Global Market Overview - The US stock market continued its rebound due to a temporary easing of Trump's trade stance, with the S&P 500 Shiller P/E ratio rising to 40.58, marking the first time it has exceeded 40 since the internet bubble [1][10] - The technology sector remains under valuation pressure, with the TAMAMA technology index P/E at 38, Philadelphia Semiconductor index at 46.3, and Nasdaq index at 42.6, indicating high valuations [1][10] - European markets showed a rebound after two weeks of declines, but are expected to face adjustments due to high P/B ratios and weak economic fundamentals [1][10] - Emerging markets like Mexico, Argentina, Brazil, and India are anticipated to experience adjustments due to economic issues and US tariff policies [1][10] US Market Performance - The S&P 500, Nasdaq, and Dow Jones indices all saw increases of 1.92%, 2.31%, and 2.20% respectively this week [2][10] - The S&P 500's information technology sector had the highest increase at 2.75%, while the consumer staples sector saw a decline of 0.59% [10][14] Hong Kong Market Performance - The Hang Seng Index, Hang Seng China Enterprises Index, and Hang Seng Hong Kong Chinese Enterprises Index all increased by 3.62%, 3.91%, and 2.05% respectively, with the Hang Seng Technology Index rising by 5.2% [22][26] - The energy sector led the gains in Hong Kong, increasing by 5.63%, while the healthcare sector saw a decline of 0.77% [26][37] Key Economic Data - In September 2025, the US CPI year-on-year growth was 3%, up from 2.9%, while the core CPI was 3%, down from 3.1% [38][40] - The UK CPI year-on-year growth was stable at 3.8%, and Japan's CPI increased to 2.9% from 2.7% [40][41]
海外策略周报：席勒市盈率超过40，港股内部分化加大-20251025
HUAXI Securities·2025-10-25 11:19