CITIC Securities Research reported that looking forward to 2025, the overseas economy may show the characteristics of coexistence of domestic demand recovery potential and foreign trade friction risks. There are hidden concerns about a rebound in inflation in the United States, and inflation in non-American economies may remain stable. Differences in inflation and economic trends will affect the monetary policy direction of central banks in major overseas economies. The Federal Reserve may have room to cut interest rates by 50bps next year. The European Central Bank may cut interest rates more than the Federal Reserve, and the Bank of Japan may raise interest rates further. In this macro environment, we believe that the allocation order of major asset categories is: stocks> commodities> bonds.
CITIC Securities Research reported that looking forward to 2025, the overseas economy may show the characteristics of coexistence of domestic demand recovery potential and foreign trade friction risks. There are hidden concerns about a rebound in inflation in the United States, and inflation in non-American economies may remain stable. Differences in inflation and economic trends will affect the monetary policy direction of central banks in major overseas economies. The Federal Reserve may have room to cut interest rates by 50bps next year. The European Central Bank may cut interest rates more than the Federal Reserve, and the Bank of Japan may raise interest rates further. In this macro environment, we believe that the allocation order of major asset categories is: stocks> commodities> bonds.
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