港股、海外周观察：全球为何普跌？

Group 1 - Developed and emerging markets experienced a simultaneous decline, with both down by 2.5% during the week of July 28 to August 1, 2025 [1][10] - The Hang Seng Technology Index fell by 4.9%, while the Hang Seng Index decreased by 3.5% [1] - The healthcare sector led the industry performance, indicating potential resilience in this area amidst broader market declines [1] Group 2 - The U.S. stock market faced pressure from economic slowdown, with the Dow Jones down 2.9%, S&P 500 down 2.4%, and Nasdaq down 2.2% [2][4] - Non-farm payroll data showed a significant drop, with only 73,000 jobs added in July, well below expectations of 104,000 [2][21] - The U.S. manufacturing PMI fell to 48 in July, indicating contraction, as it remained below the neutral level for five consecutive months [2][27] Group 3 - The Federal Reserve maintained interest rates but faced internal dissent, with two members voting against the decision, advocating for a 25 basis point cut [3][19] - The reintroduction of tariffs under the Trump administration has created a dual structure, with varying rates applied to different countries, impacting market sentiment [3][19] Group 4 - Short-term outlook for U.S. stocks suggests a period of adjustment due to economic data showing weakness, particularly in employment and manufacturing [4][5] - Historical trends indicate that August is typically a weak month for U.S. stocks, often leading to corrections post-earnings season [4] - The S&P 500's market breadth has declined to 55%, reflecting a decrease in overall market participation [5][30] Group 5 - Gold ETFs saw mixed inflows, with significant increases in certain funds like Huaan Yifu Gold ETF (+$223 million) and Invesco Physical Gold ETC (+$195 million) [6][34] - Institutional investors slightly reduced their gold holdings, while retail investors increased theirs, indicating a shift in market sentiment towards gold [6][34] Group 6 - Global stock ETFs experienced a net inflow of $29.579 billion, with the U.S. leading at $19.55 billion, while Chinese stock ETFs saw a significant outflow of $5 billion [7][44] - The technology, financial, and communication sectors saw the highest net inflows, while healthcare, energy, and consumer discretionary sectors faced outflows [7][46]