华尔街最准分析师12张重磅图表：所有迹象都指向经济衰退

华尔街见闻2023-04-12

美国银行策略分析师Michael Hartnett认为，当前的制造业指数、就业情况、信贷紧缩、油价及地产等等数据均指向衰退，但投资者并未重视且低估了即将到来的衰退对美股的挑战。美国经济衰退正在逼近，但投资者正将注意力放在美联储降息的时机上，低估了衰退对美股的挑战。自去年以来华尔街预测最准确的分析师、美国银行策略分析师Michael Hartnett领导的团队在最新的一份报告中表示，当前的制造业指数...

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披着牛皮的雷熊
2023-04-12
披着牛皮的雷熊
[惊讶]

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美国3月ISM制造业新订单指数为44.3，处于收缩区间，美银指出，当新订单指数<45意味着标普500每股收益（EPS）将开始下降，经济步入衰退（参见 1991、2001、2008、2020年）。3. 预计2023年下半年全球每股收益同比下降10-15%。根据美国银行全球每股收益增长模型目前的预测，截至今年8月，每股收益将同比下降16%。4.2年/10年期美国国债收益率曲线倒挂程度正放缓，这可以进一步确认美国经济衰退。2年/10年期美国国债收益率曲线倒挂程度因经济衰退的预期而变得平和。过去4周内美国10年期国债收益率与2年期国债收益率从此前的倒挂110个基点，变为50个基点，当经济衰退开始时，由于市场预期美联储将开始转向，短期利率会下降。5.Opec+减产并未提振油价，证实经济衰退。从历史上看，油价会在衰退期间上涨并在衰退期间下跌，OPEC+的突袭减产并未使油价飙升，这是另一个经济衰退的迹象。6. 疲软的3月ISM制造业指数将使美国劳动力市场更加悲观疲软的3月ISM制造业指数，表明美国劳动力市场将在未来几个月走弱；美银指出，从历史上看，ISM制造业采指数< 45会与非农就业人数下滑及美国经济衰退同时发生。美银认为，2023年2月美国非农就业人数强劲增长31.1万，高于24万的市场预期，2023年最后一份强劲的就业报告。7. 全球房价下跌进一步证明经济衰退。随着各国利率飙升，欧洲各国房价在2022年第四季度平均环比下降1.5％，为2015年以来首次下跌；新西兰房价今年一季度同比暴跌13.3%；美国房价连续第六个月环比下跌，较去年6月峰值累跌4.4%。8. 美国的信贷紧缩将进一步削弱劳动力市场。过去几个月，美国银行一直在收紧对小公司的贷款标准。美国银行借贷在银行业危机发酵的3月下旬出现巨额跌幅，创历史最高两周下降纪录。Steno Research表示，越来越多的证据表明，由 SVB 引发的银行业压力确实会演变成一场衰退，但不是一场迅速的流动性驱动的衰退，而是由信贷紧缩引发的缓慢衰退。该机构认为，2023 年第三季度美国经济衰退的可能性大于75%。美银指出，信贷紧缩加剧与小企业用工需求高度相关（美国小企业创造了为美国创造了近2/3的就业机会）。9. 欧洲银行贷款正在收缩，衰退正在到来。欧元区银行贷款连续3个月下降，美银指出，欧元区经济高度依赖银行信贷，约有85%的企业资金通过银行贷款获得，因此银行贷款规模下降意味着衰退逼近。10.美国劳动力市场的走势意味着衰退开始，疲软的劳动力市场将允许美联储大幅降息。美国2月JOLTS职位空缺数近两年里首次跌破1000万，从2023年3月1200万峰值下降了200万以上。美银指出，这一情况意味着：美国职位空缺下降—>劳动力市场疲软 —> 美联储降息11. 在美联储最后一次加息时，或者美联储加息接近结束时投资者应该抛售美股。Hartnett领导的团队建议，投资者应该在美联储最后一次加息时或者美联储加息接近结束时就抛售美股，而不是在加息结束之后才抛售。该团队认为，这是根据1970和80年代的经验得出的结论，在那二十年中，每次加息周期结束的三个月内，美股都在下跌。12. 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