①小摩调查："抛售美国"情绪日益高涨 更多人看好欧洲股市！ 周一美国和英国股市休市，欧股因特朗普延长欧盟关税期限提振市场情绪而收涨。随着穆迪下调美国主 权信用评级以及新的支出法案对联邦赤字的影响不明，国际投资者对美国资产的担忧加剧。摩根大通全 球市场会议调查显示，36%的投资者预计欧洲股市今年将表现最好，而仅17%投资者看好美国股市。分 析认为，美国股市的高估值、人工智能前景不明以及贸易政策的不确定性动摇了投资者对"美国例外 论"的信心。与此同时，欧洲市场因斯托克欧洲600指数今年以来上涨7%而吸引投资者。尽管如此，华 尔街大佬们仍建议投资者不要抛售美国资产。摩根士丹利预测美国主导地位将保持到2026年，高盛则认 为美国大型股将继续跑赢大盘。不过，市场不确定性仍存，包括经济衰退风险、贸易谈判进展和地缘政 治等因素。 星展银行邓志坚：欧盟对美国出口额约占总出口额的14%，约占GDP的3.5%，即使被加征更多关税，对 欧盟的影响有限。特朗普此前威胁对欧盟加征关税，可能未必真是为了增加财政收入，而是希望欧洲企 业投资于美国，同时欧盟能购买更多的美国国债。欧盟第一季度实际GDP环比增长0.3%，同比增长 1.4%，另 ...

Core Viewpoint - DBS Bank has lowered the target price for ZhongAn Online (06060.HK) to HKD 20 while maintaining a "Buy" rating, citing strong premium growth but slower-than-expected loss reduction in its fintech subsidiary [1] Group 1: Financial Performance - ZhongAn Online reported a 13% year-on-year growth in cumulative premiums for the first four months of 2025, indicating strong performance [1] - DBS Bank has slightly adjusted its earnings forecasts for ZhongAn Online for the fiscal years 2025 and 2026 down by 1.8% and 3.4% respectively [1] Group 2: Business Strategy - The company is expanding its health insurance business, which may face short-term pressure due to increased claims, but improvements in retention rates are expected to support a decrease in marketing expenses [1] - The improvement in the quality of underlying loan assets is anticipated to sustain high profitability in credit guarantee insurance through the second half of 2024 [1]

Core Inflation Outlook - Singapore's core inflation is expected to remain moderate for the remainder of the year, according to a report by DBS Bank's senior economist Chua Han Teng [1] - The expectation reflects DBS Bank's outlook on curbing input inflation and reducing the pass-through of corporate costs to consumer prices [1] - There are anticipated downward risks to Singapore's inflation, aligning with the Monetary Authority of Singapore's moderate assessment [1] Economic Context - A slowdown in global trade may adversely affect Singapore's export-dependent economy, potentially weakening domestic labor demand and wage growth [1]

Core Viewpoint - The continuous decline in RMB deposit rates is forcing savers to adjust their investment strategies, seeking new avenues for income growth, while some private banks are raising deposit rates to attract customers [1][3][7]. Group 1: Changes in Deposit Rates - The RMB deposit rates have been consistently decreasing, impacting savers who traditionally relied on fixed deposits for income [3][4]. - Some private banks, like Yilian Bank, have raised their one-year fixed deposit rates to 2.00%, contrasting with the overall downward trend in deposit rates across major banks [4][8]. - As of May 22, 20 commercial banks have lowered their RMB deposit rates, indicating a widespread trend in the banking sector [8]. Group 2: Shift in Savings Behavior - There is a notable shift of household deposits from banks to non-bank financial institutions, with a decrease of 1.39 trillion yuan in household deposits in April, while non-bank deposits increased by 1.57 trillion yuan [1][7]. - Savers are increasingly exploring alternative investment products, with some finding higher returns in USD deposit products offered by various banks [5][9]. Group 3: USD Deposit Products - Several banks are promoting high-interest USD deposit products, with rates reaching up to 4.2% for six-month deposits, but these often come with conditions [5][9]. - The overall trend for USD deposit rates is also downward, with significant declines observed since the end of 2023 [8][10]. - There are concerns regarding the exchange rate risks associated with USD deposits, as the USD has shown volatility against the RMB [9][10].

Core Viewpoint - The downward trend in interest rates is becoming increasingly evident, prompting depositors to seek alternative investment strategies due to shrinking returns on traditional RMB deposits [1][5][6]. Group 1: Interest Rate Trends - The RMB deposit rates have been continuously lowered, leading to a compression of returns for depositors [2][5]. - Some private banks, like Yilian Bank, have raised their one-year fixed deposit rates to 2%, contrasting with the general trend of rate cuts among major banks [3][5]. - As of May 22, 20 commercial banks have joined the trend of lowering RMB deposit rates, indicating a widespread acknowledgment of the ongoing "rate cut wave" [6]. Group 2: Shifts in Depositor Behavior - Depositors are increasingly moving their funds to non-bank financial institutions, with a reported decrease of 1.39 trillion yuan in household deposits in April, while non-bank deposits surged by 1.57 trillion yuan [1][5]. - Individuals like Li Xiang are actively searching for new investment avenues, while others, such as Chen Meng, are still exploring suitable financial products [2][3]. Group 3: Dollar Deposit Products - Several banks are offering attractive dollar deposit rates, with some reaching as high as 4.2% for six-month deposits, but these often come with conditions [4][7]. - The dollar deposit rates are also on a downward trend, with significant declines observed since the end of 2023 [6][8]. Group 4: Risks and Challenges - The high dollar deposit rates are often conditional, creating uncertainty for depositors who may not benefit from these rates in the long term [7]. - The dollar's value has been fluctuating, with the index dropping below 100, raising concerns about currency exchange risks for depositors [7][8].

阿达尼港口从星展银行获得约1.5亿美元用于资本支出的贷款。 ...

智通财经5月22日电，阿达尼港口从星展银行获得约1.5亿美元用于资本支出的贷款。 ...

Core Insights - The Chongqing Raffles project, a landmark commercial complex, represents Singapore's largest single investment in China, amounting to 24 billion yuan, and covers a total area of 1.12 million square meters, housing over 50 foreign enterprises [1] - The project is a key example of the strategic connectivity between China and Singapore, focusing on financial services, aviation, transportation logistics, and information communication, contributing to the development of significant infrastructure like the Western Land-Sea New Corridor [1] - By the end of 2024, the cumulative amount of cross-border financing for the China-Singapore connectivity projects is expected to reach 21.3 billion USD [1] Group 1 - The Western Land-Sea New Corridor has achieved notable success through international trade cooperation, with 1,253 customs declaration data shared [2] - The collaboration has led to the establishment of 76 container shipping routes from Beibu Gulf Port, connecting to 555 ports in 127 countries and regions globally [2] - Various sectors have benefited from the cooperation, including efficient communication through an international internet data channel and breakthroughs in agricultural exports [2] Group 2 - Future plans include enhancing the Chongqing hub as a strategic pivot for western development and an inland open comprehensive hub, focusing on digital and green development opportunities [2] - The Chongqing Hub Industrial Park aims to create an integrated economic system combining logistics, services, and manufacturing [2] - The Chongqing Life Science City will leverage the Western Land-Sea New Corridor to build a cross-border cooperation network in the life and health industry [2][3]

Group 1 - Morgan Stanley upgraded the ratings of US stocks and sovereign bonds from "neutral" to "overweight," anticipating that a series of future rate cuts by the Federal Reserve will support bonds and boost corporate earnings [1] - The US dollar is expected to continue weakening due to diminishing economic growth advantages and narrowing yield differentials with other countries [1] - The global economy is still expanding despite uncertainties, with Morgan Stanley's economists predicting seven rate cuts by the Federal Reserve by 2026, which will support above-average valuations [1] Group 2 - The overall inflation rate in the UK rose from 2.6% in March to 3.5% in April, exceeding economists' expectations of 3.4%, but the possibility of a rate cut by the Bank of England in August should not be ruled out [3] - Thailand experienced accelerated external demand growth in the first quarter, attributed to importers making advance purchases to avoid potential future cost increases due to US tariffs [3] - The financial sector is considered the best investment opportunity in the market, with Singapore's expected P/E ratio at 14.3 and a dividend yield of 4%, indicating attractive valuations [3]

Core Viewpoint - Thailand's exports are significantly impacted by changes in U.S. tariffs and face challenges from rising global protectionism [1] Group 1: Export Impact - Thai exports are still highly influenced by U.S. tariff changes, with a potential temporary relief for about 10% of goods due to a 90-day suspension of tariffs [1] - External demand saw accelerated growth in the first quarter as exporters shipped goods before the U.S. tariffs were implemented [1] Group 2: Business Confidence - Export-oriented manufacturers maintain optimistic business confidence, although this sentiment may not last long [1] - The sustainability of this optimism is contingent upon the outcomes of U.S. tariff negotiations [1]