At present, there are obvious signs that macro factors drive the prices of major categories of assets.
Overseas is mainly reflected in "inflation". Inflation in developed economies continues to rise. This inflation pattern has led to the accelerated tightening of central bank monetary policy, which has led to a sharp rise in bond yields in developed countries and a general decline in equity markets.
China is mainly reflected in "stagnation". The impact of economic slowdown is reflected in the slow recovery of medium and long-term loans of enterprises and residents in financial data. In terms of inflation data, the prices of varieties priced globally have risen sharply, and the prices of products more related to China's demand are weak. In terms of asset prices, bond yields generally fell, and the stock market generally fell.
In the second quarter, the macro scene at home and abroad is expected to continue, the downward pressure on China's equity market still exists, and the bond market is still in a favorable environment.
Risk tips: (1) the epidemic development exceeded expectations; (2) Geopolitical risk
