Dell (DELL.N) shares were up 3% in pre-market trading.

Huatai Securities said trading-driven selling has shown initial relief but fresh incremental capital remains cautious and market liquidity repair has yet to coalesce. Recent volume contraction mainly reflects reduced domestic trading exposures, margin-financing activity at a cyclical low and private funds’ lower sensitivity to the tech sector, suggesting earlier positions have been partly digested. Leverage stabilization has not produced sustained net inflows; ETF demand is driven by structural rotation. Overall funding conditions are improving mostly via reduced selling pressure rather than broad new inflows, while demand-side funding stress has risen and share unlocks in early October could add pressure.

德意志銀行研究所認爲，全球經濟已經從2010年代的需求不足轉入供給受限階段。G7產出缺口已由長期負值回到零附近，經濟缺少足夠閒置產能吸收額外需求。未來消費反彈、財政刺激等需求衝擊帶來的實際產出增量可能縮小，而價格和工資的反應則會更加明顯。