middle East has contributed to a decline in the U.S. stock market, which fell below the support level established on December 17 last year for two consecutive days at the end of last week. According to Ming Pao, the U.S. stock market has been forming a large rounded top since September of last year, spanning over six months. This situation suggests that a long-anticipated perfect storm may be nearing its culmination, prompting investors to prepare for potential market volatility.

Iran's newly appointed Supreme Leader, Mojtaba, has delivered his first public speech, asserting that the Strait of Hormuz should remain closed. According to Ming Pao, this stance has heightened market concerns about potential prolonged conflicts, leading to elevated crude oil prices and increased inflationary pressures on the economy. The U.S. Dollar Index has reached its highest level since November 25 of last year, while the yield on two-year U.S. Treasury bonds has surged to its highest point since August of last year. If oil prices remain high, the U.S. Dollar Index may test the 100 resistance level in the short term.

The conflict involving the United States, Israel, and Iran has intensified, entering its second to third week since February 28. According to Ming Pao, Iran's retaliatory actions have expanded beyond targeting the U.S., Israel, and their military facilities. The attacks have included large-scale missile and drone strikes on Dubai and Abu Dhabi, significantly affecting the United Arab Emirates' reputation as a 'safe haven.' The interception of debris from these attacks has resulted in infrastructure damage and fires in multiple locations.

U.S. stock markets are experiencing increased volatility due to the situation in Iran, while oil prices are showing signs of an upward trend after significant fluctuations. According to Ming Pao, gold's traditional role as a safe haven appears diminished, as it has not effectively resisted declines during the current military conflict. The impact of war on gold is twofold, offering both positive and negative effects. However, if the conflict does not extend beyond three months, the present period may be an opportunity to accumulate gold.

Siti Norma Yaakob, a trailblazer in Malaysia's legal field, passed away on September 13 in Kuala Lumpur due to pneumonia at the age of 85. According to Ming Pao, Siti Norma was born on July 6, 1940, and throughout her over 40-year career, she broke numerous barriers in the judiciary. She became Malaysia's first female judge in the High Court in 1983, the Court of Appeal in 1994, and the Federal Court in 2001. In 2004, she was appointed as the first female Chief Judge of Malaya, the third highest position in Malaysia's judiciary, and assumed office the following year. The Office of the Chief Registrar of the Federal Court of Malaysia recognized her for many landmark rulings, which have become significant references in the legal field.

The Strait of Hormuz crisis has drawn significant attention to crude oil and liquefied natural gas (LNG) due to their critical roles in global energy supply. According to Ming Pao, the impact extends beyond energy companies, affecting various international and domestic firms within the chemical supply chain. This is because oil and gas are integral to the production of numerous by-products. Consequently, many companies are invoking 'force majeure' contract clauses to address disruptions caused by the crisis.

実体経済の企業が実物資産をLayer1プロジェクトに注入し、その資産価値の数倍で評価するだけで、簡単に9億5000万ドルの評価額を作り出せるというこの資本ゲームは、あまりにも常軌を逸しているのではないだろうか？

NFTプロジェクトの価値創出ロジックの再構築：実物商品による顧客獲得とオンチェーンエコシステムの連携により、IPの商業化と消費シーンの拡大を促進する。

ステーブルコインの真の意義は、米ドルをインターネット固有の通貨へと変え、最終的にはインターネット金融プラットフォームを形成することにある

ボビー・オンは、暗号資産データプラットフォーム「CoinGecko」の共同創業者兼CEOである。同プラットフォームは、彼が200ドルを元手にゼロから立ち上げ、ベンチャーキャピタルの資金を一切受けずに12年かけて築き上げたものである。

パウエル米連邦準備制度理事会（FRB）議長の弁護士は、連邦検察官に対し、パウエル氏に対する刑事捜査が続く場合、同氏は5月の任期満了後も自らFRB理事会を退任することはなく、理事の席は2028年1月まで維持できるという明確なメッセージを伝えていた。

イラン、金融システム、石油、ホルムズ海峡封鎖14日間：世界7大経済圏のうち、どこが最初に持ちこたえられなくなるか？ 金色財経、7カ国の脆弱性を徹底調査。

AIがコードの記述や最適化を行い、さらにはソフトウェア開発プロセスを徐々に引き継ぐようになると、より根本的な構造的変化が迫っている。職業の分業、企業の組織体制、さらには知識の壁までもが、再定義される可能性がある。

金融市場には高学歴でIQの高い賢い人々がたくさんいますが、実際に稼いでいるのはごく一部であり、その中には学歴が高くない人もかなり含まれています。

今週は計15社のブロックチェーン系スタートアップが資金調達を行い、総額は1億9700万ドルに達した。KastはシリーズAラウンドで8000万ドルを調達し、今週最大の資金調達となった。

ある大口投資家が、有名な貸借プロトコル「Aave」のフロントエンド画面を通じて、5000万USDTでAAVEトークンを購入しようとした。その結果は？5000万ドルを投入したにもかかわらず、手元に残ったのはわずか324AAVE――その価値は約3万7000ドルに過ぎなかった。たった1回の取引で、4996万ドルが蒸発してしまったのだ。