全球股市创出历史新高

Group 1 - The MSCI ACWI index reached its highest value since February 18, closing at 1081 on June 26, reflecting a 20% increase since the recent low on April 8 due to concerns over U.S. tariffs [1] - Investor sentiment improved as U.S.-China negotiations progressed, with U.S. Commerce Secretary indicating potential cancellation of countermeasures if China resumes rare earth exports [3] - A survey by Bank of America showed a significant decrease in the percentage of global institutional investors expecting a "hard landing" for the economy, dropping from 49% in April to 13% in June [3] Group 2 - The current stock market highs are supported by expectations of U.S. interest rate cuts and the high growth prospects of AI-related companies [3] - Major U.S. tech companies have seen substantial market capitalization increases, with Microsoft gaining $610 billion, NVIDIA $350 billion, and Broadcom $170 billion since February 18 [5] - The earnings per share (EPS) for S&P 500 companies is expected to grow by 9% in 2025, indicating resilience despite an uncertain economic environment [5] Group 3 - Global equity funds continue to see net inflows, with nearly $300 billion accumulated by early 2025, maintaining a similar pace to the record $600 billion in 2024 [4] - There are concerns about potential temporary boosts in the U.S. economy due to pre-tariff purchasing, which may lead to a false sense of prosperity [6] - Some institutional investors missed the recent market recovery, facing anxiety over late buying, which could weaken the upward momentum once the "buying the dip" phase ends [6]