“卖出美国”风潮再起 分析师：“对冲美国”更贴近现实

Group 1 - The core narrative of "Sell America" is gaining traction among global investors due to rising policy uncertainties under the Trump administration, which has led to concerns about the safety of U.S. assets [1][2] - Foreign investors have historically played a crucial role in supporting the U.S. stock market and filling fiscal and trade deficits, but a shift in sentiment could have profound implications for the dollar, U.S. Treasuries, and the overall economy [1][2] - The U.S. dollar has depreciated approximately 10% since Trump returned to office, indicating a gradual reduction in investor exposure to the dollar [2][3] Group 2 - The "Sell America" narrative is primarily driven by concerns over the rising risks associated with dollar-denominated assets, as evidenced by Moody's downgrade of the U.S. credit rating due to long-term fiscal deficit projections [2][3] - Notable actions include Danish pension fund AkademikerPension's decision to sell about $100 million in U.S. Treasuries, reflecting a growing perception of credit risk associated with the U.S. [3][4] - Japanese markets are being considered as potential alternatives for investment, while some investors are opting for hedging strategies to mitigate further depreciation of the dollar rather than fully divesting from U.S. assets [4][5] Group 3 - Despite the rising risks, divesting from U.S. assets is challenging due to the significant growth of U.S. corporate earnings compared to other regions and the dominance of U.S. tech giants in the global market [5][6] - The market size of U.S. bonds remains unmatched by alternatives such as Australia, New Zealand, or the UK, making it difficult for the euro or other currencies to displace the dollar in the short term [5][6] - The sentiment among experts is that the U.S. remains an essential economy where positive returns can still be achieved, indicating that while risks are present, the U.S. market continues to attract investment [6]