20260413-0500-ChrisWood-1-238.pdf

1、April 2026April 2026Global Investment Strategy and GoldGlobal Investment Strategy and GoldChristopher WoodChristopher WoodGlobal Head of Equity Strategy+852 3743 726185_c0a12c7d-8a0a-4d58-8c68-eb6fe386dff1.pdfChristopher Wood|April 2026CBOE Volatility Index(VIX)CBOE Volatility Index(VIX)The Chicago

2、Board Options Exchange(CBOE)Volatility Index,which measures the market expected volatility of the S&P500,rose to an intraday high of 35.3 on 9 March and is now 19.2.This compares with the previous high of 60.1 on 7 April 2025 and 85.5 on 18 March 2020.Source:Bloomberg 1102030405060708090202020212022

3、2023202420252026726185_c0a12c7d-8a0a-4d58-8c68-eb6fe386dff1.pdfChristopher Wood|April 2026The Brent crude oil price rose from US$72.5/bbl at the end of February prior to the Iran War to US$119.2/bbl in late March and is now US$95.2/bbl.Source:BloombergBrent crude oil priceBrent crude oil price202040

4、608010012014016020012002200320042005200620072008200920102011201220132014201520162017201820192020202120222023202420252026Brent crude oil price(US$/bbl)726185_c0a12c7d-8a0a-4d58-8c68-eb6fe386dff1.pdfChristopher Wood|April 2026Americas weighting in MSCI AC World IndexAmericas weighting in MSCI AC World

5、 IndexAmericas weighting in the MSCI AC World Index rose from 41.8%in September 2010 to a record 67.2%on 24 December 2024 and has since declined to a recent low of 61.6%on 27 February and is now 62.3%.Note:Based on month-end weightings.Data up to 10 April 2026.Source:MSCI,FactSet 3404448525660646820

6、0020012002200320042005200620072008200920102011201220132014201520162017201820192020202120222023202420252026MSCI USA as%of MSCI AC World(%)726185_c0a12c7d-8a0a-4d58-8c68-eb6fe386dff1.pdfChristopher Wood|April 2026The MSCI AC World ex-USA Index has risen by 47.2%since bottoming on 7 April 2025,though i