华尔街面临新风险：欧洲投资者“罢买”美国资产

Core Viewpoint - Foreign investors, particularly from Europe, have played a crucial role in driving U.S. stock market highs, but increasing tensions in U.S.-Europe relations under President Trump's potential second term may lead to a withdrawal of these key buyers from the market [1][5] Group 1: European Investment Trends - European investors currently hold approximately $10.4 trillion in U.S. stock assets, with over half coming from eight countries previously threatened by tariffs [2][4] - The trend of reducing reliance on U.S. assets has been noted since April 2025 and has accelerated recently, as indicated by Amundi SA's Chief Investment Officer [1][5] - European investors' holdings in U.S. stocks have increased by 91% over the past three years, amounting to about $4.9 trillion, driven by both continued purchases and rising asset prices [6] Group 2: Market Risks and Reactions - The potential for a coordinated sell-off of U.S. assets by European investors is low, but the ongoing threats from Trump have led to increased inquiries from asset managers about reducing exposure to U.S. assets [5][8] - Although direct sell-offs of U.S. stocks have been limited so far, the situation adds a new risk factor to an already historically high U.S. stock market valuation [8] - The Canadian Prime Minister highlighted the need for countries reliant on U.S. financial integration to reconsider their relationships due to the weaponization of interdependence by Trump [9] Group 3: Future Outlook - There is a possibility that the weight of U.S. assets in global asset allocation may be adjusted in the long term, as investors may no longer fully trust the dollar or U.S. assets [10] - The current environment suggests that investors should be cautious about having all their assets exposed to U.S. stocks or the dollar [8][11]