本周俄乌紧张局势受到世界瞩目,成为最重磅的国际新闻,也引发了金融市场的巨震。就在昨日,乌克兰外长称普京对乌克兰发动了全面战争,乌克兰将进行自卫。而俄罗斯总统普京发表电视讲话称,决定在顿巴斯地区发起特别军事行动。

 

随着俄乌关系急转直下,美国三大股指及亚洲股市昨日全线重挫,其中纳指下跌约2.6%,道指创今年最低收市水平,下跌1.38%。高盛首席全球股票策略师奥本海默早前作出预计,如果用2014年俄罗斯入侵克里米亚的情况做参考,此次的乌克兰危机,至少将造成股市下修5%幅度。

 

当市场弥漫着对战争的恐慌情绪之际,全球的避险情绪也逐渐升温,避险资产尤为受到投资者的关注。在市场行情动荡加剧的背景下,投资者可考虑持有的避险资产有哪些,近期走势如何?下面我们会列举部分资产进行分析。

 

黄金市场

 

俄乌之间的冲突升级,让作为传统的避险资产的黄金价格受益。金价已经连续两日上涨,在本周四突破了 2021 年 6 月录得的高位,上涨至 1918 美元。但是,金价未来仍存在较大的不确定性,对投资者而言,操作上有一定难度。

 

联合国安理会已经就乌克兰问题举行紧急会议。短期来看,俄罗斯在乌克兰发动进攻性军事行动后,以美国为首的西方国家将对俄罗斯采取反制措施,俄乌局势未来仍然瞬息万变,给市场带来较大的不确定性,造成金价短线呈现走势震荡,建议激进的投资者仍然可以尝试逢低买入,保守者应以观望为主。

 

天然气和原油

 

俄罗斯作为全球主要出口天然气和原油的国家,俄乌之间的紧张局势也给原油和天然气带来巨大的影响,亚市布伦特期油已经率先突破了100美元/桶,为八年来首次,美油也站上97美元/桶。此外,小麦及大豆等农产品期货价格也出现了广泛上涨,其中芝加哥美国小麦期货触及10年高位。

 

当前市场对能源仍是供不应求,加上俄乌地缘政治局势动荡,天然气和原油在疫情之后需求大增,但OPEC成员国与俄罗斯为主的非OPEC阵营不愿配合美国扩大增产,导致原油价格未来仍然有望进一步走高。

 

美元和日元

 

在货币方面,最为传统的避险货币为美元和日元,所以地缘政治一词只要出现,往往这两种货币都会被关注,周四美元在亚市就跳空高开后触及了1月底以来的低位。

 

虽然日元今年的现货表现乍一看可能不太引人注目,但期权市场的表现表明,投资者将其视为一种保险押注,在股市波动的环境下日元的避险吸引力更突出,周四的日元也一度升至三周最高。

 

公债市场

 

每当避险涌现或者市场波动加大的时候,投资者往往会涌入发达市场债券,其中以美债领涨,周四亚市美国10年期公债收益率从1.9%上方回落,甚至一度靠近近期低点。此外在市场预计

 

未来一年美联储将加息150-175个基点,有可能进一步推高债券收益率并拖累股票估值,吸引资金进一步向具有保值性的资产流入。

 

除了上述资产之外,众所周知,防御性资产包括黄金、可转债甚至是现金等。而在股市中防御性板块包括,必需消费品、资源类、金融类、电讯及公用事业股等,防御型ETF也会更加吃香。俄乌之间的军事对抗还在持续,金融市场的震荡或会持续,投资者入市应该更加谨慎,近期可重点观察避险资产动向,并适当增加配置,为整体投资组合有效对冲风险。

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Restrictions on Use

AT Global Markets (UK) Limited does not offer trading services to retail clients.
If you are a professional client, please visit https://www.atfxconnect.com/