精品网曝门白浆一区二区三区_国产精品线在线精品国语_亚洲国产三级在线观看看_日本在线一区二区三区免费观看_亚洲成a人片在线观看无遮挡_久久99精品久久久久婷婷_精品国产aⅴ_蜜臀av电影在线观看_欧美一区二区三区四区在线观看_狠狠色丁香婷婷久久综合考虑

別人家的股市。今年美股標(biāo)普500、道指和納斯達(dá)克指數(shù)上漲幅度分別為18.4%、15.9%和14.6%，位列全球16個(gè)主要國(guó)家和地區(qū)股市(包括主要發(fā)達(dá)和發(fā)展中國(guó)家以及亞洲主要市場(chǎng))漲幅榜的第3、第5和第9名。美股迭創(chuàng)新高，主要原因是企業(yè)盈利強(qiáng)勁以及流動(dòng)性充裕。90%的美股上市公司發(fā)布了2季度，其中88%的企業(yè)盈利增速超預(yù)期。2季度總體上市公司盈利增速有望同比上漲92.9%。美股雖迭創(chuàng)新高，但卻不如法國(guó)股市。法國(guó)CAC40指數(shù)年初至今上漲23.5%，是全球表現(xiàn)最好的股指。法國(guó)股市可以看成一個(gè)奢侈品股市。路易威登和愛(ài)馬仕是主要成分股，年初至今股價(jià)分別上漲了38%和55%。路易威登和愛(ài)馬仕包包今年以來(lái)漲價(jià)不斷。奢侈品價(jià)格上漲，一方面是因?yàn)榱鲃?dòng)性充裕。歐央行在7月議息會(huì)議上修改了利率前瞻指引，啟用“對(duì)稱(chēng)性”通脹目標(biāo)，允許通脹在過(guò)渡期內(nèi)略高于2%。歐央行行長(zhǎng)拉加德強(qiáng)調(diào)會(huì)吸取歐債危機(jī)的教訓(xùn)，不會(huì)過(guò)早收緊貨幣政策。歐央行的“對(duì)稱(chēng)性”目標(biāo)主要基于歷史數(shù)據(jù)，這使得歐央行面對(duì)短期通脹超調(diào)可以有充足的理由維持寬松，在操作空間上更加靈活。充裕流動(dòng)性下，消費(fèi)者手中現(xiàn)金充足，奢侈品購(gòu)買(mǎi)需求旺盛。另一方面受到疫情影響，奢侈品原料供應(yīng)、人工等都不足，導(dǎo)致供應(yīng)受限。在此情況下，奢侈品價(jià)格一路上漲，推動(dòng)法國(guó)股市遙遙領(lǐng)先全球其他國(guó)家和地區(qū)股市?？赐陝e人家的股市，回到我國(guó)的資本市場(chǎng)。年初以來(lái)，恒生指數(shù)下跌2.6%，是全球主要國(guó)家和地區(qū)中唯一下跌的股市；而深成指和上證指數(shù)分別上漲3% 和1.5%，分別位于全球16個(gè)主要國(guó)家和地區(qū)股市漲幅榜的第12和15名。A股和港股表現(xiàn)落后于全球其他主要國(guó)家和地區(qū)指數(shù)，一是因?yàn)橹袊?guó)流動(dòng)性收緊早于發(fā)達(dá)國(guó)家。去年10月份貨幣供應(yīng)量增速就已經(jīng)拐頭向下。另一方面，我國(guó)經(jīng)濟(jì)景氣指標(biāo)在今年3月份達(dá)到頂點(diǎn)，經(jīng)濟(jì)開(kāi)始下行。港股市場(chǎng)因近期遭到政策沖擊而調(diào)整。但未來(lái)A股和港股應(yīng)有機(jī)會(huì)。剛發(fā)布的7月份貨幣供應(yīng)量雖低于預(yù)期，但貨幣政策應(yīng)不會(huì)更緊，而財(cái)政政策也將積極起來(lái)。所以，對(duì)自己家的股市也不應(yīng)過(guò)分悲觀。

A股和港股下跌。主要受周三公布的社融數(shù)據(jù)不及預(yù)期影響。美股上漲，7月生產(chǎn)者價(jià)格指數(shù)同比漲幅7.8%，為2010年以來(lái)最高水平。

Other people’s stock markets. Year-to-date the US stock market reached one record high after another, supported by strong earnings growth and abundant liquidity.Listed companies are expected to deliver 92.9% year-on-year earnings growth in 2nd quarter 2021. Year-to-date SP500, DOW and Nasdaq rose 18.4%, 15.9% and 14.6% respectively. Among the 16 global major indexes they were ranked at the third,fifth and ninth in terms of gains. Yet the best performing market is CAC40 of France.It rose 23.5% year-to-date, boosted by luxury brands including LVMH and Hermes.LVMH and Hermes saw their stock price rise 38% and 55%. Their bags’ prices increased quite a lot in 2021. On one hand liquidity is abundant. The European Central Bank (ECB) signaled a dovish tone in its monetary policy meeting in July. Lagarde, the chairwoman of the bank, said that ECB would not make the same mistake in Euro-debt crises in 2011, when it withdrew supporting policies earlier and caused the European economy to dip again. Consumers have a lot of money on hands due to the easy monetary policy, boosting demand for luxury goods.On the other hand due to the pandemic both raw materials and labor were in shortage. The supply is hence limited. As a result, luxury brands raised their product prices this year again and again. As a comparison, Hang Seng Index fell 2.6% year-to-date and was the only stock index that fell among the 16 global indexes.Shenzhen Composite Index and Shanghai Composite Index rose 3% and 1.5% respectively,ranked at 13th and 15th among the 16 indexes. That both A-share and HK stock market lagged behind major indexes in the world is mainly because China took back liquidity earlier than any other country in the world. Money supply witnessed turning point in last October. And economy peaked out in March 2021 as seen from business climate index. However, both monetary and fiscal policy would become more proactive to deal with the falling economy. Investors should become optimistic about the stock market.

The US stocks rose again. July PPI in the US came in higher than expected. 

聲明：本市場(chǎng)點(diǎn)評(píng)由北京楓瑞資產(chǎn)管理有限公司（以下簡(jiǎn)稱(chēng)“楓瑞資產(chǎn)”）“楓瑞視點(diǎn)”微信公眾號(hào)提供和擁有版權(quán)，授權(quán)上海海獅資產(chǎn)管理有限公司轉(zhuǎn)載。在任何情況下文中信息或所表述的意見(jiàn)不構(gòu)成對(duì)任何人的投資建議，楓瑞資產(chǎn)不對(duì)任何人因使用本文中的內(nèi)容所引發(fā)的損失負(fù)任何責(zé)任。未經(jīng)楓瑞資產(chǎn)書(shū)面授權(quán)，本文中的內(nèi)容均不得以任何侵犯楓瑞資產(chǎn)版權(quán)的方式使用和轉(zhuǎn)載。市場(chǎng)有風(fēng)險(xiǎn)，投資需謹(jǐn)慎。