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Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82
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  图虫创意/供图

  证券时报记者孙璐璐贺觉渊

  全球金融市场依然处在美国滥施关税所带来的余震中。北京时间4月21日晚间,美国三大股指开盘全线下跌,跌幅一度均超2%。道琼斯指数近20日跌幅超8%,纳斯达克指数近20日跌幅超10%。美元兑主要货币走软,美元指数一度跌破98关口,现货黄金上涨突破3400美元/盎司。

  美国滥施关税政策正对市场信心和预期产生持续冲击,并将对美国自身经济产生“反噬”。众多研究机构发出警告,认为今年美国经济陷入衰退的概率明显上升,而这又将为包括美股在内的美国金融资产价格表现带来更多拖累。

  外资对美股前景判断趋谨慎

  尽管近几日美股、美债和美元指数的暴跌有所缓和,但至今仍未从美国政府本月初宣布所谓的“对等关税”政策阴影中走出来。

  当前美股正迎来财报季,市场高度关注贸易争端背景下的美股前景。嘉盛集团资深分析师JerryChen对记者表示,美股三大指数过去两周经历了罕见的市场波动,虽然关税议题没有往更糟糕的方向发展,但美股财报季的考验却才刚刚开始。

  不少机构下修对今年美股的预期表现。威灵顿投资管理公司最新观点认为,近期的股市抛售更多是在关税和政策不确定性的背景下,市场对增长预期重新定价的修正过程。因此,我们预计整体每股收益增长仍将继续调整。

  “投资者调查和股票资金流向显示,市场对美国市场相对强势的预期有所松动。此外,我们认为,美国的关税政策和实施风险尚未充分反映在当前估值中。如果美国市场的关注点从增长转向通胀,我们认为更高的利率会使得美股因高估值而面临更大的下行风险。”威灵顿投资管理公司称。

  贝莱德智库指出,贸易局势紧张引发风险资产下跌,市场波动或将持续一段时间。基于这一判断,其将战术配置周期缩短至3个月,并下调风险偏好。

  中国人民银行金融研究所所长丁志杰认为,尽管此后美国对部分国家推迟征收“对等关税”,美股及全球股市有所反弹,但美国政策反复无常,影响投资者信心,导致近期各国股市再次转跌。可以预见,美国政府政策的反复无常及所谓的“对等关税”大棒威胁,美股及其他国家资本市场将持续承压,波动性加大。

  美债美元齐走弱

  避险资产认可度下降

  受避险情绪影响,最近两周,美债收益率上行、美元指数走低,这种组合在以往较为少见,被市场普遍看作是全球投资者对美债的不信任“投票”。

  长期以来,美债、美元分别被视为“全球资产定价之锚”以及重要的避险资产,美国所谓的“对等关税”推出后,美债在短时间内遭遇大量抛售,体现出美国自身产生反噬。10年期美债收益率9日盘中最高涨至4.5%,创下2001年以来单周最高上升幅度,30年期美债收益率也一度升破5%。

  中信证券首席经济学家明明表示,这轮美债利率变动存在海外投资者抛售推升美债利率的可能性,而引发抛售的底层因素则是美债作为避险资产的市场认可度下降。

  “一方面,美债避险属性弱化致使资本外流;另一方面,政策不确定性及反复的关税措施,正在损耗美元及美债信用。”明明称。

  景顺亚太区(日本除外)全球市场策略师赵耀庭也认为,美国境外投资者抛售是造成美元走弱和美国国债收益率飙升的主要驱动因素。由于美国政策突然而大幅度的变动,投资者现在可能对美国资产的可靠性产生质疑。在当前的关税纷争中,美国最大的弱点可能是其相对较高的债务水平和外资持有的债务。

  “最近美国国债收益率上升,但欧洲、中国和日本的债券收益率并未上升——这使我相信资本正在撤出美国市场。在当前环境下,投资者可能不再将美国资产视为曾经的避风港。”赵耀庭称,去年,美国债务偿还成本攀升至非常高的水平,以至于首次超过了美国国防预算总额。如果利率上升,将导致美国债务偿还支出显著增加。

  JerryChen表示,截至4月初,美国国债总规模突破36万亿美元,今年有超过9万亿美元债务到期。如果此时因为关税政策导致市场极端波动并引发美债市场爆雷,“债务重组”计划或将落空。若美债市场的红色警报无法解除,全球金融市场将继续风声鹤唳。

  当前美元指数一度跌破98,JerryChen预计,尽管当前位置存在一定支撑,但下行压力依然明显,趋势线97附近是下方的更关键支撑。

  美国经济衰退风险上升

  美国滥施关税对自身经济前景也带来“反噬”。市场担心“美国通胀上升与增长放缓并存”,对美经济滞胀预期升温,叠加美联储政策空间收窄。VIX恐慌指数一度从15.2点迅速攀升至60.13点,创下新冠疫情以来新高,体现市场对未来不确定性的持续担忧。

  证券时报4月15日发布的“时报经济眼:2025年一季度经济学家问卷调查”结果显示,超八成(80.7%)受访者认为关税政策将显著加剧美国通胀压力,导致美国经济滞胀。

  近日,华尔街机构也纷纷对美国今年的经济前景表示担忧。高盛最新报告预测,美国经济今年逼近零增长,未来12个月内美国经济陷入全面衰退的概率高达45%,并将通胀预期大幅上调至3.5%左右。摩根大通CEO杰米·戴蒙也对美国经济的前景发出警告称,美国经济正面临“相当大的动荡”。此外,贝莱德CEO拉里·芬克警告称,美国经济可能已经疲软到增长为负的程度。

  丁志杰表示,长期看,美国所谓的“对等关税”将加剧全球贸易的不确定性,难以有效促进美国制造业回流,无法为美国带来持久的经济利益,反而会损害其全球领导地位和国际声誉,还会迫使企业重新评估成本和风险,引发全球产业链供应链布局深度重构,同时抬升长期贸易成本和融资成本。

  具体来说,一是经济主体融资成本上升与债务风险加剧。反复无常的美国所谓“对等关税”增加了进口成本和贸易不确定性,引发金融市场动荡,推高全球长期借贷成本,金融机构需要重新评估企业的信用状况和经营风险。二是金融机构面临信贷风险与跨境业务调整。加征关税导致全球供应链重构和贸易成本上升,降低企业利润前景,可能使企业推迟跨境上市或并购计划,影响企业债券信用评级。三是增大金融机构风险管理难度。金融机构面临不确定的国际金融环境,需要对风险管理模型重新校准,纳入更多风险因子,考虑更多极端情景。四是各国或将被迫调整国内经济政策以应对关税冲击。

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