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美通脹超預期 美指數上落幅度增 捕捉升跌可留意沒有收回風險的認股證

2022-09-15 Article
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Warning This article available in Chinese version only

美國8月消費物價指數(CPI)按年漲8.3%,高於市場預期的8.1%,據利率期貨交易數據顯示,市場預期美聯儲9月加息最少0.75厘,更有大行預計,美聯儲下周或將加息1厘,以抑壓通脹。消息拖累美股道指一天內蒸發過去四連升的成果,單日急跌3.9%,非金融股的納指100跌幅更甚,跌幅達5.5%,為自2020年初以來之最。

美股大上大落,無論投資者是捕捉升或跌幅,皆可留意沒有收回機制的認股證。此類具槓桿效應的衍生工具能減低入場成本,從而保持投資組合的資金靈活度。由於美股期指結算毎三個月一次,而且在月中進行期指結算,現階段選美股指數窩輪,市面上有提供今年12月或明年3月到期的美股認股證,適合無論是博取反彈或是對沖風險的投資者。

以納指100為例,如擔心若美國大幅加息,將進一步拖累納指100中線表現,開淡倉可留意明年3月到期,行使價10,368點的納指100認沽證10623,實際槓桿約5.7倍; 相反如認為負面因素已反映,並認為跌幅較大,中短線有望反彈,可留意今年12月到期,行使價13,567點的納指100認購證10431,實際槓桿約11.8倍。

本結構性產品並無抵押品,如發行人無力償債或違約,投資者可能無法收回部份或全部應收款項。

本文由香港上海匯豐銀行有限公司(「本行」或「發行商」)發行(包括任何參考條款),僅供參考之用,並不構成邀約、游說、或建議出售或購買結構性產品。

結構性產品屬複雜產品,投資者務須就此審慎行事,除非投資者完全了解及願意承擔所涉風險,否則切勿投資此產品。結構性產品價格可急升可急跌,投資者或會損失所有或大部分投資。過往表現並不反映將來表現。投資前應了解結構性產品之性質及風險,並詳閱有關上市文件,獨立決定是否適合自己,若需要應諮詢專業建議。本行及其委任之流通量提供者可能是結構性產品的唯一市場參與者,而結構性產品的二級市場可能有限。謹請注意,牛熊證設有強制收回機制,因此有可能提早終止,在此情況下(i)N類牛熊證投資者會損失於牛熊證的全部投資;而(ii)R類牛熊證之剩餘價值則可能為零。買賣與美國指數掛鈎的結構性產品可能帶有額外風險,包括:(a)與交易日和交易時間差異有關的風險;(b) 有關指數的公開資料較少,或未有提供中文版本;(c) 與指數有關的政治和經濟風險(例如美國);(d) 匯率風險; (e) 可能延遲結算及(f) 在成份股並無交易時公佈指數水平與MSCI中國A50互聯互通指數掛鈎的衍生權證投資者可能會承受額外風險,包括:(i) 新推出指數的風險;(ii) 指數成份股為透過滬港通及/或深港通在滬港通及深港通的北向交易渠道買賣的A股;(iii) 有關指數的公開資料較少,且該等資料或未有提供中文版本;(iv) 與指數有關的政治及經濟風險;(v) 匯率風險;及(vi) 人民幣利率風險。

作者為金管局及證監會持牌人士,並無就結構性產品或相關資產持有任何直接或間接權益。

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