Goldman Sachs has expressed skepticism about the sustainability of the recent U.S. stock market rally, citing the need for Federal Reserve rate cuts to maintain momentum. The S&P 500 has seen gains exceeding 3% for three consecutive weeks, but Goldman Sachs warns that without monetary policy support, the rally may falter. Meanwhile, Morgan Stanley remains optimistic about China's stock market, predicting a 5-10% upside by year-end due to easing e-commerce competition and strengths in green technology sectors. In contrast, Morgan Stanley advises caution regarding Asian and emerging market equities due to escalating U.S.-Iran tensions. The situation in the Strait of Hormuz has reignited market caution, prompting recommendations to reduce exposure to these markets. Additionally, Goldman Sachs forecasts a robust IPO market in Hong Kong, expecting fundraising to reach HK$470 billion by 2026, driven by a shift towards "hard technology" sectors. However, geopolitical tensions and high U.S. interest rates could impact corporate earnings and valuations, affecting fundraising activities.