海外策略周报：本周全球市场出现“东升西落”分化走势

Market Performance - Global markets exhibited a "East rises, West falls" trend this week, with Hong Kong and Chinese concept stocks outperforming most developed markets[2] - The S&P 500, Nasdaq, and Dow Jones indices saw slight increases of 0.22%, 0.10%, and 0.09% respectively[11] - The Hang Seng Index surged by 10.20%, while the Hang Seng China Enterprises Index and Hang Seng Hong Kong Chinese Enterprises Index rose by 11.73% and 8.19% respectively[14] Valuation Insights - The Philadelphia Semiconductor Index experienced a slight decline, with its P/E ratio rising to 50.1, indicating a high valuation level[12] - The current Shiller P/E ratio for the S&P 500 stands at 36.94, significantly above historical averages[12] Economic Indicators - In September 2024, the Eurozone's CPI year-on-year growth rate was 1.8%, down from 2.2%[21] - The Eurozone's core CPI year-on-year growth rate was 2.7%, also lower than the previous 2.8%[21] Sector Performance - Energy sector stocks in the U.S. rebounded significantly due to escalating Middle East tensions, while technology, biotech, and consumer sectors showed weakness[12] - In Hong Kong, the healthcare sector led gains with a 15.63% increase, while utilities had the smallest gain at 1.75%[15] Risk Factors - Potential risks include unexpected changes in Federal Reserve monetary policy, slower-than-expected economic growth, and escalating global geopolitical risks[23]