迪士尼(DIS.US)自2020年以来首次重返美元投资级债券市场，周二推出一笔高评级美元债发行，加入企 业在借贷利差回落背景下集中锁定融资成本的发行潮。 知情人士称，迪士尼此次债券发行的簿记管理行包括法国巴黎银行、花旗集团、德意志银行、摩根大 通、三井住友银行以及美国合众银行。新发行债券的预期评级为穆迪A2、标普全球A。 据知情人士透露，迪士尼此次债券发行最多分为四个期限，涵盖3年至10年。其中，最长期限债券的初 步定价指引为较同期限美国国债高出约0.85个百分点，募集资金将用于一般公司用途。 市场人士认为，在融资利差收窄、资金需求旺盛的背景下，迪士尼选择此时重返债市，有助于以相对有 利的条件补充资金，也反映出当前美国投资级债券市场持续活跃的态势。 这笔交易是周二美国投资级债券市场八宗发行之一。就在前一日，Alphabet(GOOG.US,GOOGL.US)通 过一笔债券发行筹资200亿美元，认购需求超过1000亿美元，凸显当前投资者对高评级企业债的强劲兴 趣。 ...

Core Viewpoint - The Federal Reserve has resumed its rate-cutting cycle, lowering the federal funds rate by 25 basis points to a target range of 4% to 4.25%, with expectations of further cuts by the end of the year [1] Group 1: Future Rate Cuts - Barclays' chief U.S. economist anticipates two more rate cuts of 25 basis points each in October and December [2] - ICBC International expects a total of 75 basis points in rate cuts by the end of the year, citing a shift in focus towards the labor market [2] - HSBC predicts potential rate cuts in December and March, with an increased risk of multiple cuts if labor market data worsens [3] Group 2: Economic Signals - The FOMC's economic projections indicate a lower rate path than previously expected, with three rate cuts anticipated this year [5] - The voting dynamics within the FOMC showed unexpected support for the majority opinion, despite prior dissenting views [5][6] - The Fed's statement reflects a hawkish tone, acknowledging rising inflation while recognizing increased risks in the labor market [6] Group 3: Global Financial Market Impact - Continued rate cuts by the Fed are expected to accelerate global asset repricing, favoring physical assets and precious metals [8] - HSBC emphasizes the importance of diversified asset allocation across regions and sectors to enhance portfolio resilience [8] - The decline in interest rates is projected to alleviate corporate financing pressures and support earnings expectations in the U.S. equity market [9] Group 4: Emerging Markets Impact - The Fed's easing policy is anticipated to provide more operational space for the People's Bank of China to support economic growth and stabilize the yuan [10] - HSBC maintains a positive outlook on emerging market equities, particularly in Asia, due to favorable conditions stemming from a weaker dollar [10] - The expectation of a weaker dollar may lead to accelerated capital flows into emerging markets, benefiting countries with manufacturing and resource exports [10][11] Group 5: Gold Market Outlook - Despite a negative short-term reaction in gold and silver markets post-Fed meeting, the long-term outlook remains positive due to expected lower U.S. rates and a weaker dollar [12] - HSBC continues to favor gold as a hedge against global policy and economic uncertainties, advocating for a broader asset allocation strategy [13] - The backdrop of declining interest rates and rising risk premiums is expected to provide support for gold prices [13]