Group 1 - The core viewpoint is that the recent 90-day suspension of mutual tariffs between China and the U.S. is expected to reduce the risks of trade disruptions and rising unemployment, leading to a lowered probability of economic recession [1] - The investment stance reflects high geopolitical uncertainty, with the theme of "market differentiation" becoming a dominant trend this year [1] - The company has reduced concentrated allocations in U.S. equities and shifted towards a more geographically diversified asset allocation strategy, favoring European markets and increasing holdings in Japanese and emerging market assets [1] Group 2 - Outside the U.S., inflationary pressures are relatively mild, leading to a preference for German government bonds while being bearish on U.S. government bonds [2] - Gold is recommended as a core tool for diversifying asset allocation [2] - The outlook for the energy sector remains cautious to negative due to continuous supply growth, and there is a cautious stance on the U.S. credit market, particularly high-yield bonds [2]
施罗德：环球股市风险偏好改善 尤其看好美国与欧洲的金融板块
Zhi Tong Cai Jing·2025-06-20 06:13