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汇丰重量级研究报告!若伊朗冲突长期持续 将如何影响黄金、原油、美元和股市?

FX1682026年3月3日 05:51
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#伊朗危机追踪#FX168财经报社(亚太)讯 伊朗冲突风险上升正冲击全球市场。汇丰(HSBC)警告称,油价冲击、汇率波动以及股市震荡将取决于供应通道和产量是否受到干扰,这将影响全球通胀预期和投资者风险偏好。

(截图来源:Bitcoin)

地缘政治紧张局势升级正在重塑全球市场前景。全球投资银行汇丰于3月2日发布题为《特别报道:市场评估伊朗冲突的影响》(Special Coverage: Markets assess the impact of Iran conflict)的报告。

该报告由汇丰私人银行(HSBC Private Bank)及卓越理财全球首席投资官Willem Sels撰写,基于情景分析,对油价、汇率、利率和股市作出预测。

报告称:“美国和以色列在周末通过‘史诗之怒行动’(Operation Epic Fury)打击伊朗,导致伊朗最高领袖身亡,并引发伊朗在多个国家展开报复行动。”

报告指出,“围绕权力继承、军事冲突如何演变,以及对地区和全球经济的诸多影响,仍存在相当大的不确定性。”

汇丰分析进一步强调:“市场影响主要取决于冲突持续时间、霍尔木兹海峡石油运输是否受阻以及伊朗石油生产是否中断。”

汇丰银行指出,霍尔木兹海峡是重要的能源咽喉要道,承载着全球约19%的石油供应,这意味着任何中断都可能迅速影响通胀预期、大宗商品价格以及更广泛的金融市场。伊朗每日约470万桶的石油产量也加剧了潜在的供应风险。

该行指出:“风险偏好显然受到冲击。”报道并提到3月1日埃及和沙特阿拉伯股市下跌4%—6%。

报告补充称:“若冲突长期持续,将推升油价、金价以及美元、日元和瑞郎走强,使收益率曲线趋于平坦,并打击股市;其中周期股和欧洲股市的表现将落后于美国和亚洲。”

在其基准情景中,汇丰预计油价仍将保持波动,但会避免出现持续性飙升,从而使全球经济增长维持相对韧性,同时主要央行将继续谨慎按兵不动。黄金作为对冲工具仍将获得支撑,而美国股市相较欧洲市场更有望展现出相对韧性。

在谈及尾部风险时,汇丰报告警告称:“我们认为,实施长期封锁将很难做到,但即便是短暂封锁,也会导致油价飙升。”

在更严重的局势升级情景下,汇丰预计美元将进一步走强,日元和瑞郎也将更坚挺,信用利差扩大,收益率曲线趋于平坦,并引发股市普遍走弱,尤其是周期股以及能源进口地区的市场。相反,如果谈判重新启动,可能会推动油价回落,稳定通胀预期,压缩利差,并重振风险偏好。

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