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全球股市升温

Finimize

Contributor:
Finimize
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发生了什么事情?

投资银行高盛的CEO在上周警告称由于公司们的实际营收潜力无法支撑高股价,美股市场的股价变得过于昂贵。

这意味着什么?

在评估一家上市公司的估值时,分析师喜欢将股价与每股盈利进行比较:年收益除以流通股总数。

如果得到的“市盈率P/E”相比竞争者较低,则意味着该公司的股价低——当市盈率高,则意味着该公司股价更贵。

由于央行创纪录的低利率和对市场的无限支持,导致寻求回报率的投资者首先涌入股市,其激烈的竞争又推高了股价。

公司们的利润预估则由于疫情而大幅降低,美国股市公司们的市盈率迅速上涨。

以参与美国银行本月调查的190名表示担忧的投资者为样本,可能投资组合的再平衡很快就会选择离开美股市场。

为何值得关注?

对于市场而已:世界需要坚持

美股市场较3月时的低点上涨了近40%,导致美股估值溢价在本月初升至4倍(平均市盈率与其他市场的比值),而历史的溢价区间为零至2倍。不过这一比值在近期缩减的速度与此前增加的速度一样迅猛。

鉴于美国股票仍受到投资者的追捧,这意味着投资者在其他市场买入更多的股票:德国市场、韩国市场、巴西市场和南非市场在近期吸引了投资者的眼光。

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