BlackRock ព្រមានថា ការវាយតម្លៃទីផ្សារភាគហ៊ុនមិនឆ្លុះបញ្ចាំងពីការខូចខាតខាងមុខនោះទេ។

More pain for investors lurks in 2023, warns the strategy team at BlackRock.

In a new report, BlackRock contends that stock valuations don’t yet “reflect the damage ahead.” The money manager says it will “turn positive on equities” when it believes valuations fully reflect the “damage” on the horizon.

One of the lead authors of the report — strategist វៃលី — told Yahoo Finance ផ្ទាល់ (video above) investors need to be on high alert for several factors that could bring the S&P 500 back toward the October lows of about 3,600.

“We do not see rate cut cycles starting next year,” Li said about one factor that could unsettle stocks in 2023. “In fact, we see them starting in 2024, but even then, it’s more muted than what markets are pricing in.”

Li also noted that earnings estimates for companies remain too high given BlackRock’s view of a modest recession next year.

“We see the U.S. equity market in terms of EPS growth for next year at -6%, and that stands in contrast to the current consensus and market pricing, which is why we would lean against the equity rebound that we saw at various moments even just this month,” Li added.

To be sure, the market is likely to enter 2023 on weak footing.

ភាគហ៊ុនបាន crushed again on Thursday after chip giant Micron’s soft quarter and outlook triggered more economic concerns.

In December alone, the S&P 500, Dow Jones Industrial Average, and Nasdaq Composite are down more than 5%, 3%, and 7%, respectively.

The selling pressure in markets has returned after the Fed delivered a 50- ចំណុចមូលដ្ឋាន interest rate hike in its final policy meeting earlier this month, bringing the benchmark rate to the highest level since 2007. The central bank also surprised market watchers in two more ways.

ទីមួយ ការព្យាករណ៍សេដ្ឋកិច្ចដែលបានធ្វើបច្ចុប្បន្នភាពរបស់ Fed បានបង្ហាញថាមន្ត្រីមើលឃើញថាអត្រាកើនឡើងដល់ 5.1% ក្នុងឆ្នាំ 2023។ នោះគឺជាចំណុចមូលដ្ឋានបន្ថែមចំនួន 50 ខ្ពស់ជាងអ្វីដែលពួកគេបានព្យាករណ៍កាលពីខែកញ្ញា។

រឿងរ៉ាវនៅតែបន្ត

ទីពីរ ប្រធាន Fed លោក Jerome Powell បានស្តាប់ទៅកាន់តែស្ទាក់ស្ទើរលើផ្លូវគោលនយោបាយរបស់ធនាគារកណ្តាលជាងការរំពឹងទុកមួយចំនួន។

Soft readings this month on retail sales and consumer confidence hasn’t helped market sentiment, either.

Li and her team think now may be a good time for investors to begin pivoting to bonds.

“The difference versus the beginning of this year as we look at the beginning of next year is that finally income is back in fixed income,” Li said. “You are getting paid quite handsomely in the short end of the government bond market. You get paid more than 4% without taking duration or credit risk. And for high-grade credit, you get paid more than 6% without taking much duration risk or also, frankly, much credit risk, which we think is very, very attractive.”

លោក Brian Sozzi គឺជាកម្មវិធីនិពន្ធនិងធំមួយ យុថ្កានៅក្រុមហ៊ុន Yahoo Finance។ បន្ទាប់សូមអនុវត្តតាមសូហ្ស៊ីនៅលើ Twitter @BrianSozzi ។ និងនៅលើ LinkedIn.

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