Core Viewpoint - Eurozone countries are set to issue more short-term bonds as the appeal of long-term debt diminishes [1] Group 1 - The shift towards short-term bonds indicates a changing investor sentiment regarding long-term debt instruments [1] - This trend may reflect concerns over interest rate fluctuations and economic uncertainty within the Eurozone [1] - Increased issuance of short-term bonds could lead to a more volatile debt market as investors seek liquidity [1]

Core Viewpoint - BlackRock's Chief Investment Officer for Global Fixed Income, Rick Ried, believes that the stock market currently presents more opportunities than the long end of the U.S. Treasury yield curve [1] Group 1 - From a yield perspective, short-term bonds are considered more attractive [1] - The correlation between long-term bonds and stock market trends is increasing, diminishing their hedging effectiveness [1] - Given this context, the expected return on stocks makes them a more appealing asset in investment portfolios [1]

Group 1: Euro and Currency Analysis - The euro is expected to appreciate in the long term, with analysts suggesting that this structural change may last longer than anticipated [1] - Deutsche Bank has revised its forecast for the euro to rise to 1.20 against the dollar by December and further to 1.30 by the end of 2027 [1] Group 2: Japanese Investment Trends - In April, Japanese pension funds purchased a record amount of foreign stocks, totaling 2.76 trillion yen (approximately 189 billion USD) [2] - Japanese investors net bought 2.12 trillion yen of U.S. stocks in March, marking the highest level since 2005 [2] Group 3: U.S. Treasury Yield Outlook - Goldman Sachs maintains a core view that short-term U.S. Treasury yields will decline, but warns of potential upward pressure on yields if economic data does not support rate cut expectations [2] - Citigroup suggests that the recent rise in global short-term bond yields may be losing momentum, with several factors potentially hindering the bond market [2] Group 4: Gold Price Forecast - JPMorgan predicts that gold prices could reach 6,000 USD per ounce by 2029, representing an 80% increase from current levels of approximately 3,300 USD [3] - The forecast is driven by a combination of U.S. policy changes leading to asset reallocations towards gold and limited increases in gold supply [3] Group 5: India-Pakistan Market Dynamics - The recent ceasefire agreement between India and Pakistan is viewed positively, with expectations of a rebound in risk assets for both countries [3] - A technical analysis indicates that if the USD/INR exchange rate breaks below the 200-day moving average support level of approximately 85.03, it would signal a positive trend [3]

富达国际基金经理Rick Patel近日针对美国信用债市场发表评论。未来存在许多未知因素，市场波动可 能持续随关税情势变化。面对挑战重重的市场环境，保持主动、敏捷且分散的投资布局至关重要，尤其 需要通过防御配置维持收益缓冲，目前具吸引收益率的短期债券是不错的选择。通过策略性美元债券资 产配置，未来仍有机会创造超额报酬，延续年初以来及"解放日"之后相对强劲表现。 Rick Patel表示，尽管美国公债收益率近来起伏震荡，整体走势仍相对稳定。4月底，美国10年期公债收 益率较4月初高出约10个基点，但仍较今年1月高点低了约50个基点。同样的，30年期公债收益率4月累 积上涨约20个基点，但年初至今则为持平。过去数十年来，美国依赖外资融通其双赤字，但如今美国身 处关税风暴核心，全球投资者因为不确定性升高且美国经济放缓机率增加，开始期待更高报酬才愿意投 资美国公债。 Rick Patel认为，鉴于各界预期未来结构性成长与通胀都将趋缓，目前联邦基金利率4.25%显得过高。联 准会最近发言似乎没有意愿降息，有待特定催化因素才会采取行动。劳动市场恶化可能发挥催化作用， 因联准会希望能确保落实其双重政策目标，而就业极大化正是 ...