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最新文章

美債息去向將繼續左右美股

2021年03月10日

對於債息急升眾說紛紜,有指為經濟復甦訊號、聯儲局或加快「收水」;亦有指是債券斬倉等技術原因。從供求角度看,債息難大幅回落,除了紓困計劃外,美國總統拜登開始轉移籌劃其他經濟復甦計劃,敦促國會盡快改善美國基建。

對於債息急升眾說紛紜,有指為經濟復甦訊號、聯儲局或加快「收水」;亦有指是債券斬倉等技術原因。從供求角度看,債息難大幅回落,除了紓困計劃外,美國總統拜登開始轉移籌劃其他經濟復甦計劃,敦促國會盡快改善美國基建。假若大規模基建落實,聯邦政府增加發債募集資金,孳息率定有上行壓力。短期而言,聯儲局官員或出口術,強調貨幣政策繼續寬鬆以紓緩美債拋售潮,債息或再現輕微回落,但基建方案在前、若非農等經濟數據「對辦」,不排除債息再度抽升,環球股市或再經歷一輪急跌。

資金輪動將會繼續

上月底股市波動之際,不難發現高估值、疫情期間受惠的板塊如科技股,為資金撤出首選,電動車生產商Tesla(TSLA)及蘋果公司(AAPL)等皆大幅下跌。資金除轉移至債市,亦有部分轉投舊經濟股,包括金融股,月內摩根大通(JPM)及高盛(GS)大幅上揚。相信3月資金輪動將會繼續,舊經濟股作估值修復,如因疫情大受打擊的旅遊板塊等或有好表現,新經濟板塊特別是高估值個股,短線或再有調整,不過市場對這類股份仍有情意結,將限制其下行空間。

客戶如欲查詢有關資訊,歡迎致電致富理財熱線: 2500 9188 聯絡我們。

致富有提供債券、基金一站式投資策略,比供客戶選擇。想知道和了解更多,請即刻聯絡我哋們投資策略專員解答疑難!

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投資涉及風險,以上建議只作為參考之用。致富在法律上均不負責任何人因使用本報告內資料而蒙受的任何直接或間接損失。以上報告由致富集團研究部的分析員(“此等人士”)所撰寫,此等人士均為香港證監會持牌人士。此外,截至本報告發表當日,此等人士均未於本報告中所推介的股份存有權益。



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上述報告由致富證券有限公司(「本公司」)所提供,所載之內容或意見乃根據本公司認為可靠之資料來源來編製,惟本公司並不就此等內容之準確性、完整性及正確性作出明示或默示之保證。上述報告內之所有意見均可在不作另行通知之下作出更改。上述報告的作用純粹為提供資訊,並不應視為對上述報告內提及的任何產品買賣或交易之專業推介、建議、邀請或要約。本公司及其附屬公司、僱員及其家屬及有關人士可於任何時間持有、買賣或以市場認可之方式,包括以代理人或當事人對本報告內提及的任何產品進行投資或買賣。投資附帶風險,投資者需注意投資項目之價值可升亦可跌,而過往之表現亦不一定反映未來之表現。投資者進行投資前請尋求獨立之投資意見。本公司在法律上均不負責任何人因使用本報告內資料而蒙受的任何直接或間接損失。本公司擁有此報告內容之版權,在未獲本公司許可前,不得翻印、分發或發行本報告以作任何用途。

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