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曾多次准确预判市场!这位华尔街老将如今大幅上调今年美股市场崩盘概率

FX1682026年3月10日 05:35
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FX168财经报社(亚太)讯 美国彭博社周一(3月9日)报道称,华尔街老将、投资咨询公司Yardeni Research创始人Ed Yardeni表示,随着伊朗战争不断升级冲击全球市场,美国股市今年面临大幅抛售风险上升。他在更新对当前“快速变化时期”的市场展望时提出这一判断。

(截图来源:彭博社)

这位美国资深策略师将今年余下时间股市出现崩盘(meltdown)的概率从此前的20%上调至35%。与此同时,他将股市“过热式上涨”(meltup)——即主要由投资者情绪而非基本面推动的上涨——的概率从20%大幅下调至5%。

这一概率调整发生在油价飙升至100美元/桶以上之际。投资者正为中东可能出现的长期冲突做准备,这种局势可能进一步推高能源成本。与此同时,由于市场逐渐接受增长放缓与通胀上升可能同时出现的前景,对美联储降息的预期已经有所削弱。

Yardeni在一份报告中写道:“美国经济和股市目前处于伊朗冲突与困境之间,美联储也是如此。如果油价冲击持续存在,美联储的双重使命将陷入两难——一方面是通胀上行风险加大,另一方面是失业率上升的风险增加。”

美元已成为首选的避险资产,自战争爆发以来,彭博美元即期指数已上涨近2%。到目前为止,美国股市受到的冲击也小于全球其他市场,上周标普500指数下跌2%,而MSCI全球股票指数则大跌3.7%。

(截图来源:彭博社)

根据Wilsons Advisory的说法,这种韧性部分归因于美国相较于亚洲等其他市场拥有更高的能源自给能力。此外,市场此前对人工智能支出以及潜在商业中断的担忧,也已经提前削弱了美股的部分上涨动能。

在周一亚洲交易时段,标普500指数期货一度下跌逾2%,随后收复部分失地。与此同时,对冲基金增加了对美国股票ETF的空头仓位,Cboe波动率指数(VIX)也飙升至自4月关税动荡以来的最高水平。由于交易员开始计入更高的通胀预期,10年期美国国债收益率上涨4个基点至4.18%。

投资者已将美联储下一次下调25个基点利率的预期推迟到9月。而在2月底、即战争爆发前,交易员原本已完全计价7月降息。如今,一些债券期权交易员甚至押注,美联储今年可能根本不会降息。

进一步加剧市场对长期战争担忧的是,美国总统特朗普周日晚间表示,对伊朗的军事行动值得承受任何短期代价,因为这将带来持久收益,并称100美元/桶的油价只是“一个小小的代价”。

与此同时,伊朗决定任命遭暗杀的最高领袖阿亚图拉·阿里·哈梅内伊(Ayatollah Ali Khamenei)之子、立场强硬的穆杰塔巴·哈梅内伊(Mojtaba Khamenei)为新任最高领袖,这一举动表明,德黑兰不会在当前席卷中东的战争中退让。彭博美元即期指数一度上涨0.7%,升至1月16日以来的最高水平。

Yardeni过去曾多次准确判断市场走势。去年12月,这位策略师曾建议,相较于标普500指数中的其他股票,应当实际上低配所谓的“美股七巨头”科技股。

他的基本情景判断目前仍然没有改变。所谓“咆哮的20年代”情景——即美国在生产率快速提升推动下,未来十年实现强劲且可持续增长——到今年年底仍有60%的概率发生。

从未来十年的角度看,前景则更为乐观。Yardeni认为,“咆哮的20年代”持续下去的概率为85%。与此同时,他也认为出现“1970年代式滞胀重演”的概率为15%。

他写道:“如果投资者开始预期滞胀,熊市出现的可能性就会更高。”

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