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In a month when almost all benchmark stock indexes and theme indexes are weakening, stagflation theme trading is emerging as a new force.
The stocks of industries in the US and European markets that are more vulnerable to inflation risks, such as consumer goods and real estate, have come under pressure, dragging the S&P 500 index down more than 4% so far in April. At the same time, higher oil prices boosted energy stocks.
Although the US economy has performed strongly in the past few months, it is predicted that GDP growth will slow down from the second half of this year.
Goldman Sachs One index of the Group measures the performance of being long in stagflation good stocks and short in stagflation bad stocks. The index has risen nearly 5% since the beginning of April, which is bound to record the largest monthly increase in a year.
The top 10 long stocks in the Goldman Sachs Index include Microsoft 、 MasterCard and Caterpillar Companies, including Abercrombie&Fitch Co., Super Micro Computer Inc. and KLA Corp.
In view of the fact that the road to achieve the 2% inflation rate in the United States is more rugged than expected, prompting investors to withdraw their expectations of interest rate cuts, the focus will eventually turn to the impact of economic growth prospects.
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