Core Viewpoint - Standard Chartered Bank's report emphasizes a positive outlook on global equities while being cautious about the US dollar's strength, suggesting a shift towards risk assets due to expected dollar weakness [2][3]. Global Stock Outlook - The bank continues to favor global stocks, particularly increasing the allocation to Asian equities (excluding Japan) due to the anticipated weakening of the dollar, which is expected to attract more capital into emerging markets [3][11]. - The chief investment officer for North Asia at Standard Chartered highlights the ongoing uncertainty in the global investment environment, with a structural risk of "de-dollarization" gaining attention [4]. Fixed Income Strategy - Standard Chartered expects the dollar's decline to enhance the appeal of emerging market local currency bonds, maintaining an overweight position in these assets [7]. - The bank views global bonds as a core portfolio component, favoring emerging market local currency government bonds while underweighting developed market investment-grade corporate bonds due to high valuations and economic uncertainty [9]. Currency Perspective - The bank predicts that cyclical factors will lead to a weaker dollar over the next 6-12 months, with the euro and yen likely benefiting from this trend [13]. - Despite the dollar's ongoing dominance, there are signs of a gradual erosion of its position due to changing trade flows and structural debt concerns [14][15]. Gold and Diversification - The report notes that gold is becoming increasingly attractive as a hedge against inflation and geopolitical uncertainty, with central banks, especially in emerging markets, increasing their gold purchases [18][19]. - According to a survey by the World Gold Council, 76% of central banks believe that gold's share in global reserves will rise over the next five years, up from 69% in the previous year [18].
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