全球大类资产配置周报：美联储降息周期启动下的全球资产分化-20250928

Global Asset Performance - The global market is experiencing a divergence between safe-haven assets and risk assets, with gold prices continuing to rise while equities show mixed performance [5][50] - The S&P 500 and Nasdaq indices have seen declines due to strong U.S. economic data reinforcing expectations for sustained high interest rates, negatively impacting growth stocks [50][51] - The A-share market has demonstrated resilience amidst global volatility, with a slight increase in the index [50] Commodity Market - Gold prices reached a historical high of $3758.78 per ounce on September 22, with a weekly increase of 2.01%, driven by the market's reaction to the Federal Reserve's interest rate cuts [7][8] - The oil market is characterized by rising prices due to geopolitical risks, with WTI and Brent crude oil prices increasing by 4.85% and 5.17% respectively [12][13] Bond Market - U.S. Treasury yields unexpectedly rose following the Fed's rate cut, with the 10-year yield increasing to 4.20%, reflecting a "sell the fact" behavior among investors [18][19] - The Chinese bond market showed a slight upward trend in yields, influenced by liquidity conditions and the strong performance of the A-share market [20][22] Currency Market - The U.S. dollar index exhibited a strong performance, supported by robust U.S. economic data, while the euro weakened against the dollar due to widening economic data disparities between the U.S. and Europe [25][31] - The British pound declined against the dollar, driven by weak economic data from the UK and contrasting monetary policy signals from the Bank of England and the Federal Reserve [40][42] Equity Market - European stock markets, particularly the UK, Germany, and France, showed gains, while U.S. markets faced declines, highlighting a divergence in performance based on regional economic conditions [50][51] - The Japanese stock market benefited from domestic stimulus expectations and a weaker yen, supporting export-oriented companies [50]