最新资管调查：卖出美元是“共识”，美股成“最不受欢迎股市”，增持欧股和日股

Group 1 - Major asset management institutions have reached a consensus to "sell America," collectively reducing allocations in US stocks, US bonds, and the US dollar [1][2] - The largest 15 asset management firms, managing over $20 trillion, are seen as a barometer for global capital flows [1][2] - There is a growing consensus among these institutions to increase allocations in Asian and European markets [1][2] Group 2 - US stocks have become the least favored globally, with overall allocations reduced to neutral levels since the beginning of the year [2][8] - European and Japanese stocks have been upgraded, becoming consensus long positions, while emerging markets remain in an overweight status [2][8] Group 3 - Institutions are generally reducing holdings in US and Japanese bonds, while increasing positions in UK, German, and Italian government bonds, as well as local bonds in emerging markets [4][5] - There is a strong preference for European credit bonds, while opinions on US credit bonds remain divided [4][5] Group 4 - In the foreign exchange market, there is a clear trend of reducing exposure to the US dollar while increasing positions in the euro and yen [6][8] - The Swiss franc has been upgraded but remains in a bearish stance overall, indicating a strong consensus against the US dollar [6][8] Group 5 - Precious metals, particularly gold, have been upgraded, while oil and other cyclical commodities have been downgraded [7][8] - The strongest consensus long positions include European and Japanese stocks, the euro, the yen, and gold, while the clear short consensus includes the US dollar, Swiss franc, Japanese bonds, US bonds, and oil [7][8] Group 6 - In April, emerging market stocks rebounded strongly, particularly in Latin America, as market tensions eased following changes in US policy [11] - The bond market performed well due to rising risk aversion, while credit bonds underperformed with widening spreads [11] Group 7 - By May, asset prices generally recovered, with global stock markets rising, led by US stocks, and credit bond spreads narrowing [13] - The improvement in market sentiment was driven by reduced tariff risks and lower global recession expectations, although the bond market showed signs of divergence due to concerns over fiscal deficits, particularly in the US [13]