每日新闻更新 — 鲜花和苹果 The Daily Update – Flowers and apples

意大利需要将修订的预算草案提交给欧盟委员会今天已经到期。来自五星运动党的副总理路易吉·迪·迈耶(Luigi Di Maio)坚称,意大利政府将坚持在选举期间在支出方面向公众许下的承诺,力求“做一个有信誉的国家”。这加剧了与欧盟委员会的紧张关系。欧盟正在期待意大利呈递一个削减的预算。财政部长乔瓦尼·特里亚(Giovanni Tria)重申,政府不会改变将赤字目标定为 GDP 的2.4%的立场。意大利和布鲁塞尔之间的冲突看上去肯定要升级,因为意大利总理马尔泰奥·萨尔维尼(Matteo Salvini)说,“我们的预算不会因为欧盟给我们发送信函就改变”。我们也不知道鲜花到底好不好使。

美国科技股的宠儿苹果,本月下跌超过12%,仅昨日就下跌了5%,因为客户在升级之间等待的时间越来越长,而且市场趋于饱和,人们对苹果手机的需求似乎正在减弱。然而,由于苹果公司可以从数据存储、流媒体音乐和数字视频中吸入更多资金,因此真正受到伤害的是他们的供应商。有一半收入来自苹果的日本显示器公司(Japan Display Inc.)的股票今年早上在东京锐减了9.5%;作为苹果的主要组装商鸿海精密集团(Hon Hai Precision Industry Co.)自9月底以来已经下跌了25%。

我们确实在我们的全球投资组合中持有苹果公司的债券,因为在长达15.4年的时间内,在“公允价值”为53个基点的背景下,这个被评为 Aa1/AA+ 的公司目前跟美国国债的价差大约为94个基点。当特朗普总统允许美国公司减税以把离岸收益带回到美国来的时候,苹果公司成了主要的受益者。在这段背景下的一段时间以来,我们一直持有苹果公司的股票,并增加了对其投资。苹果公司过去一直是债券市场上非常活跃的发行者,但随着大量现金的回流,我们认为,他们的发行将逐渐消失,然后价差可能会收紧。这似乎已经奏效了,因为在去年的这个时候同样的债券的点差为110点,我们仍然认为还有进一步紧缩的空间。

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