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2025年二季度环球市场纵览-中国版-摩根资产管理
Sou Hu Cai Jing·2025-05-14 17:26

Global Economic Situation - The global economic landscape shows differentiated development among various economies, with the US facing complex inflation and employment dynamics influenced by Federal Reserve policy rates [1] - The Eurozone is experiencing challenges in economic growth and inflation, while Japan's economy is marked by fluctuations in growth and inflation, with the yen's exchange rate affected by US-Japan interest rate differentials [1] - In emerging markets, China's economy is growing steadily, with varied performances in consumption, investment, and industrial production, supported by coordinated monetary and fiscal policies [1] Financial Market Performance - The Chinese stock market exhibits differentiated performance across indices, with notable sector rotation and varying returns among different styles, while US, Japan, and European stock markets have distinct characteristics in return composition, earnings expectations, and valuations [2] - The Chinese bond market is expanding, with changes in yield and credit spreads across government and credit bonds, and the internationalization of the bond market is ongoing [2] - Major currencies are fluctuating against the US dollar, with the RMB exchange rate influenced by multiple factors, while commodity prices vary, with gold prices closely linked to US real interest rates [2]