在美國(guó)實(shí)體經(jīng)濟(jì)依舊萎靡不振的時(shí)候,華爾街正在焦急等待著政府出臺(tái)新的刺激政策。然而,本周令人眼花繚亂的推文、評(píng)論和談判,使總統(tǒng)大選之前達(dá)成全面協(xié)議的可能性變得更加錯(cuò)綜復(fù)雜。
美國(guó)總統(tǒng)特朗普周二叫停了經(jīng)濟(jì)刺激方案談判。之后幾天,談判出現(xiàn)了跌宕起伏的變化。周四上午,特朗普總統(tǒng)在接受福克斯商業(yè)頻道采訪時(shí)稱:“兩天前我叫停了談判,因?yàn)檎勁袥](méi)有結(jié)果。現(xiàn)在談判開(kāi)始有所進(jìn)展。我們開(kāi)始進(jìn)行一些非常富有成效的談判。”
然而,這些談判并不像總統(tǒng)所宣稱的那樣“富有成效”。雖然眾議院議長(zhǎng)南希·佩洛西與財(cái)政部長(zhǎng)史蒂夫·姆努欽已經(jīng)重新開(kāi)始談判針對(duì)航空業(yè)的救助計(jì)劃,但佩洛西在周四的新聞發(fā)布會(huì)上表示,她“可以接受針對(duì)航空業(yè)的單獨(dú)救助法案,或者將其作為范圍更大的刺激法案的一部分,但如果沒(méi)有更大范圍的刺激法案,就不會(huì)有單獨(dú)的航空業(yè)救助法案。”
在談判雙方的交鋒當(dāng)中,分析師們?cè)噲D分析白宮與眾議院能否就經(jīng)濟(jì)刺激計(jì)劃達(dá)成一致,對(duì)于投資者意味著什么。Wedbush Securities公司的股票研究總經(jīng)理兼分析師丹·艾夫斯認(rèn)為,如果經(jīng)濟(jì)刺激協(xié)議無(wú)望,市場(chǎng)將因此下跌5%。他通過(guò)電子郵件告訴《財(cái)富》雜志,從樂(lè)觀的角度來(lái)看,他預(yù)測(cè)如果雙方能夠達(dá)成一致,將“對(duì)股市產(chǎn)生更大的催化作用,有望使市場(chǎng)在未來(lái)幾個(gè)月再上漲5%。”
特朗普總統(tǒng)在周二徹底叫停了經(jīng)濟(jì)刺激方案談判。他當(dāng)時(shí)發(fā)推文稱他已經(jīng)“指示代表們停止談判,一直到大選結(jié)束。在我贏得大選后,我們將立即通過(guò)一項(xiàng)重大的刺激法案。”之后,特朗普曾表示,他希望通過(guò)針對(duì)個(gè)人直接補(bǔ)助和航空業(yè)與小企業(yè)援助的單獨(dú)法案。
Wedbush公司的艾夫斯表示:“未來(lái)幾周,隨著這種高籌碼撲克牌游戲繼續(xù)在國(guó)會(huì)山上演,華爾街會(huì)經(jīng)歷更劇烈的市場(chǎng)波動(dòng)。”
這正是市場(chǎng)觀察家們當(dāng)前看到的行情。比如標(biāo)普500指數(shù)在周二收盤下跌1.4%之后,周三上漲1.7%。
周一:對(duì)經(jīng)濟(jì)刺激方案的樂(lè)觀情緒使市場(chǎng)上漲
周二:對(duì)經(jīng)濟(jì)刺激方案的悲觀情緒使市場(chǎng)下跌
周三:對(duì)經(jīng)濟(jì)刺激方案的樂(lè)觀情緒使市場(chǎng)上漲
—— Sven Henrich(@NorthmanTrader)2020年10月7日
各種版本新經(jīng)濟(jì)刺激協(xié)議的規(guī)模在1.5萬(wàn)億至2.2萬(wàn)億美元之間,低于眾議院民主黨議員最初在5月提出的3.4萬(wàn)億美元。
LPL Financial公司的分析師在周三發(fā)布的一篇報(bào)告中寫(xiě)道:“雖然總統(tǒng)在周三上午重新回到談判桌,快速通過(guò)一項(xiàng)經(jīng)濟(jì)刺激法案的可能性卻大幅下降。”該公司的杰夫·布赫賓德在周四的報(bào)告中稱通過(guò)經(jīng)濟(jì)刺激法案的“可能性很小”。LPL的分析師們還表示“經(jīng)濟(jì)刺激法案未能通過(guò)對(duì)市場(chǎng)情緒的影響,可能大于對(duì)GDP的直接影響,但這最終都會(huì)影響到美國(guó)的家庭和企業(yè)。”不過(guò),分析師認(rèn)為“無(wú)論誰(shuí)贏得大選,都會(huì)出臺(tái)一項(xiàng)類似規(guī)模的刺激法案。”
瑞銀全球資產(chǎn)管理(UBS Global Wealth Management)首席投資官馬克·海菲勒也得出了類似的結(jié)論。他在周二發(fā)布的一篇報(bào)告中寫(xiě)道:“即使白宮與眾議院在選前無(wú)法就經(jīng)濟(jì)刺激方案達(dá)成一致,拜登在民意調(diào)查中的大幅領(lǐng)先,意味著雙方極有可能最終達(dá)成一項(xiàng)更有實(shí)質(zhì)意義的刺激計(jì)劃。”
目前,投資者必須密切關(guān)注國(guó)會(huì)山的動(dòng)向。艾夫斯總結(jié)道:“現(xiàn)在需要華盛頓的好消息,來(lái)安撫股市的緊張情緒。”(財(cái)富中文網(wǎng))
翻譯:劉進(jìn)龍
審校:汪皓
在美國(guó)實(shí)體經(jīng)濟(jì)依舊萎靡不振的時(shí)候,華爾街正在焦急等待著政府出臺(tái)新的刺激政策。然而,本周令人眼花繚亂的推文、評(píng)論和談判,使總統(tǒng)大選之前達(dá)成全面協(xié)議的可能性變得更加錯(cuò)綜復(fù)雜。
美國(guó)總統(tǒng)特朗普周二叫停了經(jīng)濟(jì)刺激方案談判。之后幾天,談判出現(xiàn)了跌宕起伏的變化。周四上午,特朗普總統(tǒng)在接受福克斯商業(yè)頻道采訪時(shí)稱:“兩天前我叫停了談判,因?yàn)檎勁袥](méi)有結(jié)果。現(xiàn)在談判開(kāi)始有所進(jìn)展。我們開(kāi)始進(jìn)行一些非常富有成效的談判。”
然而,這些談判并不像總統(tǒng)所宣稱的那樣“富有成效”。雖然眾議院議長(zhǎng)南希·佩洛西與財(cái)政部長(zhǎng)史蒂夫·姆努欽已經(jīng)重新開(kāi)始談判針對(duì)航空業(yè)的救助計(jì)劃,但佩洛西在周四的新聞發(fā)布會(huì)上表示,她“可以接受針對(duì)航空業(yè)的單獨(dú)救助法案,或者將其作為范圍更大的刺激法案的一部分,但如果沒(méi)有更大范圍的刺激法案,就不會(huì)有單獨(dú)的航空業(yè)救助法案。”
在談判雙方的交鋒當(dāng)中,分析師們?cè)噲D分析白宮與眾議院能否就經(jīng)濟(jì)刺激計(jì)劃達(dá)成一致,對(duì)于投資者意味著什么。Wedbush Securities公司的股票研究總經(jīng)理兼分析師丹·艾夫斯認(rèn)為,如果經(jīng)濟(jì)刺激協(xié)議無(wú)望,市場(chǎng)將因此下跌5%。他通過(guò)電子郵件告訴《財(cái)富》雜志,從樂(lè)觀的角度來(lái)看,他預(yù)測(cè)如果雙方能夠達(dá)成一致,將“對(duì)股市產(chǎn)生更大的催化作用,有望使市場(chǎng)在未來(lái)幾個(gè)月再上漲5%。”
特朗普總統(tǒng)在周二徹底叫停了經(jīng)濟(jì)刺激方案談判。他當(dāng)時(shí)發(fā)推文稱他已經(jīng)“指示代表們停止談判,一直到大選結(jié)束。在我贏得大選后,我們將立即通過(guò)一項(xiàng)重大的刺激法案。”之后,特朗普曾表示,他希望通過(guò)針對(duì)個(gè)人直接補(bǔ)助和航空業(yè)與小企業(yè)援助的單獨(dú)法案。
Wedbush公司的艾夫斯表示:“未來(lái)幾周,隨著這種高籌碼撲克牌游戲繼續(xù)在國(guó)會(huì)山上演,華爾街會(huì)經(jīng)歷更劇烈的市場(chǎng)波動(dòng)。”
這正是市場(chǎng)觀察家們當(dāng)前看到的行情。比如標(biāo)普500指數(shù)在周二收盤下跌1.4%之后,周三上漲1.7%。
周一:對(duì)經(jīng)濟(jì)刺激方案的樂(lè)觀情緒使市場(chǎng)上漲
周二:對(duì)經(jīng)濟(jì)刺激方案的悲觀情緒使市場(chǎng)下跌
周三:對(duì)經(jīng)濟(jì)刺激方案的樂(lè)觀情緒使市場(chǎng)上漲
—— Sven Henrich(@NorthmanTrader)2020年10月7日
各種版本新經(jīng)濟(jì)刺激協(xié)議的規(guī)模在1.5萬(wàn)億至2.2萬(wàn)億美元之間,低于眾議院民主黨議員最初在5月提出的3.4萬(wàn)億美元。
LPL Financial公司的分析師在周三發(fā)布的一篇報(bào)告中寫(xiě)道:“雖然總統(tǒng)在周三上午重新回到談判桌,快速通過(guò)一項(xiàng)經(jīng)濟(jì)刺激法案的可能性卻大幅下降。”該公司的杰夫·布赫賓德在周四的報(bào)告中稱通過(guò)經(jīng)濟(jì)刺激法案的“可能性很小”。LPL的分析師們還表示“經(jīng)濟(jì)刺激法案未能通過(guò)對(duì)市場(chǎng)情緒的影響,可能大于對(duì)GDP的直接影響,但這最終都會(huì)影響到美國(guó)的家庭和企業(yè)。”不過(guò),分析師認(rèn)為“無(wú)論誰(shuí)贏得大選,都會(huì)出臺(tái)一項(xiàng)類似規(guī)模的刺激法案。”
瑞銀全球資產(chǎn)管理(UBS Global Wealth Management)首席投資官馬克·海菲勒也得出了類似的結(jié)論。他在周二發(fā)布的一篇報(bào)告中寫(xiě)道:“即使白宮與眾議院在選前無(wú)法就經(jīng)濟(jì)刺激方案達(dá)成一致,拜登在民意調(diào)查中的大幅領(lǐng)先,意味著雙方極有可能最終達(dá)成一項(xiàng)更有實(shí)質(zhì)意義的刺激計(jì)劃。”
目前,投資者必須密切關(guān)注國(guó)會(huì)山的動(dòng)向。艾夫斯總結(jié)道:“現(xiàn)在需要華盛頓的好消息,來(lái)安撫股市的緊張情緒。”(財(cái)富中文網(wǎng))
翻譯:劉進(jìn)龍
審校:汪皓
Wall Street has been waiting with bated breath for another stimulus package as many on Main Street continue to suffer. But amid a dizzying stream of tweets, comments, and talks this week, a comprehensive deal before the election is looking complicated.
Over the past few days, stimulus talks have ping ponged around after President Trump asked to halt negotiations on Tuesday. By Thursday morning, President Trump said, "I shut down talks two days ago because they weren’t working out. Now they are starting to work out. We’re starting to have some very productive talks," he said in an interview on Fox Business.
Those discussions may not be quite as productive as the president claims, however. While talks have restarted between Speaker Nancy Pelosi and Treasury Secretary Steve Mnuchin about a piecemeal deal focused on airline aid, Speaker Pelosi said at a press event on Thursday that she is "very open to having a standalone bill for the airlines or part of a bigger bill, but there is no standalone bill without a bigger bill."
Amid the back and forth, analysts are trying to parse what a deal or no deal might mean for investors. According to Dan Ives, managing director of equity research and analyst at Wedbush Securities, a failed deal could translate to a 5% hit to the markets. On the flipside, he predicts ink on a stimulus deal would be "an incremental catalyst that could be worth another 5% of upside to the market over the coming months," he told Fortune via email.
Talks were called off full stop by President Trump on Tuesday when he tweeted he had "instructed my representatives to stop negotiating until after the election when, immediately after I win, we will pass a major Stimulus Bill". Since then, the president has said he wishes to pass standalone bills, targeting direct payments, and airline and small business aid.
"The Street could see some volatility as this game of high stakes poker takes place on the Hill over the coming weeks," Wedbush's Ives says.
And that's certainly what some market observers are seeing, as the S&P 500 rose 1.7% on Wednesday after closing down 1.4% on Tuesday.
Monday: markets rise on stimulus optimism
Tuesday: markets drop on stimulus pessimism
Wednesday: markets rise on stimulus optimism
— Sven Henrich (@NorthmanTrader) October 7, 2020
Versions of a new deal have been targeted in the $1.5 trillion to $2.2 trillion range, less than House Democrats originally proposed back in May at $3.4 trillion.
"Despite the president coming back to the negotiating table Wednesday morning, prospects for the speedy passage of a stimulus bill have weakened significantly," analysts at LPL Financial wrote in a note Wednesday, while LPL's Jeff Buchbinder wrote Thursday the "odds are against it." The analysts continued "the impact on sentiment from failure to pass a bill is likely larger than the direct impact on gross domestic product, but both will take a toll on families and businesses," although they argue "no matter who wins the election, we’re likely to get a stimulus bill of similar size."
Mark Haefele, chief investment officer at UBS Global Wealth Management, reached a similar conclusion. "Even if a pre-election deal cannot be reached, Biden’s widening lead in the election polls is making it likelier that more substantial stimulus can eventually be agreed on," he wrote in a note Tuesday.
For the time being, investors will need to keep their eyes glued to Capitol Hill. Concludes Ives: "It’s a jittery stock market needing some good news out of the Beltway."