521: The Economy Is Single, But The Market Is Still In Love.

Data: in May, HSBC PMI's initial value was 49.1 (the former value was 48.9), which was lower than the market expectation of 49.3 and continued to be located below 50 of the ups and downs line.

Comment:

In terms of demand, domestic demand is sluggish and external demand has not been improved: new orders continue downward, and new export orders fail to extend the trend of last month's expansion.

In terms of production, production is slowing down and inventory is accelerated: domestic demand is weak and external demand is not strong.

Willingness to continue to weaken, speed up inventory, raw material procurement, raw material inventory and

Inventories continued to decline.

(3) the contraction of prices: the total demand is weak, the production price is slow down, the factory price and the purchase price have both dropped, but the rate of decline has slowed down due to the stabilization of oil prices.

4.

The old love is no longer in existence, the new love is still ahead: for the economy, the old love mode of "real estate + infrastructure + manufacturing + exports" has been unable to continue. The downward pressure on the economy still exists, and the policy is expected to increase the strength of the "matchmaker" efforts.

For the market, the three core driving factors of the current round of stock debt are the redistribution of residents' assets under the downturn of real estate + the redistribution of bank assets under government credit contraction and the easing of monetary pressure under the downward pressure of the economy.

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Mark Schwarcz, chairman of Goldman Sachs Asia Pacific, said in an interview with Phoenix finance today that China's A share market will be far higher than 4000 points, but that is not to say that in the short term, but in the next ten years, he is optimistic about China's stock market, because of the internationalization of the renminbi and so on.

When it comes to the impact of the Internet on the financial industry, Schwarcz said that this will change the way in which all banks and brokerages operate. They are also pforming platforms and no longer need so many people.

He also revealed that Goldman Sachs is starting to do P2P in the United States.

This is the focus of discussion at the recent meeting, but it will only be promoted to Europe and Asia if the test results are good.

Schwarcz said that Goldman Sachs itself is targeted at the giant business customers, so it has little impact on Internet finance, and Internet finance will not become a key part of Goldman Sachs.

Earlier, Goldman Sachs said in its research report that through bull trading related financial activities, the bull market will boost China's GDP0.5 percentage point, while the wealth effect of the stock market will increase consumption by more than GDP0.2 percentage points.

Whether from short-term policy objectives (to achieve economic growth targets this year) or from structural reforms, China's stock market is playing an important role.