Markets Brace for Impact Ahead of Key Jobs Data
A cautious tone has settled over global markets as investors pause a recent Treasury rally, bracing for potentially significant downward revisions to U.S. jobs data. This pivotal report, due at 10 a.m. ET, could reshape expectations for the Federal Reserve's rate-cut timeline, introducing fresh volatility into a market already buzzing with major corporate maneuvers.
Mega-Deals Reshape Mining and AI Sectors
This week is marked by transformative deals in two critical industries, signaling long-term strategic shifts by global giants.
- A New Mining Behemoth: Anglo American has officially agreed to acquire Canada’s Teck Resources, marking one of the largest mining consolidations in over a decade. The deal creates a combined entity valued at over $50 billion, primarily focused on copper—a metal essential for the green energy transition and AI infrastructure. Shares of both companies surged on the news.
- Microsoft's Massive AI Bet: In a clear move to dominate AI infrastructure, Microsoft has signed a multi-year cloud computing agreement with Nebius, a Dutch AI firm, worth up to $19.4 billion. The deal provides Microsoft with much-needed AI cloud capacity and sent Nebius shares soaring over 50% in premarket trading.
"I don't feel like the policy rate is extraordinarily restrictive at the moment when you look at risk appetite." - David Solomon, Goldman Sachs Chairman & CEO
Bonds in Focus as Investors Reposition
The bond market remains a fascinating arena. According to analysis from BlackRock, global bonds have officially entered a bull market, rallying more than 20% from their 2022 lows. Vasiliki Pachatouridi, Head of EMEA iShares Fixed Income Strategy at BlackRock, noted that investors are actively increasing their fixed-income allocations.
"Investors have been ramping up their allocations to fixed income for the past month or so... trying to reposition ahead of the Fed rate cutting resuming," she explained. This indicates a broad strategy to lock in high yields before central banks begin to ease policy.
Tech Rally Shows Signs of Exhaustion
While the Nasdaq hit another record yesterday, signs of fatigue are emerging in the large-cap technology space. Mark Hackett, Nationwide's Chief Market Strategist, observes a divergence in investor behavior.
"Investors are aggressively buying dips, confusing institutional investors and disincentivizing short bets," Hackett commented. He suggests that while a tech collapse isn't imminent, a "gradual handoff" of market leadership to other sectors like small-caps, financials, and industrials is expected as their earnings revision trends improve.
標題：市場情緒緊張：英美資源集團與泰克資源的巨額併購及微軟 194 億美元 AI 協議震動行業
摘要：在可能影響美聯儲下一步行動的關鍵美國就業數據修正報告公佈前，投資者情緒緊張。與此同時，英美資源集團與泰克資源的歷史性合併重塑了礦業格局，而微軟則簽署了一項高達 194 億美元的 AI 雲協議。在市場不確定性中，一系列重大的企業活動正引發關注。
正文：
關鍵就業數據公佈在即，市場屏息以待
全球市場瀰漫著謹慎的氣氛，投資者暫停了近期的國債漲勢，為可能出現的美國就業數據大幅下修做準備。這份將於美國東部時間上午 10 點公佈的關鍵報告，可能會重塑市場對美聯儲降息時間表的預期，為本已因大型企業動態而活躍的市場注入新的波動。
超級併購重塑礦業與 AI 格局
本週，兩大關鍵行業發生了轉型性交易，標誌著全球巨頭的長期戰略轉變。
- 新礦業巨頭誕生：英美資源集團（Anglo American） 已正式同意收購加拿大的 泰克資源（Teck Resources），這也標誌著十多年來規模最大的礦業整合之一。該交易將催生一個價值超過 500 億美元的合併實體，其業務重點主要集中在銅礦——這是綠色能源轉型和 AI 基礎設施的關鍵金屬。消息公佈後，兩家公司的股價均大幅上漲。
- 微軟的巨額 AI 賭注：為鞏固其在 AI 基礎設施領域的主導地位，微軟（Microsoft） 與荷蘭 AI 公司 Nebius 簽署了一份為期多年、價值高達 194 億美元的雲計算協議。該交易為微軟提供了急需的 AI 雲端計算能力，並推動 Nebius 股價在盤前交易中飆升超過 50%。
「從目前的風險偏好來看，我不覺得（美聯儲的）政策利率具有特別強的限制性。」—— 大衛·所羅門（David Solomon），高盛集團董事長兼 CEO
投資者重新佈局，債券市場成焦點
債券市場依然是一個引人入勝的領域。根據貝萊德（BlackRock）的分析，全球債券已正式進入牛市，從 2022 年的低點反彈超過 20%。貝萊德 EMEA 地區 iShares 固定收益策略主管 Vasiliki Pachatouridi 指出，投資者正在積極增加其固定收益資產的配置。
她解釋說：「過去一個月左右，投資者一直在增加對固定收益的配置……試圖在美聯儲恢復降息之前重新佈局。」這表明，投資者普遍採取了在央行開始寬鬆政策前鎖定高收益率的策略。
科技股漲勢顯露疲態
儘管納斯達克指數昨日再創新高，但大型科技股領域已開始顯現疲態。Nationwide 首席市場策略師 Mark Hackett 觀察到投資者行為出現了分化。
Hackett 評論道：「投資者正在積極逢低買入，這讓機構投資者感到困惑，並抑制了做空押注。」他認為，雖然科技股不會立即崩盤，但隨著小盤股、金融和工業等板塊的盈利預期修正趨勢改善，市場的領導地位預計將從科技股「逐漸交棒」給其他行業。