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2021-08-04
Nice
Citi Cuts Tech-Heavy U.S. Stocks on Treasury Yield Surge Call
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The recent rally in government bonds will be temporary before macro growth fuels a rise in 10-year yields to 2% into 2022, according to Robert Buckland and his colleagues.</p>\n<p>Bonds have been rebounding in recent months, pushing the 10-year yield down to 1.18% amid a resurgence in Covid-19 cases and concerns that the global recovery isn’t as strong as expected. With the S&P 500 trading at record highs, a possible resumption of the ascent in yields could make the stock market, and growth shares in particular, vulnerable to selloffs.</p>\n<p><img src=\"https://static.tigerbbs.com/c30dae15743966495185f73dc8fd5e5e\" tg-width=\"1200\" tg-height=\"675\" width=\"100%\" height=\"auto\">“The U.S. equity market is more vulnerable to higher real yields because it has a heavy growth stock weighting,” the Citi strategists said in a note.</p>\n<p>At the same time, Citi says a jump in Treasury yields is unlikely to be “fatal” for global equities because of strong early-cycle earnings growth supporting risk sentiment. The strategists expect the two factors to cancel each other out over the next 12 months, predicting flat returns for the MSCI World Index by mid-2022.</p>\n<p>Citi upgraded Japanese equities to overweight, citing cheap valuations and sensitivity to global cyclical recovery. It also kept U.K. stocks at overweight thanks to their positive correlation to higher bond yields. Among equity sectors, financials and materials will benefit from a rise in borrowing costs, the strategists say.</p>\n<p>According to a Bloomberg survey of forecasters, the 10-year Treasury rate will rise to about 1.8% by the end of 2021. Bearish Citi strategists point to technical factors behind the recent drop in yields, such as the unwinding of short positions and supply dynamics, with the march toward 2% likely to resume soon.</p>\n<p></p>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Citi Cuts Tech-Heavy U.S. Stocks on Treasury Yield Surge Call</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCiti Cuts Tech-Heavy U.S. Stocks on Treasury Yield Surge Call\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-04 19:23 GMT+8 <a href=https://www.bloomberg.com/news/articles/2021-08-04/citi-cuts-tech-heavy-u-s-stocks-on-treasury-yield-surge-call?srnd=markets-vp><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Growth recovery will fuel rise in Treasury yields to 2%: Citi.\nStrategists cut U.S. stocks, prefer Japan and U.K. markets.\n\nU.S. stock market returns may suffer as economic recovery and possible ...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2021-08-04/citi-cuts-tech-heavy-u-s-stocks-on-treasury-yield-surge-call?srnd=markets-vp\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"source_url":"https://www.bloomberg.com/news/articles/2021-08-04/citi-cuts-tech-heavy-u-s-stocks-on-treasury-yield-surge-call?srnd=markets-vp","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1137127820","content_text":"Growth recovery will fuel rise in Treasury yields to 2%: Citi.\nStrategists cut U.S. stocks, prefer Japan and U.K. markets.\n\nU.S. stock market returns may suffer as economic recovery and possible monetary tightening are set to fuel a surge in Treasury yields, according to Citigroup Inc. strategists.\nCiti downgraded U.S. stocks to neutral from overweight on Wednesday due to the large prevalence of tech companies, which are vulnerable to higher rates. The recent rally in government bonds will be temporary before macro growth fuels a rise in 10-year yields to 2% into 2022, according to Robert Buckland and his colleagues.\nBonds have been rebounding in recent months, pushing the 10-year yield down to 1.18% amid a resurgence in Covid-19 cases and concerns that the global recovery isn’t as strong as expected. With the S&P 500 trading at record highs, a possible resumption of the ascent in yields could make the stock market, and growth shares in particular, vulnerable to selloffs.\n“The U.S. equity market is more vulnerable to higher real yields because it has a heavy growth stock weighting,” the Citi strategists said in a note.\nAt the same time, Citi says a jump in Treasury yields is unlikely to be “fatal” for global equities because of strong early-cycle earnings growth supporting risk sentiment. The strategists expect the two factors to cancel each other out over the next 12 months, predicting flat returns for the MSCI World Index by mid-2022.\nCiti upgraded Japanese equities to overweight, citing cheap valuations and sensitivity to global cyclical recovery. It also kept U.K. stocks at overweight thanks to their positive correlation to higher bond yields. Among equity sectors, financials and materials will benefit from a rise in borrowing costs, the strategists say.\nAccording to a Bloomberg survey of forecasters, the 10-year Treasury rate will rise to about 1.8% by the end of 2021. Bearish Citi strategists point to technical factors behind the recent drop in yields, such as the unwinding of short positions and supply dynamics, with the march toward 2% likely to resume soon.","news_type":1},"isVote":1,"tweetType":1,"viewCount":165,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":4,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/890960940"}
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