Goldman Sachs traders' most 关注的图表: Chinese consumer stocks vs S&P support levels
Goldman Sachs trader Pasquariello's chart shows that Chinese consumer stocks are lagging behind technology stocks and have not reached the peak of the fourth quarter of last year, indicating that the government needs to take action on demand. At the same time, global capital may reallocate to the Chinese stock market. Another chart shows that the trading channel of the S&P 500 since the end of 2023 is a key trend for next week, as market concerns about U.S. growth have led to a rapid repricing
Goldman Sachs trader Pasquariello listed several charts he is most focused on, including:
Chart 1: Chinese consumer stocks have lagged behind technology stocks and are still far from the peak in the fourth quarter of last year. What I want to say here is: while the dynamics of artificial intelligence in China are very attractive to investors, the government still needs to take action on the demand side — this is the missing factor since the peak in September last year. Another big question is whether global capital will reallocate to China after underweighting it post-2020/2021, which is currently in progress after the surge in Chinese tech stocks.
Chart 2: This is the S&P 500 index since the "deficit" low at the end of 2023. I believe this trading channel is a key trend to watch next week. There have indeed been some concerns about U.S. growth in recent weeks. The market has quickly repriced, whether in stocks, interest rates, or currencies.
