环球股票投资总监Alex Tedder表示，短期来看，股市的前景颇为乐观。良好的经济数据，加上美国税改 法案的经济刺激政策、稳健的企业盈利，以及略为改善的地缘政治局势，可能会推动标普500指数触及 6700至6800点的水平。虽然市场焦点大多集中在美国，但对长线投资者而言，一些新兴市场的相对吸引 力或会开始增加。 格隆汇9月2日｜施罗德投资股票团队表示，近几个月，投资者面对的负面消息不绝，包括关税威胁、中 东冲突及政府债务水平不断上升。然而，股票市场的升势几乎未受影响，美国股市更摆脱第一季的疲弱 表现，再创历史新高。施罗德投资美国中小型股票主管Bob Kaynor表示，现时股市的散户参与程度极 高。在过去15年，散户投资者已被训练成"逢低买入"，这导致了"害怕错过升市"的心态，而非专注于捕 捉经风险调整后的回报。 ...

Global Macro Environment - The US economy shows positive data, but inflation risks remain, with the Federal Reserve expected to cut interest rates twice in 2025 at a slower pace [2] - China's economic recovery is weak, with limited effects from policy stimulus, facing challenges from a real estate market crisis and external tariff pressures [3] - Other countries, including the EU and emerging economies, are following the Fed's rate cuts but must balance the pressure from a strengthening dollar, while geopolitical risks in the Middle East and Ukraine persist [3] Vietnam Economic and Stock Market Outlook - Vietnam's economic growth is projected at 7% for 2024 and between 6.0%-6.5% for 2025, driven by trade, FDI, manufacturing, and consumption, with significant long-term potential from government reforms and infrastructure projects like the North-South high-speed railway [4] - The VN-Index has opportunities for breakthroughs amid volatility, with a positive scenario potentially pushing it above 1450 points, supported by GDP growth, an expected 20% increase in EPS, market upgrade expectations (such as FTSE potentially upgrading Vietnam to emerging market status), and easing geopolitical risks [4]