差价合约是复杂的金融交易产品,可带来由杠杆作用而导致迅速亏损的高风险。大部分的零售投资者帐户在跟交易差价合约时录得资金亏损。您应当考虑您是否充分明白差价合约如何运作,以及您是否能承受您的资金损失的高风险。

美国通胀或见顶回落,低迷已久的美股有望上扬吗?

随着上月8.5%的CPI年率公布后,市场普遍关注的美国4月未季调CPI年率今晚即将出炉,美股目前也在等待该项代表通胀水平的数据出炉,如果符合市场预期有所回落的话,美股走向亦有望回稳。

目前市场预计美国4月未季调CPI年率将由上月的8.50%回落至8.10%,美国4月季调后CPI月率则会有更大幅度的回落,将从上月的1.20%回落至0.20%。这也反映出市场普遍预计通胀水平已经接近见顶,以及美联储早前将基准利率上调50个基点至0.75%-1.00%区间的加息政策对通胀起到抑制作用。

通胀峰值已经到来?

美联储在本月初打出了强有力的组合拳抑制通胀上升,不仅将基准利率上调了50个基点,幅度大于3月份首次加息时的25个基点,还宣布将开始削减其9兆美元的资产组合,在6月、7月和8月三个月每月允许475亿美元的国债和抵押贷款债券到期后不进行再投资,并从9月份开始将这一数额增加到950亿美元。

市场亦预计美联储未来的加息步伐或将持续,根据6月点阵图显示,有7名位员预计将会在2022年加息,13名名委员预计2023年将加息。不过,鲍威尔在强调点阵图是每个FOMC委员个人的预期,并非货币政策委员会的官方立场,FOMC尚未就具体何时开始加息更合适进行讨论。

美联储频频释放加息信号并最终加息50个基点有助于对抗不断飙升的通胀,因为会极大程度抑制人们对汽车和房屋等资产的需求,这也是当前通胀的重要推动力。

image2-1

国际油价方面,虽然西方开启对俄罗斯的第六轮制裁,其内容包括今年年底前全面禁止进口俄石油等,这让油价的走势再添波动持续在高位震荡,但是由于中国疫情持续,目前市场担心油价需求会放缓加剧了今日油价的下跌,沙特亦下调了6月对于亚洲客户的油价。从政策层面和消息层面看,通胀可能会出现回落迹象。

美股未来走向如何变化?

近期美股持续下挫,但十年期公债价格持续上扬,反映了对物价上涨步伐的焦虑,需要观察本月4月份消费者价格数据以期望十年期公债殖利率和美股成正向相关,有望为美股上扬带来动力。另外,如果如市场所料4月CPI年率有所回落,也有望对近期接连重挫的美股形成反弹支持。

image1

升息期间,金融、能源、工业与原物料等景气循环类股的表现通常会优于大盘。其中,在原油价格不断上升的情况之下,能源股是截止上周唯一获得正回报率的板块,成为投资者选择的避险资产,表现要远远好于标普500指数,而能源ETF累计涨幅也非常可观,为10.34%。此外,能源板块也是美股中资金净买入最高的板块之一。

不过,这并不代表其他的版块没有投资机会,从目前美股的表现看,美股在升息的环境中仍然是会呈现类股轮动的多头格局。

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