但她表示，股票投资者似乎认为，美国经济“本质上是在一个全球化、反通胀的世界中运行”。她在周一的一份报告中表示：“然而，我们认为我们可能正处于重大政权更迭的过程中，经济增长是再通胀的”，全球化和移民这两个反通胀的关键驱动因素正在消退。Morgan Stanley Wealth Management suggests that investors consider reducing their exposure to large Technology Stocks and the recent outperforming "Trump Trades", as the company believes that these Assets carry downside risks against the backdrop of rising inflation next year.
According to Zhitong Finance APP, Morgan Stanley Wealth Management recommends that investors consider reducing their exposure to large Technology Stocks and the recent outperforming "Trump Trades", as the company believes that these Assets carry downside risks in the context of rising inflation next year.
Morgan Stanley Wealth Management's Chief Investment Officer Lisa Shalett stated that since the November elections in the USA, the S&P 500 Index has increased by 5%, accumulating a 27% increase this year, "This is due to the market's excitement over the USA government's pro-growth policies." The "Seven Giants", including Tesla (TSLA.US), and some so-called "Trump Trades" like Bitcoin have all surged ahead of Trump's return to the White House next January.
However, she noted that Stock investors seem to believe that the USA economy "is essentially running in a globalized, anti-inflation world." In a report on Monday, she stated: "However, we believe we may be in the midst of a significant regime change, and economic growth is re-inflationary," as the key drivers of globalization and immigration, which are anti-inflation, are fading.
The company stated that to gain some protection, investors should "consider large-scale tax-loss harvesting to eliminate concentrated positions in the Seven Giants and other recently high-performing 'Trump Trades'. We believe that post-election optimism may normalize, and growth will gradually slow topossibility of a soft landing,, profits will fall short of expectations, and on a risk-adjusted basis, Bonds will outperform Stocks."
Shalett stated that both stock investors and the Federal Reserve disregard the acceleration of inflation over the next three months, while stock analysts are lowering earnings expectations, and economists have halved the interest rate cut forecast for 2025.
She pointed out, "Policy vitality may lead to new market leadership in 2025, making stock selection crucial."
Morgan Stanley Wealth Management is bullish on the Finance, Energy, Residence real estate Industry, and domestic-focused Industrial and Consumer goods manufacturers.
The report also pointed out that the Medical Care Industry is "currently in an oversold state."