每周投资策略

Group 1: Market Overview - The report highlights a general increase in global bond markets, driven by expectations of interest rate cuts, particularly in the US and UK [38][43][44] - The US Treasury yield is at 4.67%, with a one-month return of -0.5% and a year-to-date return of -2.2% [1] - European Central Bank is expected to lower interest rates by mid-2024 due to revised inflation and GDP growth forecasts [54] Group 2: UK Market Focus - The UK labor market is showing signs of weakness, which may lead to further monetary policy easing [43][44] - The report suggests a positive outlook for the banking and energy sectors, particularly for companies like Shell and HSBC [45][46] - HSBC has announced a new $3 billion share buyback, exceeding market expectations, and maintains a stable capital ratio target [30] Group 3: Brazilian Market Focus - Brazil's inflation has exceeded market expectations, with real wage growth indicating persistent inflationary pressures [60][61] - The Brazilian Central Bank emphasizes the interaction of fiscal and monetary policies in response to inflation [61] - The report suggests focusing on undervalued and liquid stocks in the Brazilian market due to uncertainties [63] Group 4: Fund Recommendations - The report recommends the JPMorgan European Dynamic Fund, which focuses on high-quality companies with attractive valuations and improving prospects [48][49] - The fund employs a rigorous fundamental and quantitative research approach to stock selection [48] - The fund has shown a year-to-date return of 11.03% and a three-month return of 9.52% [49]