HS-全球-投资策略-多资产与Covid-19当前的5大最好策略-2020.3.2-23页.pdf
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1、 Disclosures&Disclaimer This report must be read with the disclosures and the analyst certifications in the Disclosure appendix,and with the Disclaimer,which forms part of it.Issuer of report:HSBC Bank plc View HSBC Global Research at:https:/ Click here to vote2020 Institutional Investor surveyVotin
2、gopens2ndMarch3rdApril2020If youvalueourserviceandinsights,pleasevoteIIResearchhasacquiredtheExtelsurvey Risky assets have come under severe pressure in some of the biggest moves since the financial crisis We dont think this is the right point to go back in wait for further signs of capitulation Ins
3、tead we highlight five strategies for this current market environment Concerns over COVID-19 has prompted alarm across financial markets.But is it time to buy?We dont think so.The last week has seen the impact of Coronavirus move from the epicentre of the outbreak to global financial markets.This is
4、 no longer an Asia or COVID-19 specific issue as chart 1 below illustrates.And despite a growing consensus for policy easing it remains unclear what this would actually achieve,given the nature of the challenge that the virus presents.It may well get worse before it gets better.Yet away from the new
5、sflow,some sentiment indicators suggest bearishness may be overdone.But wed caution that the severity of the sell-off may mean that levels at which these indicators previously identified a buy signal may not hold in this current environment.Most crucially,equity betas of multi-asset and US equity fu
6、nds have barely adjusted at all,meaning real money accounts may still be left to unwind.This is not the time to buy,in our view.We remain underweight equities and overweight sovereign bonds a cautious view weve kept in recent months.Buying safe-havens might seem an obvious strategy given recent pric
7、e action.However,instead,in this special multi-asset bulletin we highlight five strategies that may work even if things turn for the better.This includes a number of relative value plays.1.Market-based COVID-19 index*2.Betas of multi-asset funds to equities Source:HSBC,Bloomberg;*avg z-score of 3M R
8、R USD/CNH,CFETS USD/CNY trading volume,Asia airlines vs market,HK&China property equity&credit vs market Source:Bloomberg,HSBC-1.5-1.0-0.50.00.51.01.52.02.5Dec-19Jan-20Feb-20Mar-20Market-based COVID-19 indexHigher risk0.20.30.40.50.60.7Jan-17Jul-17Jan-18Jul-18Jan-19Jul-19Jan-2020-day equity beta mul
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