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星展Q3投資建議:減持債券、美元短期回檔
Aug 12th 2013, 16:22

星展銀行(DBS)公布第3季投資建議,債券部位配置應減少,當中大陸地產高收益債更該謹慎,匯市方面,美元未來一個月將出現回檔。

星展分析,債券正處於景氣循環週期的先行階段。資金淨流入美國債券和其它收益型基金的金額已創下景氣循環週期的高檔。接下來,隨著聯準會(Fed)終將縮減QE政策的干擾,以及公債殖利率曲線攀升,將為債券價格帶來下行壓力。

星展建議適當減低債券部位之配置,以及縮短債券的存續期間。謹慎選擇信用評等在A-BBB的投資標的。中國高收益債多為地產類股相關,價格不易有突出表現下,投資人應該保守選擇。

匯市方面,星展預估未來一個月美元可能出現回檔,向區間下緣靠近。美元中長期趨勢走弱可能性高,以修復預算及經常帳的雙赤字問題。

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