Goldman Sachs warns of the risk of increased market volatility

⑴ Goldman Sachs pointed out that investors continue to shift towards defensive allocations, with sentiment indicators falling to their lowest level since April (46th percentile), and capital flowing into bonds, gold, and the Japanese yen; momentum ETFs saw outflows of $5.1 billion in September. ⑵ Institutions warn that current hedging positions combined with previous confidence could amplify asset volatility if market sentiment reverses.