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Market Review In October, U.S. risk-free interest rates increased, while risk premiums declined, reflecting the market's view that recession risks are diminishing. At the same time, the upcoming election and potential policy adjustments add uncertainty, which in turn can increase risk premiums. On one hand, concerns over a recession are easing, while on the other, election-related uncertainties loom. Overall, these factors combined have led to a reduction in market-traded risk premiums, with current levels among the lowest since 2002-2022 (in the top 25% range). Although the market has likely priced in both positive and negative factors, the extent of this pricing is uncertain, so we are adopting a wait-and-see approach. Q3 earnings reports have started to roll in, and here are some of our observations: Tech Giants : Overall performance is solid. Both Google and Amazon exceeded revenue growth expectations, with an acceleration in growth rates. Meta demonstrated resilient revenue growth
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