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Index Change Local
DJIA 24,946.51 72.85 03/16
NASDAQ 7,481.99 0.25 03/16
Nikkei 225 21,676.51 127.44 15:15
HSI 31,501.97 39.13 16:09
HSCEI 12,673.07 46.77 16:09
SHCOMP 3,269.88 21.23 16:30
Shanghai B 331.35 2.37 03/16
ASX/S&P 6,054.94 27.30 17:12
FTSE 7,164.14 24.38 16:35
DAX 12,389.58 44.02 18:30
10-Year Gov't Bond Yields (%) 3/15
Country Last Change
US 2.808 0.020
UK 1.418 0.020
Germany 0.559 0.017
France 0.804 0.018
Japan 0.038 0.008
China 3.845 0.008
Bid Change HK
Gold Futures 1,312.30 5.50 04:59
Oil(Brent) Futures 66.21 1.09 05:53
EUR/USD 1.2289 0.0015 04:59
USD/JPY 106.0000 0.3300 04:59
AUD/USD 0.7714 0.0084 04:59
USD/RMB 6.3335 0.0132 04:59
iFund Blog  (selective articles are available in Chinese only)
Apex Research Apex Research

These are articles on financial market and global macroeconomics written by professionals in Noble Apex research department.

Newest Blogs

分辨主題基金 特徵要認清 2018-03-16
Apex Research
Chinese version only


貿易戰下美元動向 2018-03-14
Apex Research
Chinese version only

美匯指數自1月中下旬跌穿90大關後,目前在88與90.5之間呈現區間波動的格局,仍然呈現膠著的局面。近期貿易戰引起市場關注,有分析指美元貶值是美國解決貿易爭端可行之策。美元是否會如願貶值? 2月份美元的走勢大致符合筆者1月中旬《美滙提早走弱 源自兩「差」》的判斷。當時政Ļ

非農數據透視美國經濟 2018-03-12
Apex Research
Chinese version only

美國2月非農就業人數達31.3萬人,遠超市場預期20.5萬人,創下2016年7月以來的最高值。同時,2月份每小時薪金增長同比放緩至2.6%,不及預期2.8%。高增長和低通脹的數據指標令「金髮女郎」經濟趨勢得以延續。 市場對美國經濟走勢頗為分歧。部分市場人士並不看好美國經濟前景,原因在於美國ಎ

巴菲特股東信有何啟示? 2018-03-09
Apex Research
Chinese version only

作為價值投資者,每年二至三月份巴菲特的股東信是不可錯過的讀物,今年仍給投資者帶來新觀點和新思路,值得投資者仔細閱讀和思考。 巴菲特談及一七年市場出現併購狂潮時,其管理企業卻找不到價格合適的收購對象,原因在於他們認為別人愈大膽時,自己就愈謹慎。 留意風險&nb

買周期股空防禦股的前景 2018-03-07
Apex Research
Chinese version only

市場熱衷的空波動率交易是2月份加速股市拋售的催化劑。看多週期股看空防禦股過去一段時間也受到市場的青睞。未來多周期空防禦交易的前景會怎樣,是否會成為新一輪被平倉的擁擠交易? 金融海嘯之後,從2009年至2011年,周期股表現領先防禦股。經過5年修整,2016年初大跌之後,周期股

創新獨角獸加速登陸A股的影響 2018-03-05
Apex Research
Chinese version only

中國證監會在年初2018年工作會議提到要改革發行上市制度,將會成為兩會的關注點之一。上週有媒體報導,中證監準備為獨角獸企業進入資本市場「開綠燈」,包括加快審批時間以及放寬盈利情況等。中國資本市場改革再深化,獨角獸企業加速上市,對近期市場風格造成影響。 香港改&

通脹暫無大患影響股市有限 2018-03-02
Apex Research
Chinese version only


淺談10年期美債息率逼近3厘 2018-02-28
Apex Research
Chinese version only

從趨勢來看,美國10年期債券收益率觸及3厘似乎並不遙遠。自2014年1月以來,這個長債息率 就一直沒有突破過3厘。新舊債券大王強調3厘為30年的債券牛市的重要關口,而債息變化亦對美元及資產波動率產生影響。了解當前以及未來一年市場參與者的 取向,有助於投資者分析當下的局勢。從&

What Does The Recent Correction Mean? 2018-02-26
Apex Research

After a rapid ascent in January, market behavior dramatically turned to correction in February. Extreme sentiment and positions are considered to be the reason of selling off, but we believe it is more to talk. Overall, we consider the correction to be a healthy development for the market. It is not the end of stock bull market. Low volatility across asset classes has likely ended Volatility sustained extreme lows throughout 2017 across asset classes, supported by improving economic growth, tempered inflation expectation and abundant liquidity due to a weakening USD. The “Goldilocks” conditions have begun to fade in 2018, leading volatility to jump. However, volatility well above last year’s levels is just normal at the stage of the cycle as monetary policy normalizes. Inflation and bond supply helped spark surging rates Rapid increasing global rates is another reason for recent selloff in equity. Recent changing outlook of inflation and bond supply affects inves

專家視野:平衡型基金善於分散風險 2018-02-23
Apex Research
Chinese version only

債券收益率抽升觸發股市調整,債券價格和股票價格同升同跌,不利組合分散,特別當股票和債券相關性上升的時候,平衡型組合面臨較平時高的風險。 過去數年,債券市場面臨幾次跌浪,其中包括一三年中美國聯儲局宣布「Taper」行動、一五年中德國債券被市場拋售,以及一六年底特&

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