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2021-08-06

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Goldman Sachs' latest report: 13 charts to see the recent market situation

本周将是夏季剩余时间里的流动性高峰；股市的收益率正在向好……

Goldman Sachs' latest report: 13 charts to see the recent market situation

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{"i18n":{"language":"en_US"},"data":{"magic":2,"id":899627310,"tweetId":"899627310","gmtCreate":1628180316130,"gmtModify":1703502768150,"author":{"id":3537827390869581,"idStr":"3537827390869581","authorId":3537827390869581,"authorIdStr":"3537827390869581","name":"algie","avatar":"https://static.tigerbbs.com/dfcefb537665cd79426ddb17777b7a7f","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":0,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body>good</body></html>","htmlText":"<html><head></head><body>good</body></html>","text":"good","highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://ttm.financial/post/899627310","repostId":1157551750,"repostType":4,"repost":{"id":"1157551750","kind":"news","pubTimestamp":1628177811,"share":"https://ttm.financial/m/news/1157551750?lang=en_US&edition=fundamental","pubTime":"2021-08-05 23:36","market":"us","language":"zh","title":"Goldman Sachs' latest report: 13 charts to see the recent market situation","url":"https://stock-news.laohu8.com/highlight/detail?id=1157551750","media":"华尔街见闻","summary":"本周将是夏季剩余时间里的流动性高峰；股市的收益率正在向好……","content":"Author: Yu XudongIn a latest report,<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>Traders Scott Rubner, Matthew Fleury, Matthieu Martal, Kavita Vaja and Jonas Bovbjerg summarize the market in August and past in 13 charts.1. Currently abundant liquidityGoldman Sachs believes that this week will be the peak of liquidity for the rest of the summer, and liquidity will enter a busy week in the coming week.<img src=\"https://static.tigerbbs.com/880861172ccda951f035a472f7c005ed\" tg-width=\"500\" tg-height=\"346\" referrerpolicy=\"no-referrer\">2. Stock yields are improvingGoldman Sachs said that the current negative correlation between SPX (S&P 500 Index) and NDX (Nasdaq Index) and 30-year yields has turned positive again, which means that stock market yields are improving.<img src=\"https://static.tigerbbs.com/3a540a0743e9a23a96f8beafc4fff7eb\" tg-width=\"500\" tg-height=\"346\" referrerpolicy=\"no-referrer\">3. Chinese concept stocks diverge againGoldman Sachs said that the trend of Chinese concept stocks has diverged again: MSCI China's earnings per share excluding the Internet has increased by 5% year-to-date, while China's Internet earnings per share have fallen by 22% year-to-date.<img src=\"https://static.tigerbbs.com/91b30abbf71994074119b1beb495c6e5\" tg-width=\"500\" tg-height=\"346\" referrerpolicy=\"no-referrer\">4. The level of implied fragmentation in the U.S. and European markets has been rising over the past five years<img src=\"https://static.tigerbbs.com/6b72aeb35466d17504a5405a0bfed2bb\" tg-width=\"500\" tg-height=\"361\" referrerpolicy=\"no-referrer\">5. Since the stock index has been rising, the dispersion performance has been stable<img src=\"https://static.tigerbbs.com/c7080126e3fc55e4fe89d3da0618d899\" tg-width=\"500\" tg-height=\"370\" referrerpolicy=\"no-referrer\">6. Since market volatility has peaked before, dispersion during the epidemic has actually been a defensive attribute<img src=\"https://static.tigerbbs.com/c661876c062e2f07e1d93bf5446775d1\" tg-width=\"500\" tg-height=\"358\" referrerpolicy=\"no-referrer\">7. The implied volatility of the index has significantly lowered the low level of the index before and after the epidemic<img src=\"https://static.tigerbbs.com/42a018affb9b1e72964b75c3e594f27b\" tg-width=\"500\" tg-height=\"365\" referrerpolicy=\"no-referrer\">8. The decline in index implied volatility in recent years is partly due to the sharp decline in the level of index implied correlation and the decline in demand for upside call options in European stock marketsMarket-implied average single-stock correlation data suggests that while index implied volatility has declined since 2015 and again after the pandemic, pushing higher levels of implied dispersion, this coincides with a sharp decline in levels of implied correlation over the same period.<img src=\"https://static.tigerbbs.com/8c1d87e3b1e4b9d79e5d7dfcd2f90d42\" tg-width=\"500\" tg-height=\"363\" referrerpolicy=\"no-referrer\">9. The correlation between the returns of t and t-1 in SX5E (European Stoxx 50 Index) is extremely low<img src=\"https://static.tigerbbs.com/af84b6b55759c333bfa86662821e87ec\" tg-width=\"500\" tg-height=\"346\" referrerpolicy=\"no-referrer\">10. After 2020, spread trading is at historically low levels<img src=\"https://static.tigerbbs.com/696c3dc2ca2b98fc30fd17871f9f1bd3\" tg-width=\"500\" tg-height=\"346\" referrerpolicy=\"no-referrer\">11. The current price spread of SX5E-SPX has increased significantly<img src=\"https://static.tigerbbs.com/327b9f40bb004f0ec9911d0bcab037b6\" tg-width=\"500\" tg-height=\"346\" referrerpolicy=\"no-referrer\">12. A correlation has been achieved between the broader market and momentum and the cyclicality/defensiveness of the EU<img src=\"https://static.tigerbbs.com/769d2e8bfbdd51389a15828d71dd1d71\" tg-width=\"500\" tg-height=\"346\" referrerpolicy=\"no-referrer\">13. The term structure of VOW3 has flattened significantly over the past year<img src=\"https://static.tigerbbs.com/55de07d0c110be49ba2310e4e387c513\" tg-width=\"500\" tg-height=\"346\" referrerpolicy=\"no-referrer\">","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' latest report: 13 charts to see the recent market situation</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' latest report: 13 charts to see the recent market situation\n</h2>\n<h4 class=\"meta\">\n\n华尔街见闻2021-08-05 23:36\n\n</h4>\n</header>\n<article>\nAuthor: Yu XudongIn a latest report,<a href=\"https://laohu8.com/S/GS\">Goldman Sachs</a>Traders Scott Rubner, Matthew Fleury, Matthieu Martal, Kavita Vaja and Jonas Bovbjerg summarize the market in August and past in 13 charts.1. Currently abundant liquidityGoldman Sachs believes that this week will be the peak of liquidity for the rest of the summer, and liquidity will enter a busy week in the coming week.<img src=\"https://static.tigerbbs.com/880861172ccda951f035a472f7c005ed\" tg-width=\"500\" tg-height=\"346\" referrerpolicy=\"no-referrer\">2. Stock yields are improvingGoldman Sachs said that the current negative correlation between SPX (S&P 500 Index) and NDX (Nasdaq Index) and 30-year yields has turned positive again, which means that stock market yields are improving.<img src=\"https://static.tigerbbs.com/3a540a0743e9a23a96f8beafc4fff7eb\" tg-width=\"500\" tg-height=\"346\" referrerpolicy=\"no-referrer\">3. Chinese concept stocks diverge againGoldman Sachs said that the trend of Chinese concept stocks has diverged again: MSCI China's earnings per share excluding the Internet has increased by 5% year-to-date, while China's Internet earnings per share have fallen by 22% year-to-date.<img src=\"https://static.tigerbbs.com/91b30abbf71994074119b1beb495c6e5\" tg-width=\"500\" tg-height=\"346\" referrerpolicy=\"no-referrer\">4. The level of implied fragmentation in the U.S. and European markets has been rising over the past five years<img src=\"https://static.tigerbbs.com/6b72aeb35466d17504a5405a0bfed2bb\" tg-width=\"500\" tg-height=\"361\" referrerpolicy=\"no-referrer\">5. Since the stock index has been rising, the dispersion performance has been stable<img src=\"https://static.tigerbbs.com/c7080126e3fc55e4fe89d3da0618d899\" tg-width=\"500\" tg-height=\"370\" referrerpolicy=\"no-referrer\">6. Since market volatility has peaked before, dispersion during the epidemic has actually been a defensive attribute<img src=\"https://static.tigerbbs.com/c661876c062e2f07e1d93bf5446775d1\" tg-width=\"500\" tg-height=\"358\" referrerpolicy=\"no-referrer\">7. The implied volatility of the index has significantly lowered the low level of the index before and after the epidemic<img src=\"https://static.tigerbbs.com/42a018affb9b1e72964b75c3e594f27b\" tg-width=\"500\" tg-height=\"365\" referrerpolicy=\"no-referrer\">8. The decline in index implied volatility in recent years is partly due to the sharp decline in the level of index implied correlation and the decline in demand for upside call options in European stock marketsMarket-implied average single-stock correlation data suggests that while index implied volatility has declined since 2015 and again after the pandemic, pushing higher levels of implied dispersion, this coincides with a sharp decline in levels of implied correlation over the same period.<img src=\"https://static.tigerbbs.com/8c1d87e3b1e4b9d79e5d7dfcd2f90d42\" tg-width=\"500\" tg-height=\"363\" referrerpolicy=\"no-referrer\">9. The correlation between the returns of t and t-1 in SX5E (European Stoxx 50 Index) is extremely low<img src=\"https://static.tigerbbs.com/af84b6b55759c333bfa86662821e87ec\" tg-width=\"500\" tg-height=\"346\" referrerpolicy=\"no-referrer\">10. After 2020, spread trading is at historically low levels<img src=\"https://static.tigerbbs.com/696c3dc2ca2b98fc30fd17871f9f1bd3\" tg-width=\"500\" tg-height=\"346\" referrerpolicy=\"no-referrer\">11. The current price spread of SX5E-SPX has increased significantly<img src=\"https://static.tigerbbs.com/327b9f40bb004f0ec9911d0bcab037b6\" tg-width=\"500\" tg-height=\"346\" referrerpolicy=\"no-referrer\">12. A correlation has been achieved between the broader market and momentum and the cyclicality/defensiveness of the EU<img src=\"https://static.tigerbbs.com/769d2e8bfbdd51389a15828d71dd1d71\" tg-width=\"500\" tg-height=\"346\" referrerpolicy=\"no-referrer\">13. The term structure of VOW3 has flattened significantly over the past year<img src=\"https://static.tigerbbs.com/55de07d0c110be49ba2310e4e387c513\" tg-width=\"500\" tg-height=\"346\" referrerpolicy=\"no-referrer\">\n<div class=\"bt-text\">\n\n\n source：<a href=\"https://wallstreetcn.com/articles/3637261\">华尔街见闻</a>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/bf9ac23bac84c629134c18540a11264a","relate_stocks":{".DJI":"道琼斯","GS":"高盛"},"source_url":"https://wallstreetcn.com/articles/3637261","is_english":false,"share_image_url":"https://static.laohu8.com/cc96873d3d23ee6ac10685520df9c100","article_id":"1157551750","content_text":"作者：于旭东\n在最新的一份报告中，高盛交易员Scott Rubner、Matthew Fleury、Matthieu Martal、Kavita Vaja和Jonas Bovbjerg用13张图总结了8月及过去的市场。\n1、目前流动性充裕\n高盛认为，本周将是夏季剩余时间里的流动性高峰，在未来一周，流动性将进入繁忙的一周。\n\n2、股票的收益率正在向好\n高盛表示，目前SPX（标普500指数）和NDX（纳斯达克指数）与30年收益率的负相关再次转为正相关，这意味着股市的收益率正在向好。\n\n3、中概股再次分化\n高盛表示，中概股的走势再度分化：MSCI中国除互联网外的每股盈利年初至今增长5%，而中国互联网每股盈利年初至今下降22%。\n\n4、在过去5年中，美国和欧洲市场的隐含分散水平一直在升高\n\n5、由于股指一直在抬升，因此分散表现一直很稳定\n\n6、由于此前市场波动率曾峰值，因此疫情期间的分散其实一直是防御属性\n\n7、指数隐含波动率大幅拉低了指数疫情前后的低位\n\n8、近年来指数隐含波动率下降的部分原因是指数隐含相关性水平急剧下降，以及欧洲股市对上行看涨期权的需求下降\n市场隐含的平均单只股票相关性数据表明，虽然指数隐含波动率自2015年以来下降，并在疫情之后再次下降，推动隐含分散水平升高，但这与同期隐含相关性水平急剧下降相吻合。\n\n9、SX5E（欧洲斯托克50指数）中t与t-1的回报率相关性极低\n\n10、2020年以后，价差交易处于历史低位\n\n11、目前SX5E-SPX的价差显着上升\n\n12、大盘与动量与欧盟周期性/防御性之间已实现相关性\n\n13. VOW3的期限结构在过去一年中大幅趋于平缓","news_type":1,"symbols_score_info":{"GS":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":1357,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":4,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}