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EricYow

EricYow

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2021-08-03

nice

Goldman Sachs interprets "Delta": the impact is limited, and it has peaked in some areas

2021-08-07

good

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2021-08-04

good

Liulishuo Receives Founder's Private Offer at $1.13 per Common Share

2021-08-04

????

Fed Vice Chairman: Will Definitely See Taper Later This Year

2021-08-04

?

The U.S. semiconductor sector generally rose at the beginning of the session, AMD rose more than 4% and continued to hit new highs

2021-09-01

ok

@Yao6262:$SEMBCORP MARINE LTD(S51.SI)$what happens if I subscribe for my 1000 shares? Do I get the extra shares or what

2021-08-03

good

The reason for the strange trend of U.S. debt exposed: it was the Japanese operation that deceived the world

2021-08-03

nice

The reason for the strange trend of U.S. debt exposed: it was the Japanese operation that deceived the world

Go to Tiger App to see more news

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charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Liulishuo Receives Founder's Private Offer at $1.13 per Common Share</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nLiulishuo Receives Founder's Private Offer at $1.13 per Common Share\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">智通财经</strong><span class=\"h-time small\">2021-08-04 21:07</span>\n</p>\n</h4>\n</header>\n<article>\n<p>August 4th,<a href=\"https://laohu8.com/S/LAIX\">Fluent theory</a>Announces that its board of directors has received a preliminary non-binding proposal dated August 4, 2021, by Yi Wang, co-founder, chairman and chief executive officer of the company, Zheren Hu, co-founder, director and chief technology officer Hui Lin, and PCIL IV Limited (hereinafter referred to as the buyer group) jointly acquire all issued common stock of the company, including Class A common stock represented by the company's American depositary shares (ADS) (each ADS represents one Class A common stock).</p><p>The Company expects to establish a special board committee composed of independent and disinterested directors to consider the letter of recommendation and the proposed transaction.</p><p>Affected by the news, as of press time, the stock rose 5.88% to $1.08 before the market.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://www.zhitongcaijing.com/content/detail/527514.html\">智通财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/b2c89b55675953ec212b39326409f754","relate_stocks":{},"source_url":"https://www.zhitongcaijing.com/content/detail/527514.html","is_english":false,"share_image_url":"https://static.laohu8.com/6ca2dcdccfa2217fb20a0351f4efe814","article_id":"2156018551","content_text":"8月4日，流利说宣布其董事会已收到一份初步的非约束性建议书，日期为2021年8月4日，由公司联合创始人、董事长兼首席执行官Yi Wang，联合创始人、董事兼首席技术官Zheren Hu，联合创始人、董事兼首席技术官Hui Lin以及PCIL IV Limited(以下简称买方团)共同收购公司所有已发行的普通股，包括由公司的美国存托股(ADS)代表的A类普通股(每股ADS代表一股A类普通股)，每股普通股拟定收购价为1.13美元现金。\n该公司预计将成立一个董事会特别委员会，由独立董事和无利害关系董事组成，审议建议函和拟议交易。\n受该消息影响，截至发稿，该股盘前涨5.88%，报1.08美元。","news_type":1,"symbols_score_info":{"LAIX":0.9}},"isVote":1,"tweetType":1,"viewCount":1778,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":890860644,"gmtCreate":1628092206488,"gmtModify":1703501166789,"author":{"id":"3585088369400415","authorId":"3585088369400415","name":"EricYow","avatar":"https://static.tigerbbs.com/dd7153872a758bc9392bbba61aa7f173","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585088369400415","authorIdStr":"3585088369400415"},"themes":[],"htmlText":"????","listText":"????","text":"????","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/890860644","repostId":"2156102664","repostType":4,"repost":{"id":"2156102664","kind":"news","pubTimestamp":1628089560,"share":"https://ttm.financial/m/news/2156102664?lang=en_US&edition=fundamental","pubTime":"2021-08-04 23:06","market":"us","language":"zh","title":"Fed Vice Chairman: Will Definitely See Taper Later This Year","url":"https://stock-news.laohu8.com/highlight/detail?id=2156102664","media":"华尔街见闻","summary":"提高联邦基金利率目标范围的必要条件将在2022年底前得到满足。","content":"<p>On Wednesday local time, Federal Reserve Vice Chairman Richard Clarida said in a speech at a webinar at the Peterson Institute for International Economics:<b>The necessary conditions for raising the target range of Federal Funds rate will be met by the end of 2022, and the Federal Reserve also has the conditions to begin a rate hike in 2023.</b></p><p>He said:<b>Will support the announcement of a modest reduction in asset purchases later this year; Will definitely see the Fed announce a tapering of bond purchases later this year.</b></p><p>Specifically, Clarida said in his speech that although the job market still needs to recover, inflation is keeping an eye on and reaching the Fed's 2% target, which creates \"further substantial progress\" before the Fed tightens monetary policy. conditions. He believes: Given the above, as long as inflation expectations remain well fixed to the long-term target of 2%... At this point, normalization of monetary policy in 2023 is fully in line with our new flexible average inflation target framework.</p><p>Clarida also talked about her own views on inflation. At the time, he said that if core PCE inflation this year reached or exceeded 3% as expected, he would consider this to have significantly exceeded the long-term inflation target of 2%, rather than \"moderately\" above this line:</p><p>As before, any expectation is risky, and there is an upside risk to my expectations for US inflation. He later added that he believed that the rise in U.S. inflation above the target may be temporary.</p><p>In addition, Clarida also said in his speech that the spread of the new crown \"Delta\" strain is obviously a downside risk. He then said that the current forecast of U.S. GDP growth this year \"will be the fastest recovery in 50 years immediately following the economic recession\".</p><p>As of press time, the three major U.S. stock indexes had mixed gains and losses, with Dow futures falling about 270 points, or 0.77%.</p><p><img src=\"https://static.tigerbbs.com/955d346c258b47f0c55559b5a0dea98c\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>","source":"highlight_wallstreetcn","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Fed Vice Chairman: Will Definitely See Taper Later This Year</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nFed Vice Chairman: Will Definitely See Taper Later This Year\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2021-08-04 23:06</span>\n</p>\n</h4>\n</header>\n<article>\n<p>On Wednesday local time, Federal Reserve Vice Chairman Richard Clarida said in a speech at a webinar at the Peterson Institute for International Economics:<b>The necessary conditions for raising the target range of Federal Funds rate will be met by the end of 2022, and the Federal Reserve also has the conditions to begin a rate hike in 2023.</b></p><p>He said:<b>Will support the announcement of a modest reduction in asset purchases later this year; Will definitely see the Fed announce a tapering of bond purchases later this year.</b></p><p>Specifically, Clarida said in his speech that although the job market still needs to recover, inflation is keeping an eye on and reaching the Fed's 2% target, which creates \"further substantial progress\" before the Fed tightens monetary policy. conditions. He believes: Given the above, as long as inflation expectations remain well fixed to the long-term target of 2%... At this point, normalization of monetary policy in 2023 is fully in line with our new flexible average inflation target framework.</p><p>Clarida also talked about her own views on inflation. At the time, he said that if core PCE inflation this year reached or exceeded 3% as expected, he would consider this to have significantly exceeded the long-term inflation target of 2%, rather than \"moderately\" above this line:</p><p>As before, any expectation is risky, and there is an upside risk to my expectations for US inflation. He later added that he believed that the rise in U.S. inflation above the target may be temporary.</p><p>In addition, Clarida also said in his speech that the spread of the new crown \"Delta\" strain is obviously a downside risk. He then said that the current forecast of U.S. GDP growth this year \"will be the fastest recovery in 50 years immediately following the economic recession\".</p><p>As of press time, the three major U.S. stock indexes had mixed gains and losses, with Dow futures falling about 270 points, or 0.77%.</p><p><img src=\"https://static.tigerbbs.com/955d346c258b47f0c55559b5a0dea98c\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3637152\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5f10ed06412cd6750f1aaa848376bec0","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://wallstreetcn.com/articles/3637152","is_english":false,"share_image_url":"https://static.laohu8.com/cc96873d3d23ee6ac10685520df9c100","article_id":"2156102664","content_text":"当地时间周三，美联储副主席克拉里达（Richard Clarida）在彼得森国际经济研究所的一场网络研讨会上发表演讲时表示：提高联邦基金利率目标范围的必要条件将在2022年底前得到满足，而美联储也具备了在2023年开始加息的条件。\n他称：将支持在今年晚些时候宣布适度减少资产购买；肯定会看到美联储在今年晚些时候宣布缩减购债规模。\n具体来看，克拉里达在演讲当中表示，虽然就业市场仍需要回复，但是通胀正在盯紧并达到美联储2%的目标，而这为美联储收紧货币政策之前取得“进一步的实质性进展”创造了条件。他认为：鉴于上述情况，只要通胀预期仍能很好地固定在2%的长期目标上……此时，货币政策在2023年正常化就完全符合我们新的灵活的平均通胀目标框架。\n克拉里达还谈到了自己对通胀的看法。当时他表示，如果今年的核心PCE通胀和预期一样达到或超过3％，那他会认为这已经明显超过了2%的长期通胀目标，而不是“适度”高于此线：\n\n 和以前一样，任何预期都是有风险的，而我对美国通胀的预期就存在上行风险。\n\n他之后补充称，自己认为美国通胀升穿目标可能是暂时性的。\n此外克拉里达在演讲中还表示，新冠“德尔塔”毒株的扩散显然是一个下行风险。而他随后又表示，目前对美国今年GDP增长的预测“将是50年以来紧跟在经济衰退之后最快的恢复”。\n截至发稿，美股三大指数涨跌不一，道指期货跌约270点，跌幅0.77%。","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":1701,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":890860966,"gmtCreate":1628092184055,"gmtModify":1703501166625,"author":{"id":"3585088369400415","authorId":"3585088369400415","name":"EricYow","avatar":"https://static.tigerbbs.com/dd7153872a758bc9392bbba61aa7f173","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585088369400415","authorIdStr":"3585088369400415"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/890860966","repostId":"1154214794","repostType":4,"repost":{"id":"1154214794","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1628085369,"share":"https://ttm.financial/m/news/1154214794?lang=en_US&edition=fundamental","pubTime":"2021-08-04 21:56","market":"us","language":"zh","title":"The U.S. semiconductor sector generally rose at the beginning of the session, AMD rose more than 4% and continued to hit new highs","url":"https://stock-news.laohu8.com/highlight/detail?id=1154214794","media":"老虎资讯综合","summary":"周三，美股半导体板块盘初普涨，AMD涨超4%续创新高，日月光半导体、联电涨2.5%，恩智浦半导体、台积电涨0.5%。","content":"<p>On Wednesday, the U.S. semiconductor sector generally rose at the beginning of the session.<a href=\"https://laohu8.com/S/AMD\">AMD</a>It rose more than 4% and continued to hit new highs,<a href=\"https://laohu8.com/S/ASX\">ASE Semiconductor</a>、<a href=\"https://laohu8.com/S/UMC\">UMC</a>Up 2.5%,<a href=\"https://laohu8.com/S/NXPI\">NXP</a>Semiconductors,<a href=\"https://laohu8.com/S/TSM\">TSMC</a>Up 0.5%.</p><p><img src=\"https://static.tigerbbs.com/d1dcc2d93b0d500b847fc508bbf2c6ab\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The U.S. semiconductor sector generally rose at the beginning of the session, AMD rose more than 4% and continued to hit new highs</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe U.S. semiconductor sector generally rose at the beginning of the session, AMD rose more than 4% and continued to hit new highs\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-08-04 21:56</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On Wednesday, the U.S. semiconductor sector generally rose at the beginning of the session.<a href=\"https://laohu8.com/S/AMD\">AMD</a>It rose more than 4% and continued to hit new highs,<a href=\"https://laohu8.com/S/ASX\">ASE Semiconductor</a>、<a href=\"https://laohu8.com/S/UMC\">UMC</a>Up 2.5%,<a href=\"https://laohu8.com/S/NXPI\">NXP</a>Semiconductors,<a href=\"https://laohu8.com/S/TSM\">TSMC</a>Up 0.5%.</p><p><img src=\"https://static.tigerbbs.com/d1dcc2d93b0d500b847fc508bbf2c6ab\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/9035047aab1628fa23df810d4986f063","relate_stocks":{"EWT":"台湾ETF-iShares MSCI","UMC":"联电","ASX":"日月光半导体","NXPI":"恩智浦","TSM":"台积电","AMD":"美国超微公司"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1154214794","content_text":"周三，美股半导体板块盘初普涨，AMD涨超4%续创新高，日月光半导体、联电涨2.5%，恩智浦半导体、台积电涨0.5%。","news_type":1,"symbols_score_info":{"ASX":0.9,"NXPI":0.9,"TSM":0.9,"EWT":0.9,"AMD":0.9,"UMC":0.9}},"isVote":1,"tweetType":1,"viewCount":1955,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":807921858,"gmtCreate":1627997800874,"gmtModify":1703499337510,"author":{"id":"3585088369400415","authorId":"3585088369400415","name":"EricYow","avatar":"https://static.tigerbbs.com/dd7153872a758bc9392bbba61aa7f173","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585088369400415","authorIdStr":"3585088369400415"},"themes":[],"htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/807921858","repostId":"1110661815","repostType":4,"repost":{"id":"1110661815","kind":"news","pubTimestamp":1627995018,"share":"https://ttm.financial/m/news/1110661815?lang=en_US&edition=fundamental","pubTime":"2021-08-03 20:50","market":"us","language":"zh","title":"The reason for the strange trend of U.S. debt exposed: it was the Japanese operation that deceived the world","url":"https://stock-news.laohu8.com/highlight/detail?id=1110661815","media":"华尔街见闻","summary":"有着全球最安全资产之称的美债也不再安全了？","content":"<p>U.S. debt, known as the safest asset in the world, is no longer safe?</p><p>According to Bloomberg, the world's largest pension fund, the Japanese Government Pension Fund (GPIF), transferred its holdings in the last fiscal year ending March this year<b>The ratio of U.S. government bonds and bills has been cut to a record 35% from 47% previously</b>。 Meanwhile, GPIF<b>Increased holdings of European sovereign bonds</b>。</p><p><img src=\"https://static.tigerbbs.com/cffeb18f74f7430d0d9b2b62b0573e12\" tg-width=\"640\" tg-height=\"372\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Over a year, GPIF has redeployed its portfolio, reducing its dependence on Japanese government bonds and putting<b>Focus shifts to higher-returning stocks and overseas bonds</b>。</p><p>Although GPIF did not disclose the basic operating logic of his position adjustment, given its holdings of up to $1.7 trillion in assets, this change will undoubtedly have a drastic impact on the market.</p><p><img src=\"https://static.tigerbbs.com/e09118146e97b2f4148797f0e83b9a39\" tg-width=\"640\" tg-height=\"371\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>In addition, in the 12 months to March this year, GPIF's bond allocation to France, Italy, the United Kingdom and Germany all increased by at least 1.7%. After adjusting for exchange rate and bond price fluctuations. The total purchase of these bonds is estimated to be 5.72 trillion yen ($52 billion).</p><p><img src=\"https://static.tigerbbs.com/8fcc667934546e521f495383cb155c74\" tg-width=\"640\" tg-height=\"366\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>For now, GPIF's investment strategy of reducing the heavy debt of the United States is successful. Its overseas bond investment return in the last fiscal year was 7.1%, higher than the FTSE World Treasury Bond Index of 5.4%.</p><p>The U.S. 10-year Treasury Bond has experienced a long period of sideways trading since the outbreak in March last year, before rising above 1.7% in March this year, and its current yield is below 1.2%.</p><p><img src=\"https://static.tigerbbs.com/65d574735ca0647fbad1b706dbce4238\" tg-width=\"640\" tg-height=\"433\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Ayako Sera, an analyst at Sumitomo Mitsui Trust Bank, said that the current yield of U.S. bonds is not enough to offset the risk of exchange rate fluctuations, and the attractiveness of U.S. Treasury Bond may further decline.</p><p>According to data from the U.S. Treasury Department, Japanese investors sold $24 billion and $35 billion in U.S. debt in this fiscal year and the previous fiscal year, respectively, which started on April this year.</p><p>Morgan Stanley has said it needs to avoid rationalizing the current low yield on U.S. bonds.</p><p>In March,<b>Most investors believe the rise in U.S. bond yields is driven by a strong economic recovery in the United States</b>The market even once generally believed that the yield of the U.S. bond would soon exceed 2%.</p><p>But this is just the wishful thinking of investors.</p><p>So what is the real reason for the sharp rise in U.S. bond yields during this period?</p><p>Morgan Stanley believes:</p><p>U.S. bond yields rose,<b>The real main reason is the massive sell-off of U.S. debt by GPIF. The reason why GPIF sold U.S. debt is mainly based on its understanding of profits at the end of the fiscal year.</b>After that,<b>U.S. bond yields began to fall as actual U.S. economic data failed to keep up with expectations.</b>In other words, the Japanese operations successfully deceived the world, and the rise in U.S. debt was interpreted by the market as a strong recovery of the U.S. economy; The decline in U.S. bonds was interpreted by the market as caused by quantitative easing.</p><p>Regarding the current view on U.S. bond yields, Morgan Stanley said:</p><p>The fair value of the 10-year U.S. Treasury Bond yield should be around 1.6%, and U.S. bond yields will rise in August. Due to the $2 trillion infrastructure plan launched by the Biden administration, it will maintain strong growth in the U.S. labor market and push up U.S. bond yields in the future.</p>","source":"highlight_wallstreetcn","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The reason for the strange trend of U.S. debt exposed: it was the Japanese operation that deceived the world</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe reason for the strange trend of U.S. debt exposed: it was the Japanese operation that deceived the world\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2021-08-03 20:50</span>\n</p>\n</h4>\n</header>\n<article>\n<p>U.S. debt, known as the safest asset in the world, is no longer safe?</p><p>According to Bloomberg, the world's largest pension fund, the Japanese Government Pension Fund (GPIF), transferred its holdings in the last fiscal year ending March this year<b>The ratio of U.S. government bonds and bills has been cut to a record 35% from 47% previously</b>。 Meanwhile, GPIF<b>Increased holdings of European sovereign bonds</b>。</p><p><img src=\"https://static.tigerbbs.com/cffeb18f74f7430d0d9b2b62b0573e12\" tg-width=\"640\" tg-height=\"372\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Over a year, GPIF has redeployed its portfolio, reducing its dependence on Japanese government bonds and putting<b>Focus shifts to higher-returning stocks and overseas bonds</b>。</p><p>Although GPIF did not disclose the basic operating logic of his position adjustment, given its holdings of up to $1.7 trillion in assets, this change will undoubtedly have a drastic impact on the market.</p><p><img src=\"https://static.tigerbbs.com/e09118146e97b2f4148797f0e83b9a39\" tg-width=\"640\" tg-height=\"371\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>In addition, in the 12 months to March this year, GPIF's bond allocation to France, Italy, the United Kingdom and Germany all increased by at least 1.7%. After adjusting for exchange rate and bond price fluctuations. The total purchase of these bonds is estimated to be 5.72 trillion yen ($52 billion).</p><p><img src=\"https://static.tigerbbs.com/8fcc667934546e521f495383cb155c74\" tg-width=\"640\" tg-height=\"366\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>For now, GPIF's investment strategy of reducing the heavy debt of the United States is successful. Its overseas bond investment return in the last fiscal year was 7.1%, higher than the FTSE World Treasury Bond Index of 5.4%.</p><p>The U.S. 10-year Treasury Bond has experienced a long period of sideways trading since the outbreak in March last year, before rising above 1.7% in March this year, and its current yield is below 1.2%.</p><p><img src=\"https://static.tigerbbs.com/65d574735ca0647fbad1b706dbce4238\" tg-width=\"640\" tg-height=\"433\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Ayako Sera, an analyst at Sumitomo Mitsui Trust Bank, said that the current yield of U.S. bonds is not enough to offset the risk of exchange rate fluctuations, and the attractiveness of U.S. Treasury Bond may further decline.</p><p>According to data from the U.S. Treasury Department, Japanese investors sold $24 billion and $35 billion in U.S. debt in this fiscal year and the previous fiscal year, respectively, which started on April this year.</p><p>Morgan Stanley has said it needs to avoid rationalizing the current low yield on U.S. bonds.</p><p>In March,<b>Most investors believe the rise in U.S. bond yields is driven by a strong economic recovery in the United States</b>The market even once generally believed that the yield of the U.S. bond would soon exceed 2%.</p><p>But this is just the wishful thinking of investors.</p><p>So what is the real reason for the sharp rise in U.S. bond yields during this period?</p><p>Morgan Stanley believes:</p><p>U.S. bond yields rose,<b>The real main reason is the massive sell-off of U.S. debt by GPIF. The reason why GPIF sold U.S. debt is mainly based on its understanding of profits at the end of the fiscal year.</b>After that,<b>U.S. bond yields began to fall as actual U.S. economic data failed to keep up with expectations.</b>In other words, the Japanese operations successfully deceived the world, and the rise in U.S. debt was interpreted by the market as a strong recovery of the U.S. economy; The decline in U.S. bonds was interpreted by the market as caused by quantitative easing.</p><p>Regarding the current view on U.S. bond yields, Morgan Stanley said:</p><p>The fair value of the 10-year U.S. Treasury Bond yield should be around 1.6%, and U.S. bond yields will rise in August. Due to the $2 trillion infrastructure plan launched by the Biden administration, it will maintain strong growth in the U.S. labor market and push up U.S. bond yields in the future.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3636962\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c85c320adaeda5c6807698908bd45f3f","relate_stocks":{".DJI":"道琼斯"},"source_url":"https://wallstreetcn.com/articles/3636962","is_english":false,"share_image_url":"https://static.laohu8.com/cc96873d3d23ee6ac10685520df9c100","article_id":"1110661815","content_text":"有着全球最安全资产之称的美债也不再安全了？\n据彭博，全球最大的养老基金——日本政府退休养老金(GPIF)，在截至今年3月的上一财年内，将其所持有的美国政府债券和票据比例创纪录地进行了下调，由此前的47%削减至35%。与此同时，GPIF增加了对欧洲主权债券的持有。\n\n一年多年来，GPIF将其投资组合进行了重新调配，减少了对日本政府债券的依赖，并将重点转向回报率更高的股票和海外债券。\n尽管GPIF没有公开他调仓的基本操作逻辑，但鉴于其持有高达1.7万亿美元的资产，这一变动无疑会对市场造成剧烈影响。\n\n此外，在截至今年3月的12个月中，GPIF对法国、意大利、英国和德国的债券配置均至少增加了1.7%。经调整汇率和债券价格波动后。预估这些债券的购买总额为5.72 万亿日元（520 亿美元）。\n\n就目前来看，GPIF降低美债权重的投资策略是成功的，其上一财年的海外债券投资回报率为7.1%，高于5.4%的富时世界国债指数。\n美国10年期国债自去年3月疫情爆发以来，经历了长期的横盘，然后在今年3月升至1.7%上方，其目前收益率位于1.2%下方。\n\n三井住友信托银行分析师Ayako Sera表示，目前美债的收益率不足以抵消汇率波动风险，美国国债的吸引力可能会进一步下降。\n美国财政部数据显示，日本投资者分别在今年4月日开始的本财年和上一财年分别抛售了240亿和350亿美元的美债。\n摩根士丹利曾表示需要避免将当前美债较低的收益率强行进行合理化解释。\n3月时，多数投资者以为美债收益率的上升是由美国正强劲的经济复苏推动的，市场甚至一度普遍认为该美债的收益率将很快超过2%。\n但这只是投资者们一厢情愿的想法。\n那在这期间，美债收益率大幅上涨的真正原因是什么？\n摩根士丹利认为：\n\n 美债收益率上涨，\n 真正的主要原因是GPIF对美债的大量抛售。而GPIF之所以抛售美债，主要基于对财年结束的获利了解考虑。在那之后，\n 由于美国的实际经济数据跟不上预期数据，美债收益率开始走低。\n\n也就是说，日本人的操作成功欺骗了全世界，美债上涨被市场解读为美国经济正在强劲复苏；美债收下跌被市场解读为是量化宽松导致的。\n就对美债收益率目前的看法，摩根士丹利表示：\n\n 美国10年期国债收益率的公允价值应该是1.6%左右，美债收益率将在8月迎来上升。由于拜登政府推出的2万亿美元基建计划，将保持美国劳动力市场的强劲增长，并在未来推动美债收益率上升。","news_type":1,"symbols_score_info":{".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":1547,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":807921924,"gmtCreate":1627997791768,"gmtModify":1703499339290,"author":{"id":"3585088369400415","authorId":"3585088369400415","name":"EricYow","avatar":"https://static.tigerbbs.com/dd7153872a758bc9392bbba61aa7f173","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585088369400415","authorIdStr":"3585088369400415"},"themes":[],"htmlText":"nice","listText":"nice","text":"nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/807921924","repostId":"1110661815","repostType":4,"repost":{"id":"1110661815","kind":"news","pubTimestamp":1627995018,"share":"https://ttm.financial/m/news/1110661815?lang=en_US&edition=fundamental","pubTime":"2021-08-03 20:50","market":"us","language":"zh","title":"The reason for the strange trend of U.S. debt exposed: it was the Japanese operation that deceived the world","url":"https://stock-news.laohu8.com/highlight/detail?id=1110661815","media":"华尔街见闻","summary":"有着全球最安全资产之称的美债也不再安全了？","content":"<p>U.S. debt, known as the safest asset in the world, is no longer safe?</p><p>According to Bloomberg, the world's largest pension fund, the Japanese Government Pension Fund (GPIF), transferred its holdings in the last fiscal year ending March this year<b>The ratio of U.S. government bonds and bills has been cut to a record 35% from 47% previously</b>。 Meanwhile, GPIF<b>Increased holdings of European sovereign bonds</b>。</p><p><img src=\"https://static.tigerbbs.com/cffeb18f74f7430d0d9b2b62b0573e12\" tg-width=\"640\" tg-height=\"372\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Over a year, GPIF has redeployed its portfolio, reducing its dependence on Japanese government bonds and putting<b>Focus shifts to higher-returning stocks and overseas bonds</b>。</p><p>Although GPIF did not disclose the basic operating logic of his position adjustment, given its holdings of up to $1.7 trillion in assets, this change will undoubtedly have a drastic impact on the market.</p><p><img src=\"https://static.tigerbbs.com/e09118146e97b2f4148797f0e83b9a39\" tg-width=\"640\" tg-height=\"371\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>In addition, in the 12 months to March this year, GPIF's bond allocation to France, Italy, the United Kingdom and Germany all increased by at least 1.7%. After adjusting for exchange rate and bond price fluctuations. The total purchase of these bonds is estimated to be 5.72 trillion yen ($52 billion).</p><p><img src=\"https://static.tigerbbs.com/8fcc667934546e521f495383cb155c74\" tg-width=\"640\" tg-height=\"366\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>For now, GPIF's investment strategy of reducing the heavy debt of the United States is successful. Its overseas bond investment return in the last fiscal year was 7.1%, higher than the FTSE World Treasury Bond Index of 5.4%.</p><p>The U.S. 10-year Treasury Bond has experienced a long period of sideways trading since the outbreak in March last year, before rising above 1.7% in March this year, and its current yield is below 1.2%.</p><p><img src=\"https://static.tigerbbs.com/65d574735ca0647fbad1b706dbce4238\" tg-width=\"640\" tg-height=\"433\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Ayako Sera, an analyst at Sumitomo Mitsui Trust Bank, said that the current yield of U.S. bonds is not enough to offset the risk of exchange rate fluctuations, and the attractiveness of U.S. Treasury Bond may further decline.</p><p>According to data from the U.S. Treasury Department, Japanese investors sold $24 billion and $35 billion in U.S. debt in this fiscal year and the previous fiscal year, respectively, which started on April this year.</p><p>Morgan Stanley has said it needs to avoid rationalizing the current low yield on U.S. bonds.</p><p>In March,<b>Most investors believe the rise in U.S. bond yields is driven by a strong economic recovery in the United States</b>The market even once generally believed that the yield of the U.S. bond would soon exceed 2%.</p><p>But this is just the wishful thinking of investors.</p><p>So what is the real reason for the sharp rise in U.S. bond yields during this period?</p><p>Morgan Stanley believes:</p><p>U.S. bond yields rose,<b>The real main reason is the massive sell-off of U.S. debt by GPIF. The reason why GPIF sold U.S. debt is mainly based on its understanding of profits at the end of the fiscal year.</b>After that,<b>U.S. bond yields began to fall as actual U.S. economic data failed to keep up with expectations.</b>In other words, the Japanese operations successfully deceived the world, and the rise in U.S. debt was interpreted by the market as a strong recovery of the U.S. economy; The decline in U.S. bonds was interpreted by the market as caused by quantitative easing.</p><p>Regarding the current view on U.S. bond yields, Morgan Stanley said:</p><p>The fair value of the 10-year U.S. Treasury Bond yield should be around 1.6%, and U.S. bond yields will rise in August. Due to the $2 trillion infrastructure plan launched by the Biden administration, it will maintain strong growth in the U.S. labor market and push up U.S. bond yields in the future.</p>","source":"highlight_wallstreetcn","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The reason for the strange trend of U.S. debt exposed: it was the Japanese operation that deceived the world</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe reason for the strange trend of U.S. debt exposed: it was the Japanese operation that deceived the world\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2021-08-03 20:50</span>\n</p>\n</h4>\n</header>\n<article>\n<p>U.S. debt, known as the safest asset in the world, is no longer safe?</p><p>According to Bloomberg, the world's largest pension fund, the Japanese Government Pension Fund (GPIF), transferred its holdings in the last fiscal year ending March this year<b>The ratio of U.S. government bonds and bills has been cut to a record 35% from 47% previously</b>。 Meanwhile, GPIF<b>Increased holdings of European sovereign bonds</b>。</p><p><img src=\"https://static.tigerbbs.com/cffeb18f74f7430d0d9b2b62b0573e12\" tg-width=\"640\" tg-height=\"372\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Over a year, GPIF has redeployed its portfolio, reducing its dependence on Japanese government bonds and putting<b>Focus shifts to higher-returning stocks and overseas bonds</b>。</p><p>Although GPIF did not disclose the basic operating logic of his position adjustment, given its holdings of up to $1.7 trillion in assets, this change will undoubtedly have a drastic impact on the market.</p><p><img src=\"https://static.tigerbbs.com/e09118146e97b2f4148797f0e83b9a39\" tg-width=\"640\" tg-height=\"371\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>In addition, in the 12 months to March this year, GPIF's bond allocation to France, Italy, the United Kingdom and Germany all increased by at least 1.7%. After adjusting for exchange rate and bond price fluctuations. The total purchase of these bonds is estimated to be 5.72 trillion yen ($52 billion).</p><p><img src=\"https://static.tigerbbs.com/8fcc667934546e521f495383cb155c74\" tg-width=\"640\" tg-height=\"366\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>For now, GPIF's investment strategy of reducing the heavy debt of the United States is successful. Its overseas bond investment return in the last fiscal year was 7.1%, higher than the FTSE World Treasury Bond Index of 5.4%.</p><p>The U.S. 10-year Treasury Bond has experienced a long period of sideways trading since the outbreak in March last year, before rising above 1.7% in March this year, and its current yield is below 1.2%.</p><p><img src=\"https://static.tigerbbs.com/65d574735ca0647fbad1b706dbce4238\" tg-width=\"640\" tg-height=\"433\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Ayako Sera, an analyst at Sumitomo Mitsui Trust Bank, said that the current yield of U.S. bonds is not enough to offset the risk of exchange rate fluctuations, and the attractiveness of U.S. Treasury Bond may further decline.</p><p>According to data from the U.S. Treasury Department, Japanese investors sold $24 billion and $35 billion in U.S. debt in this fiscal year and the previous fiscal year, respectively, which started on April this year.</p><p>Morgan Stanley has said it needs to avoid rationalizing the current low yield on U.S. bonds.</p><p>In March,<b>Most investors believe the rise in U.S. bond yields is driven by a strong economic recovery in the United States</b>The market even once generally believed that the yield of the U.S. bond would soon exceed 2%.</p><p>But this is just the wishful thinking of investors.</p><p>So what is the real reason for the sharp rise in U.S. bond yields during this period?</p><p>Morgan Stanley believes:</p><p>U.S. bond yields rose,<b>The real main reason is the massive sell-off of U.S. debt by GPIF. The reason why GPIF sold U.S. debt is mainly based on its understanding of profits at the end of the fiscal year.</b>After that,<b>U.S. bond yields began to fall as actual U.S. economic data failed to keep up with expectations.</b>In other words, the Japanese operations successfully deceived the world, and the rise in U.S. debt was interpreted by the market as a strong recovery of the U.S. economy; The decline in U.S. bonds was interpreted by the market as caused by quantitative easing.</p><p>Regarding the current view on U.S. bond yields, Morgan Stanley said:</p><p>The fair value of the 10-year U.S. Treasury Bond yield should be around 1.6%, and U.S. bond yields will rise in August. Due to the $2 trillion infrastructure plan launched by the Biden administration, it will maintain strong growth in the U.S. labor market and push up U.S. bond yields in the future.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3636962\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c85c320adaeda5c6807698908bd45f3f","relate_stocks":{".DJI":"道琼斯"},"source_url":"https://wallstreetcn.com/articles/3636962","is_english":false,"share_image_url":"https://static.laohu8.com/cc96873d3d23ee6ac10685520df9c100","article_id":"1110661815","content_text":"有着全球最安全资产之称的美债也不再安全了？\n据彭博，全球最大的养老基金——日本政府退休养老金(GPIF)，在截至今年3月的上一财年内，将其所持有的美国政府债券和票据比例创纪录地进行了下调，由此前的47%削减至35%。与此同时，GPIF增加了对欧洲主权债券的持有。\n\n一年多年来，GPIF将其投资组合进行了重新调配，减少了对日本政府债券的依赖，并将重点转向回报率更高的股票和海外债券。\n尽管GPIF没有公开他调仓的基本操作逻辑，但鉴于其持有高达1.7万亿美元的资产，这一变动无疑会对市场造成剧烈影响。\n\n此外，在截至今年3月的12个月中，GPIF对法国、意大利、英国和德国的债券配置均至少增加了1.7%。经调整汇率和债券价格波动后。预估这些债券的购买总额为5.72 万亿日元（520 亿美元）。\n\n就目前来看，GPIF降低美债权重的投资策略是成功的，其上一财年的海外债券投资回报率为7.1%，高于5.4%的富时世界国债指数。\n美国10年期国债自去年3月疫情爆发以来，经历了长期的横盘，然后在今年3月升至1.7%上方，其目前收益率位于1.2%下方。\n\n三井住友信托银行分析师Ayako Sera表示，目前美债的收益率不足以抵消汇率波动风险，美国国债的吸引力可能会进一步下降。\n美国财政部数据显示，日本投资者分别在今年4月日开始的本财年和上一财年分别抛售了240亿和350亿美元的美债。\n摩根士丹利曾表示需要避免将当前美债较低的收益率强行进行合理化解释。\n3月时，多数投资者以为美债收益率的上升是由美国正强劲的经济复苏推动的，市场甚至一度普遍认为该美债的收益率将很快超过2%。\n但这只是投资者们一厢情愿的想法。\n那在这期间，美债收益率大幅上涨的真正原因是什么？\n摩根士丹利认为：\n\n 美债收益率上涨，\n 真正的主要原因是GPIF对美债的大量抛售。而GPIF之所以抛售美债，主要基于对财年结束的获利了解考虑。在那之后，\n 由于美国的实际经济数据跟不上预期数据，美债收益率开始走低。\n\n也就是说，日本人的操作成功欺骗了全世界，美债上涨被市场解读为美国经济正在强劲复苏；美债收下跌被市场解读为是量化宽松导致的。\n就对美债收益率目前的看法，摩根士丹利表示：\n\n 美国10年期国债收益率的公允价值应该是1.6%左右，美债收益率将在8月迎来上升。由于拜登政府推出的2万亿美元基建计划，将保持美国劳动力市场的强劲增长，并在未来推动美债收益率上升。","news_type":1,"symbols_score_info":{".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":1504,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":807923666,"gmtCreate":1627997765755,"gmtModify":1703499335882,"author":{"id":"3585088369400415","authorId":"3585088369400415","name":"EricYow","avatar":"https://static.tigerbbs.com/dd7153872a758bc9392bbba61aa7f173","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585088369400415","authorIdStr":"3585088369400415"},"themes":[],"htmlText":"nice","listText":"nice","text":"nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/807923666","repostId":"1103757361","repostType":4,"repost":{"id":"1103757361","kind":"news","pubTimestamp":1627996100,"share":"https://ttm.financial/m/news/1103757361?lang=en_US&edition=fundamental","pubTime":"2021-08-03 21:08","market":"us","language":"zh","title":"Goldman Sachs interprets \"Delta\": the impact is limited, and it has peaked in some areas","url":"https://stock-news.laohu8.com/highlight/detail?id=1103757361","media":"华尔街见闻","summary":"高盛一直认为该变体对疫苗接种率高的国家的经济增长前景影响很小。","content":"<p>Author: Yu Xudong</p><p>As the first international investment bank to pay attention to the economic impact of the Delta COVID-19 variant,<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>The variant has always been thought to have little impact on the economic growth prospects of countries with high vaccination rates.</p><p>Nowadays, many real-world data also prove this point.</p><p>In Goldman Sachs' latest report, Goldman Sachs predicted the European economy under the spread of the Delta new crown variant through stress tests, and obtained evidence that the Delta new crown variant peaked in the euro zone and the United Kingdom.</p><p>According to Goldman Sachs, the biggest risk factor right now is that vaccination rates in the UK and euro zone fail to meet the higher herd immunity thresholds required for the Delta COVID variant (80%-85%, compared to 70% before Delta), which could bring the variant's R0 back above 1 later this year.</p><p><img src=\"https://static.tigerbbs.com/da2a52b8687b2a00eac49db053729183\" tg-width=\"500\" tg-height=\"264\" referrerpolicy=\"no-referrer\"></p><p>But Goldman Sachs also said that some restrictions on people's behavior (such as wearing masks) may still significantly reduce R0 and curb the rapid outbreak of the epidemic.</p><p>Significant drop in hospitalizations?</p><p>Goldman Sachs said that a data from Europe has caught their attention in recent weeks-relative to the number of new confirmed cases, the hospitalization rate in Europe has dropped significantly, and the high vaccination rate may explain this phenomenon.</p><p><img src=\"https://static.tigerbbs.com/987bc5dded5a506efb81ace1c34c3226\" tg-width=\"500\" tg-height=\"230\" referrerpolicy=\"no-referrer\"></p><p>Specifically, British data show that after the vaccination rate increased, the hospitalization rate of all age groups, especially the elderly, dropped significantly.</p><p><img src=\"https://static.tigerbbs.com/e3822c88190b215a71f73935d4addc28\" tg-width=\"500\" tg-height=\"229\" referrerpolicy=\"no-referrer\"></p><p>In Iceland, one of the countries with the highest vaccination rate, more than 85% of the population over the age of 16 has received a full dose of the vaccine, and the country's hospitalization rate has only risen to about 10% of its historical peak. Although the number of new confirmed cases reached an all-time peak due to the country's relaxation of restrictions in June, the effectiveness of the vaccine is still shown.</p><p>How are consumers reacting?</p><p>Regarding the Delta new crown variant, Goldman Sachs data shows that consumers are not interested in this extremely infectious variant.</p><p>While it is predicted that consumers will voluntarily adjust their behavior to reduce the chance of potential infection and reduce spending on services due to the resurgence of the epidemic, the data suggests that the impact will be modest.</p><p>Goldman Sachs' analysis of Google retail, transportation and workplace regional data in the UK shows that although people's economic activity has stagnated in most areas, this decline in economic activity is moderate in areas with slower growth in new confirmed cases.</p><p><img src=\"https://static.tigerbbs.com/5f1a5d1c225975e1562a345b32f9d468\" tg-width=\"500\" tg-height=\"260\" referrerpolicy=\"no-referrer\"></p><p>Even so, the weak stagnation of economic activity still led to the decline of PMI in some areas.</p><p><img src=\"https://static.tigerbbs.com/8eb9242b3c5e15f72f0f99111e3b6de1\" tg-width=\"500\" tg-height=\"258\" referrerpolicy=\"no-referrer\"></p><p>In addition, Goldman Sachs also analyzed high-frequency data on credit and debit card spending in the UK, saying that household spending on low-risk categories such as staple food continues to recover, and high-risk spending such as restaurants does not seem to be greatly affected, although the two levels of recovery are not the same.</p><p>Overall, Goldman Sachs said that although consumer spending in the UK has slowed down compared with other countries with lower new confirmed cases, the impact is not significant.</p><p>There is a shortage of labor?</p><p>In addition to consumption, there is another concern in the market, that is, the labor shortage caused by the isolation of infected people and close contacts.</p><p>The latest report shows that around 20% of store workers had to quarantine in the week to July 18, echoing the lower-than-expected July PMI.</p><p>How big is the macroeconomic impact of quarantine? Data from the UK show that only 30% of people have lost income, 50% of those in quarantine are still working (or working remotely), and most of these people are young people with low employment rates (or receiving financial assistance, taking leave and working part-time jobs). Therefore, the impact of rising absenteeism doesn't seem to be that great.</p><p>It is important to note that the data do not suggest a significant difference in labor force participation rates between countries with higher case numbers and countries with lower cases, and the Delta variant cannot significantly change this difference.</p><p><img src=\"https://static.tigerbbs.com/fbbf7b4d88c829b0f980b402a956aea9\" tg-width=\"500\" tg-height=\"240\" referrerpolicy=\"no-referrer\"></p><p>Does the Delta Variant Increase Future Lockdown Risks?</p><p>For the future, will the spread of the Delta variant cause the world to re-lock down the economy? Goldman's answer is-the overall risk is controllable.</p><p>Overall, Goldman Sachs expects the UK and the euro zone to gradually ease the remaining economic blockade measures, but the euro zone will be delayed relative to the UK.</p><p>As for the future of the epidemic with the Delta variant as the main source of infection, Goldman Sachs believes that it mainly depends on the following points:</p><p>1. First of all, whether the infection has an impact on consumer behavior or labor availability currently has limited impact on economic costs;</p><p>2. Secondly, whether the hospitalization rate and mortality rate will increase significantly, at present, the risk is much lower than at any time since February last year;</p><p>3. Finally, whether future variants of the new crown are immune to existing vaccines, and if immunity occurs in the future, it will bring the most serious risks to the economy.</p><p><img src=\"https://static.tigerbbs.com/2ec0bb5dc607262cad67cfe035d59f6b\" tg-width=\"500\" tg-height=\"272\" referrerpolicy=\"no-referrer\"></p>","source":"highlight_wallstreetcn","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Goldman Sachs interprets \"Delta\": the impact is limited, and it has peaked in some areas</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nGoldman Sachs interprets \"Delta\": the impact is limited, and it has peaked in some areas\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2021-08-03 21:08</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Author: Yu Xudong</p><p>As the first international investment bank to pay attention to the economic impact of the Delta COVID-19 variant,<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>The variant has always been thought to have little impact on the economic growth prospects of countries with high vaccination rates.</p><p>Nowadays, many real-world data also prove this point.</p><p>In Goldman Sachs' latest report, Goldman Sachs predicted the European economy under the spread of the Delta new crown variant through stress tests, and obtained evidence that the Delta new crown variant peaked in the euro zone and the United Kingdom.</p><p>According to Goldman Sachs, the biggest risk factor right now is that vaccination rates in the UK and euro zone fail to meet the higher herd immunity thresholds required for the Delta COVID variant (80%-85%, compared to 70% before Delta), which could bring the variant's R0 back above 1 later this year.</p><p><img src=\"https://static.tigerbbs.com/da2a52b8687b2a00eac49db053729183\" tg-width=\"500\" tg-height=\"264\" referrerpolicy=\"no-referrer\"></p><p>But Goldman Sachs also said that some restrictions on people's behavior (such as wearing masks) may still significantly reduce R0 and curb the rapid outbreak of the epidemic.</p><p>Significant drop in hospitalizations?</p><p>Goldman Sachs said that a data from Europe has caught their attention in recent weeks-relative to the number of new confirmed cases, the hospitalization rate in Europe has dropped significantly, and the high vaccination rate may explain this phenomenon.</p><p><img src=\"https://static.tigerbbs.com/987bc5dded5a506efb81ace1c34c3226\" tg-width=\"500\" tg-height=\"230\" referrerpolicy=\"no-referrer\"></p><p>Specifically, British data show that after the vaccination rate increased, the hospitalization rate of all age groups, especially the elderly, dropped significantly.</p><p><img src=\"https://static.tigerbbs.com/e3822c88190b215a71f73935d4addc28\" tg-width=\"500\" tg-height=\"229\" referrerpolicy=\"no-referrer\"></p><p>In Iceland, one of the countries with the highest vaccination rate, more than 85% of the population over the age of 16 has received a full dose of the vaccine, and the country's hospitalization rate has only risen to about 10% of its historical peak. Although the number of new confirmed cases reached an all-time peak due to the country's relaxation of restrictions in June, the effectiveness of the vaccine is still shown.</p><p>How are consumers reacting?</p><p>Regarding the Delta new crown variant, Goldman Sachs data shows that consumers are not interested in this extremely infectious variant.</p><p>While it is predicted that consumers will voluntarily adjust their behavior to reduce the chance of potential infection and reduce spending on services due to the resurgence of the epidemic, the data suggests that the impact will be modest.</p><p>Goldman Sachs' analysis of Google retail, transportation and workplace regional data in the UK shows that although people's economic activity has stagnated in most areas, this decline in economic activity is moderate in areas with slower growth in new confirmed cases.</p><p><img src=\"https://static.tigerbbs.com/5f1a5d1c225975e1562a345b32f9d468\" tg-width=\"500\" tg-height=\"260\" referrerpolicy=\"no-referrer\"></p><p>Even so, the weak stagnation of economic activity still led to the decline of PMI in some areas.</p><p><img src=\"https://static.tigerbbs.com/8eb9242b3c5e15f72f0f99111e3b6de1\" tg-width=\"500\" tg-height=\"258\" referrerpolicy=\"no-referrer\"></p><p>In addition, Goldman Sachs also analyzed high-frequency data on credit and debit card spending in the UK, saying that household spending on low-risk categories such as staple food continues to recover, and high-risk spending such as restaurants does not seem to be greatly affected, although the two levels of recovery are not the same.</p><p>Overall, Goldman Sachs said that although consumer spending in the UK has slowed down compared with other countries with lower new confirmed cases, the impact is not significant.</p><p>There is a shortage of labor?</p><p>In addition to consumption, there is another concern in the market, that is, the labor shortage caused by the isolation of infected people and close contacts.</p><p>The latest report shows that around 20% of store workers had to quarantine in the week to July 18, echoing the lower-than-expected July PMI.</p><p>How big is the macroeconomic impact of quarantine? Data from the UK show that only 30% of people have lost income, 50% of those in quarantine are still working (or working remotely), and most of these people are young people with low employment rates (or receiving financial assistance, taking leave and working part-time jobs). Therefore, the impact of rising absenteeism doesn't seem to be that great.</p><p>It is important to note that the data do not suggest a significant difference in labor force participation rates between countries with higher case numbers and countries with lower cases, and the Delta variant cannot significantly change this difference.</p><p><img src=\"https://static.tigerbbs.com/fbbf7b4d88c829b0f980b402a956aea9\" tg-width=\"500\" tg-height=\"240\" referrerpolicy=\"no-referrer\"></p><p>Does the Delta Variant Increase Future Lockdown Risks?</p><p>For the future, will the spread of the Delta variant cause the world to re-lock down the economy? Goldman's answer is-the overall risk is controllable.</p><p>Overall, Goldman Sachs expects the UK and the euro zone to gradually ease the remaining economic blockade measures, but the euro zone will be delayed relative to the UK.</p><p>As for the future of the epidemic with the Delta variant as the main source of infection, Goldman Sachs believes that it mainly depends on the following points:</p><p>1. First of all, whether the infection has an impact on consumer behavior or labor availability currently has limited impact on economic costs;</p><p>2. Secondly, whether the hospitalization rate and mortality rate will increase significantly, at present, the risk is much lower than at any time since February last year;</p><p>3. Finally, whether future variants of the new crown are immune to existing vaccines, and if immunity occurs in the future, it will bring the most serious risks to the economy.</p><p><img src=\"https://static.tigerbbs.com/2ec0bb5dc607262cad67cfe035d59f6b\" tg-width=\"500\" tg-height=\"272\" referrerpolicy=\"no-referrer\"></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3637044\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5e9c02eefd75f2f2ea1cc57e23434c04","relate_stocks":{"GS":"高盛"},"source_url":"https://wallstreetcn.com/articles/3637044","is_english":false,"share_image_url":"https://static.laohu8.com/cc96873d3d23ee6ac10685520df9c100","article_id":"1103757361","content_text":"作者：于旭东\n作为最早关注德尔塔新冠变体对经济影响的国际投行，高盛一直认为该变体对疫苗接种率高的国家的经济增长前景影响很小。\n而如今，许多真实世界的数据也证明了这一点。\n在高盛的最新报告中，高盛通过压力测试对德尔塔新冠变体蔓延下的欧洲经济作出了预测，并得到了德尔塔新冠变体在欧元区和英国达到顶峰的证据。\n根据高盛的说法，目前的最大风险因素是英国和欧元区的疫苗接种率无法达到德尔塔新冠变体所需的更高的群体免疫阈值（80%-85%，德尔塔出现前为70%），这可能让该变体的R0在今年晚些时候回到1以上。\n\n但高盛同时表示，对人们行为的一些限制（比如戴口罩）仍然可能会显著降低R0并抑制疫情的快速爆发。\n住院率显著下降？\n高盛表示，最近几周欧洲的一个数据引起了他们的注意——相对于新增确诊人数，欧洲的住院率显著降低，而疫苗的高接种率或能解释这一现象。\n\n具体来看，英国数据显示，疫苗接种率抬升后，各个年龄组尤其是老年人的住院率显著下降。\n\n在疫苗接种率最高的国家之一冰岛，超过85%的16岁以上人口接受了疫苗的全剂量注射，该国的住院率也仅上升到历史峰值的10%左右。尽管由于该国在6月放松限制导致新增确诊达到历史峰值，但依然显示出了疫苗的有效性。\n消费者如何反应？\n对于德尔塔新冠变体，高盛数据显示，消费者对这种传染率极高的变体并不感冒。\n虽然人们都预测，消费者会因为疫情的卷土重来自愿调整自己的行为以减少潜在感染机会，并减少服务业支出，但数据表明影响不大。\n高盛通过英国的Google零售、交通和工作场所区域数据分析表明，尽管在大部分地区人们的经济活动有所停滞，但在新增确诊增长较缓慢的地区，这种经济活动的降低是温和的。\n\n即便如此，经济活动的微弱停滞，依然导致了部分地区PMI的下降。\n\n此外，高盛还分析了英国信用卡和借记卡支出高频数据，表示家庭在主食等低风险类目上的支出持续复苏，且餐馆等高风险支出似乎也并未受到太大影响，尽管这两者的复苏水平不尽相同。\n总体而言，高盛表示虽然英国相对其他新增确诊较低的国家，消费者在支出上有所减缓，但影响不大。\n劳动力有所短缺？\n除了消费，市场还有一个担心，那便是感染者和密接者隔离所带来的劳动力短缺。\n最新报告显示，在截至7月18日的一周内，大约20%的商店工人不得不被隔离，这与低于预期的7月PMI相呼应。\n隔离对宏观经济的影响有多大？英国的数据表明，只有30%的人收入有损失，隔离人士中有50%的人仍在工作（或远程工作），并且这部分人群大多数都是就业率较低的年轻群体（或得到财政救助、正在休假及打短工）。因此，缺勤率上升带来的影响似乎并没有那么大。\n值得注意的是，数据并未表明病例数较高的国家和较低的国家在劳动力参与率上有显著差异，并且德尔塔变种也不能显著改变这种差异。\n\n德尔塔变体是否增加了未来封锁风险？\n对于未来，德尔塔变体的蔓延是否会让全球重新封锁经济？高盛的答案是——总体风险可控。\n在总体上，高盛预计英国和欧元区将逐步放松剩下的经济封锁措施，但欧元区相对英国会有所延迟。\n至于以德尔塔变体为主要传染源的疫情的未来，高盛认为主要取决于以下几点：\n1、首先，感染是否对消费者行为或劳动力的可用性产生影响，目前来看对经济成本的影响有限；\n2、其次，住院率和死亡率是否会显著上升，目前来看风险远低于去年2月至今的任何时候；\n3、最后，未来的新冠变种是否对现有疫苗免疫，若未来出现免疫，那将给经济带来最严重的风险。","news_type":1,"symbols_score_info":{"GS":0.9}},"isVote":1,"tweetType":1,"viewCount":2603,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":807923666,"gmtCreate":1627997765755,"gmtModify":1703499335882,"author":{"id":"3585088369400415","authorId":"3585088369400415","name":"EricYow","avatar":"https://static.tigerbbs.com/dd7153872a758bc9392bbba61aa7f173","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585088369400415","idStr":"3585088369400415"},"themes":[],"htmlText":"nice","listText":"nice","text":"nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/807923666","repostId":"1103757361","repostType":4,"repost":{"id":"1103757361","kind":"news","pubTimestamp":1627996100,"share":"https://ttm.financial/m/news/1103757361?lang=en_US&edition=fundamental","pubTime":"2021-08-03 21:08","market":"us","language":"zh","title":"Goldman Sachs interprets \"Delta\": the impact is limited, and it has peaked in some areas","url":"https://stock-news.laohu8.com/highlight/detail?id=1103757361","media":"华尔街见闻","summary":"高盛一直认为该变体对疫苗接种率高的国家的经济增长前景影响很小。","content":"<p>Author: Yu Xudong</p><p>As the first international investment bank to pay attention to the economic impact of the Delta COVID-19 variant,<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>The variant has always been thought to have little impact on the economic growth prospects of countries with high vaccination rates.</p><p>Nowadays, many real-world data also prove this point.</p><p>In Goldman Sachs' latest report, Goldman Sachs predicted the European economy under the spread of the Delta new crown variant through stress tests, and obtained evidence that the Delta new crown variant peaked in the euro zone and the United Kingdom.</p><p>According to Goldman Sachs, the biggest risk factor right now is that vaccination rates in the UK and euro zone fail to meet the higher herd immunity thresholds required for the Delta COVID variant (80%-85%, compared to 70% before Delta), which could bring the variant's R0 back above 1 later this year.</p><p><img src=\"https://static.tigerbbs.com/da2a52b8687b2a00eac49db053729183\" tg-width=\"500\" tg-height=\"264\" referrerpolicy=\"no-referrer\"></p><p>But Goldman Sachs also said that some restrictions on people's behavior (such as wearing masks) may still significantly reduce R0 and curb the rapid outbreak of the epidemic.</p><p>Significant drop in hospitalizations?</p><p>Goldman Sachs said that a data from Europe has caught their attention in recent weeks-relative to the number of new confirmed cases, the hospitalization rate in Europe has dropped significantly, and the high vaccination rate may explain this phenomenon.</p><p><img src=\"https://static.tigerbbs.com/987bc5dded5a506efb81ace1c34c3226\" tg-width=\"500\" tg-height=\"230\" referrerpolicy=\"no-referrer\"></p><p>Specifically, British data show that after the vaccination rate increased, the hospitalization rate of all age groups, especially the elderly, dropped significantly.</p><p><img src=\"https://static.tigerbbs.com/e3822c88190b215a71f73935d4addc28\" tg-width=\"500\" tg-height=\"229\" referrerpolicy=\"no-referrer\"></p><p>In Iceland, one of the countries with the highest vaccination rate, more than 85% of the population over the age of 16 has received a full dose of the vaccine, and the country's hospitalization rate has only risen to about 10% of its historical peak. Although the number of new confirmed cases reached an all-time peak due to the country's relaxation of restrictions in June, the effectiveness of the vaccine is still shown.</p><p>How are consumers reacting?</p><p>Regarding the Delta new crown variant, Goldman Sachs data shows that consumers are not interested in this extremely infectious variant.</p><p>While it is predicted that consumers will voluntarily adjust their behavior to reduce the chance of potential infection and reduce spending on services due to the resurgence of the epidemic, the data suggests that the impact will be modest.</p><p>Goldman Sachs' analysis of Google retail, transportation and workplace regional data in the UK shows that although people's economic activity has stagnated in most areas, this decline in economic activity is moderate in areas with slower growth in new confirmed cases.</p><p><img src=\"https://static.tigerbbs.com/5f1a5d1c225975e1562a345b32f9d468\" tg-width=\"500\" tg-height=\"260\" referrerpolicy=\"no-referrer\"></p><p>Even so, the weak stagnation of economic activity still led to the decline of PMI in some areas.</p><p><img src=\"https://static.tigerbbs.com/8eb9242b3c5e15f72f0f99111e3b6de1\" tg-width=\"500\" tg-height=\"258\" referrerpolicy=\"no-referrer\"></p><p>In addition, Goldman Sachs also analyzed high-frequency data on credit and debit card spending in the UK, saying that household spending on low-risk categories such as staple food continues to recover, and high-risk spending such as restaurants does not seem to be greatly affected, although the two levels of recovery are not the same.</p><p>Overall, Goldman Sachs said that although consumer spending in the UK has slowed down compared with other countries with lower new confirmed cases, the impact is not significant.</p><p>There is a shortage of labor?</p><p>In addition to consumption, there is another concern in the market, that is, the labor shortage caused by the isolation of infected people and close contacts.</p><p>The latest report shows that around 20% of store workers had to quarantine in the week to July 18, echoing the lower-than-expected July PMI.</p><p>How big is the macroeconomic impact of quarantine? Data from the UK show that only 30% of people have lost income, 50% of those in quarantine are still working (or working remotely), and most of these people are young people with low employment rates (or receiving financial assistance, taking leave and working part-time jobs). Therefore, the impact of rising absenteeism doesn't seem to be that great.</p><p>It is important to note that the data do not suggest a significant difference in labor force participation rates between countries with higher case numbers and countries with lower cases, and the Delta variant cannot significantly change this difference.</p><p><img src=\"https://static.tigerbbs.com/fbbf7b4d88c829b0f980b402a956aea9\" tg-width=\"500\" tg-height=\"240\" referrerpolicy=\"no-referrer\"></p><p>Does the Delta Variant Increase Future Lockdown Risks?</p><p>For the future, will the spread of the Delta variant cause the world to re-lock down the economy? Goldman's answer is-the overall risk is controllable.</p><p>Overall, Goldman Sachs expects the UK and the euro zone to gradually ease the remaining economic blockade measures, but the euro zone will be delayed relative to the UK.</p><p>As for the future of the epidemic with the Delta variant as the main source of infection, Goldman Sachs believes that it mainly depends on the following points:</p><p>1. First of all, whether the infection has an impact on consumer behavior or labor availability currently has limited impact on economic costs;</p><p>2. Secondly, whether the hospitalization rate and mortality rate will increase significantly, at present, the risk is much lower than at any time since February last year;</p><p>3. Finally, whether future variants of the new crown are immune to existing vaccines, and if immunity occurs in the future, it will bring the most serious risks to the economy.</p><p><img src=\"https://static.tigerbbs.com/2ec0bb5dc607262cad67cfe035d59f6b\" tg-width=\"500\" tg-height=\"272\" referrerpolicy=\"no-referrer\"></p>","source":"highlight_wallstreetcn","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Goldman Sachs interprets \"Delta\": the impact is limited, and it has peaked in some areas</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nGoldman Sachs interprets \"Delta\": the impact is limited, and it has peaked in some areas\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2021-08-03 21:08</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Author: Yu Xudong</p><p>As the first international investment bank to pay attention to the economic impact of the Delta COVID-19 variant,<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>The variant has always been thought to have little impact on the economic growth prospects of countries with high vaccination rates.</p><p>Nowadays, many real-world data also prove this point.</p><p>In Goldman Sachs' latest report, Goldman Sachs predicted the European economy under the spread of the Delta new crown variant through stress tests, and obtained evidence that the Delta new crown variant peaked in the euro zone and the United Kingdom.</p><p>According to Goldman Sachs, the biggest risk factor right now is that vaccination rates in the UK and euro zone fail to meet the higher herd immunity thresholds required for the Delta COVID variant (80%-85%, compared to 70% before Delta), which could bring the variant's R0 back above 1 later this year.</p><p><img src=\"https://static.tigerbbs.com/da2a52b8687b2a00eac49db053729183\" tg-width=\"500\" tg-height=\"264\" referrerpolicy=\"no-referrer\"></p><p>But Goldman Sachs also said that some restrictions on people's behavior (such as wearing masks) may still significantly reduce R0 and curb the rapid outbreak of the epidemic.</p><p>Significant drop in hospitalizations?</p><p>Goldman Sachs said that a data from Europe has caught their attention in recent weeks-relative to the number of new confirmed cases, the hospitalization rate in Europe has dropped significantly, and the high vaccination rate may explain this phenomenon.</p><p><img src=\"https://static.tigerbbs.com/987bc5dded5a506efb81ace1c34c3226\" tg-width=\"500\" tg-height=\"230\" referrerpolicy=\"no-referrer\"></p><p>Specifically, British data show that after the vaccination rate increased, the hospitalization rate of all age groups, especially the elderly, dropped significantly.</p><p><img src=\"https://static.tigerbbs.com/e3822c88190b215a71f73935d4addc28\" tg-width=\"500\" tg-height=\"229\" referrerpolicy=\"no-referrer\"></p><p>In Iceland, one of the countries with the highest vaccination rate, more than 85% of the population over the age of 16 has received a full dose of the vaccine, and the country's hospitalization rate has only risen to about 10% of its historical peak. Although the number of new confirmed cases reached an all-time peak due to the country's relaxation of restrictions in June, the effectiveness of the vaccine is still shown.</p><p>How are consumers reacting?</p><p>Regarding the Delta new crown variant, Goldman Sachs data shows that consumers are not interested in this extremely infectious variant.</p><p>While it is predicted that consumers will voluntarily adjust their behavior to reduce the chance of potential infection and reduce spending on services due to the resurgence of the epidemic, the data suggests that the impact will be modest.</p><p>Goldman Sachs' analysis of Google retail, transportation and workplace regional data in the UK shows that although people's economic activity has stagnated in most areas, this decline in economic activity is moderate in areas with slower growth in new confirmed cases.</p><p><img src=\"https://static.tigerbbs.com/5f1a5d1c225975e1562a345b32f9d468\" tg-width=\"500\" tg-height=\"260\" referrerpolicy=\"no-referrer\"></p><p>Even so, the weak stagnation of economic activity still led to the decline of PMI in some areas.</p><p><img src=\"https://static.tigerbbs.com/8eb9242b3c5e15f72f0f99111e3b6de1\" tg-width=\"500\" tg-height=\"258\" referrerpolicy=\"no-referrer\"></p><p>In addition, Goldman Sachs also analyzed high-frequency data on credit and debit card spending in the UK, saying that household spending on low-risk categories such as staple food continues to recover, and high-risk spending such as restaurants does not seem to be greatly affected, although the two levels of recovery are not the same.</p><p>Overall, Goldman Sachs said that although consumer spending in the UK has slowed down compared with other countries with lower new confirmed cases, the impact is not significant.</p><p>There is a shortage of labor?</p><p>In addition to consumption, there is another concern in the market, that is, the labor shortage caused by the isolation of infected people and close contacts.</p><p>The latest report shows that around 20% of store workers had to quarantine in the week to July 18, echoing the lower-than-expected July PMI.</p><p>How big is the macroeconomic impact of quarantine? Data from the UK show that only 30% of people have lost income, 50% of those in quarantine are still working (or working remotely), and most of these people are young people with low employment rates (or receiving financial assistance, taking leave and working part-time jobs). Therefore, the impact of rising absenteeism doesn't seem to be that great.</p><p>It is important to note that the data do not suggest a significant difference in labor force participation rates between countries with higher case numbers and countries with lower cases, and the Delta variant cannot significantly change this difference.</p><p><img src=\"https://static.tigerbbs.com/fbbf7b4d88c829b0f980b402a956aea9\" tg-width=\"500\" tg-height=\"240\" referrerpolicy=\"no-referrer\"></p><p>Does the Delta Variant Increase Future Lockdown Risks?</p><p>For the future, will the spread of the Delta variant cause the world to re-lock down the economy? Goldman's answer is-the overall risk is controllable.</p><p>Overall, Goldman Sachs expects the UK and the euro zone to gradually ease the remaining economic blockade measures, but the euro zone will be delayed relative to the UK.</p><p>As for the future of the epidemic with the Delta variant as the main source of infection, Goldman Sachs believes that it mainly depends on the following points:</p><p>1. First of all, whether the infection has an impact on consumer behavior or labor availability currently has limited impact on economic costs;</p><p>2. Secondly, whether the hospitalization rate and mortality rate will increase significantly, at present, the risk is much lower than at any time since February last year;</p><p>3. Finally, whether future variants of the new crown are immune to existing vaccines, and if immunity occurs in the future, it will bring the most serious risks to the economy.</p><p><img src=\"https://static.tigerbbs.com/2ec0bb5dc607262cad67cfe035d59f6b\" tg-width=\"500\" tg-height=\"272\" referrerpolicy=\"no-referrer\"></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3637044\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5e9c02eefd75f2f2ea1cc57e23434c04","relate_stocks":{"GS":"高盛"},"source_url":"https://wallstreetcn.com/articles/3637044","is_english":false,"share_image_url":"https://static.laohu8.com/cc96873d3d23ee6ac10685520df9c100","article_id":"1103757361","content_text":"作者：于旭东\n作为最早关注德尔塔新冠变体对经济影响的国际投行，高盛一直认为该变体对疫苗接种率高的国家的经济增长前景影响很小。\n而如今，许多真实世界的数据也证明了这一点。\n在高盛的最新报告中，高盛通过压力测试对德尔塔新冠变体蔓延下的欧洲经济作出了预测，并得到了德尔塔新冠变体在欧元区和英国达到顶峰的证据。\n根据高盛的说法，目前的最大风险因素是英国和欧元区的疫苗接种率无法达到德尔塔新冠变体所需的更高的群体免疫阈值（80%-85%，德尔塔出现前为70%），这可能让该变体的R0在今年晚些时候回到1以上。\n\n但高盛同时表示，对人们行为的一些限制（比如戴口罩）仍然可能会显著降低R0并抑制疫情的快速爆发。\n住院率显著下降？\n高盛表示，最近几周欧洲的一个数据引起了他们的注意——相对于新增确诊人数，欧洲的住院率显著降低，而疫苗的高接种率或能解释这一现象。\n\n具体来看，英国数据显示，疫苗接种率抬升后，各个年龄组尤其是老年人的住院率显著下降。\n\n在疫苗接种率最高的国家之一冰岛，超过85%的16岁以上人口接受了疫苗的全剂量注射，该国的住院率也仅上升到历史峰值的10%左右。尽管由于该国在6月放松限制导致新增确诊达到历史峰值，但依然显示出了疫苗的有效性。\n消费者如何反应？\n对于德尔塔新冠变体，高盛数据显示，消费者对这种传染率极高的变体并不感冒。\n虽然人们都预测，消费者会因为疫情的卷土重来自愿调整自己的行为以减少潜在感染机会，并减少服务业支出，但数据表明影响不大。\n高盛通过英国的Google零售、交通和工作场所区域数据分析表明，尽管在大部分地区人们的经济活动有所停滞，但在新增确诊增长较缓慢的地区，这种经济活动的降低是温和的。\n\n即便如此，经济活动的微弱停滞，依然导致了部分地区PMI的下降。\n\n此外，高盛还分析了英国信用卡和借记卡支出高频数据，表示家庭在主食等低风险类目上的支出持续复苏，且餐馆等高风险支出似乎也并未受到太大影响，尽管这两者的复苏水平不尽相同。\n总体而言，高盛表示虽然英国相对其他新增确诊较低的国家，消费者在支出上有所减缓，但影响不大。\n劳动力有所短缺？\n除了消费，市场还有一个担心，那便是感染者和密接者隔离所带来的劳动力短缺。\n最新报告显示，在截至7月18日的一周内，大约20%的商店工人不得不被隔离，这与低于预期的7月PMI相呼应。\n隔离对宏观经济的影响有多大？英国的数据表明，只有30%的人收入有损失，隔离人士中有50%的人仍在工作（或远程工作），并且这部分人群大多数都是就业率较低的年轻群体（或得到财政救助、正在休假及打短工）。因此，缺勤率上升带来的影响似乎并没有那么大。\n值得注意的是，数据并未表明病例数较高的国家和较低的国家在劳动力参与率上有显著差异，并且德尔塔变种也不能显著改变这种差异。\n\n德尔塔变体是否增加了未来封锁风险？\n对于未来，德尔塔变体的蔓延是否会让全球重新封锁经济？高盛的答案是——总体风险可控。\n在总体上，高盛预计英国和欧元区将逐步放松剩下的经济封锁措施，但欧元区相对英国会有所延迟。\n至于以德尔塔变体为主要传染源的疫情的未来，高盛认为主要取决于以下几点：\n1、首先，感染是否对消费者行为或劳动力的可用性产生影响，目前来看对经济成本的影响有限；\n2、其次，住院率和死亡率是否会显著上升，目前来看风险远低于去年2月至今的任何时候；\n3、最后，未来的新冠变种是否对现有疫苗免疫，若未来出现免疫，那将给经济带来最严重的风险。","news_type":1,"symbols_score_info":{"GS":0.9}},"isVote":1,"tweetType":1,"viewCount":2603,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":891111303,"gmtCreate":1628347686902,"gmtModify":1703505303267,"author":{"id":"3585088369400415","authorId":"3585088369400415","name":"EricYow","avatar":"https://static.tigerbbs.com/dd7153872a758bc9392bbba61aa7f173","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585088369400415","idStr":"3585088369400415"},"themes":[],"htmlText":"good&nbsp;","listText":"good&nbsp;","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/891111303","repostId":"1135602522","repostType":4,"isVote":1,"tweetType":1,"viewCount":1536,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":890869510,"gmtCreate":1628092266030,"gmtModify":1703501168767,"author":{"id":"3585088369400415","authorId":"3585088369400415","name":"EricYow","avatar":"https://static.tigerbbs.com/dd7153872a758bc9392bbba61aa7f173","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585088369400415","idStr":"3585088369400415"},"themes":[],"htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/890869510","repostId":"2156018551","repostType":4,"repost":{"id":"2156018551","kind":"news","pubTimestamp":1628082420,"share":"https://ttm.financial/m/news/2156018551?lang=en_US&edition=fundamental","pubTime":"2021-08-04 21:07","market":"us","language":"zh","title":"Liulishuo Receives Founder's Private Offer at $1.13 per Common Share","url":"https://stock-news.laohu8.com/highlight/detail?id=2156018551","media":"智通财经","summary":"8月4日，流利说宣布其董事会已收到一份初步的非约束性建议书，日期为2021年8月4日，由公司联合创始人、董事长兼首席执行官Yi Wang，联合创始人、董事兼首席技术官Zheren Hu，联合创始人、董","content":"<p>August 4th,<a href=\"https://laohu8.com/S/LAIX\">Fluent theory</a>Announces that its board of directors has received a preliminary non-binding proposal dated August 4, 2021, by Yi Wang, co-founder, chairman and chief executive officer of the company, Zheren Hu, co-founder, director and chief technology officer Hui Lin, and PCIL IV Limited (hereinafter referred to as the buyer group) jointly acquire all issued common stock of the company, including Class A common stock represented by the company's American depositary shares (ADS) (each ADS represents one Class A common stock).</p><p>The Company expects to establish a special board committee composed of independent and disinterested directors to consider the letter of recommendation and the proposed transaction.</p><p>Affected by the news, as of press time, the stock rose 5.88% to $1.08 before the market.</p>","source":"highlight_zhitongcaijin","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Liulishuo Receives Founder's Private Offer at $1.13 per Common Share</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nLiulishuo Receives Founder's Private Offer at $1.13 per Common Share\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">智通财经</strong><span class=\"h-time small\">2021-08-04 21:07</span>\n</p>\n</h4>\n</header>\n<article>\n<p>August 4th,<a href=\"https://laohu8.com/S/LAIX\">Fluent theory</a>Announces that its board of directors has received a preliminary non-binding proposal dated August 4, 2021, by Yi Wang, co-founder, chairman and chief executive officer of the company, Zheren Hu, co-founder, director and chief technology officer Hui Lin, and PCIL IV Limited (hereinafter referred to as the buyer group) jointly acquire all issued common stock of the company, including Class A common stock represented by the company's American depositary shares (ADS) (each ADS represents one Class A common stock).</p><p>The Company expects to establish a special board committee composed of independent and disinterested directors to consider the letter of recommendation and the proposed transaction.</p><p>Affected by the news, as of press time, the stock rose 5.88% to $1.08 before the market.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://www.zhitongcaijing.com/content/detail/527514.html\">智通财经</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/b2c89b55675953ec212b39326409f754","relate_stocks":{},"source_url":"https://www.zhitongcaijing.com/content/detail/527514.html","is_english":false,"share_image_url":"https://static.laohu8.com/6ca2dcdccfa2217fb20a0351f4efe814","article_id":"2156018551","content_text":"8月4日，流利说宣布其董事会已收到一份初步的非约束性建议书，日期为2021年8月4日，由公司联合创始人、董事长兼首席执行官Yi Wang，联合创始人、董事兼首席技术官Zheren Hu，联合创始人、董事兼首席技术官Hui Lin以及PCIL IV Limited(以下简称买方团)共同收购公司所有已发行的普通股，包括由公司的美国存托股(ADS)代表的A类普通股(每股ADS代表一股A类普通股)，每股普通股拟定收购价为1.13美元现金。\n该公司预计将成立一个董事会特别委员会，由独立董事和无利害关系董事组成，审议建议函和拟议交易。\n受该消息影响，截至发稿，该股盘前涨5.88%，报1.08美元。","news_type":1,"symbols_score_info":{"LAIX":0.9}},"isVote":1,"tweetType":1,"viewCount":1778,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":890860644,"gmtCreate":1628092206488,"gmtModify":1703501166789,"author":{"id":"3585088369400415","authorId":"3585088369400415","name":"EricYow","avatar":"https://static.tigerbbs.com/dd7153872a758bc9392bbba61aa7f173","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585088369400415","idStr":"3585088369400415"},"themes":[],"htmlText":"????","listText":"????","text":"????","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/890860644","repostId":"2156102664","repostType":4,"repost":{"id":"2156102664","kind":"news","pubTimestamp":1628089560,"share":"https://ttm.financial/m/news/2156102664?lang=en_US&edition=fundamental","pubTime":"2021-08-04 23:06","market":"us","language":"zh","title":"Fed Vice Chairman: Will Definitely See Taper Later This Year","url":"https://stock-news.laohu8.com/highlight/detail?id=2156102664","media":"华尔街见闻","summary":"提高联邦基金利率目标范围的必要条件将在2022年底前得到满足。","content":"<p>On Wednesday local time, Federal Reserve Vice Chairman Richard Clarida said in a speech at a webinar at the Peterson Institute for International Economics:<b>The necessary conditions for raising the target range of Federal Funds rate will be met by the end of 2022, and the Federal Reserve also has the conditions to begin a rate hike in 2023.</b></p><p>He said:<b>Will support the announcement of a modest reduction in asset purchases later this year; Will definitely see the Fed announce a tapering of bond purchases later this year.</b></p><p>Specifically, Clarida said in his speech that although the job market still needs to recover, inflation is keeping an eye on and reaching the Fed's 2% target, which creates \"further substantial progress\" before the Fed tightens monetary policy. conditions. He believes: Given the above, as long as inflation expectations remain well fixed to the long-term target of 2%... At this point, normalization of monetary policy in 2023 is fully in line with our new flexible average inflation target framework.</p><p>Clarida also talked about her own views on inflation. At the time, he said that if core PCE inflation this year reached or exceeded 3% as expected, he would consider this to have significantly exceeded the long-term inflation target of 2%, rather than \"moderately\" above this line:</p><p>As before, any expectation is risky, and there is an upside risk to my expectations for US inflation. He later added that he believed that the rise in U.S. inflation above the target may be temporary.</p><p>In addition, Clarida also said in his speech that the spread of the new crown \"Delta\" strain is obviously a downside risk. He then said that the current forecast of U.S. GDP growth this year \"will be the fastest recovery in 50 years immediately following the economic recession\".</p><p>As of press time, the three major U.S. stock indexes had mixed gains and losses, with Dow futures falling about 270 points, or 0.77%.</p><p><img src=\"https://static.tigerbbs.com/955d346c258b47f0c55559b5a0dea98c\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>","source":"highlight_wallstreetcn","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Fed Vice Chairman: Will Definitely See Taper Later This Year</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nFed Vice Chairman: Will Definitely See Taper Later This Year\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2021-08-04 23:06</span>\n</p>\n</h4>\n</header>\n<article>\n<p>On Wednesday local time, Federal Reserve Vice Chairman Richard Clarida said in a speech at a webinar at the Peterson Institute for International Economics:<b>The necessary conditions for raising the target range of Federal Funds rate will be met by the end of 2022, and the Federal Reserve also has the conditions to begin a rate hike in 2023.</b></p><p>He said:<b>Will support the announcement of a modest reduction in asset purchases later this year; Will definitely see the Fed announce a tapering of bond purchases later this year.</b></p><p>Specifically, Clarida said in his speech that although the job market still needs to recover, inflation is keeping an eye on and reaching the Fed's 2% target, which creates \"further substantial progress\" before the Fed tightens monetary policy. conditions. He believes: Given the above, as long as inflation expectations remain well fixed to the long-term target of 2%... At this point, normalization of monetary policy in 2023 is fully in line with our new flexible average inflation target framework.</p><p>Clarida also talked about her own views on inflation. At the time, he said that if core PCE inflation this year reached or exceeded 3% as expected, he would consider this to have significantly exceeded the long-term inflation target of 2%, rather than \"moderately\" above this line:</p><p>As before, any expectation is risky, and there is an upside risk to my expectations for US inflation. He later added that he believed that the rise in U.S. inflation above the target may be temporary.</p><p>In addition, Clarida also said in his speech that the spread of the new crown \"Delta\" strain is obviously a downside risk. He then said that the current forecast of U.S. GDP growth this year \"will be the fastest recovery in 50 years immediately following the economic recession\".</p><p>As of press time, the three major U.S. stock indexes had mixed gains and losses, with Dow futures falling about 270 points, or 0.77%.</p><p><img src=\"https://static.tigerbbs.com/955d346c258b47f0c55559b5a0dea98c\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3637152\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5f10ed06412cd6750f1aaa848376bec0","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://wallstreetcn.com/articles/3637152","is_english":false,"share_image_url":"https://static.laohu8.com/cc96873d3d23ee6ac10685520df9c100","article_id":"2156102664","content_text":"当地时间周三，美联储副主席克拉里达（Richard Clarida）在彼得森国际经济研究所的一场网络研讨会上发表演讲时表示：提高联邦基金利率目标范围的必要条件将在2022年底前得到满足，而美联储也具备了在2023年开始加息的条件。\n他称：将支持在今年晚些时候宣布适度减少资产购买；肯定会看到美联储在今年晚些时候宣布缩减购债规模。\n具体来看，克拉里达在演讲当中表示，虽然就业市场仍需要回复，但是通胀正在盯紧并达到美联储2%的目标，而这为美联储收紧货币政策之前取得“进一步的实质性进展”创造了条件。他认为：鉴于上述情况，只要通胀预期仍能很好地固定在2%的长期目标上……此时，货币政策在2023年正常化就完全符合我们新的灵活的平均通胀目标框架。\n克拉里达还谈到了自己对通胀的看法。当时他表示，如果今年的核心PCE通胀和预期一样达到或超过3％，那他会认为这已经明显超过了2%的长期通胀目标，而不是“适度”高于此线：\n\n 和以前一样，任何预期都是有风险的，而我对美国通胀的预期就存在上行风险。\n\n他之后补充称，自己认为美国通胀升穿目标可能是暂时性的。\n此外克拉里达在演讲中还表示，新冠“德尔塔”毒株的扩散显然是一个下行风险。而他随后又表示，目前对美国今年GDP增长的预测“将是50年以来紧跟在经济衰退之后最快的恢复”。\n截至发稿，美股三大指数涨跌不一，道指期货跌约270点，跌幅0.77%。","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":1701,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":890860966,"gmtCreate":1628092184055,"gmtModify":1703501166625,"author":{"id":"3585088369400415","authorId":"3585088369400415","name":"EricYow","avatar":"https://static.tigerbbs.com/dd7153872a758bc9392bbba61aa7f173","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585088369400415","idStr":"3585088369400415"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/890860966","repostId":"1154214794","repostType":4,"repost":{"id":"1154214794","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1628085369,"share":"https://ttm.financial/m/news/1154214794?lang=en_US&edition=fundamental","pubTime":"2021-08-04 21:56","market":"us","language":"zh","title":"The U.S. semiconductor sector generally rose at the beginning of the session, AMD rose more than 4% and continued to hit new highs","url":"https://stock-news.laohu8.com/highlight/detail?id=1154214794","media":"老虎资讯综合","summary":"周三，美股半导体板块盘初普涨，AMD涨超4%续创新高，日月光半导体、联电涨2.5%，恩智浦半导体、台积电涨0.5%。","content":"<p>On Wednesday, the U.S. semiconductor sector generally rose at the beginning of the session.<a href=\"https://laohu8.com/S/AMD\">AMD</a>It rose more than 4% and continued to hit new highs,<a href=\"https://laohu8.com/S/ASX\">ASE Semiconductor</a>、<a href=\"https://laohu8.com/S/UMC\">UMC</a>Up 2.5%,<a href=\"https://laohu8.com/S/NXPI\">NXP</a>Semiconductors,<a href=\"https://laohu8.com/S/TSM\">TSMC</a>Up 0.5%.</p><p><img src=\"https://static.tigerbbs.com/d1dcc2d93b0d500b847fc508bbf2c6ab\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The U.S. semiconductor sector generally rose at the beginning of the session, AMD rose more than 4% and continued to hit new highs</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe U.S. semiconductor sector generally rose at the beginning of the session, AMD rose more than 4% and continued to hit new highs\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-08-04 21:56</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On Wednesday, the U.S. semiconductor sector generally rose at the beginning of the session.<a href=\"https://laohu8.com/S/AMD\">AMD</a>It rose more than 4% and continued to hit new highs,<a href=\"https://laohu8.com/S/ASX\">ASE Semiconductor</a>、<a href=\"https://laohu8.com/S/UMC\">UMC</a>Up 2.5%,<a href=\"https://laohu8.com/S/NXPI\">NXP</a>Semiconductors,<a href=\"https://laohu8.com/S/TSM\">TSMC</a>Up 0.5%.</p><p><img src=\"https://static.tigerbbs.com/d1dcc2d93b0d500b847fc508bbf2c6ab\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/9035047aab1628fa23df810d4986f063","relate_stocks":{"EWT":"台湾ETF-iShares MSCI","UMC":"联电","ASX":"日月光半导体","NXPI":"恩智浦","TSM":"台积电","AMD":"美国超微公司"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1154214794","content_text":"周三，美股半导体板块盘初普涨，AMD涨超4%续创新高，日月光半导体、联电涨2.5%，恩智浦半导体、台积电涨0.5%。","news_type":1,"symbols_score_info":{"ASX":0.9,"NXPI":0.9,"TSM":0.9,"EWT":0.9,"AMD":0.9,"UMC":0.9}},"isVote":1,"tweetType":1,"viewCount":1955,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":816095808,"gmtCreate":1630454068204,"gmtModify":1676530305862,"author":{"id":"3585088369400415","authorId":"3585088369400415","name":"EricYow","avatar":"https://static.tigerbbs.com/dd7153872a758bc9392bbba61aa7f173","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585088369400415","idStr":"3585088369400415"},"themes":[],"htmlText":"ok","listText":"ok","text":"ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/816095808","repostId":"811225324","repostType":1,"repost":{"id":811225324,"gmtCreate":1630328540368,"gmtModify":1676530270043,"author":{"id":"4091015939116640","authorId":"4091015939116640","name":"Yao6262","avatar":"https://static.tigerbbs.com/0c2e9cddfa80a81f9811ef12aea05464","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4091015939116640","idStr":"4091015939116640"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/S51.SI\">$SEMBCORP MARINE LTD(S51.SI)$</a>what happens if I subscribe for my 1000 shares? Do I get the extra shares or what&nbsp;","listText":"<a href=\"https://laohu8.com/S/S51.SI\">$SEMBCORP MARINE LTD(S51.SI)$</a>what happens if I subscribe for my 1000 shares? Do I get the extra shares or what&nbsp;","text":"$SEMBCORP MARINE LTD(S51.SI)$what happens if I subscribe for my 1000 shares? Do I get the extra shares or what","images":[{"img":"https://static.tigerbbs.com/2db2d0446d03056c21a0d7b4374dae0a","width":"1080","height":"2312"}],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/811225324","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":1461,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":807921858,"gmtCreate":1627997800874,"gmtModify":1703499337510,"author":{"id":"3585088369400415","authorId":"3585088369400415","name":"EricYow","avatar":"https://static.tigerbbs.com/dd7153872a758bc9392bbba61aa7f173","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585088369400415","idStr":"3585088369400415"},"themes":[],"htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/807921858","repostId":"1110661815","repostType":4,"repost":{"id":"1110661815","kind":"news","pubTimestamp":1627995018,"share":"https://ttm.financial/m/news/1110661815?lang=en_US&edition=fundamental","pubTime":"2021-08-03 20:50","market":"us","language":"zh","title":"The reason for the strange trend of U.S. debt exposed: it was the Japanese operation that deceived the world","url":"https://stock-news.laohu8.com/highlight/detail?id=1110661815","media":"华尔街见闻","summary":"有着全球最安全资产之称的美债也不再安全了？","content":"<p>U.S. debt, known as the safest asset in the world, is no longer safe?</p><p>According to Bloomberg, the world's largest pension fund, the Japanese Government Pension Fund (GPIF), transferred its holdings in the last fiscal year ending March this year<b>The ratio of U.S. government bonds and bills has been cut to a record 35% from 47% previously</b>。 Meanwhile, GPIF<b>Increased holdings of European sovereign bonds</b>。</p><p><img src=\"https://static.tigerbbs.com/cffeb18f74f7430d0d9b2b62b0573e12\" tg-width=\"640\" tg-height=\"372\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Over a year, GPIF has redeployed its portfolio, reducing its dependence on Japanese government bonds and putting<b>Focus shifts to higher-returning stocks and overseas bonds</b>。</p><p>Although GPIF did not disclose the basic operating logic of his position adjustment, given its holdings of up to $1.7 trillion in assets, this change will undoubtedly have a drastic impact on the market.</p><p><img src=\"https://static.tigerbbs.com/e09118146e97b2f4148797f0e83b9a39\" tg-width=\"640\" tg-height=\"371\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>In addition, in the 12 months to March this year, GPIF's bond allocation to France, Italy, the United Kingdom and Germany all increased by at least 1.7%. After adjusting for exchange rate and bond price fluctuations. The total purchase of these bonds is estimated to be 5.72 trillion yen ($52 billion).</p><p><img src=\"https://static.tigerbbs.com/8fcc667934546e521f495383cb155c74\" tg-width=\"640\" tg-height=\"366\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>For now, GPIF's investment strategy of reducing the heavy debt of the United States is successful. Its overseas bond investment return in the last fiscal year was 7.1%, higher than the FTSE World Treasury Bond Index of 5.4%.</p><p>The U.S. 10-year Treasury Bond has experienced a long period of sideways trading since the outbreak in March last year, before rising above 1.7% in March this year, and its current yield is below 1.2%.</p><p><img src=\"https://static.tigerbbs.com/65d574735ca0647fbad1b706dbce4238\" tg-width=\"640\" tg-height=\"433\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Ayako Sera, an analyst at Sumitomo Mitsui Trust Bank, said that the current yield of U.S. bonds is not enough to offset the risk of exchange rate fluctuations, and the attractiveness of U.S. Treasury Bond may further decline.</p><p>According to data from the U.S. Treasury Department, Japanese investors sold $24 billion and $35 billion in U.S. debt in this fiscal year and the previous fiscal year, respectively, which started on April this year.</p><p>Morgan Stanley has said it needs to avoid rationalizing the current low yield on U.S. bonds.</p><p>In March,<b>Most investors believe the rise in U.S. bond yields is driven by a strong economic recovery in the United States</b>The market even once generally believed that the yield of the U.S. bond would soon exceed 2%.</p><p>But this is just the wishful thinking of investors.</p><p>So what is the real reason for the sharp rise in U.S. bond yields during this period?</p><p>Morgan Stanley believes:</p><p>U.S. bond yields rose,<b>The real main reason is the massive sell-off of U.S. debt by GPIF. The reason why GPIF sold U.S. debt is mainly based on its understanding of profits at the end of the fiscal year.</b>After that,<b>U.S. bond yields began to fall as actual U.S. economic data failed to keep up with expectations.</b>In other words, the Japanese operations successfully deceived the world, and the rise in U.S. debt was interpreted by the market as a strong recovery of the U.S. economy; The decline in U.S. bonds was interpreted by the market as caused by quantitative easing.</p><p>Regarding the current view on U.S. bond yields, Morgan Stanley said:</p><p>The fair value of the 10-year U.S. Treasury Bond yield should be around 1.6%, and U.S. bond yields will rise in August. Due to the $2 trillion infrastructure plan launched by the Biden administration, it will maintain strong growth in the U.S. labor market and push up U.S. bond yields in the future.</p>","source":"highlight_wallstreetcn","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The reason for the strange trend of U.S. debt exposed: it was the Japanese operation that deceived the world</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe reason for the strange trend of U.S. debt exposed: it was the Japanese operation that deceived the world\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2021-08-03 20:50</span>\n</p>\n</h4>\n</header>\n<article>\n<p>U.S. debt, known as the safest asset in the world, is no longer safe?</p><p>According to Bloomberg, the world's largest pension fund, the Japanese Government Pension Fund (GPIF), transferred its holdings in the last fiscal year ending March this year<b>The ratio of U.S. government bonds and bills has been cut to a record 35% from 47% previously</b>。 Meanwhile, GPIF<b>Increased holdings of European sovereign bonds</b>。</p><p><img src=\"https://static.tigerbbs.com/cffeb18f74f7430d0d9b2b62b0573e12\" tg-width=\"640\" tg-height=\"372\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Over a year, GPIF has redeployed its portfolio, reducing its dependence on Japanese government bonds and putting<b>Focus shifts to higher-returning stocks and overseas bonds</b>。</p><p>Although GPIF did not disclose the basic operating logic of his position adjustment, given its holdings of up to $1.7 trillion in assets, this change will undoubtedly have a drastic impact on the market.</p><p><img src=\"https://static.tigerbbs.com/e09118146e97b2f4148797f0e83b9a39\" tg-width=\"640\" tg-height=\"371\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>In addition, in the 12 months to March this year, GPIF's bond allocation to France, Italy, the United Kingdom and Germany all increased by at least 1.7%. After adjusting for exchange rate and bond price fluctuations. The total purchase of these bonds is estimated to be 5.72 trillion yen ($52 billion).</p><p><img src=\"https://static.tigerbbs.com/8fcc667934546e521f495383cb155c74\" tg-width=\"640\" tg-height=\"366\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>For now, GPIF's investment strategy of reducing the heavy debt of the United States is successful. Its overseas bond investment return in the last fiscal year was 7.1%, higher than the FTSE World Treasury Bond Index of 5.4%.</p><p>The U.S. 10-year Treasury Bond has experienced a long period of sideways trading since the outbreak in March last year, before rising above 1.7% in March this year, and its current yield is below 1.2%.</p><p><img src=\"https://static.tigerbbs.com/65d574735ca0647fbad1b706dbce4238\" tg-width=\"640\" tg-height=\"433\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Ayako Sera, an analyst at Sumitomo Mitsui Trust Bank, said that the current yield of U.S. bonds is not enough to offset the risk of exchange rate fluctuations, and the attractiveness of U.S. Treasury Bond may further decline.</p><p>According to data from the U.S. Treasury Department, Japanese investors sold $24 billion and $35 billion in U.S. debt in this fiscal year and the previous fiscal year, respectively, which started on April this year.</p><p>Morgan Stanley has said it needs to avoid rationalizing the current low yield on U.S. bonds.</p><p>In March,<b>Most investors believe the rise in U.S. bond yields is driven by a strong economic recovery in the United States</b>The market even once generally believed that the yield of the U.S. bond would soon exceed 2%.</p><p>But this is just the wishful thinking of investors.</p><p>So what is the real reason for the sharp rise in U.S. bond yields during this period?</p><p>Morgan Stanley believes:</p><p>U.S. bond yields rose,<b>The real main reason is the massive sell-off of U.S. debt by GPIF. The reason why GPIF sold U.S. debt is mainly based on its understanding of profits at the end of the fiscal year.</b>After that,<b>U.S. bond yields began to fall as actual U.S. economic data failed to keep up with expectations.</b>In other words, the Japanese operations successfully deceived the world, and the rise in U.S. debt was interpreted by the market as a strong recovery of the U.S. economy; The decline in U.S. bonds was interpreted by the market as caused by quantitative easing.</p><p>Regarding the current view on U.S. bond yields, Morgan Stanley said:</p><p>The fair value of the 10-year U.S. Treasury Bond yield should be around 1.6%, and U.S. bond yields will rise in August. Due to the $2 trillion infrastructure plan launched by the Biden administration, it will maintain strong growth in the U.S. labor market and push up U.S. bond yields in the future.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3636962\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c85c320adaeda5c6807698908bd45f3f","relate_stocks":{".DJI":"道琼斯"},"source_url":"https://wallstreetcn.com/articles/3636962","is_english":false,"share_image_url":"https://static.laohu8.com/cc96873d3d23ee6ac10685520df9c100","article_id":"1110661815","content_text":"有着全球最安全资产之称的美债也不再安全了？\n据彭博，全球最大的养老基金——日本政府退休养老金(GPIF)，在截至今年3月的上一财年内，将其所持有的美国政府债券和票据比例创纪录地进行了下调，由此前的47%削减至35%。与此同时，GPIF增加了对欧洲主权债券的持有。\n\n一年多年来，GPIF将其投资组合进行了重新调配，减少了对日本政府债券的依赖，并将重点转向回报率更高的股票和海外债券。\n尽管GPIF没有公开他调仓的基本操作逻辑，但鉴于其持有高达1.7万亿美元的资产，这一变动无疑会对市场造成剧烈影响。\n\n此外，在截至今年3月的12个月中，GPIF对法国、意大利、英国和德国的债券配置均至少增加了1.7%。经调整汇率和债券价格波动后。预估这些债券的购买总额为5.72 万亿日元（520 亿美元）。\n\n就目前来看，GPIF降低美债权重的投资策略是成功的，其上一财年的海外债券投资回报率为7.1%，高于5.4%的富时世界国债指数。\n美国10年期国债自去年3月疫情爆发以来，经历了长期的横盘，然后在今年3月升至1.7%上方，其目前收益率位于1.2%下方。\n\n三井住友信托银行分析师Ayako Sera表示，目前美债的收益率不足以抵消汇率波动风险，美国国债的吸引力可能会进一步下降。\n美国财政部数据显示，日本投资者分别在今年4月日开始的本财年和上一财年分别抛售了240亿和350亿美元的美债。\n摩根士丹利曾表示需要避免将当前美债较低的收益率强行进行合理化解释。\n3月时，多数投资者以为美债收益率的上升是由美国正强劲的经济复苏推动的，市场甚至一度普遍认为该美债的收益率将很快超过2%。\n但这只是投资者们一厢情愿的想法。\n那在这期间，美债收益率大幅上涨的真正原因是什么？\n摩根士丹利认为：\n\n 美债收益率上涨，\n 真正的主要原因是GPIF对美债的大量抛售。而GPIF之所以抛售美债，主要基于对财年结束的获利了解考虑。在那之后，\n 由于美国的实际经济数据跟不上预期数据，美债收益率开始走低。\n\n也就是说，日本人的操作成功欺骗了全世界，美债上涨被市场解读为美国经济正在强劲复苏；美债收下跌被市场解读为是量化宽松导致的。\n就对美债收益率目前的看法，摩根士丹利表示：\n\n 美国10年期国债收益率的公允价值应该是1.6%左右，美债收益率将在8月迎来上升。由于拜登政府推出的2万亿美元基建计划，将保持美国劳动力市场的强劲增长，并在未来推动美债收益率上升。","news_type":1,"symbols_score_info":{".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":1547,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":807921924,"gmtCreate":1627997791768,"gmtModify":1703499339290,"author":{"id":"3585088369400415","authorId":"3585088369400415","name":"EricYow","avatar":"https://static.tigerbbs.com/dd7153872a758bc9392bbba61aa7f173","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585088369400415","idStr":"3585088369400415"},"themes":[],"htmlText":"nice","listText":"nice","text":"nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/807921924","repostId":"1110661815","repostType":4,"repost":{"id":"1110661815","kind":"news","pubTimestamp":1627995018,"share":"https://ttm.financial/m/news/1110661815?lang=en_US&edition=fundamental","pubTime":"2021-08-03 20:50","market":"us","language":"zh","title":"The reason for the strange trend of U.S. debt exposed: it was the Japanese operation that deceived the world","url":"https://stock-news.laohu8.com/highlight/detail?id=1110661815","media":"华尔街见闻","summary":"有着全球最安全资产之称的美债也不再安全了？","content":"<p>U.S. debt, known as the safest asset in the world, is no longer safe?</p><p>According to Bloomberg, the world's largest pension fund, the Japanese Government Pension Fund (GPIF), transferred its holdings in the last fiscal year ending March this year<b>The ratio of U.S. government bonds and bills has been cut to a record 35% from 47% previously</b>。 Meanwhile, GPIF<b>Increased holdings of European sovereign bonds</b>。</p><p><img src=\"https://static.tigerbbs.com/cffeb18f74f7430d0d9b2b62b0573e12\" tg-width=\"640\" tg-height=\"372\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Over a year, GPIF has redeployed its portfolio, reducing its dependence on Japanese government bonds and putting<b>Focus shifts to higher-returning stocks and overseas bonds</b>。</p><p>Although GPIF did not disclose the basic operating logic of his position adjustment, given its holdings of up to $1.7 trillion in assets, this change will undoubtedly have a drastic impact on the market.</p><p><img src=\"https://static.tigerbbs.com/e09118146e97b2f4148797f0e83b9a39\" tg-width=\"640\" tg-height=\"371\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>In addition, in the 12 months to March this year, GPIF's bond allocation to France, Italy, the United Kingdom and Germany all increased by at least 1.7%. After adjusting for exchange rate and bond price fluctuations. The total purchase of these bonds is estimated to be 5.72 trillion yen ($52 billion).</p><p><img src=\"https://static.tigerbbs.com/8fcc667934546e521f495383cb155c74\" tg-width=\"640\" tg-height=\"366\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>For now, GPIF's investment strategy of reducing the heavy debt of the United States is successful. Its overseas bond investment return in the last fiscal year was 7.1%, higher than the FTSE World Treasury Bond Index of 5.4%.</p><p>The U.S. 10-year Treasury Bond has experienced a long period of sideways trading since the outbreak in March last year, before rising above 1.7% in March this year, and its current yield is below 1.2%.</p><p><img src=\"https://static.tigerbbs.com/65d574735ca0647fbad1b706dbce4238\" tg-width=\"640\" tg-height=\"433\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Ayako Sera, an analyst at Sumitomo Mitsui Trust Bank, said that the current yield of U.S. bonds is not enough to offset the risk of exchange rate fluctuations, and the attractiveness of U.S. Treasury Bond may further decline.</p><p>According to data from the U.S. Treasury Department, Japanese investors sold $24 billion and $35 billion in U.S. debt in this fiscal year and the previous fiscal year, respectively, which started on April this year.</p><p>Morgan Stanley has said it needs to avoid rationalizing the current low yield on U.S. bonds.</p><p>In March,<b>Most investors believe the rise in U.S. bond yields is driven by a strong economic recovery in the United States</b>The market even once generally believed that the yield of the U.S. bond would soon exceed 2%.</p><p>But this is just the wishful thinking of investors.</p><p>So what is the real reason for the sharp rise in U.S. bond yields during this period?</p><p>Morgan Stanley believes:</p><p>U.S. bond yields rose,<b>The real main reason is the massive sell-off of U.S. debt by GPIF. The reason why GPIF sold U.S. debt is mainly based on its understanding of profits at the end of the fiscal year.</b>After that,<b>U.S. bond yields began to fall as actual U.S. economic data failed to keep up with expectations.</b>In other words, the Japanese operations successfully deceived the world, and the rise in U.S. debt was interpreted by the market as a strong recovery of the U.S. economy; The decline in U.S. bonds was interpreted by the market as caused by quantitative easing.</p><p>Regarding the current view on U.S. bond yields, Morgan Stanley said:</p><p>The fair value of the 10-year U.S. Treasury Bond yield should be around 1.6%, and U.S. bond yields will rise in August. Due to the $2 trillion infrastructure plan launched by the Biden administration, it will maintain strong growth in the U.S. labor market and push up U.S. bond yields in the future.</p>","source":"highlight_wallstreetcn","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The reason for the strange trend of U.S. debt exposed: it was the Japanese operation that deceived the world</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe reason for the strange trend of U.S. debt exposed: it was the Japanese operation that deceived the world\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2021-08-03 20:50</span>\n</p>\n</h4>\n</header>\n<article>\n<p>U.S. debt, known as the safest asset in the world, is no longer safe?</p><p>According to Bloomberg, the world's largest pension fund, the Japanese Government Pension Fund (GPIF), transferred its holdings in the last fiscal year ending March this year<b>The ratio of U.S. government bonds and bills has been cut to a record 35% from 47% previously</b>。 Meanwhile, GPIF<b>Increased holdings of European sovereign bonds</b>。</p><p><img src=\"https://static.tigerbbs.com/cffeb18f74f7430d0d9b2b62b0573e12\" tg-width=\"640\" tg-height=\"372\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Over a year, GPIF has redeployed its portfolio, reducing its dependence on Japanese government bonds and putting<b>Focus shifts to higher-returning stocks and overseas bonds</b>。</p><p>Although GPIF did not disclose the basic operating logic of his position adjustment, given its holdings of up to $1.7 trillion in assets, this change will undoubtedly have a drastic impact on the market.</p><p><img src=\"https://static.tigerbbs.com/e09118146e97b2f4148797f0e83b9a39\" tg-width=\"640\" tg-height=\"371\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>In addition, in the 12 months to March this year, GPIF's bond allocation to France, Italy, the United Kingdom and Germany all increased by at least 1.7%. After adjusting for exchange rate and bond price fluctuations. The total purchase of these bonds is estimated to be 5.72 trillion yen ($52 billion).</p><p><img src=\"https://static.tigerbbs.com/8fcc667934546e521f495383cb155c74\" tg-width=\"640\" tg-height=\"366\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>For now, GPIF's investment strategy of reducing the heavy debt of the United States is successful. Its overseas bond investment return in the last fiscal year was 7.1%, higher than the FTSE World Treasury Bond Index of 5.4%.</p><p>The U.S. 10-year Treasury Bond has experienced a long period of sideways trading since the outbreak in March last year, before rising above 1.7% in March this year, and its current yield is below 1.2%.</p><p><img src=\"https://static.tigerbbs.com/65d574735ca0647fbad1b706dbce4238\" tg-width=\"640\" tg-height=\"433\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Ayako Sera, an analyst at Sumitomo Mitsui Trust Bank, said that the current yield of U.S. bonds is not enough to offset the risk of exchange rate fluctuations, and the attractiveness of U.S. Treasury Bond may further decline.</p><p>According to data from the U.S. Treasury Department, Japanese investors sold $24 billion and $35 billion in U.S. debt in this fiscal year and the previous fiscal year, respectively, which started on April this year.</p><p>Morgan Stanley has said it needs to avoid rationalizing the current low yield on U.S. bonds.</p><p>In March,<b>Most investors believe the rise in U.S. bond yields is driven by a strong economic recovery in the United States</b>The market even once generally believed that the yield of the U.S. bond would soon exceed 2%.</p><p>But this is just the wishful thinking of investors.</p><p>So what is the real reason for the sharp rise in U.S. bond yields during this period?</p><p>Morgan Stanley believes:</p><p>U.S. bond yields rose,<b>The real main reason is the massive sell-off of U.S. debt by GPIF. The reason why GPIF sold U.S. debt is mainly based on its understanding of profits at the end of the fiscal year.</b>After that,<b>U.S. bond yields began to fall as actual U.S. economic data failed to keep up with expectations.</b>In other words, the Japanese operations successfully deceived the world, and the rise in U.S. debt was interpreted by the market as a strong recovery of the U.S. economy; The decline in U.S. bonds was interpreted by the market as caused by quantitative easing.</p><p>Regarding the current view on U.S. bond yields, Morgan Stanley said:</p><p>The fair value of the 10-year U.S. Treasury Bond yield should be around 1.6%, and U.S. bond yields will rise in August. Due to the $2 trillion infrastructure plan launched by the Biden administration, it will maintain strong growth in the U.S. labor market and push up U.S. bond yields in the future.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3636962\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c85c320adaeda5c6807698908bd45f3f","relate_stocks":{".DJI":"道琼斯"},"source_url":"https://wallstreetcn.com/articles/3636962","is_english":false,"share_image_url":"https://static.laohu8.com/cc96873d3d23ee6ac10685520df9c100","article_id":"1110661815","content_text":"有着全球最安全资产之称的美债也不再安全了？\n据彭博，全球最大的养老基金——日本政府退休养老金(GPIF)，在截至今年3月的上一财年内，将其所持有的美国政府债券和票据比例创纪录地进行了下调，由此前的47%削减至35%。与此同时，GPIF增加了对欧洲主权债券的持有。\n\n一年多年来，GPIF将其投资组合进行了重新调配，减少了对日本政府债券的依赖，并将重点转向回报率更高的股票和海外债券。\n尽管GPIF没有公开他调仓的基本操作逻辑，但鉴于其持有高达1.7万亿美元的资产，这一变动无疑会对市场造成剧烈影响。\n\n此外，在截至今年3月的12个月中，GPIF对法国、意大利、英国和德国的债券配置均至少增加了1.7%。经调整汇率和债券价格波动后。预估这些债券的购买总额为5.72 万亿日元（520 亿美元）。\n\n就目前来看，GPIF降低美债权重的投资策略是成功的，其上一财年的海外债券投资回报率为7.1%，高于5.4%的富时世界国债指数。\n美国10年期国债自去年3月疫情爆发以来，经历了长期的横盘，然后在今年3月升至1.7%上方，其目前收益率位于1.2%下方。\n\n三井住友信托银行分析师Ayako Sera表示，目前美债的收益率不足以抵消汇率波动风险，美国国债的吸引力可能会进一步下降。\n美国财政部数据显示，日本投资者分别在今年4月日开始的本财年和上一财年分别抛售了240亿和350亿美元的美债。\n摩根士丹利曾表示需要避免将当前美债较低的收益率强行进行合理化解释。\n3月时，多数投资者以为美债收益率的上升是由美国正强劲的经济复苏推动的，市场甚至一度普遍认为该美债的收益率将很快超过2%。\n但这只是投资者们一厢情愿的想法。\n那在这期间，美债收益率大幅上涨的真正原因是什么？\n摩根士丹利认为：\n\n 美债收益率上涨，\n 真正的主要原因是GPIF对美债的大量抛售。而GPIF之所以抛售美债，主要基于对财年结束的获利了解考虑。在那之后，\n 由于美国的实际经济数据跟不上预期数据，美债收益率开始走低。\n\n也就是说，日本人的操作成功欺骗了全世界，美债上涨被市场解读为美国经济正在强劲复苏；美债收下跌被市场解读为是量化宽松导致的。\n就对美债收益率目前的看法，摩根士丹利表示：\n\n 美国10年期国债收益率的公允价值应该是1.6%左右，美债收益率将在8月迎来上升。由于拜登政府推出的2万亿美元基建计划，将保持美国劳动力市场的强劲增长，并在未来推动美债收益率上升。","news_type":1,"symbols_score_info":{".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":1504,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}