2. The withdrawal of foreign capital began to spread from Hong Kong stocks to A shares. Last week, northbound funds sold 31600 million yuan, and continued to sell more than 20 billion yuan on Monday and Tuesday. Most of the funds in the north are blue chips, and further selling of foreign capital directly leads to the continuous decline of A shares.
The epidemic situation is still recurring, and the worries about the economy are further aggravated. In the past two days, the number of confirmed cases in all parts of the country is still rising, and the production and business activities in various places have been affected to some extent. The market is worried that the downward pressure on the economy will further increase, which will have a certain adverse impact on the fundamentals of listed companies, so it chooses to sell to avoid risks.
4. Sudden industry news leads to further spread of market panic. In the afternoon, the news about the medical service industry plunged the listed companies related to medical services, once again triggered the market's expectation of strong supervision of the industry, and swarmed selling intensified the market panic.
1. In the view of many fund companies, behind the sharp drop in the A-share market, a series of factors led to strong market panic and fragile confidence, including unsettled geopolitical conflicts, tight global liquidity, failed expectations of interest rate cuts in China, investors' cooling expectations of economic growth, and sudden and severe epidemic. According to the analysis of Huaxia Fund, on the one hand, due to the situation in Russia and Ukraine and the subsequent sanctions, foreign capital flowed out of emerging markets, and A shares experienced a large outflow of northbound funds for six consecutive days. Under the influence of this factor, the market was partially trampled.
2. On the other hand, the epidemic spread and interest rate cuts failed, and the market became more cautious about the economic prospects, leading to a sharp contraction in overall risk appetite. In addition, the stock market in overseas markets continued to plummet, which aggravated the short-term panic. From the historical experience, in the emotional dominant stage of market logic, the short-term capital structure is often fragile, the index will panic and overshoot, and the market performance will be decoupled from the fundamental situation. Yingyong Fund expressed similar views on the causes of fluctuations, mainly due to the failure of domestic interest rate cut expectations, the weakening of steady growth expectations and the tightening of overseas liquidity. Yingyong Fund said that in China, the expected interest rate cut by the market did not arrive as scheduled, and the economic data in1~ February greatly exceeded expectations, which led to the obvious weakening of the policy expectation of steady growth, and the real estate chain, infrastructure chain and financial chain related to steady growth all showed obvious adjustments.
Overseas, the upward risk of global inflation has not been alleviated. Under the pressure of inflation, the Federal Reserve may raise interest rates for the first time on Thursday morning, which means that overseas monetary policy will be further tightened. In addition, there are concerns about the outflow of overseas funds. After the Norwegian sovereign fund removed a China company from the investment list last week, the Australian pension fund also announced its withdrawal from the China listed stock market. Recently, some foreign investment banks have given more guidance on downgrading, which has caused the market to worry about the continuous outflow of overseas funds from the China market. Today, the net outflow of northbound funds is 654.38+06 billion. Jin Xin Fund Kong said that since March, market participants have been pessimistic about the effect of steady growth, and the impact of epidemic situation and geopolitical conflict is superimposed. The market risk appetite has dropped significantly, and the increase in volatility has further shaken the confidence in holding shares.