Investment Commentaries

Quarterly Investment Market Outlook (2024 Q2)

·Macro Economy:

US Stock Risk Premium Declines, Consider Diversifying Funds Globally; Investors: Regular Portfolio Review & Deviation Setting; Expect Second Quarter Market Volatility: Watch for “FRESH” Investment Theme

Note: Please refer to corresponding Risk Disclosure statements.
·Asset Allocation:

US Stock Market - US Stock Market Shows No Signs of Previous Peaks in Speculation; Europe and UK Stocks - Europe's Economic Outlook Expected Weaker Than US and Asia; Asia Stocks - Asia's Economy is a Global Growth Engine; Bond Market - Historically, Bonds Outperform Stocks in Rate-Cutting Years; Forex - Anticipated End of Major Central Banks' Rate Hike Cycle, Brace for Rate Cuts at High Levels
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· Investment Focus:

Markets await Fed's rate cut, possibly in June; AI stocks sizzle in US market, seize long-term opportunities; focus on economic goals & policies from “Two Sessions”, capture benefiting sectors; Hong Kong stocks enter earnings season, choose top performers wisely

Note: Please refer to corresponding Risk Disclosure statements.
· FX Focus:

BOJ may consider comprehensive reform of its ultra-loose monetary policy, Yen supported mid-term; Euro pressured as European rate cut expected sooner than Fed; NZ reserve bank eyeing November for rate cut, supporting NZD
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