QCP Capital‘s analysis on Wednesday highlights a series of macroeconomic developments that are driving optimism in risk assets. The People’s Bank of China (PBOC) recently introduced several policies aimed at revitalizing its housing and equity markets, with measures that led to an 8% surge in Chinese A50 futures. A significant move was the introduction of a 500 billion RMB swap facility, which allows non-bank financial institutions to purchase Chinese shares, a privilege previously reserved for national banks.
QCP analysts expect further easing from the PBOC, while noting that other major central banks, including the U.S. Federal Reserve, are also poised to inject liquidity into the markets. “We believe more easing is coming from the PBOC, and they have communicated as much,” QCP stated.
The QCP analysts added:
Combined with the Fed joining the global cutting cycle, all major central banks (except BoJ) are now ready to inject more liquidity into the market.
In the U.S., QCP Capital points to a widening spread between the 2-year and 10-year Treasury notes, which has increased by 40 basis points in the past month and now stands at 21 basis points. This widening is seen as a signal of confidence in economic growth, which bodes well for risk assets. The U.S. yield curve remained inverted for an unprecedented length of time, extending beyond two years—setting a new record in the nation’s financial history.
Additionally, the firm notes that political developments, such as Vice President Kamala Harris’s alleged positive remarks about artificial intelligence (AI) and digital assets, and the SEC’s approval of options trading for Blackrock’s Spot BTC exchange-traded fund (ETF) options, further indicate growing acceptance and demand for digital assets in the broader financial market.
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