港股&海外周观察：策略点评：全球为何普跌？

Market Performance - Developed and emerging markets both declined by 2.5% during the week of July 28 to August 1, 2025[1] - The Hang Seng Index fell by 3.5%, while the Hang Seng Tech Index dropped by 4.9%[1] - The S&P 500 decreased by 2.4%, and the Dow Jones Industrial Average led the decline with a 2.9% drop[4] Economic Indicators - U.S. non-farm payrolls added only 73,000 jobs in July, significantly below the expected 104,000 and previous month's 147,000[4] - The U.S. manufacturing PMI fell to 48 in July, below the expected 49.5, indicating a contraction in the manufacturing sector[4] - The U.S. Q2 GDP growth rate was 3.0%, surpassing expectations of 2.4%[4] Market Sentiment and Trends - There is a consensus to focus on dividend-paying stocks and identify sectors with growth potential, particularly in healthcare[1] - Concerns remain regarding internet technology stocks due to consumer spending factors, although some funds are increasing their allocations[1] - The market is experiencing increased volatility due to rising overseas risks and expectations of interest rate cuts in the U.S.[1] Tariff Impacts - The U.S. is set to implement reciprocal tariffs starting August 7, affecting various countries with rates as high as 39% for some[5] - The market's sensitivity to tariff issues appears to be diminishing, but ongoing monitoring is necessary[1] Fund Flows - Global equity ETFs saw a net inflow of $29.579 billion, with the U.S. leading at $19.55 billion[11] - Chinese equity ETFs experienced the largest outflow, totaling $5 billion[11] - Institutional investors are slightly reducing gold holdings, while retail investors are marginally increasing their positions[10]