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United States 美国
US stocks advanced on relief that the Federal Reserve's interest rate decision was no worse than expected, while the Fed's benign accompanying statement raised hopes that rates were close to a peak. The Dow Jones ended the week 1.5% higher, while the NASDAQ rose 2.4%. Worries that the Fed would raise rates too fa
r and choke economic growth led to cautious trading early in the week ahead of the interest rate decision, particularly after the release of strong consumer confidence and housing market data. Merger activity provided a welcome distraction from the interest rate speculation as Phelps Dodge, a copper miner, launched a USD 40 billion bid to takeover Falconbridge and Inco to create the world's largest nickel producer. Also, Johnson & Johnson, the Dow-listed consumer health products company, announced plans to buy Pfizer's consumer health unit.
The interest rate decision, when it finally came on Thursday, saw the Fed raise rates by 0.25% to 5.25% - the 17th successive rate increase. While there was some relief that the rate rise was not bigger (some investors had predicted a 0.5% increase), investor confidence was boosted by the Fed's benign accompanying statement, which said that future rate rises would depend on the outlook for inflation and economic growth. The Fed's statement certainly suggests that it may be close to a pause, possibly after one further quarter-point increase at its meeting in early August (assuming inflation data remains under control). This would be positive for US equities, which have historically rallied as interest rates have peaked.
联储局议息决定符合预期，声明温和又令市场憧憬息口接近见顶，都刺激美股上扬。道琼斯指数收市升1.5%，纳斯达克指数则升2.4%。上周初段市场忧虑联储局可能会加息过度，以致窒碍经济增长，投资者态度审慎，当局发表强劲消费信心及房屋市场数据后尤甚。
合并活动将市场注意力从利率问题分散至其它方面，铜矿商Phelps Dodge出价400亿美元向Falconbridge and Inco提出收购，以组成全球最大镍产商。道指成分股消费保健产品公司琼森(Johnson & Johnson)亦宣布计划收购辉瑞(Pfizer)的消费保健业务。
结果联储局于上周四公布加息四分一厘至5.25厘，是连续第17度加息。加息幅度不大，令原先预期会加息半厘的投资者松一口气。联储局声明温和，表示未来是否加息将取决于通胀及经济增长前景，亦刺激投资信心。联储局的声明肯定暗示加息行动快将暂停，时间甚可能在8月初再加息四分一厘之后(假设通胀数据仍然受控)，形势有利于向来在息口见顶后回升的美股。
(以上资料全部来源于JF Asset Management)
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