防禦性板塊未提供庇護 9月美股下跌僅剩一贏家
9月名副其實成為美股表現糟糕的一個月,但傳統的防禦性板塊並沒有為投資者提供太多的庇護,歸咎於債券息率不斷上升。
作為基礎防禦性板塊的公用事業股於9月下跌超過6%,是標準普爾500指數11個板塊中表現第二差的板塊,僅次於同樣對利率敏感的地產板塊,其跌幅超過8%。
美國銀行財富管理公司高級投資策略總監Rob Haworth稱,9月的故事是利率故事,隨著美國10年期國債孳息率上升,市場拋售對利率敏感的股票。
能源股是9月美股唯一上升的板塊,能源精選板塊SPDR ETF(XLE.US)9月上系約1.7%,亦是本季唯一上升的板塊,上升超過11%,而同期標普500指數則下跌3.8%。
策略師表示,對於美股整個市場而言,很大程度取決於10月和第四季後的利率走勢。利率和實質孳息率的持續上升,迫使投資者進一步重新思考股市估值,而近期上升僅屬暫時的跡象。
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