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每月動向

2024年8月基金投資動向

2024年07月31日

原油價格下跌、通脹趨向緩和, 美聯儲降息預期升溫, 股市震盪但保持整體上升趨勢。

國際原油價格持續下滑。倫敦布倫特原油於7月29日收盤價跌破80美元,較7月初下跌超過8%。全球需求持續疲弱,成為原油市場基本面的主要壓力,市場對原油需求前景感到擔憂。此外,隨著新能源汽車的普及,能源消費結構或正逐步發生變化,這種轉變對傳統汽油和柴油的需求帶來挑戰,為原油市場帶來新的不確定性。同時,中東地區的局勢出現緩和跡象,地緣政治風險有望下降,對油價產生一定影響。

美股在7月份呈現較大波動。截至7月29日,道瓊斯指數在當月內有兩個交易日收報下跌超過500點,而有兩天卻上漲超過600點;而代表科技板塊的納斯達克指數有兩個交易日分別下跌超過500點和600點。近期,美國大型科技企業的季度表現較為遜色,令投資者擔憂整個行業的增長前景。

然而,7月26日公佈6月份的核心pce物價指數,按月上漲0.2%,符合市場預期;按年上升2.6%,略高於市場預期的2.5%。分析認為這些數據正反映通脹受控,市場對美聯儲在9月份降息的預期樂觀,甚至有部分投資者押注今年的降息次數將超過兩次。在樂觀情緒的推動下,當日美股大幅飆升,三大主要指數均收盤上漲超過1%。道瓊斯指數曾飆升超過800點,最終收報40,589點,上漲654點或1.6%;標普500指數收報5,459點,上漲1.1%;以科技股為主的納斯達克指數則收報17,357點,上漲1.0%。

近期公佈的美國通脹數據顯示溫和,經濟仍在穩步增長中,市場對美聯儲降息的期望升溫。此外,美國10年期國庫券的收益率也相繼下降,7月29日收報4.18厘,較6月底下降0.22厘。市場正密切關注7月31日美聯儲的利率決定,並關注當局對經濟和通脹前景的看法,以確定降息步伐的可能性。

隨著美國總統大選逼近,執政黨當然希望通脹能够進一步下降,以增加黨員勝算機會。通脹壓力得到控制,降息前景便更加樂觀,利率的下降將對投資和企業營運成本帶來好處。同時,市場關注的另一焦點是美國經濟增長能否持續穩定或實現軟著陸。對於最近油價的下跌,我們期待它有助於進一步緩解通脹壓力。而加拿大央行已經兩度降息,這也許預示著減息周期即將開始。

投資者透過基金組合投資,由專業投資經理管理,投資組合可以分佈在不同地區、資產、行業、公司等,有助分散風險。客戶如欲查詢有關基金資訊,歡迎致電致富理財熱線: 2500 9188 聯絡我們。



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