瑞银全球股票策略主管安德鲁·加思韦特将一个已满仓的全球股票投资组合中的美国股票评级下调至“基准”，理由是美元走弱、估值过高以及华盛顿政策动荡带来的风险不断上升。
加思韦特写道，美元风险是核心关切。瑞银预计，到第一季度末，欧元将攀升至1欧元兑1.22美元，并认为美元面临“不对称的结构性下行风险”。该银行表示，从历史来看，当美元贸易加权指数下跌10%时，按非对冲基础计算，美国股市的表现大约会落后4%。
今年，由于美元走弱和估值更低吸引资本流向海外，外国市场的表现远超美国。MSCI世界不含美国指数在2026年内上涨了约8%，而标普500指数的表现几乎持平。
责任编辑：张俊 SF065
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