J.P. Morgan Analysts Weigh-in on China-U.S. Market Merry-Go-Round

摩根大通分析师指出,尽管中美股市同日不相关,但中国股市在一定程度上受前一日美国股市表现影响。8月3日至17日期间,中美股市关联度比2009年整体更紧密。分析认为,中国投资者可能更担忧美国货币政策变化而非中国情况。

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摩根大通(J.P. Morgan)分析师就美国和中国市场的联系发布报告,指出虽然中美股市同一天虽然并不相关,但中国股市在某种程度上会受到前一天的美国股市表现的影响。分析师们援引了他们的研究,显示出8月3日-17日,两地股市的关联度比2009年整体更紧密。(当然,周三这种关联似乎失效了,因道指周二相对走高,然而上证指数却大幅跳水。)摩根大通分析师写道,如果简单地解释这样的结果,中国投资者或许更担忧美国货币宽松政策结束以及经济刺激举措失去动力,而不是担心中国出现这种情况。Matt Phillips(“市场脉动”深入华尔街内部,寻找影响市场的新闻,分析引起关注的走势和数据,由Matt Phillips主笔。)


J.P. Morgan analysts cranked out a quick note on the ties between markets on both sides of the Pacific, noting that 'although there is almost no correlation between Chinese and US stocks on the same day, Chinese stocks are influenced by the previous day's performance of US stocks to some extent.' The analysts cite their research showing that between Aug. 3 and Aug. 17, the correlation between the two markets has been tighter than throughout 2009 as a whole. (Of course, it seems that the correlation isn't holding today, since Shanghai dove despite the Dow's relatively decent day on Tuesday.)'If we interpret this result simply, Chinese investors may be more concerned about the end of monetary easing and loss of momentum of economic stimulus measures in the U.S. than in China,' J.P. Morgan analysts wrote.Matt Phillips
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