Zheng's eyes: The short -term performance of A -share general market is relatively stable in the short term

On July 14th (Thursday), most A shares rose, and most of the stock indexes also rose. Among them, the "double innovation" stock index performance was the best. As of the close, the Shanghai Index fell slightly by 0.08%to 3281.74 points, the Shenzhen Composite Index rose 0.79%to 2192.70 points, the GEM composite index rose 2.36%, and the science and technology 50 index rose 2.26%.

Wednesday's popular sectors have continued strong photovoltaic and energy storage, and the pharmaceutical and medical sectors that fell on Wednesday have rebounded. Most of the heavy bank stocks fell, and the decline was not small. The weakening of bank stocks naturally drag the Shanghai index. According to the usual experience, it will generally help other varieties to strengthen, that is, the market has a "seesaw" effect.

There are many "major events" in the international market overnight. First of all, the June CPI annual rate of June announced by the United States rose to more than 9%, but the US dollar did not rise and fall under the background of a significant strengthening of interest rate hike expectations on Wednesday. The performance of US stocks was a bit weird, but it just fell slightly, and it seemed that there was no such thing as "inflation and no bull market."

In addition, the Central Bank of Canada actually raised 100 basis points at one time, and the Canadian Yuan did not respond. As for the euro to the parity, it is known on Tuesday that it is no longer the news, although the incident itself is also very important.

At present, the global financial order is very chaotic, and malignant inflation has become a common phenomenon, and the "valuation anchor" of various assets has drifted, and the market will be confused many times. In the context of most Western central banks in the future, their interest rate hikes will offset each other, so sometimes the data that can be strengthened by interest rate hikes may not be able to push the corresponding currency.

Northern Fund's net outflow of 917 million yuan was greatly reduced from Wednesday. The peripheral high inflation and the disorder of the financial market may increase the relatively attractive attraction of A shares, so the above performance of the north funds can be understood.

Next, foreign capital may further attach importance to Chinese stock assets, as A shares and China's economy are still better than major peripheral economies. For global allocation funds, there must be a place to go for huge amounts of funds. In this case, A shares are a bit "relatively attractive."

As far as the RMB exchange rate that has always troubled foreign capital, the prospects are not bad. Although the US dollar continues to raise interest rates, I personally think that the renminbi may not have devalued further.

From the perspective of the U.S. inflation rate, it is obvious that the US dollar interest rate hikes cannot catch up with its inflation level, so even if the high interest is added, the mainstream US dollar assets still have huge "substantial" negative interest rates.

The market is relatively stable in the short term, and it cannot be said that the adjustment has been over for the time being, but the space is relatively limited. Most of the increase in increases and the stills of the central report will not fall too much.

On Friday, the remaining June economic indicators will be announced, including very important data such as retail. However, because the domestic epidemic prevention situation is quite different from June in July, in fact, the "past" feeling of the June data is enhanced, so investors may moderately dilute the data on Friday.

The author has opened a column on the WeChat platform. Readers can directly view the latest point of view through WeChat every Sunday to Thursday evening. For details, please pay attention to the WeChat public account. Each Eye (WeChat: NJCJNEWS).

Daily Economic News

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