尽管标普持续在历史低波动性之中徘徊，可全球仍然有几个值得关注的发展势头。昨天香港股市由金融股引领突破三个月的高点，鉴于该行业占恒生指数近50%的比重，这是一个重要的发展。香港物业及建筑指数亦再次发力，铜和铁矿石仍保持接近近期高点，许多值得关注的中国ADR也表现出强劲走势。积极的价格势头和支持性的季节性背景仍旧是新兴亚洲市场的特征。除了恒生，台湾和越南指数也突破走高。尽管不是一个新的发展，新兴市场信用条件仍旧坚挺，且利差接近最近的低点。

尽管法国/德国利差明显上升且希腊债券再次疲软，但欧洲股票几周以来的盘整也伴随着很小的抛售压力。我们一定会密切关注这一点，但是目前欧洲公司没有表明系统性风险。除了几个法国和意大利银行，CDS基本处于风险控制之下，且欧洲高收益率利差持续接近近期的紧缩范围。尽请关注。

恒生恢复走高

新兴市场信贷保持支持

类似于美国市场，欧洲市场暂停波动且没有很多卖空压力

Global Focus ... E.M. Asia Strong, Watching European Credit

While the S&P continues to pause amid record low volatility, there have been several notable developments around the world.  Hong Kong equities broke out to three month highs yesterday with Financials driving the move – an important development given the group’s near 50% weight in the Hang Seng.  The Hong Kong Property & Construction Index has also reaccelerated, copper and iron ore remain near recent highs, and a number of notable Chinese ADR’s continue to exhibit strength.  Positive price momentum and a supportive seasonal backdrop remain attributes for Emerging Asia.  In addition to the Hang Seng, the Taiwan and Vietnam indices are also breaking higher.  While not a new development, E.M. credit conditions remain firm with spreads sitting near recent lows.

The multi-week consolidation in European stocks has also been accompanied with little selling pressure, despite the pronounced rise in French/German spreads and renewed weakness in Greek bonds.  We’ll certainly keep a close watch here, but European corporates don’t suggest systemic risk at this point.  Aside from a few of the French and Italian banks, CDS is largely in check and European high yield spreads remain near recent tights.  Stay tuned.

这篇文章已被翻译成中文。原英文作者Strategas Research Partners。如英文版本和中文版本之间有任何不一致，以英文版本为准。

该文章中的分析仅为提供信息，不是也不应该被视为推销或招揽购买任何证券。文章中讨论的一般市场活动、行业或领域趋势、或其它基于广泛的经济或政治条件的内容，不应被解释为研究结果或投资建议。讨论中提及包括的特定证券、商品、货币、或其它产品均不构成IB推荐购买，出售或持有此类投资的建议。本材料不是也不意图针对个别客户的特定财务条件、投资目标或要求。在根据本材料采取行动之前，您应该考虑是否适合您的具体情况，并在必要时寻求专业建议。

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