CITIC Construction Investment: Surge in Oil Prices Reshapes Asset Pricing
CITIC Construction Investment's research report states that the unexpected US-Iran conflict has changed the global recovery trade since the beginning of the year. Oil prices surged 35% in a single week, reshaping the main line of global liquidity and almost triggering a repricing of all assets. At the onset of the US-Iran conflict, the capital market priced in a risk-averse mode, but with the uncertainty of shipping disruptions in the Strait of Hormuz, the risk-averse mode gradually switched to a stagflation mode. The latest non-farm payrolls unexpectedly recorded negative growth, coinciding with the surge in oil prices, and the narrative of "stagflation" in the US has begun to spread
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