金十数据6月11日讯，信安资产管理公司分析师马丁•弗兰德森写道，加大对英国经济的投资将在中期内 提振经济增长。英国财政大臣里夫斯周三详细介绍了政府未来几年的支出计划，包括加大对住房、数字 基础设施和国防的投资。其规模和时间仍不确定。但这些计划"遵循了欧洲的类似模式，即重新愿意投 资以重振经济，（这）应该是未来几年经济增长的积极推动力。" 英国可能从国防和数字投资中获得增长刺激 ...

英国财政大臣Reeves：我们希望英国各地都能实现（经济）增长。 ...

欧洲央行管委马赫鲁夫：经济增长面临下行风险，通胀风险则呈现出混合态势；未来走势将高度取决于 关税政策的最终安排，尤其是对报复措施的反应。 ...

虽然全球经济增速放缓，世界银行并未预测衰退的到来。副首席经济学家Ayhan Kose指出，尽管目前的不确定性给投资带来压力，但全球贸易增长在明年有 望迎来回升。尤其是在人工智能等新技术的推动下，经济增长可能会逐渐恢复。 与此同时，报告也提到，全球贸易增长将在今年仅为百分之一点八，较去 年的百分之三点四大幅下降。这一预期反映出已实施的关税政策对全球经济的抑制作用。如果美国的平均关税进一步上调，可能使今年全球经济增速再下调 零点五个百分点。 在这种背景下，新兴市场和发展中国家整体增速预计将为百分之三点八，略低于之前的预期。这一调整尤为显著的是墨西哥，其对美国的高度依赖导致该国 今年增长预期被下调至百分之零点二。 虽然全球经济面临重重挑战，世界银行仍对未来抱有一定乐观态度。Kose表示，随着全球贸易格局的适应和不确定 性的逐步消散，经济有可能在明年实现温和回升。然而，这一过程将相对缓慢，全球经济的复苏速度将受到多方因素的制约。 报告指出，全球经济增速放缓的主要原因在于不确定性的加剧，特别是美国对外加征关税，令全球贸易关系紧张。世界银行表示，尽管全球经济未必陷入衰 退，但今年的增速将是自全球金融危机以来的最低点。 报 ...

Core Viewpoint - Deutsche Bank's latest report indicates that the default rate for high-risk U.S. companies is expected to rise slightly by 2026 due to economic slowdown and rising interest rates, particularly among speculative-grade firms [1][4]. Economic Environment - The tightening global monetary environment is a contributing factor to this trend, with the ten-year U.S. Treasury yield likely to exceed nominal GDP growth for the first time since 2011, increasing corporate financing costs [4]. - The probability of a recession in the U.S. economy is currently estimated at around 30%, highlighting significant risks to economic growth [4]. Corporate Financing Challenges - The tightening of loan standards by U.S. banks adds another layer of burden for companies, exacerbating the default risk amid economic slowdown and rising interest rates [6]. - Companies that rely heavily on high leverage and high-yield debt will face more severe challenges in the coming years [6]. Overall Economic Outlook - Despite potential growth in certain sectors, the overall economic environment in the U.S. remains uncertain, with factors such as slowing economic growth and rising financing costs likely preventing a decrease in corporate default rates by 2026 [6]. - The report emphasizes the need for investors to carefully assess the debt risks of high-risk companies and prepare for potential default events in the future [6].

Group 1 - The U.S. labor market is undergoing a profound structural change driven by the Trump administration's strict immigration policies, with May's non-farm payrolls dropping by 696,000, the largest monthly decline since the onset of the pandemic in 2020 [1][3] - The balance of supply and demand in the labor market is being artificially disrupted, leading to a significant reduction in labor supply, particularly affecting labor-intensive sectors such as construction, agriculture, and services [3] - Despite a historically low unemployment rate of 4.2%, only 139,000 new jobs were added in May, indicating a shrinking labor supply rather than an increase in job opportunities [3] Group 2 - The artificial labor shortage is causing multiple economic impacts, including rising wage levels that may exacerbate inflationary pressures, and a long-term reduction in the potential growth rate of the U.S. economy [3] - Morgan Stanley forecasts that average monthly job growth may remain at 170,000 in 2024 but decline to 90,000 by the end of 2025 and further to 80,000 in 2026, with the "breakeven job growth" needed to maintain stable unemployment potentially dropping to as low as 50,000 per month [3][4] - The structural changes in the labor market present unprecedented policy dilemmas for the Federal Reserve, as tight labor conditions and wage pressures necessitate a more hawkish monetary policy, while the ongoing reduction in economic growth potential requires policy flexibility [4] Group 3 - The uncertainty surrounding immigration policies complicates economic forecasts, with the Congressional Budget Office projecting net immigration numbers to fall to 2 million and 1.5 million in 2025 and 2026, respectively, significantly lower than the 3.3 million in 2023 [4] - This uncertainty not only affects the labor market but also has broader implications for consumption and investment, potentially impacting the overall economy [4] - Market participants should be cautious of the chain reactions stemming from these policy distortions, as short-term labor shortages may support a stronger dollar, while long-term growth potential reductions could lead to downward pressure on the dollar [4]

Group 1: Investment Outlook - The mid-2025 outlook for the Chinese stock market is influenced by both domestic and international factors, with a focus on domestic consumption as a key area of interest [1] - The government is expected to continue and expand the successful "trade-in" consumption policy from the previous year, aimed at boosting consumer confidence and spending [2] - The global trade environment remains uncertain, with potential challenges to exports due to ongoing trade policy impacts and declining global demand [3] Group 2: Investment Strategy - In light of the unclear macro environment, a bottom-up investment approach is recommended, focusing on companies with strong fundamentals and resilient earnings that are less affected by external shocks [4] - This strategy allows investors to be more flexible in responding to market volatility and to identify long-term winners across various sectors [4] Group 3: Capital Inflows and Valuation - Strong inflows of southbound capital through the connectivity mechanism reflect a favorable liquidity environment and interest in Chinese companies listed in Hong Kong, with net purchases reaching $78 billion, accounting for 75% of the expected total for 2024 [5] - The current valuation of the Chinese stock market remains attractive, with the MSCI China Index trading at a price-to-earnings ratio of approximately 11 times, representing a significant discount of about 47% compared to the U.S. market [5]

世行表示，预计不会出现全球经济衰退。 世行集团首席经济学家兼主管发展经济学高级副行长英德米特·吉尔表示："发展中经济体的增速三十年 来不断下降，从21世纪第一个十年的平均6%降到第二个十年的均速5%，再降到第三个十年的4%以下。 这与全球贸易的增长轨迹相吻合，全球贸易增速从21世纪第一个十年的平均5%降到第二个十年的4.5% 左右，到第三个十年的3%以下。投资增速也出现放慢，但债务却节节攀升，已达到创纪录的水平。" 世行称，关税增加和劳动力市场收紧也对全球通胀造成上行压力，预计2025年全球通胀率平均为 2.9%，仍高于疫情前的水平。 世行表示，增速放慢将阻碍发展中经济体促进就业创造、减少极端贫困和缩小与发达经济体人均收入差 距的努力。预计2025年发展中经济体的人均收入增长为2.9%，比2000年至2019年期间的平均水平低1.1 个百分点。 全球贸易政策的变化 当地时间10日，世界银行（下称"世行"）发布最新一期《全球经济展望》报告称，紧张局势加剧和政策 不确定性将推动今年全球经济增长创下2008年以来最慢速度。 世行称，这导致近70%经济体的增速预测下调，预计2025年全球增速将放慢至2.3%，比年初的 ...

值得深思的是，特朗普关税政策的代价或将远超预期。历史经验表明，2018年中美贸易战期间，美国农 民和制造业者承担了约90%的关税成本，而此次全面加税可能使普通家庭年均支出增加逾千美元。更深 远的影响在于供应链重构——企业被迫将资源投入地缘政治避险而非效率优化，这种"逆全球化"操作最 终会反映在生产率增速的持续低迷上。世界银行的预警实则为全球经济敲响警钟：当保护主义成为主流 选择，复苏的代价将由所有人共同支付。 世界银行周二（6月10日）发布的《全球经济展望》报告为2025年全球经济描绘了一幅阴郁图景。这份 报告虽未直接点名特朗普，但字里行间透露出其激进的贸易政策正成为拖累经济的关键变量。美国经济 增长预期被大幅下调至1.4%，较2024年的2.8%近乎腰斩，与半年前2.3%的乐观预测形成鲜明对比。这 一调整背后，是特朗普政府拟对全球输美商品加征10%关税的阴影——这项政策若落地，不仅将推高美 国企业成本、加剧通胀压力，更可能引发连锁式贸易报复，进一步压缩全球经济增长空间。 全球经济的韧性正在经受考验。世界银行同步将2025年全球增速预期下调0.4个百分点至2.3%，较去年 下降0.5个百分点，距离衰退警戒线仅 ...

智通财经APP获悉，摩根士丹利发布全球经济关键预测报告《Morgan Stanley Research: Key Forecasts》，对美元资产仍持积极看法，建议投 资者超配美国股票、美国国债、美国投资级公司信贷，但不看好美元，认为随着美国与其他国家(地区)的经济增长和收益率差异收窄，美元 或会大幅贬值。 摩根士丹利牛熊及基本情景下主要资产预测表如下： | | As of Jun | | Q2 2026 Forecast | | | --- | --- | --- | --- | --- | | | 06. 2025 | Bear | Base | Bull | | Equities | | | | | | S&P 500 | 6.000 | 4,900 | 6,500 | 7,200 | | MSCI Europe | 2.200 | 1.610 | 2,250 | 2,620 | | Topix | 2.769 | 2,100 | 2,900 | 3,250 | | MSCI EM | 1.183 | 870 | 1,200 | 1,360 | | FX | | | | | | JPY. | 145 | ...