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济源市

  美股股指期货周四盘前涨跌互现,美日贸易谈判初步释放积极信号,市场乐观认为美国可能与其贸易伙伴达成协议、避免更高关裞。欧洲央行将三大关键利率下调25个基点,符合预期。

  截至发稿,道指期货跌1.44%,标普500指数期货涨0.41%,纳指期货涨0.71%。

  德国DAX指数跌0.71%,英国富时100指数跌0.68%,法国CAC40指数跌0.92%,欧洲斯托克50指数跌0.82%。

  日本首席谈判代表赤泽亮正表示,美日已启动关裞谈判,目标是尽快达成协议,第二轮谈判正准备在本月晚些时候举行。

  特朗普总统表示,与日本达成协议的谈判“取得重大进展”。在日本首席谈判代表表示未涉及汇率问题后,日元走弱,市场对美方施压日元升值的担忧暂时缓解。与此同时,美联储主席鲍威尔重申控制通胀的承诺,推动美国国债收益率上升,美元指数随之上涨。

  “美国与日本初步谈判进展带来的乐观情绪是美股期货转涨的主因之一,”瑞士宝盛银行股票策略主管MathieuRacheter表示,“不过考虑到昨天的大跌,不能对日内价格波动解读太多,目前市场整体趋势仍偏下行。”

  多国正加紧与美国谈判,避免特朗普早前宣布但随后暂停的进口税再度落地。此前的举措曾对日本商品征收24%的关裞,虽随后暂停,但10%的基础税率依然有效,汽车、钢铁和铝材等产品则仍面临25%的关裞。

  “美日贸易谈判的进展不仅对双方意义重大,也可能成为美方与其他盟友处理贸易关系的参考框架,”Gama资产管理公司全球宏观投资组合经理RajeevDeMello表示。

  特朗普炮轰鲍威尔

  周三,鲍威尔在特朗普上周暂停部分关裞攻势后首次发言。鲍威尔表态称将“观望”关裞局势,这打压了市场对美联储迅速出手安抚投资者的希望。他表示,除非出现市场严重失衡,美联储不会因股市下跌而干预。

  “‘美联储保护’是,美联储设想存在市场混乱的风险,而目前情况并非如此。目前的数据表明没有必要干预。市场下跌本身并不是干预的理由,尤其在当前估值水平下更不可能,”LaFinancièredel’Echiquier基金经理EnguerrandArtaz说。

  FacetWealth首席投资官TomGraff表示:“鲍威尔处境艰难。美联储无法主动应对潜在的经济疲弱,因为关裞很可能同时导致通胀上升。”

  值得一提的是,美国总统特朗普在社交媒体表示:预计欧洲央行将进行第七次降息,然而,美联储主席鲍威尔的行动“为时已晚”,他总是行动太迟且决策错误。昨天他的发言又是典型的、彻头彻尾的“一团糟”!目前油价下跌了,食品杂货价格也下跌了,而且美国正从关裞中获利颇丰。美联储早就应该像欧洲央行那样降低利率。很久之前就该这么做了,现在美联储肯定应该降低利率。鲍威尔被解雇的速度再快都不为过!

  此外,鉴于即将迎来包括耶稣受难日和复活节星期一在内的四天长周末,投资者也不愿意在此期间进行大规模押注。

  大宗商品方面,黄金在避险需求推动下早盘创下新高后回落;油价连续第二天上涨,美国誓言将伊朗的能源出口降至零。

  阿波罗预警:降息后联邦政府预算赤字仍将加剧。

  随着对美国经济衰退的担忧加剧,阿波罗公司最新分析显示,即便利率下降,联邦预算赤字仍可能显著恶化。

  阿波罗首席经济学家托尔斯滕·斯洛克指出,如果美国陷入衰退,长期利率可能走低,这将降低政府为现有债务再融资的成本。但他警告,任何潜在节省都将被更广泛的经济后果所掩盖。

  据阿波罗测算,利率每下降两个百分点,联邦政府每年可节省约5000亿美元利息支出。但实际情况更为复杂——历史数据显示,经济衰退通常通过税收减少和失业救济等社会保障支出增加,使美国预算赤字加深约GDP的4%。按2025年美元价值计算,该机构表示这将给政府财政造成1.3万亿美元的惊人冲击,是利率下降所带来节省金额的两倍多。

  斯洛克总结道,“关键结论是:通过制造衰退来改善预算赤字是不可能的,因为在经济衰退期间,政府财务状况的恶化程度将是利息支付节省额的两倍。”这位经济学家警告称,借贷成本的短期收益可能被长期财政压力所抵消。

  RBCBlueBay押注“美国例外论”终结,开始做空美元。

  全球顶级资管机构RBCBlueBayAssetManagement表示,特朗普的贸易战可能会摧毁人们对美元数十年来的信任和信誉。因此,该机构开设了美元空头头寸,押注“美国例外论”将终结。

  RBCBlueBay固定收益团队首席投资官MarkDowding在接受采访时表示:“上周初,我们还在抛售美元。美国的政策制定失去了可信度,特朗普的关裞政策感觉上没有经过深思熟虑。”

  Dowding还认为,美联储近期不太可能降息,因关裞可能扰乱供应链,造成短缺并推高通胀。

  Dowding补充道:“我们将继续看到公债价格波动,正在等待一个良好的进场点。如果美国10年期国债收益率跌破4.2%,我就想卖出;如果超过4.8%,我就想买进。”

  焦点个股

  联合健康盘前大跌21%公司下调年度利润预期。

  礼来盘前大涨13%公司发布减肥药研究数据。

  苹果盘前涨1.3%全新头显VisionAir曝光。

  索尼盘前涨2.2%将重返掌机市场发布时间曝光。

  房多多、贝壳盘前上涨6%和3.3%房地产行业出现企稳迹象。

  阿里巴巴盘前涨超4.3%淘宝登顶16个国家App下载榜。

  携程网盘前涨超3%获摩通列为科网股首选之一。

  百度盘前涨超2.5%Create开发者大会将带来多项新发布。

  腾讯音乐盘前涨超3%获摩通列为科网股首选之一。

  台积电盘前涨近4%,Q1净利超预期。

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