欧股追随美股连续反弹，本周累涨1.3%，创3月底以来最长连涨周数。Federal Reserve Chairman Powell sent the clearest signal to date at the Global Central Bank Annual Conference in Jackson Hole, suggesting that the Fed will begin cutting interest rates in September. He also believes that the US economy is growing at a "steady pace", alleviating concerns of an economic recession.
This week (8.19-8.23), market sentiment was dominated by expectations of a Fed rate cut. Fed Chairman Powell sent the clearest signal to date at the Jackson Hole Global Central Bank Annual Meeting, suggesting that the Fed will begin cutting rates in September. He also believes that the U.S. economy is growing at a "healthy pace," easing concerns of an economic recession.
After Powell's speech was released, risk appetite increased and the Dow Jones briefly surpassed 41,000 points, while the S&P 500 approached its all-time high. The Dow Jones rose nearly 1.3% for the week, the S&P 500 rose 1.5%, the Nasdaq rose 1.4%, small-cap stocks rose 3.6%, and chip stocks rose 1.1%.
European stocks followed the rebound in U.S. stocks, rising 1.3% for the week, marking the longest consecutive weekly gain since the end of March.
As Powell made a "turn," U.S. bank stocks rose across the board, with regional bank indices showing impressive gains, the largest intraday gain in eight months. AI, robotics, photovoltaics, and real estate sectors led the way, while the oil and gas energy sector lagged behind.
On "Powell Turn Day," U.S. Treasury yields sharply declined. Short-term U.S. Treasury yields saw significant declines, and European bond yields followed suit.
The U.S. dollar index hit a 13-month low, and non-U.S. currencies strengthened across the board after the "Powell Turn," with the British pound reaching its highest level in nearly two and a half years.
The softening of the U.S. dollar and U.S. Treasury yields supported the rise in precious metals, while industrial metals in London collectively rose.
Analysts believe that the Fed Chairman Powell's policy shift is complete, and Powell's speech showed a comprehensive dovish stance.
But Michael Hartnett, a famous strategist at Bank of America, warned that the current Fed rate cuts are driven by economic recession rather than the prospect of a 'soft landing', and historically, this situation often leads to a stock market crash.
According to Hartnett's statistics, Powell held a total of 6 speeches at the Jackson Hole Annual Meeting, with the S&P falling in the future 3 months in 5 out of 6 speeches, averaging a 7.5% decline.
Editor/Somer
