crashbandicootps3games| West China Securities: Federal Reserve Bowman's speech is biased towards emerging market exchange rate pressure continues

Main point of the week in overseas markets: federal Reserve Governor Bowman said this week that US inflation is likely to remain high for some time and there is still the possibility of raising interest rates if necessary.Crashbandicootps3gamesThe Fed's statement further increased the uncertainty about the timing of the Fed's interest rate cut. The US stock market continued to rebound this week, with US-listed stocks significantly outperforming the US giants. The price-to-earnings ratio of the Philadelphia semiconductor index rose to 50Crashbandicootps3games.7, further on the high side. At this stage, the earnings ratio of the S & P 500 Schiller is 34.Crashbandicootps3games.7, significantly higher than the historical average and the median. As the valuation pressure of US stocks is still high and the high interest rate cycle is still easy to affect the US economic side and the financial system side, it is expected that the US stock market is still prone to a pullback for some time to come. Due to the high valuation at this stage, it is expected that some important assets in the information technology industry in US stocks are prone to a pullback in the coming period of time. As the pressure on the economic and financial side of the United States is still there, the financial, biotechnology, industrial and other industries in US stocks will also face a certain degree of pullback pressure. There will also be significant one-day fluctuations in important stocks in different growth and value industries. There was a correction in most of Europe's key markets this week. Due to some pressure on Europe's own economy, it is expected that there will be a correction in some important European market indexes in the coming period of time; important European market indices such as European STOXX50, European STOXX600, FTSE 100th of the UK, French CAC40, German DAX, and FTSE Italy MIB, which did not have a full correction in the previous period, will also show shocks. Some volatility is expected in Canada's S&P/TSX and Australia's S & P 200 due to the volatile environment in developed markets. The Nikkei 225 index rebounded slightly this week. As the valuation level of the Nikkei 225 index is still on the high side, the tightened Japanese monetary policy is easy to have an impact on the stock market, the superimposed Japanese exchange rate problem is still continuing, and it is expected that the Nikkei 225 index will be prone to further correction in the coming period; as the valuations of Japanese value stocks and growth stocks are on the high side, most growth and most value industries in the Japanese market are prone to decline. As the Fed has maintained high interest rates for too long, exchange rate pressure in some overseas emerging economies continues, and exchange rate issues are still easy to put pressure on relevant stock indexes. IBOVESPA of Brazil, MXX of Mexico, SENSEX30 of India, KOSDAQ of South Korea, Manila Composite Index, Indonesia Composite Index and other emerging markets that have not yet been fully adjusted are prone to volatility in the future. As the Middle East geopolitical problems are still further fermenting at this stage, the FTSE Abu Dhabi Composite Index, the United Arab Emirates DFM Composite Index and other Middle East market indexes will be prone to shocks. Due to the positive stimulus, the Hong Kong stock market continued to pick up this week. Hong Kong stocks are in a more complex stage of transition from a round of bottoming to a new round of initial transition on the right side, and have not yet entered a unilateral bull market. In the Hong Kong stock market, some assets in core industries such as information technology and non-essential consumption have rebounded structurally recently, and they are in a more complex stage of transition from a bottom to a new round on the right. If the allocation can choose the time to look for some fluctuations or pullbacks. The valuation level of some assets in the financial industry, health care industry, raw materials industry and industry in Hong Kong stocks is on the low side, and there will be a layout range of low absorption in batches gradually with fluctuations in the future.

Us stock market performance for the week: the S & P 500, NASDAQ and Dow Jones industrial average all rose 1.54%, 2.11% and 1.24%, respectively.

One-week performance of the Hong Kong stock market: the Hang Seng Index, the Hang Seng China Enterprises Index and the Hang Seng Hong Kong Chinese Enterprises Index all rose this week. The Hang Seng Index, the Hang Seng China Enterprises Index and the Hang Seng Hong Kong Chinese Enterprises Index rose 3.11%, 3.21% and 2.01% respectively.Crashbandicootps3games3.79%.

Important overseas economic data: in April 2024, US CPI grew 3.4 per cent year-on-year, down from the previous value of 3.5 per cent; US core CPI grew 3.6 per cent year-on-year, down from 3.8 per cent.

Risk hints: Fed monetary policy exceeded expectations; economic growth fell short of expectations; global geopolitical risks intensified; global black swan event.