There is method in the market’s madness - FT中文网
登录×
电子邮件/用户名
密码
记住我
请输入邮箱和密码进行绑定操作:
请输入手机号码,通过短信验证(目前仅支持中国大陆地区的手机号)。如果该手机号尚未注册,将自动创建 FT中文网账号。短信可能需要几分钟送达,验证码15分钟内有效,请耐心等待:
请您阅读我们的用户注册协议和隐私权保护政策,点击下方按钮即视为您接受。
FT商学院

There is method in the market’s madness

But it relies on a host of rosy assumptions going in investors’ favour
00:00

{"text":[[{"start":5.45,"text":"The S&P 500 seems able to shake off just about anything. Since Donald Trump returned to the White House last year, it has weathered his tariff-raising agenda and attacks on the independence of the Federal Reserve. In recent weeks, it has erased losses sparked by the US-Israeli war with Iran, and climbed to record highs, with April marking its best month since 2020. That is despite continued disruption to shipping in the Strait of Hormuz — through which a fifth of the world’s oil and liquefied natural gas usually flows — and little sign of progress towards a lasting peace deal. Last week, oil prices reached $126 a barrel, a four-year high. "}],[{"start":44.6,"text":"On the surface, US stock prices look detached from the chaotic reality. But there is method in the market’s apparent madness. First, valuations track corporate profits and these have remained robust. While some consumer and manufacturing companies are being hit by higher energy costs, resilience in earnings elsewhere is providing an uplift for the S&P 500 overall. For instance, trading revenues at Wall Street’s largest banks have been boosted by market volatility, and energy stocks climb higher with the price of oil. Above all, strong earnings results and forecasts among chipmakers and hyperscalers in the first quarter have reinforced optimism around AI. With IT comprising around one-third of market capitalisation, the sector’s performance has propelled the S&P 500 higher."}],[{"start":93.15,"text":"Next, it is difficult for investors to put a price on the uncertainty. Trump has been providing regular updates about ceasefire negotiations via social media, but his posts have often been vague and contradictory — perhaps by design. Though some may attempt to trade on the daily movements, for many it has been easier to look through the noise, and avoid selling funds in S&P 500 trackers, until clearer signals emerge. Likewise, last week’s meetings of the major central banks, including the Fed, European Central Bank and Bank of England, not unreasonably, kept interest rates on hold as they monitor the economic impact of the war. Their wait-and-see approach has provided further buoyancy to stocks. "}],[{"start":135.45,"text":"Investors have also tended to downplay the worst-case scenario of a prolonged closure of the strait. That is partly because they believe there is a limit to how much economic pain the White House will tolerate. Trump has form here. As bond and equity prices plunged following his “liberation day” announcements in April 2025, he diluted his tariff measures. Likewise during the Iran war, the commander-in-chief has often rowed back on his most aggressive rhetoric following adverse market movements. So the S&P 500 has sustained some of its momentum in the belief that “Trump always chickens out”."}],[{"start":171.04999999999998,"text":"Yet while the market’s resilience may be logical, it rests on a fragile stack of assumptions. For one, lofty AI-related earnings forecasts could yet unravel. And, unlike his tariff policies, it is proving far harder for Trump to reverse the effects of the Iran war. Indeed analysts are, once again, raising their oil price forecasts."}],[{"start":192.35,"text":"The longer trade through the strait is hindered, the deeper the economic and market fallout risks becoming. The Fed — and other central banks — could be forced into rate increases. Though Trump’s nomination to chair the central bank, Kevin Warsh, is set to be confirmed soon, last Wednesday’s meeting of the Fed’s Open Market Committee underscored rising concerns around inflation. Rising energy prices and fissures in the global chip supply chain could also dent the euphoria around AI."}],[{"start":219.9,"text":"For now, the rosier narrative is proving more compelling. But with high levels of market concentration and a record share of US households’ financial assets in equities, the costs would be swift and unforgiving if optimism gives way to a gloomier reality."}],[{"start":240.65,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1777817482_5043.mp3"}

版权声明:本文版权归FT中文网所有,未经允许任何单位或个人不得转载,复制或以任何其他方式使用本文全部或部分,侵权必究。

马克•扎克伯格是不是太贪心?让股东来决定

如果这位亿万富翁创始人在意人们的看法,就应该说服其他投资者支持他的愿景。

AI监管不能照搬银行业模式

金融监管体系历经一个世纪的拼凑修补才逐渐成形。AI需要一套针对自身特点设计的监管机制。

FT社评:星链风波凸显欧洲亟须在太空领域迎头赶上

美国科技遥遥领先,但布鲁塞尔仍需建立自己的卫星网络并具备发射能力。

新加坡寻求追究相关公司责任,应对十年来最严重空气污染

政府威胁将对10家企业采取法律行动,称这些企业是邻国印尼山火的幕后推手,而山火造成的烟霾正在困扰新加坡。

美债收益率冲击下,欧洲必须自寻出路

埃里安:欧洲不能只盼着大西洋彼岸的借贷成本回落,它必须着手解决自身问题。

AI与通胀:央行行长该担忧到什么程度?

凯恩斯:这取决于一个价值万亿美元问题的答案:AI是否真能带来预期的生产力提升?
设置字号×
最小
较小
默认
较大
最大
分享×