汇丰银行-全球股票市场投资策略（英文）20170212-66页.pdfVIP

12 February 2017   Global Equity Data Monitor EQUITY STRATEGY GLOBAL  A different commodity rally Highlights of the data HSBC COUNTRY STRATEGY ALLOCATION Commodity prices bounced Friday on far stronger-than-expected Chinese trade data, disruption at the world’s largest copper mines, and news of compliance with OPEC’s Country/Region HSBC Consensus oil cuts. The GSCI Commodity index (pg 55) has continued to healthily beat equities in recent months. We are overweight both the Energy and Materials sectors, and EM. US Overweight Overweight UK Neutral Underweight Commodity strength has been mainly driven by an ongoing supply-side correction, as Eurozone Underweight Overweight well as relatively robust Chinese growth (see Global Commodities: A supply Japan Neutral Overweight correction is underway). Our holdings data (pg 44) suggests investors are no longer