汇丰多资产策略师团队表示，鉴于强劲的经济活动数据与疲软的美国就业数据形成反差，他们正进一步 增持股票。Max Kettner等策略师在报告中指出，尽管上周五就业数据令人失望，但全球制造业和美国 消费的高频数据近几周持续回升。这种格局将同时支撑股票盈利与估值：疲软的劳动力市场将触发美联 储降息，而其他领域的经济强劲将扩大股市涨势范围。策略师们表示，正在降低对高收益信用债的超配 立场，称市场已将美联储明年12月前近六次降息计入预期，即使信用利差或短端收益率小幅上升，也足 以导致回报趋平或转负。他们结束了对日本股票的低配策略，认为银行股具有吸引力，因近期美日贸易 协议降低了增长风险。该团队对股票、高收益信用债和新兴市场利率持超配立场，而对投资级信用债和 发达市场主权债券持低配立场。 来源：滚动播报 ...

Core Viewpoint - The analysis suggests that the U.S. term premium is expected to decline, leading to a slight decrease in sovereign bond yields across most developed markets [1] Group 1: U.S. Treasury Market - The anticipated decline in the U.S. term premium is linked to easing trade tensions, which may reduce the compensation investors require for holding long-term bonds [1] - The report indicates that if the predicted decline in the 10-year U.S. Treasury term premium occurs, it would not be surprising to see a moderate decrease in the term premiums of other high-rated 10-year government bonds [1]