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Which of the following would be considered part of a top-down approach in investment strategy?
I. Assessing the impact of renewed U.S.–China trade tensions and the reintroduction of Trump-era tariffs on global supply chains and international market sentiment.II. Reviewing Tesla’s 71% drop in quarterly earnings to determine whether to buy, hold, or sell the stock.III. Analyzing key macroeconomic indicators such as GDP growth, inflation, and central bank policies across major economies.IV. Considering the Reserve Bank of Australia’s (RBA) recent decision to lower the official cash rate to 3.85% in May 2025 and its forward guidance suggesting potential further cuts later this year.V. Evaluating the implications of the global sell-off in U.S. government bonds, which has led to rising yields and concerns over fiscal sustainability.