funds that have comparatively low management costs, he recommends State Street Gold Fund Currency Hedge. Hong Kong Economic Journal: 360 Market Outloo

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1 Asia Pacific Media Coverage 16 June 2017 The Wall Street Journal: Emerging Markets No Longer Fear the Fed The Wall Street Journal ran an article following an interview with Dwyfor Evans, head of macro-strategy for Asia Pacific at State Street Global Markets, who discussed how the Fed rate hike will affect investors in emerging market. The article quoted Evans as saying, Hot money is always a cause for concern. We know that just looking at history of markets over the past 20 years, hot money is hot money by definition and doesn t stay in emerging markets when there are compelling reasons for it to move elsewhere. The Canberra Times: Australia's gender shame: 13 ASX 200 boards with no women The article reported that there are 13 companies on the ASX 200 that still have no female directors, with six not having had a female director in the past two years. It mentioned that State Street Global Advisors has vowed that if directors do not make an effort to appoint more women to their boards, they will vote their shares against them. Financial Standard: Industry stars recognised at 2017 MAX Awards State Street Global Advisors won Social Media Campaign of the Year and Advertising Campaign of the Year Trade for its There s Opportunity in Complexity promos. Australian Associated Press: Pound nervous of economic slowdown James Binny, head of currencies at State Street Global Advisors in London, was quoted in an article on how Britain s election results affected the pound sterling, as saying, Markets are still trying to work out what the new risk premium is for sterling. If the Conservatives back a softer Brexit, sterling would seem to want to go up. But if it became much clearer that things were heading downhill from a growth perspective, then that might create a bigger move down. EtNet: State Street expects slower domestic data and further delays to the promised fiscal loosening; another hike may be delayed until December China Times: Fed rate hike the Fed s balance sheet winding down program may come in September EtNet and China Times picked up a commentary written by State Street on the US Federal Open Market Committee meeting distributed on 15 June. The Nikkei Online: How does one use funds to prepare for an uncertain outlook? State Street Gold Fund Currency Hedge recommended In a conversation between Idea Fund Consulting President Takahiro Yoshii and a novice investor, Yoshii said that if the investor is seeking a gold investment trust that is foreign exchange-hedged among STATE STREET CORPORATION 1

2 funds that have comparatively low management costs, he recommends State Street Gold Fund Currency Hedge. Hong Kong Economic Journal: 360 Market Outlook The short sell amount of Hong Kong equities was HKD billion yesterday, while the short sell amount of TraHK was HKD 362 million with a short sell ratio of 20%. STATE STREET CORPORATION 2

3 Full Articles Wall Street Journal Emerging Markets No Longer Fear the Fed STATE STREET CORPORATION 3

4 Latest U.S. interest-rate increase draws a muted market response Fed Chairwoman Janet Yellen at her news conference in Washington after Wednesday s interest-rate increase, not scaring emerging-market investors. Who s afraid of the Federal Reserve? Not, it seems, investors in emerging markets. The Fed s overnight interest-rate increase, the second this year, drew a muted response in early trading Thursday. In Asia, Hong Kong s benchmark Hang Seng Index dropped 1% and Korea s Kospi index slipped 0.6%; both remain up by double-digit percentages for the year. The U.S. dollar was broadly steady against major global currencies. At the start of the year there were concerns that as U.S. interest rates rise, money would flow out of emerging markets. But the Fed s tightening has been gradual and well-telegraphed, and central banks in Europe and Japan have continued their loose-money policies. Combine that with investors unceasing pursuit of highyield assets, and the result has been a boon for emerging markets stocks and bonds. The ishares MSCI Emerging Markets ETF, one of the biggest funds that invests in emerging-market stocks, has gained 19% this year. And even though the Fed is now detailing plans to start shrinking its $4.5 trillion balance sheet this year which could push up long-term U.S. Treasury yields many investors remain emerging-market optimists. The Fed s current approach to shrinking its balance sheet is like trying to empty a bathtub with a thimble, said Ashley Perrott, head of pan-asian fixed income at UBS Asset Management in Singapore. If the economic data stays decent and the economic trajectory is as they expect it to be, then I don t think the rundown in the balance sheet is likely to upset other markets too much, he said. Foreigners bought an estimated net $20.5 billion of emerging-market stocks and bonds in May, the sixth straight month of net inflows, according to the Institute of International Finance. This year s pace is on par with the average from 2010 to 2014, it said. It isn t just the search for yield that is boosting the allure. Also helping: Resilient trade and economic growth for many emerging markets, including China, where first-quarter growth was rosier than expected. The concern, however, is that the wave of money into emerging markets could just as easily recede, as during the taper tantrum of 2013, when investors stampeded out of emerging market assets after the Fed indicated it could begin winding down its bond purchases. This year s contrasting calm can be credited to better communication between central bankers and investors. Emerging markets four or five years ago were so worried about the Fed slowing asset purchases and entering a rate-hiking cycle, said Arthur Kwong, head of Asia Pacific Equities at BNP Paribas Asset Management. But now that s not the case. There has been so much time and communication from the Fed that there are very few surprises anymore. Sure, some large money managers are trimming their holdings. Goldman Sachs Asset Management said last week it has cut its exposure to emerging-market currencies. STATE STREET CORPORATION 4

5 Data from the U.S. Commodity Futures Trading Commission last week showed that fast-moving investors like hedge funds did little to change their bullish positioning on emerging-market currencies, according to analysts at Australia and New Zealand Banking Group. Hot money is always a cause for concern, said Dwyfor Evans, head of macro-strategy for Asia Pacific at State Street Global Markets. We know that just looking at history of markets over the past 20 years, hot money is hot money by definition and doesn t stay in emerging markets when there are compelling reasons for it to move elsewhere. But he added that low volatility is typically a beneficial factor for emerging markets and the gains in risky assets for much of the year are still supported by the broader macroeconomic environment. I think it s only natural at this stage for investors to start thinking about how to protect themselves in emerging markets and risk markets broadly, Mr. Evans said. STATE STREET CORPORATION 5

6 The Canberra Times Australia's gender shame: 13 ASX 200 boards with no women By Nassim Khadem There are still 13 companies on the ASX 200 that have no female directors, and six have not had a female director in the past two years. That is the latest result of the Australian Institute of Company Directors (AICD) gender diversity report, which revealed the monthly appointment rate for women dipped in the first half of the year, hovering around 30 per cent (compared to 44 per cent during 2016). This equates to just 17 female appointments compared to 40 male appointments in the first five months of AICD chairman Elizabeth Proust said the drop was of "significant concern" and would make it harder to hit the AICD's target is for 30 per cent board representation by the end of "If the monthly new appointment rate continues to hover... then we won't achieve our target until 2019," she said. To hit target, she said the ASX 200 would need to replace 70 male directors with 70 female directors. "Out of a total pool of 1479 directors, we don't think this is asking too much," she said. "Yet appointing another 70 female directors, when we have only appointed 19 thus far this year, seems a mammoth task to achieve in the next 18 months." The recent announcement by ACSI that it will recommend a vote against any incumbent director who sits on an all-male board "will hopefully make single-gender boards on the ASX sit up and take notice", she said. And overseas investor State Street Global Advisors, which has big stakes in many of the 3500 largest publicly listed companies in the US, UK and Australia in which it invests, has also vowed that if directors don't move pronto to appoint more women to their boards, they'll vote their shares against them. A new International Labour Organization (ILO) report released this week found that closing the gender gaps by 25 per cent by 2025 could add US$5.8 trillion to the global economy and boost tax revenue. But progress is slow. There are currently 71 boards on the ASX 200 that have reached 30 per cent, more than double the number reached two years ago. We all need to start demanding that boards get with the program. AICD chairman Elizabeth Proust Since 2009 when the AICD data started being collated, women made up only 8.3 per cent of ASX 200 boards. Women now make up 25.4 per cent of ASX 200 directorships. STATE STREET CORPORATION 6

7 But Ms Proust said that was a similar number to December She said the AICD would start working with large company boards that have no, or only one, female director on their boards. There are 13 ASX 200 companies with no women on their boards, and 64 companies with just one woman on their board. "In the next few months we will be talking to these boards as well as to the investor community who are pivotal in this campaign," she said. "Indeed 56 boards could achieve their own 30 per cent target by appointing one more female director while another 60 would need to appoint two or more female directors. "We know there is no supply problem, only one of demand. "We all need to start demanding that boards get with the program." ASX 200 boards with no female directors (as of May 31, 2017): CIMIC Group Ltd Reliance Worldwide Corporation Ltd TPG Telecom Ltd ARB Corporation Ltd Evolution Mining Ltd Resolute Mining Ltd Qube Holdings Ltd Australian Agricultural Company Ltd Flight Centre Travel Group Ltd National Storage REIT Investa Office Fund Bellamy's Australia Ltd Mineral Resources Ltd STATE STREET CORPORATION 7

8 Financial Standard Industry stars recognised at 2017 MAX Awards By Jamie Williamson A record number turned out for the 22nd annual Financial Standard Marketing, Advertising and Sales Excellence Awards last night, recognising Australia's leading individuals and organisations in the financial services industry. The MAX Awards recognised the creative, innovative and effective sales and marketing campaigns that successfully delivered increased engagement, conversation and ROI in the past 12 months. The highlight of the night was awarding the Marketer of the Year, with Phillipa Healy from PIMCO edging out the competition. "I feel honoured to work for an organisation like PIMCO, and with a great team that allows me to do the amazing marketing that we've done over the past 12 months. Thank you to Financial Standard and Rainmaker for having always been such a great supporter of our business," Healy said. Darren Hall from T.Rowe Price was named Sales Executive of the Year, while BlackRock received the award for Marketing Team of the Year and Grant Samuel Funds Management took home the accolade for Sales Team of the Year, reaffirming the importance of collaboration and diversity in today's markets. The 2017 MAX Awards featured 20 categories that reflect the evolving sales and marketing landscape, including Video Campaign of the Year, Social Media Campaign of the Year and Innovation of the Year. Other highlights included awards for Creative Agency of the Year, Investment Product of the Year and Integrated Campaign of the Year. This year also saw the introduction of a new category, awarding the Financial Literacy Campaign of the Year. The inaugural award went to ANZ Wealth, with ANZ also taking home Advertising Campaign of the Year - Consumer for its emotive Love Insurance campaign. TelstraSuper clinched the highly-contested Website of the Year award, with TelstraSuper executive general manager of marketing, Jean-Luc Ambrosi commenting: "I am proud of the hard work and commitment across every part of our organisation to make the new digital approach a success. While today we are delighted to receive industry recognition, the most rewarding part has been the extremely positive member response since launch." Link Group's Cbus Employer App was named Financial Services App of the Year. The app is an industryfirst innovation and has been built for Cbus employers to manage super payments on the go, reducing reliance on desktop-bound, manual alternatives, as well as allowing employers to add new members via the app, instantly, at a worksite. STATE STREET CORPORATION 8

9 "This win reflects Link Group's commitment to developing technology enabled solutions in partnership with our clients, to drive a streamlined, seamless experience for their users. We are proud to share this win with our partner Cbus," Link Group said. State Street Global Advisors celebrated a dual win, taking home both Social Media Campaign of the Year and Advertising Campaign of the Year - Trade for its 'There's Opportunity in Complexity' promos. The Investment Product of the Year award went to J.P. Morgan Asset Management for the JPMorgan Systematic Alpha Fund. J.P. Morgan Asset Management head of Australia funds David Halifax accepted the award, stating: "Winning this award is a fantastic endorsement of all the work we've been doing over the last four years in the retail distribution channel and it's an amazing recognition of the distribution efforts we've got here in Australia and the quality of product." "Congratulations to all of the finalists and winners for all of their hard work. Financial Standard is proud to recognise and honour this years' award recipients for their exceptional achievements and resolute commitment to the financial advice and investment community," said Christopher Page, managing director of Financial Standard. The awards dinner was attended by almost 250 financial services professionals at Sydney's Doltone House, Hyde Park. Hosted by radio and TV personality James O'Loghlin, guests were treated to the sounds of electric violinists String Angels and a comedy routine from leading impersonator Ben Price. The full list of winners and finalists is as below: Marketer of the Year Phillipa Healy - PIMCO Kari Arnison - BlackRock Heather Gyton Carroll - Perpetual Michelle Harris - Fidelity International Catherine Tomic - T. Rowe Price Executive of the Year - Sales Darren Hall - T. Rowe Price Jorden Brown - Capital Group Ross Cartwright - MFS Alex Donald - Ironbark Andrew Mellor - Fidelity International STATE STREET CORPORATION 9

10 Marketing Team of the Year BlackRock BT Financial Group Franklin Templeton Investments Perpetual State Street Global Advisors Sales Team of the Year Grant Samuel Funds Management J.P. Morgan Asset Management Macquarie Asset Management Nikko Asset Management Perpetual Investments Website of the Year Telstra Super - AIA - BT Panorama - Desktop Broker - Fidante - Financial Services App of the Year Link Group - Cbus Employer App BT Financial Group - BT Panorama App J.P. Morgan Asset Management - Market Insights App Russell Investments - Super App Suitebox Social Media Campaign of the Year State Street Global Advisors Australian Ethical Investments CFA Institute STATE STREET CORPORATION 10

11 Equity Trustees Vanguard Advertising Campaign of the Year - Consumer ANZ - Love Insurance Initiative Colonial First State - Be Ready for Next Challenger - Lifestyle Expectancy La Trobe Financial - Isn't it time your money worked hard for you? TAL - This Australian Life Digital Marketing Campaign of the Year Legg Mason BT Panorama Fidelity International PIMCO T. Rowe Price Advertising Campaign of the Year - Trade State Street Global Advisors - There's Opportunity in Complexity BlackRock - BlackRock Smart Beta Legg Mason - Legg Mason Australia Advertising Campaign PIMCO - PIMCO Income Solutions Robeco - Up and Running Integrated Campaign of the Year Zurich - It's a Better Life Desktop Broker - mfunds Campaign Fidelity International - Global Equities Fund IOOF - Investment Central T. Rowe Price - Dynamic Global Bond Fund Agency Executive of the Year - Financial Services STATE STREET CORPORATION 11

12 Shanti Davies - Fundamental Media Geraldine Mole - Ptarmigan Media Lauren Peris - PHD Jeremy Tan - MEC Natasha Young - Ikon Communications Creative Agency of the Year Behaviour Change Partners AML Group London Mullen Lowe Profero TBWA Vitamin X Agency of the Year - Financial Services Ptarmigan Media Fundamental Media Ikon Communications Media Lab PHD Video Campaign of the Year Challenger BT Financial Group Franklin Templeton Investments T. Rowe Price Zurich Australia Innovation of the Year Mercer LifetimePlus 2.0 Desktop Broker - Powered by Bell Direct Frontier - Partners Platform REST - Roger STATE STREET CORPORATION 12

13 Sunsuper Retirement Experience Public Relations Company of the Year BlueChip Communication Filtered Media FMS Honner Media Shed Media Product Launch of the Year BT Panorama JPMorgan Global Macro Opportunities Fund Lazard Global Managed Volatility Fund Legg Mason Western Asset Global Bond Fund Schroders - ASX:GROW Investment Product of the Year J.P. Morgan Asset Management - JPMorgan Systematic Alpha Fund Auscap Asset Management - Auscap Long Short Australian Equities Fund AVIVA Investors - AVIVA Investors Multi-Strategy (AIMS) Target Income Fund Capital Group - Capital Group New Perspective Fund (AU) Nikko Asset Management Nikko AM - Tyndall Australian Share Income Fund Financial Literacy Campaign of the Year ANZ Wealth J.P. Morgan Asset Management State Street Global Advisors Vanguard Your Wealth Hub STATE STREET CORPORATION 13

14 Australian Associated Press Pound nervous of economic slowdown By Patrick Graham Britain's shocking election result and the likely ensuing period of political uncertainty may have come at the worst of times for the country's economy and the value of the pound. Until late on election night, Prime Minister Theresa May's decision to call the snap poll did not look like a pivotal point for the most-sold major currency of last year. Sterling lost almost a fifth of its value between June 2016, when Britons voted to leave the European Union, and November. Many had begun to assume that would be the full extent of the "Brexit discount" demanded by overseas investors to keep faith with the world's fifth-largest economy. But May's loss of her majority drove a two per cent fall in the pound on Friday and another one per cent on Monday, and traders now say the election could prove another turning point for sterling. After the biggest-ever move in favour of the pound in the four weeks to mid-may, market positioning has reversed. For many strategists, the election result not only makes the likely shape of Brexit even more uncertain, it also creates a political hiatus that risks the sort of sudden stop to economic activity that many feared would follow last year's referendum. "Markets are still trying to work out what the new risk premium is for sterling," says James Binny, head of currencies at US financial group State Street Global Advisors in London. "If the Conservatives back a softer Brexit, sterling would seem to want to go up. But if it became much clearer that things were heading downhill from a growth perspective, then that might create a bigger move down." Markets now assume May's failure to secure her party a majority will lead to a softening of the government's Brexit stance to give greater priority to a close trading relationship with the EU. But there's little confidence that the planned loose support agreement with Northern Irish Unionists can keep her minority Conservative government afloat for long, or whether May herself can cling on as premier for the two years of divorce talks. Anxiety that Britain's economy may be entering a downward spiral was already growing before the election. Sterling's weakness in the wake of the Brexit vote has driven inflation above the Bank of England's target at a time when household wages and overall growth are not keeping pace. But high and increasingly static housing costs that eat into the pay packets of young Britons without feeding optimism among their older neighbours mean the Bank of England is forced to ignore rising prices and keep credit conditions ultra-loose. The combination of high inflation and cheap money then just undermines the pound further. STATE STREET CORPORATION 14

15 That presents a stark contrast with the eurozone, now on its best economic run for a decade, and leaves sterling looking most exposed against the euro. Some airport exchange bureaus are already offering holidaymakers less than a euro per pound, and the options markets companies use to insure against currency moves have flipped from positive on sterling in mid-april to universally negative. "The fundamentals still are not positive, they are negative," said Josh O'Byrne, a currency strategist with Citi, the world's single biggest currency trader, in London. "We have this cyclical underperformance. We have this political divergence where the UK is looking less stable, Europe looks more so. "And also the positioning does not favour sterling. People are taking another look but waiting for more clarity." Much will depend on how fiscal and monetary policies mesh over the next year, and some hedge funds and other major speculative investors are already wondering if more quantitative easing (QE) asset purchases from the BoE will be in the mix. That would further loosen monetary policy and probably prove negative for sterling, although it would provide a backstop bid for British government bonds. STATE STREET CORPORATION 15

16 EtNet 道富 : 數據放緩和延遲財政寬鬆, 下次加息或延至年底 gory=latest 環富通基金頻道 15 日專訊 道富環球市場北美多元資產策略主管 LeeFerridge 發表道, 美國聯儲局如期加息 0.25%, 這是今年第二次的加息, 料這個加息周期合共加息 4 次 聯儲局會後聲明的語調屬中性, 反映在下次加息之前, 會暫停緊縮一段時間, 因內部數據放緩和今年財政寬鬆的預期下降, 這並影響聯儲局的貨幣決策 雖然美國年內仍具一次加息條件, 但可能需要等待至 12 月時 預期美國國庫券孳息率和美元將會下跌, 美股可能會因聯儲局傾向 鴿派 而造好 道富環球顧問旗下的 SPDR ETFs 的歐洲 中東及非洲 ETF 策略主管 Antoine Lesne 發表道, 聯儲局作出今年第二度加息, 料年內尚有一至兩次加息可能 但在再加息之前, 應會於夏季暫遏一會 事實上, 內部數據呈現放緩和延遲財政寬鬆會影響聯儲局的加息決定 同時, 歐洲央行維持量寬政策和英國政治產生的波動性, 可能會令聯儲局暫停加息 該行預期聯儲局可能會於 9 月縮表和於 12 月加息 美元將維持於區間上落, 美股近期表現相對歐股落後, 料美股可能會好轉 (ho) STATE STREET CORPORATION 16

17 China Times Fed 升息縮表減債可能在 9 月 美國聯準會一如預期升息 1 碼, 另首度公開縮減資產負債表的計畫內容 圖為紐約證券交易所的電視上直播 Fed 主席葉倫記者會 ( 美聯社 ) 美國聯準會 (Fed)14 日公布利率決策, 除了一如外界預期將聯邦基金利率調升 1 碼至 1% 到 1.25%, 還首度 公開縮減資產負債表的計畫內容, 並表示今年就會啟動縮表作業 儘管美國近來經濟數據不佳, 但 Fed 在召開兩天會議後仍決議進行今年來第 2 度升息 主席葉倫 (Janet Yellen) 在會後記者會上強調 美國經濟進展良好, 並展現韌性 此外 Fed 在會後聲明也 提及美國經濟持續增強 就業市場穩健, 至於通膨數據疲弱僅是暫時性 另外據 Fed 的利率點狀圖顯示, 它仍維持今年全年升息 3 次展望不變, 也意味 Fed 在年底前將再度調升利率 1 次 下次升息可能在 12 月 道富全球市場公司北美資產策略部門負責人費拉吉 (Lee Ferridge) 認為, 由於經濟數據偏弱, 加上今年推出 財政刺激的機會減小,Fed 下次升息恐將等到 12 月 針對外界關心的縮減 4.2 兆美元資產負債表計畫,Fed 也首次公布較明確細節 Fed 預定今年將啟動縮表, 之 後會漸進加快縮減速度, 雖然它並沒有透露何時將開始縮表的明確時間點, 但華爾街多預期可能在 9 月 Fed 在縮表方面主要分兩大部分, 在美國公債方面,Fed 初步將讓每個月 60 億美元的債券到期後, 就停止再 投資, 之後每季再把停止再投資的債券規模增加 60 億美元, 直到 1 年後每月減少規模達到 300 億美元 至於在房屋貸款抵押證券與政府機構債券方面,Fed 則規劃剛開始每月將減少 40 億美元的再投資規模, 之後 每季縮減規模再增加 40 億美元, 直到每月減債規模達到 200 億美元 縮表提前讓港股大跌 香港金融管理局 15 日宣布跟進美國升息, 將基本利率上調 1 碼 (0.25 個百分點 ) 至 1.5%, 這也是今年 3 月 以來香港再度升息 恆生指數當天大跌 (1.20%), 收報 點 分析師表示, 聯準會升息早 在市場預料之中, 但投資人對聯準會縮表進程較預期快感到不安 中國人民銀行按兵不動, 僅將人民幣兌美元中間價上調 87 個基點 報在 元, 為去年 11 月以來新高 STATE STREET CORPORATION 17

18 The Nikkei Online How does one use funds to prepare for an uncertain outlook? State Street Gold Fund Currency Hedge recommended STATE STREET CORPORATION 18

19 STATE STREET CORPORATION 19

20 Hong Kong Economic Journal 市況概覽 ❶ 大市 / 指數表現聯儲局加息 0.25 厘, 並宣布今年開始將逐步縮減資產負債表規模 港股明顯出現回調, 恒指低開 103 點, 即見全日高位 點, 其後反覆走低, 收市競價時段更進一步嘜至全日低位, 最終收報 點, 跌 310 點 (1.2%) 全日成交額 億元, 較上日減少約 21 億元 藍籌股方面, 騰訊 (00700) 建行(00939) 及滙控 (00005) 分別跌 1.59% 1.71% 及 1.09%, 合共拖累恒指下挫 107 點 整體 1900 多隻港股的升跌比例為 , 下跌股份比例多於一半 市寬表現方面,3 天線高於 18 天線 股價高於 50 天線及股價高於 250 天線比率分別為 43.7%( 跌 0.2 個百分點 ) 40.6%( 跌 3.2 個百分點 ) 及 47.5%( 跌 0.9 個百分點 ), 三線市寬皆向下 ❷ 板塊分析 25 個板塊中, 有 24 個板塊錄得下跌, 幅度介乎 0.03% 至 2.91%, 當中有 16 個板塊表現跑贏恒指 中資金融股受壓, 市場續關注安邦事件, 加上德銀日前認為 國家隊 將減持 A 股, 內險股明顯跑輸 國壽 (02628) 急挫 3.23%, 報 24.0 元, 為表現最差藍籌股 平保 (02318) 及新華保險 (01336) 則分別下滑 2.15% 及 1.98% ❸ 沽空 / 淡倉港股全日沽空金額 億元, 另有約 萬元人民幣沽空, 大市沽空比率 10.2%, 較上日上升約 0.41 個百分點 個股方面, 騰訊控股 (00700) 連續 11 天全日沽空金額居首, 金額 億元, 沽空比率 20.8% 第二及第三位分別是盈富基金 (02800) 及中國人壽 (02628), 沽空金額 ( 和比率 ) 為 3.62 億元 (20%) 和 2.46 億元 (16.9%) ❹ 個股短評香格里拉 (00069) 在 6 月初急升, 突破水平阻力後, 暫於高位進行整固, 若能企穩 10 天線上, 料可突破早前高位, 約 元位置 參考 EJFQ.com FA+ 資料, 綜合 4 個分析員預測, 其 2017 及 2018 年的每股盈利按年增長分別為 12.9% 及 23.0%, 預測巿盈率為 34.3 倍, 估值便宜 ❺ 衍生市場表現從周三收市後數據看, 最新牛熊證街貨比例為 76:24, 比例持續失衡, 要留心向下殺牛的機會正在升溫 恒指牛熊證窩輪最痛指標 最低點範圍在 至 點 ( 最低點為 點 ) 恒指窩輪錄得 418 萬元資金淨流入, 恒指牛熊證則錄得 6277 萬元資金淨流出 ; 整體資金淨流出反映散戶傾向淡倉部署 ❻ 外滙 / 商品人民幣兌美元中間價連續第二天上升, 創逾 7 個月新高, 報 元 高盛發表報告稱, 在收益率普遍較低的新興市場貨幣中, 人民幣的較高收益支撐其穩定性 同時, 該行指出, 人民幣中間價機制的變化並不意味人民幣貶值的趨勢會得到扭轉, 而經濟基本面依然決定人民幣長期走弱, 但目前來看, 在岸人民幣兌美元或要到明年才可能跌至 7 算 STATE STREET CORPORATION 20

21 ❼ 異動股 10 隻異動股中, 有 5 隻股份股價上升, 當中僅一隻錄得雙位數字的升幅 中國核能科技 (00611) 早前公布, 以每股 1.01 元配售最多 1.8 億股新股, 相當於擴大後股本 13.71%, 集資總額 1.81 億元, 擬用作一般營運資金及發展業務 股價連漲三天, 昨天升 3.87%, 收報 1.61 元, 較配股價溢價近六成 ❽ 市場觀點聯儲局多數委員預料今年將再加息一次, 但富達國際投資環球經濟師 Anna Stupnytska 表示, 考慮到美國經濟尤其是消費市場發展出現阻力, 加上低通脹和薪酬增長趨勢令人擔憂, 認為這是今年最後一次加息 同時, 她指出今年下半年將主要關注縮表的細節, 但可能對整體經濟只產生較輕微的緊縮效果 STATE STREET CORPORATION 21