周三A股下跌。因原油价格创出疫情以来的新高加剧市场对通胀的担忧，而人民币连续两日贬值，叠加部分抱团股创出历史新高资金有获利了解的需求。A股主要指数均下跌接近或超过一个百分点。申万28个行业中7个上涨，均是估值较低的行业，领涨的包括综合、农林牧渔和采掘。港股在A股带动下也下跌，恒生科技指数跌幅接近一个百分点，恒生指数和国企指数跌幅分别在0.58%和0.36%。恒生12个综合行业中4个上涨，1个持平，7个下跌，其中能源、综合和公用事业涨幅居前，而医疗保健、原材料和工业领跌。北上资金净流出20.1亿人民币，南下资金净流入6.8亿港币。

我国居民将会增加海外资产配置比例。周三收盘后，媒体报道国家外汇管理局近日向17家机构发放QDII额度合计103亿美金。截止2019年，中国居民总资产达到552万亿人民币。根据人民银行2019年的调查，中国城镇居民资产中近59%为住房，远高于美国的21%，日本24%和欧洲的35%；股票基金类资产在总资产中的占比不到2%，远低于发达国家的水平。2019年，中国人均GDP超过1万美元。按照购买力平价调整，相当于日本1970年代中期，即日本居民资产中不动产占比达到峰值的时期。未来随着居民收入水平的提升，不动产配置比例将会下降，而金融资产的配置比例将会提升。另一方面，我国居民配置海外资产的比例也相对较低。据估算，2020年中国个人境外资产配置比例为9.4%，而发达国家居民海外资产配置比例约为15%。发放QDII外汇额度，鼓励资金出海无疑会增加老百姓配置海外金融资产的渠道，同时也有利于减轻人民币升值压力，可谓一举多得。有投资人担心这对A股构成利空。我们认为聪明的资金总是寻找性价比高的资产。如A股中有性价比高的股票，资金也会配置，比如一些中小盘个股。港股中80%的上市公司为国内公司，对国内投资人而言更易于了解和接受，同时估值水平也比A股低，相比其他海外市场应该更受益于资金出海。

美股小幅上涨。 布伦特原油期货价格涨至2020年初以来新高。

Both A-share and HK stocks fell on Tuesday. RMB depreciated for two days in a row and north-bound capital saw net outflow of RMB 2 billion. Some group-holding stocks‘ prices have reached historical highs and investors took profit by selling them.

Chinese residents will increase their overseas equity investment. It was reported that State Administration of Foreign Exchange issued a total of US$10.6 billion to 17 Qualified Domestic Institutional Investors (QDII) both at home and aboard. By 2019 Chinese residents have accumulated assets at RMB 55.2 billion. According to the People’s Bank of China 59% of the assets was in property, much higher than the percentage in the US, Europe and Japan which was 21%,24% and 35% respectively. But assets in stocks and funds were less than 2%,much lower than that in the developed nations. Currently China’s per capita GDP is US$1 trillion, which is comparable to Japan in the 1970’s when the percentage of property held by Japanese residents in total assets reached the peak level. With the personal income increasing gradually going forward, Chinese residents wouldput more money into financial tools, particularly in equity. On the other hand,Chinese residents’ overseas investment was only 9.4% in 2020 compared with 15% of those in developed countries. Issuing foreign exchange quota to QDII would not only allow Chinese residents to put more money into overseas financial markets, hence increasing the percentage of stocks and funds in their total assets, but also mitigate the appreciation pressure of RMB. Some investors worry about the negative impact on A-share. But smart money would invest based on value for money. Some small- and medium-cap stocks have more upside potential in our view. HK stocks would benefit more from Chinese residents’ overseas investment as they have lower valuations than A-share and most of the companies listed are Chinese local companies.  

The US stocks rose slightly on Tuesday. Brent oil futures rose to the highest levels from Jan.2020. 

声明：本市场点评由北京枫瑞资产管理有限公司（以下简称“枫瑞资产”）“枫瑞视点”微信公众号提供和拥有版权，授权上海海狮资产管理有限公司转载。在任何情况下文中信息或所表述的意见不构成对任何人的投资建议，枫瑞资产不对任何人因使用本文中的内容所引发的损失负任何责任。未经枫瑞资产书面授权，本文中的内容均不得以任何侵犯枫瑞资产版权的方式使用和转载。市场有风险，投资需谨慎。

周二A股指数涨跌不一。上证指数小幅上涨，创业板指小幅下跌，科创50则上涨超过1个百分点，创出4个月新高。申万28个行业中20个上涨，其中采掘、化工和纺织服装领涨，而非银金融、电器设备和银行跌幅领先。人民银行拟上调外汇存款准备金率对人民币汇率构成冲击，人民币升值趋势暂缓。港股恒生12个综合行业中7个上涨，其中科技、能源和非必需性消费涨幅居前，而必需消费、综合和原材料行业领跌。北上资金净流入11亿人民币，南下资金净流入52.9亿港币。A股和港股六月第一个交易日可以视为开门红。五月不穷，六月是否“绝”有待观察。

通胀很可能不是暂时性的。通胀有三种类型，一种是需求拉动型，一种是成本推动性，最后一种是供应短缺造成的通胀。所有的通胀最后都会走向滞涨。美国上世纪70年代的滞涨就是一系列通胀最终的结果。我们判断如果此次通胀超预期，很有可能是上述三种类型通胀的组合。美国大型连锁超市开市客的首席财务官在2021年1季度业绩发布的电话会议上指出芯片短缺影响经济的各个环节，造成通胀压力。同时，通胀压力还来自于集装箱的短缺和运输成本的上升，上升的劳动力成本，各种商品的短缺以及上升的大宗商品价格。他特别提到的商品包括牛肉、纸制品和铝箔。2021年4月美国个人消费支出指数，这是美联储跟踪通胀的重要指标，同比上涨3.1%，超预期。同时4月份的消费者价格指数同比上涨4.2%，为2008年9月以来的最高月度涨幅。高盛分析师认为供应短缺导致的通胀在秋季有可能消失，因为疫情大幅缓解之后供应链也将会随之修复。长期而言，通胀是否能够持续取决于经济是否过热，就业超过长期潜在水平。高盛近期大幅上调6月消费者价格指数上涨幅度到3.6%，全年预计在3.5%。美联储官员在近期的讲话中一再强调他们认为通胀只会持续几个月。当然如果他们发现通胀不是暂时性的，他们也会采取行动。一些投资人赌注美联储的判断是错误的。如果通胀不是暂时性的，也许意味着经济高增长也不是暂时性的。

美股复苏股上涨，科技股下跌。数据显示劳动力短缺推升通胀。

Most of the major indexes in both A-share and HK market rose on Monday.RMB appreciation trend paused as the People’s Bank of China announced that they would raise the foreign exchange reserve ratio. North-bound capital still registered net inflow of HK$1.1 billion.

The inflation might not be transient. There are three types of inflation. The first one is demand-driven. The second type is cost-driven and the third one is caused by supply shortage. The CFO of Costco told analysts in its 1Q2021 earnings call held recently that there had been and were a variety of inflationary pressures. Inflationary factors abound. These include higher labor costs, higher freight costs, higher transportation demand,along with the container shortage and port delays, increased demand in various product categories, various shortages of everything from chips to oils and chemical supplies by facilities hit by the Gulf freeze and storms and, in some cases, higher commodity prices. He mentioned particular inflationary pressure in beef, paper goods and aluminum foil. Goldman Sachs economist believed that worker and auto shortage were probably going to be much less of a factor once into the fall. But in the short-term, it is an upside risk. Longer term, the key questions are whether the economy is going to overheat and to move far beyond the potential long-term sustainable level of household unemployment. If that were the case, then investors would have to be more worried about inflation. But they don't really expect that. Both CPI and Personal consumption expenditure in April came in higher than expected. While Fed has reiterated that inflation would only last several months, markets are betting that they could be wrong. If inflation is not transient, the high growth rate of economy will persist as well.

The US stocks mixed on Monday. Reopening stocks rose while tech stocks fell. The ISM PMI in May showed that labor shortage was pushing up inflation.

声明：本市场点评由北京枫瑞资产管理有限公司（以下简称“枫瑞资产”）“枫瑞视点”微信公众号提供和拥有版权，授权上海海狮资产管理有限公司转载。在任何情况下文中信息或所表述的意见不构成对任何人的投资建议，枫瑞资产不对任何人因使用本文中的内容所引发的损失负任何责任。未经枫瑞资产书面授权，本文中的内容均不得以任何侵犯枫瑞资产版权的方式使用和转载。市场有风险，投资需谨慎。

周一A股和港股均上涨。A股申万28个行业中20个上涨，其中电气设备、国防军工和有色金属行业涨幅领先，而休闲服务、家用电器和交通运输行业跌幅领先。港股恒生12个综合行业中5个上涨，其中医疗保健、科技和必需消费业涨幅居前，而公用事业、综合和金融领跌。北上资金净流入52.1亿人民币，南下资金净流出9.5亿港币。

5月PMI和三孩政策。5月官方制造业采购经理人指数显示经济仍处在扩张阶段，但外需有所走弱，可能是国外疫情缓解导致当地产能提升造成对国内产品的挤出效应。三孩政策出台推动了A股和港股的相关股票上涨。据人口专家估算，三孩政策将会使明年出生人口增加不到100万，有利于阻止出生人口持续下滑的局面。但从西方国家的经验看，当人口总和出生率下降后，鼓励生育政策很难在短期内取得明显成效。

抱团股上涨和人民币升值。央行31日发布公告称，为加强金融机构外汇流动性管理，中国人民银行决定，自2021年6月15日起，上调金融机构外汇存款准备金率2个百分点，即外汇存款准备金率由现行的5%提高到7%。上周，人民币对美元汇率中间价累计升值442点，幅度0.69%，创近20周最大单周升值幅度。截至2021年4月底，金融机构外汇存款余额为1万亿美金，上调2个百分点可冻结200亿美金的外汇存款。外汇占款是我国基础货币发行的渠道之一。近期，银行间流动性宽松，市场对央行政策的转向担忧基本消失。我们认为央行的政策导向仍然没有变，但由于人民币升值导致外资涌入，造成外汇占款上升，而央行不得不在外汇占款的基础上发行基础货币，对国内市场提供了流动性。国内流动性充裕的条件下，估值高的抱团股再度卷土重来。个别股票已经创出历史新高。抱团股的炒作是否能够持续与流动性紧密相关。央行在对外汇流动性管理后，国内市场的流动性也将受到一定的影响。同时，未来不排除央行出手对国内流动性进行管理。纯粹拉估值的狂欢也将会戛然而止。

美股上涨。经合组织上调今明两年全球经济增长到5.8%和4.4%。

Both A-share and HK stocks rose on Monday. 20 out of 28 sectors rose in A-share with electric equipment,military and defense and non-ferrous metal rising the most. Leisure service, home appliance and transportation fell the most. The pandemic surged in Guangzhou caused investors to dump airlines and railway stocks. 5 out of 12 sectors in HK rose. Healthcare, tech and discretionary consumption rose the most and tech, conglomerates and financial fell the most. North-bound capital net inflow was RMB 5.21 billion. South-bound capital net outflow was HK$950 million. 

The rise of group-holding stocks and RMB appreciation. The funds outstanding for foreign exchange is one of the channels to issue base money for the People’s Bank of China (PBOC). With the appreciation of RMB over the last two months, PBOC had to inject liquidity into the market. This is the major reason that liquidity in interbank lending market has been abundant recently.Market thought that PBOC was not U-turning from its easing monetary policy. As a result, the high-valued group-holding stocks rallied and some of them have seen stock prices reach a historical high. On Monday PBOC announced that it would raise foreign exchange reserve ratio from 5% to 7% from June 15th with a purpose to restrain the fast appreciation of RMB. As the end of April therewas a total of US$ 1 trillion foreign exchange in f inancial institutions’ accounts. This measure would therefore freeze US$2 million foreign exchange,which would affect domestic liquidity as well. PBOC might manage domestic liquidity if there is a risk of asset bubble, as it did in February this year.  The carnival of group-holding stocks might come to an abrupt end by then. Remember to leave the dancing floor earlier.

The US stocks rose. OECD raised global economic growth rate for this year and 2022 from 5.6% and 4% to 5.8% and 4.4%. The new cases of COVID-19 in the US dropped to the lowest level since March 2020.

声明：本市场点评由北京枫瑞资产管理有限公司（以下简称“枫瑞资产”）“枫瑞视点”微信公众号提供和拥有版权，授权上海海狮资产管理有限公司转载。在任何情况下文中信息或所表述的意见不构成对任何人的投资建议，枫瑞资产不对任何人因使用本文中的内容所引发的损失负任何责任。未经枫瑞资产书面授权，本文中的内容均不得以任何侵犯枫瑞资产版权的方式使用和转载。市场有风险，投资需谨慎。

上周全球主要股市均上涨。我们跟踪的全球16个主要国家和地区指数都上涨。其中中国台湾、上证指数和深证指数涨幅领先，恒生指数排在涨幅第六位。A股申万28个行业中25个上涨，抱团股涨幅领先，而农林牧渔、公用事业和钢铁三个行业下跌。港股恒生12个综合行业中9个行业上涨，3个行业下跌，其中金融、非必需消费和综合业涨幅居前，而电信、能源和科技行业下跌。北上资金净流入468.1亿人民币，为年初以来周度净流入最大，南下资金净流入76.9亿港币，较前一周下降62%。

新冠危机和08年金融危机美联储放水的效果有很大不同。2020年3月疫情发生后，美国狭义货币M1从2020年2月底的3.4万亿美金（下同）上升到2021年4月底的6万亿，11个月间上升75%（图一）；同期M2（即银行存款加上现金）从1.5万亿上涨到2万亿，上涨32%（图二）。对照2008年8月底，基础货币接近8500亿，到2009年9月上涨到1.8万亿，上涨121%；而同期广义货币M2仅上涨了8.4%。本轮危机中M2增速超过金融危机期间的增速，主要是因为本次危机后美联储将资金直接发放到消费者手中。而2008年美联储是将资金发给银行，并且对存在银行的超额储备金支付利息，导致这些钱一直存在银行账户上，没有产生货币派生，所以M2增速低于基础货币增速。08年以来虽然美国放水不少，但通胀一直保持在较低水平，这是一个原因。新冠疫情发生后，美国货币流通速度直线下降，M1的货币流通速度从2020年3月底的5.25下降到2020年底的1.22（图三），而同期M2 的货币流通速度从1.38下降到1.13，M1和M2流通速度的降幅分别为77%和18%。而2008年金融危机期间，M1和M2的流通速度分别从2008年9月份的10.37和1.9下降到2009年9月份的8.67和1.7，分别下降了16.8%和8.4%。本次危机货币流通速度大幅下降因为疫情不确定性导致老百姓手握巨额现金而不敢花钱。随着疫情缓解，美国消费者加大支出，低利率、低通胀和低增长的时代可能即将过去。

图一：美国狭义货币

数据来源：WIND

图二：美国广义货币M2

数据来源：WIND

图三：M1和M2的流通速度

数据来源：WIND

美股上涨。本周五将发布的非农就业报告会影响联储行动。就业状况如果改善，美联储拖延宽松的货币政策就没有有力的借口。

Last week (the same below) all of the major indexes in the world rose. Taiwan China, Shanghai Composite Index and Shenzhen Composite Index rose the most. Hang Seng Index was ranked at the sixth in terms of rise range. 25 out of 28 sectors rose in A-share with group-holding stocks rising the most while farming and fishery, utilities and iron and steel falling. 9 out of 12 sectors in HK market rose with financials, discretionary consumption and conglomerates rising the most. Telecom, energy and technology sector fell. North-bound capital net inflow was RMB 468.1 billion, the highest weekly net inflow year-to-date. South-bound capital saw net inflow of HK$7.69 billion, down 62% from the previous week.

The stimulus effects are different between pandemic crisis and 2008 global financial crisis. In 2008 Fed injected liquidity to financial institutions and paid interest for excess deposit reserve. This caused that financial institutions kept big amount of money on their accounts and the economy got little money. This explains the low inflation since 2008. This time the US government transferred big money to consumers. Hence, there was more money in economy this time than after 2008 financial crisis. Another difference between these two crises is that velocity of  M1 and M2 fell sharply in this pandemic crisis compared with 2008 financial crisis. The reason behind is that while consumers have big money on hands the uncertainties associated with the pandemic forced them to save money rather than to spend. But as the pandemic hasbeen well under controlled with vaccination rollout going smoothly the uncertainties would disappear gradually. American consumers will spend money and drive up inflation as well as economic growth sooner or later.

Dow and SP 500 rose lastFriday. The non-farm payroll in April to be released oncoming Friday would have a big impact on Fed’s decision of tapering.  If the non-farm payroll comes in above expectation, the Fed would have no good excuse to delay in taking back liquidity.

声明：本市场点评由北京枫瑞资产管理有限公司（以下简称“枫瑞资产”）“枫瑞视点”微信公众号提供和拥有版权，授权上海海狮资产管理有限公司转载。在任何情况下文中信息或所表述的意见不构成对任何人的投资建议，枫瑞资产不对任何人因使用本文中的内容所引发的损失负任何责任。未经枫瑞资产书面授权，本文中的内容均不得以任何侵犯枫瑞资产版权的方式使用和转载。市场有风险，投资需谨慎。

周四A股上涨。两市成交量较前一交易日略降，但仍在9000亿以上。申万28个行业中只有4个下跌，分别为银行、轻工制造、农林牧渔和建筑装饰，涨幅居前的行业为电子、通信和机械设备。恒生指数和国企指数微跌，科技指数上涨0.64%。北上资金净流入146亿人民币，连续三天大额净流入；南下资金净流出8.1亿港币，结束了连续十一个交易日的净流入。人民币兑美元升值至2018年5月以来的高点--6.3816。

股票是对冲通货膨胀的有效工具。从1970到2012年，美国股票的年复合收益率为9.4%，而同期的消费者价格指数平均涨幅为4.4%。从1964年到2015年，恒生指数的年复合收益率为11%，而同期消费者价格指数的年平均涨幅为4.46%。因此，无论是发达市场还是新兴市场，股票市场的收益率都能够跑赢通胀。从长期看，股票是对冲通胀的有效工具。上世纪80年代一瓶茅台的价格只有几块钱，现在是2000多元。而茅台股票从上市时的几块钱涨到最高接近3000元。股票能够有效对冲通货膨胀是因为股票代表对资产盈利的所有权。当通货膨胀增加了这些资产的运营成本时，长期来看通过它的盈利能力消化掉。随着时间推移，股票价格以及盈利和股息能够与通货膨胀的上涨速度一致。因此，股票能够对冲通货膨胀。但对短期发生的通货膨胀，很多股票可能不具有这种转嫁能力。同时，因为担心央行会通过加息来抑制通胀，这也会导致股票价格下跌。因此，短期股票会受到通货膨胀的负面影响。短期通货膨胀最受益的是大宗商品，最受损的是现金。因此，通货膨胀来临，或者买点黄金放着，或者投资股市。股市短期可能会下跌，但长期看一定是跑赢通胀的。债券无论短期还是长期都不具有抵御通胀的能力。短期看，债券价格会由于利率上升而下降。长期而言，债券到期收益率通常较低，跑不赢通胀。但债券强于现金，毕竟持有到期还是有一些利息收益的。

美股道指上涨，纳指微跌。1季度GDP略增速低于预期，但上周申请失业救济人数再次创下新冠疫情以来的新低。经济复苏股涨幅领先。

On Thursday A-share rose broadly. Trading volume was lower than that on Wednesday but still above RMB900 billion. Only 4 out of 28 sectors fell, which were banks, light industry, fishery and farming and construction and decoration. Electronic,communication and machinery sector rose the most. In HK Hang Seng Index and China Enterprises Index dropped while tech index rose. North-bound capital net inflow remained high at RMB14.6 billion. South-bound capital saw net outflow of HK$810 million, concluding the eleven-day net inflow in a row. RMB continued to appreciate against the US dollar, reaching a new high since May 2018.

Howto protect your fortune in inflation?  The US stock delivered compound annualized rate of return (CARR) of 9.4% from 1970 to 2012 while consumer prices increased at 4.4% annually. Hang Seng Index provided CARR of 11% from 1964 to 2015 and consumer prices rose at CARR of 4.46%. Both the US, representing the developed stock markets, and HK market, which can represent the emerging stock markets， show that in the long term stock can beat inflation. The reason is that stock represents partial ownership of assets which can create revenue and profit. In inflation these assets can transfer the inflation to their consumers who buy their products or services. So in the long run stock prices along with their earnings and dividends will rise in step with inflation. But in the short term stocks would be affected by inflation as well. When inflation comes the central banks would raise interest rates. This would cause stock prices to fall. In inflationary environment commodity performs the best and cash performs the poorest. Bond cannot defend inflation whether in the short run or long run. In the short term bond prices would fall sharply once interest rates rise. In the long run bond yields are usually too low to beat inflation. Investors can buy some commodity such as gold or good stocks.

Dow and SP 500 rose. The initial jobless claim last week was the lowest since pandemic. Reopening stocks rallied.

声明：本市场点评由北京枫瑞资产管理有限公司（以下简称“枫瑞资产”）“枫瑞视点”微信公众号提供和拥有版权，授权上海海狮资产管理有限公司转载。在任何情况下文中信息或所表述的意见不构成对任何人的投资建议，枫瑞资产不对任何人因使用本文中的内容所引发的损失负任何责任。未经枫瑞资产书面授权，本文中的内容均不得以任何侵犯枫瑞资产版权的方式使用和转载。市场有风险，投资需谨慎。

周三A股主要指数涨跌不一。上证指数小幅上涨，创业板指下跌近1个百分点。两市成交量较前一交易日略降，但仍达9600亿。恒生指数和科技指数均上涨近1个百分点，国企指数上涨0.58%。格力电器发布回购股份的公告，回购价格不超过70元，公司当前股价为56元，料回购对其股价会提供支撑。国常会再次点名大宗商品，钢铁期货价格大幅回落。北上资金净流入90亿人民币，南下资金净流入6.1亿港币，连续第十一个交易日保持净流入。人民币兑美元升至2018年6月以来的高点，央行对升值的容忍度决定了人民币升值幅度。人民币持续升值，资金将持续涌入A股和港股市场。

海外疫情有明显缓解。截止上周六，美国至少接种一剂疫苗的人数占比达到47.9%，33个州全部开放。纽约州在隔离423天后周三宣布开放，纽约州成人完全接种疫苗的比例为45.6%，阳性检测率下降到1.2%。为了吸引游客，纽约市政府将会来访者提供免费的莫得纳和辉瑞疫苗接种。德国、西班牙、意大利和法国各接种一剂人数占比分别为39.2%、34.3%、33.5%和32%。预计到6月中旬，欧洲一半人口将会接种疫苗。欧美公共交通出行人数已非常接近疫情前的水平，反应经济活动离完全正常化已经不远了。

宽松货币政策何时退出？随着欧美国家疫情的缓解，投资人都猜测欧央行和美联储何时退出宽松货币政策。高盛预测美国的个人消费支出物价指数在2021年5月达到高点2.8%，之后回落，到年底达到2.25%。高盛预计美联储在今年下半年开始考虑削减债券购买规模，在2022年早些时候实行，而美联储到等2023年才会加息。海外其他大行并不与高盛的观点一致，他们认为美联储可能很快就会讨论削减债券购买，加息也将提到2022年。欧洲央行执委认为现在还不是讨论退出债券购买计划的时候，需要关注6-9个月经济复苏以及通胀和通胀预期的情况。这与美联储内部的一些鸽派人士想法类似。

美股微涨。下周一为阵亡将士纪念日，假期前市场交投清淡

On Wednesday A-share was mixed. Shanghai Composite Index rose slightly while Chinext Index fell close to 1%. The trading volume was RMB 960 billion, slightly lower than thaton Tuesday. Geli Electric Appliances announced stock repurchase after markets closed. This should provide some support to its stock price. The Standing Committee of the State Council talked about commodity prices for the third time in a month.  As a result steel and iron future prices dropped sharply.  HK stocks rose broadly. North-bound capital net inflow was RMB9.1 billion. South-bound capital net inflow was HK$610 million, the eleventh day net inflow in a row.

The overseas pandemic has been relieved quite a lot.  By the end of last Saturday 47.9% of Americans have been vaccinated at least one dose. 33 out of 50 states reopened. The New York state reopened on Wednesday after quarantined for 423 days. Germany, France, Spain and Italy have vaccinated more than 30% of population at least one dose. It is expected that 50% of the European would be fully vaccinated by mid-June. The public transportation levels have come back gradually and are close to the pre-pandemic levels.

When to exit? When the Fed and European Central Bank (ECB) exit from the quantitative easing has become a market focus. Goldman Sachs predicted that the US personal consumption expenditure would reach 2.8% in May and then fall to 2.25% by the end of 2021.It expected Fed to talk about taper in 2H2021 and take actions in early 2022.It does not expect Fed to raise interest rate until 2023. The officials from ECB thought that it would take another 6 to 9 months to observe the economy as well as inflation and inflation expectation before it can decide whether to cut the bond purchase. This view coincides with some officials from the Fed.

The US stocks rose slightly.Next Monday is Memorial Day holiday. Market is usually quiet before the holidays.

声明：本市场点评由北京枫瑞资产管理有限公司（以下简称“枫瑞资产”）“枫瑞视点”微信公众号提供和拥有版权，授权上海海狮资产管理有限公司转载。在任何情况下文中信息或所表述的意见不构成对任何人的投资建议，枫瑞资产不对任何人因使用本文中的内容所引发的损失负任何责任。未经枫瑞资产书面授权，本文中的内容均不得以任何侵犯枫瑞资产版权的方式使用和转载。市场有风险，投资需谨慎。