Economic Overview - In September, the Federal Reserve unexpectedly cut interest rates by 50 basis points (bps), with a further 50 bps cut likely by year-end, and a 75 bps cut becoming more probable[1] - China's exports showed resilience with an 8.7% year-on-year increase in August, while retail sales growth slowed to 2.1%[12] - India's GDP growth for Q2 was slightly below expectations at 6.7%, with manufacturing production improving[20] Policy Actions - The People's Bank of China introduced a series of supportive policies, including a 30 bps cut in benchmark interest rates to 2.0% and a 50 bps reserve requirement ratio cut, releasing 1 trillion yuan in liquidity[14] - The European Central Bank (ECB) lowered three key interest rates in September, with an increased probability of further cuts in October[8] - The Bank of Japan maintained its interest rates but indicated a hawkish outlook, increasing the likelihood of rate hikes by year-end[11] Market Trends - The Hang Seng Index rose by 14.69% in September, supported by the Fed's rate cut and China's proactive policies[2] - The S&P 500 index saw a modest increase of 1.59%, while the Nasdaq rose by 2.29% amid concerns over high valuations and slowing growth in the U.S.[2] - European stock markets experienced a net inflow of $1.25 billion in August, reversing the previous month's outflow[8] Investment Flows - In August, net inflows into U.S. equities decreased to $27.35 billion from $50.52 billion in July, while net inflows into investment-grade bonds increased[5] - China's stock market saw a net inflow of $15.02 billion in August, marking the third consecutive month of inflows[15] - Vietnam's stock market experienced a slight increase in net outflows, with $1.69 million in August, indicating a cautious investment sentiment[19]
大类资产配置月度观察（2024年9月刊）：一揽子积极政策提振中国资产配置信心
Gong Shang Yin Hang·2024-10-15 02:31