金吾财讯 | 摩根士丹利发表亚太区市场策略报告，强调了对亚太区市场“熊市”情境下目标，即恒指“熊市”情境今年年底目标17,400点(相当于预测今年市盈率8.3倍)、国指“熊市”情境今年年底目标6,490点(相当于预测今年市盈率7.2倍)、MSCI中国指数“熊市”情境今年年底目标56点(相当于预测今年市盈率9倍)，包括反映全球经济衰退情景的获利和估值假设。该行指在市场配置呈混乱的情况下，受贸易影响较大的北亚地区通常表现不佳，尽管日圆升值有助于缓冲美元计价回报，尤其是对防御性股票而言，该行维持韩国及澳洲市场等“减持”看法。大摩指，由于该等市场与美国股市一样存在一定的估值延伸，它们在初始调整中可能不像往常那样具有防御性。
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