2025.09. 13 本文字数：1220，阅读时长大约2分钟 作者 | 第一财经 樊志菁 封图 | AI生成 本周美股延续冲击历史新高态势， 市场对今年美联储三次降息的预期逐步升温，投资者预期联邦公开市 场委员会将淡化关税对通胀的潜在风险转而更关注就业市场放缓的问题。 美国银行首席美股策略师哈特 尼特（Michael Hartnett）刊文发出警告，投资者对美股"极端看涨情绪" 正潜藏风险，并认为黄金是对 冲通胀、美元贬值及无序风险的优质工具。 哈特尼特：小心"极端看涨情绪" 美国银行全球基金经理调查将于下周发布，该行首席投资策略师哈特尼特警告称，此份调查可能会显示市 场存在极端看涨情绪 —— 而这种情绪往往是预示市场即将反转的有效逆向指标。 考虑到美股三大股指本周齐创历史高点，这种看涨热情看似合乎逻辑。哈特尼特认为，若机构现金持仓比 例降至3.7%以下、股票配置比例从超配14%飙升至30%，同时全球经济增长预期上调，那么美国银行的 专属交易模型可能会发出警报。 哈特尼特在其每周资金流向报告中写道，金融股上涨、利率敏感型股票走高以及信贷利差收窄（即美国企 业债券利率接近国债利率），这一系列现象表明，投资者目 ...

Core Viewpoint - Bank of America anticipates significant capital inflows into emerging markets at the beginning of next year, driven by a shift of funds away from U.S. assets [1] Group 1: Emerging Market Outlook - Emerging markets are showing resilience, leading to expectations of increased capital inflows [1] - Optimism is expected to rise as the impact of trade tensions is perceived to be limited [1] - Even small-scale diversified investment flows from the U.S. could have a substantial effect on emerging markets [1] Group 2: Investment Drivers - Factors contributing to the positive outlook for emerging markets include a weaker dollar, potential for further interest rate cuts by central banks, and historically low allocation of global funds to emerging markets [1] - Key beneficiaries of foreign capital inflows are identified as Brazil, Mexico, Colombia, Turkey, and Poland [1]

本周美股延续冲击历史新高态势， 市场对今年美联储三次降息的预期逐步升温，投资者预期联邦公开 市场委员会将淡化关税对通胀的潜在风险转而更关注就业市场放缓的问题。美国银行首席美股策略师哈 特尼特（Michael Hartnett）刊文发出警告，投资者对美股"极端看涨情绪" 正潜藏风险，并认为黄金是 对冲通胀、美元贬值及无序风险的优质工具。 哈特尼特：小心"极端看涨情绪" 美国银行全球基金经理调查将于下周发布，该行首席投资策略师哈特尼特警告称，此份调查可能会显示 市场存在极端看涨情绪 —— 而这种情绪往往是预示市场即将反转的有效逆向指标。 考虑到美股三大股指本周齐创历史高点，这种看涨热情看似合乎逻辑。哈特尼特认为，若机构现金持仓 比例降至3.7%以下、股票配置比例从超配14%飙升至30%，同时全球经济增长预期上调，那么美国银行 的专属交易模型可能会发出警报。 美国银行策略团队还关注到其他重要趋势：黄金因具备对冲通胀的特性，资金流入再次激增。截至周三 的一周内，黄金基金吸纳资金34亿美元，创下历史第四大单周流入规模。美国价值股近期相对大盘股表 现强劲，同期也获得新的资金注入，吸引5亿美元资金流入。 哈特尼特认为，21 ...

Group 1 - The U.S. stock market continues to hit historical highs, driven by expectations of three interest rate cuts by the Federal Reserve this year, with a shift in focus from tariff-related inflation risks to concerns about a slowing job market [1][2] - Michael Hartnett, Chief U.S. Equity Strategist at Bank of America, warns of "extreme bullish sentiment" among investors, which could signal a market reversal, especially if cash holdings drop below 3.7% and stock allocations rise significantly [2] - Current investor sentiment is characterized by a strong belief in the Federal Reserve's decision-making, as evidenced by rising financial stocks and narrowing credit spreads [2] Group 2 - Gold funds have seen a significant inflow of $3.4 billion in a single week, marking the fourth-largest weekly inflow in history, as investors seek to hedge against inflation [3] - The investment philosophy of "ABD" (Anything But the Dollar) is emerging, with a notable increase in capital expenditures among hyperscaler tech companies, which have doubled to 72% of cash flow over the past two years [3] - Hartnett advocates for a "BIG" investment strategy, focusing on Bonds, International assets, and Gold, while maintaining a view that 30-year U.S. Treasury yields will drop to around 4% [3] Group 3 - Market sentiment is expected to shift seasonally, favoring Europe in spring, China in summer, and Japan by year-end, while gold remains a preferred tool for hedging against disorderly risks and dollar depreciation [4] - Bank of America anticipates that gold prices could rise further, potentially reaching $3,700 by the end of the year [4]

钛媒体App 9月13日消息，美国银行表示，随着越来越多的迹象显示新兴经济体具备韧性，明年年初新 兴市场可能将迎来更大规模资金流入，而这将推动资金进一步从美国资产转移。"人们将在明年年初变 得更加乐观，因为他们会确认贸易紧张局势对经济的影响将是有限的。"美国银行全球新兴市场固定收 益策略主管David Hauner表示。他认为，这一资产类别将受益于美元走弱、各地央行仍有进一步降息的 空间，以及全球基金对新兴市场的历史性低配。（广角观察） ...

Emerging markets are likely to receive heavier inflows early next year as more evidence on the resilience of these economies fuels a further shift from US assets, according to Bank of America https://t.co/wP0mHpsE9A ...

Management Changes - Bank of America announced a management shake-up, promoting Jim DeMare and Dean Athanasia to co-presidents, while Alastair Borthwick was named executive vice president [1][2] - The new co-presidents will oversee the company's business lines, with individual business heads reporting to them [2] Succession Planning - CEO Brian Moynihan, who has led the bank since 2010, has not indicated plans to step down, but succession planning remains a topic of interest [3] - Moynihan mentioned that a succession plan is in place, although specific individuals were not named [3] Performance Highlights - Jim DeMare has been recognized for his contributions, with a notable 35% improvement in sales and trading revenue over the past three years highlighted by Moynihan [4]

Just kind of a little confused here. Right now at the top, we're talking about Brian Moynihan, CEO. Joe DePinto Where does he.He's president. Well, now you have two new co-presidents. In part of that, it's Jim DeMare.Okay. Dean Athanasia, who will be the two co-presidents of Bank of America. The other person to have gotten a new title.Unclear to me if it's necessarily a promotion is CFO Alister Borthwick, who also will have the title of executive vice president. But actually, just let's read through their a ...

Just kind of a little confused here. Right now at the top, we're talking about Brian Moynihan, CEO. Joe DePinto Where does he.He's president. Well, now you have two new co-presidents. In part of that, it's Jim DeMare.Okay. Dean Athanasia, who will be the two co-presidents of Bank of America. The other person to have gotten a new title.Unclear to me if it's necessarily a promotion is CFO Alister Borthwick, who also will have the title of executive vice president. But actually, just let's read through their a ...

Let's get to this. I mean, Brian Moynihan is basically been there for like what, 15, 16 years now. There been a lot of questions about how much longer he would stay on and more importantly, what type of bench is behind him to succeed him when he's finally or I guess when the board is finally ready to let him go.Absolutely right. Brian Moynihan took over as CEO of Bank of America in January 2010. He's been there for 15 years.Outside of Jamie and Jamie is Jamie, by the way, also Jamie Dimon of Jp morgan has a ...