汇丰：欧洲资产将受益于欧洲央行的积极政策

Core Viewpoint - HSBC analysts believe that European assets will benefit from the European Central Bank's proactive policies, contrasting with the Federal Reserve's challenges due to inflation pressures and supply shocks [1] Group 1: Market Expectations - Current market pricing indicates a significant gap between the interest rate cut expectations of the European Central Bank and the Federal Reserve for 2025 [1] - The Federal Reserve is constrained by inflation pressures exacerbated by high tariffs and a weak dollar, which may keep U.S. yields sticky and increase volatility in the U.S. stock market [1] Group 2: European Assets Outlook - European assets are expected to gain from the European Central Bank's positive actions, particularly as Germany undergoes its largest fiscal policy shift in a generation, potentially promoting structural growth [1] - Long-term "policy put options" could serve as strong catalysts for unlocking value in many European stock markets [1] Group 3: Investment Strategies - For multi-asset investors looking to protect their portfolios from downside risks, German government bonds appear to be an attractive option [1] - The safe-haven attributes of U.S. government bonds are increasingly being questioned [1]