Core Viewpoint - The article discusses the valuation of global stock indices, U.S. Treasury indices, and the impact of potential interest rate cuts by the Federal Reserve on global markets. Group 1: Market Overview - Global stock indices experienced slight fluctuations, maintaining a star rating of 3.0 [10] - U.S. stocks saw a minor increase, while European markets slightly declined [11][12] - The Hong Kong stock market showed significant volatility, with the Hang Seng Index rising by 1.3%, leading global markets [15][16] - The global bond market saw substantial gains, with the U.S. 10-year Treasury yield decreasing from 4.2-4.3% [17][19] Group 2: Interest Rate Impact - The recent economic data from the U.S. labor market, showing a non-farm employment increase of only 22,000 against a forecast of 75,000, raised expectations for a Federal Reserve rate cut [19][21] - The market anticipates a 25 basis point rate cut in September, with a possibility of a 50 basis point cut [22] - A decline in U.S. interest rates is expected to benefit global stock markets, particularly non-U.S. assets [30][35] Group 3: Valuation Insights - The article presents a valuation table for various global stock indices, highlighting metrics such as P/E ratios, P/B ratios, and dividend yields [62][64] - The valuation data indicates that certain indices are undervalued and suitable for investment, while others are overvalued [64] - The article emphasizes the cyclical nature of interest rates, suggesting that they will fluctuate rather than move in a single direction [43][45] Group 4: Investment Opportunities - The article mentions the availability of global stock index funds in overseas markets, which are not yet accessible in mainland China [49] - A "Global Index Advisory Portfolio" has been introduced, which diversifies investments across multiple stock markets [50] - The article encourages feedback on additional indices that readers would like to see included in future updates [8]

有朋友问螺丝钉，能不能针对 全球股票指数、美债指数等 ， 做个估值表。 文 | 银行螺丝钉 （转载请注明出处） 可以先从指数估值的角度，了解海外市场不同品种的估值情况。 螺丝钉也做了美股、全球股票指数、美债指数的估值表。见文章下面图片。 目前内地能买到的、投资海外市场的基金品种不多。 不过在海外这些品种比较丰富。 也新增了美股场内的美债ETF指数的估值。 如果觉得这个估值表 有需要 ， 后续每周日会在公众号、以及「 今天几星 」小程序，每周定期更新。 海外市场指数数量很多，后面大家 有希望增加的品种 ，可以反馈给螺丝钉。 目前螺丝钉后台系统，已经覆盖海外主流的几百只指数品种。 1. 本周全球股票市场微涨。 其中美股连续4周下跌后，本周美股全市场指数微涨0.67%。 全球非美股市场低迷。 欧洲、亚太地区股票市场微跌。 A股港股本周也下跌。 2. 本周市场波动的原因也跟美元汇率有关。 汇率也是周期波动的，过去几年，出现过好几轮汇率的上升下降。 （1）美元汇率小幅升值的阶段，对美元类资产有利 例如2024年11月到2025年1月中旬，美元小幅升值，美股表现强于全球非美股市场。 最近一周也是如此。 （2）反过来，美元 ...