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格隆汇 March 20｜The decline in major US stock indices has widened, with the Nasdaq Composite Index dropping by 1%, the S&P 500 Index falling by 0.61%, and the Dow Jones Industrial Average down by 0.23%. Nvidia (NVDA.US) is down by 1.16%.

BlockBeats news, on March 20, according to data from insider @MacroCharts, on Thursday, bullish investors in the Goldman Sachs trading hall sold off $9.6 billions, marking the largest sell-off since the company began recording data (2022). Thursday broke the record set in July 2025 and marked a rare five-sigma event.

⑴ Iran's attack has resulted in damage to 17% of Qatar's liquefied natural gas export capacity, with repairs expected to take up to five years and annual revenue losses estimated at around $20 billions. Capital Economics predicts that, due to this impact and the ongoing attacks, Qatar's GDP may shrink by 13% in 2026, making it the most affected economy in the Gulf region. Unlike Saudi Arabia and the UAE, Qatar lacks pipeline transport capacity, and its LNG exports rely entirely on the now-blocked Strait of Hormuz. ⑵ Qatar's banking system is particularly sensitive to external financing. By the end of 2025, Qatar's banks will have net external debt of $120 billions, equivalent to one-third of domestic loans. S&P Global's stress test shows that if 50% of cross-border interbank financing and 30% of non-resident deposits are withdrawn, the country's banks will face a shortage of saleable assets. During the 2017 trade blockade, Qatar injected $40 billions into its banking sector to stabilize the situation. ⑶ Qatar still possesses multiple buffer tools. The central bank holds $18 billions in gold reserves, nearly double the size compared to last year. The Qatar Investment Authority, a sovereign wealth fund with assets of $580 billions, owns equity in European blue-chip stocks such as Volkswagen, Glencore, and Barclays, as well as core London properties including Harrods, Heathrow Airport, and Canary Wharf. If the Gulf conflict continues to escalate, the fund may liquidate some strategic assets to stabilize finances.