海外市场周报：美元资产落寞之后

Market Performance - Global stock markets showed mixed results last week, with the Hang Seng Tech Index and Hang Seng Index leading gains globally[4] - US stock indices experienced a pullback, with the Dow, S&P 500, and Nasdaq down by -2.4%, -3.1%, and -3.5% respectively[4] - European markets displayed varied performance, with Germany's DAX and France's CAC40 up by 2.0% and 0.1%, while the UK's FTSE 100 saw a slight decline[4] Economic Indicators - US non-farm payrolls increased by 151,000 in February, below the market expectation of 160,000[4] - The ADP employment number for February unexpectedly dropped to 77,000, significantly lower than the expected 140,000 and previous value of 183,000[4] - The Challenger job cuts in February surged to 172,017, a 245% increase from the previous month's 49,795[4] Consumer Confidence - Both the Conference Board and University of Michigan consumer confidence indices showed significant declines, indicating weakening consumer expectations[4] - Upcoming retail sales data for February is expected to be pessimistic due to the downturn in consumer sentiment[4] Geopolitical Factors - The decline of the "American exceptionalism" narrative is attributed to changes in economic, technological, and geopolitical landscapes[4] - The ongoing Ukraine situation has highlighted the US's isolationist tendencies, impacting its global influence and the perception of "American exceptionalism"[4] Investment Strategy - Recommendations include focusing on the Japanese stock market, European equities, small-cap growth stocks in the US, and broad opportunities in emerging markets[4] - The duration of the decline in US dollar assets is closely tied to geopolitical developments in Ukraine and the decisions of President Zelensky[4] Risk Factors - Potential risks include unexpected rebounds in overseas inflation, global economic downturns, and escalations in geopolitical tensions, particularly in the Middle East and Ukraine[4]