法兴银行认为10年期美债收益率5.5%是股市开始受冲击的临界点

智通财经
Sep 07
【法兴银行认为10年期美债收益率5.5%是股市开始受冲击的临界点】法国兴业银行全球资产配置主管Alain Bokobza表示,10年期美国国债收益率达到5.5%,可能是借贷成本上升开始压倒盈利增长、进而对股票估值形成压力的临界点。Bokobza指出,今年全球企业盈利预期获得大幅上调,因此即便债券收益率上升,股票风险溢价也没有出现明显坍塌。周一美国劳动节假期现金债券市场休市之际,10年期美债收益率约为4.78%。“股票现在并不比年初更贵,”他在接受彭博电视采访时表示。不过他警告称,一旦10年期美债收益率升至5.5%,盈利预期上调将不足以继续支撑当前估值,也就是“股票开始受到冲击”的水平。

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