hangzhou2022|摩根士丹利的Wilson建议在美股波动中押注防御类股票

Morgan Stanley strategists sayHangzhou2022The "mixed" information from key US economic data and the ensuing stock market volatility meanHangzhou2022Investors should buy defensive sectors such as consumer necessities.

April inflation data to be released next week will provide new insights into the US economy after Friday's jobs data showed that the labour market was cooling. Some traders see the latest jobs data as a sign that the Fed can start cutting interest rates as early as September.

The team led by Michael Wilson wrote in the report that it is still possible for the US economy to make a soft landing or the so-called "no landing", in which growth remains resilient while interest rates remain high.

If indicators of corporate activity slow further, "you may even consider increasing some exposure to defensive sectors such as utilities and necessities", Wilson said.

Consumer price data will play an important role in "understanding the monetary policy path and market expectations for that path", Wilson said. "given the impact of price movements on investor sentiment when the macro situation is uncertain, the price response to the release of the data may be more important than the data itself," he added.

The S & P 500 has risen over the past two weeks on optimism that the Fed is still likely to cut interest rates this year and healthy corporate earnings have also supported sentiment. The benchmark US stock index closed above 5100 on Friday, about 14 per cent above Wilson's 12-month target of 4500.