2026年8月，全球股市上涨，受强劲的科技盈利和AI投资推动，而债券收益率因央行鹰派信号而上升。大宗商品上涨，其中农业领涨，黄金受美元走软支撑。月末因对通胀和利率预期的担忧而变得谨慎。
Gold drew support from its status as a store of wealth following news that the US Treasury would increase purchases of long-dated debt, which put pressure on the dollar.· August 2026
上下文：结论为 Tlines 自动提取，并非机构原话；带引号的证据为机构原文。引用时须同时保留机构、日期与时间范围。
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回顾8月市场：科技股再度上涨，股市走高。
04/09/2026
2025年8月月度市场回顾
2026
本月摘要：
8月全球股市上涨，信息技术板块表现强劲，部分公司财报稳健。债券市场方面，焦点集中在美国利率预期的变化，经济数据信号不一，加上美联储主席沃什发表偏鹰派讲话。大宗商品上涨，其中农产品领涨，因市场对厄尔尼诺气候模式的潜在影响担忧加剧。重要提示：警惕利用施罗德品牌进行的诈骗，点击此处了解更多信息。本网站仅面向澳大利亚和新西兰居民，其他司法管辖区人士不应依赖此内容。本网站专为个人、SMSF受托人或任何其他被归类为零售投资者的个人设计。如果您是专业财务顾问，请访问schroders.com.au并导航至正确的网站。本网站信息不构成对任何金融工具的买入或卖出要约或招揽。
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请注意，任何过去的表现均不构成未来业绩的指引，且可能不会重现。所示板块、证券、地区和国别仅供说明之用，不构成买卖建议。
全球股市
以MSCI世界指数衡量，全球股市在8月上涨2.6%%。强劲的企业盈利、有韧性的经济数据以及对人工智能基础设施的持续投资，支撑了投资者的风险偏好。科技相关股票仍是回报的重要驱动力，半导体、云计算及其他人工智能赋能技术的需求保持强劲。
临近月末，市场情绪趋于谨慎，投资者重新评估通胀和利率前景。油价上涨、中东冲突再起以及政府债券收益率上升，引发市场担忧央行可能面临更具挑战性的货币宽松路径。此外，在美联储主席于杰克逊霍尔经济政策研讨会上发表偏鹰派讲话后，市场对美联储可能加息的预期升温。
尽管本月表现强劲，但月末的波动反映了投资者对可能重燃通胀压力或挑战高企股票估值的事态发展高度敏感。
美国
美国股市连续第二个月上涨，标普500指数攀升2.7%%。企业盈利普遍超预期，投资者继续青睐受益于人工智能相关支出和数字基础设施投资的企业。月内创下的历史新高反映出市场对盈利增长和整体经济背景的信心。
能源、信息技术和材料板块表现最强。能源板块受益于油价上涨，因中东地缘政治紧张加剧了潜在供应中断的担忧。信息技术板块继续受惠于人工智能相关软件、半导体和计算基础设施的强劲需求。材料板块表现良好，投资者青睐与工业活动、基础设施支出以及对科技供应链相关大宗商品需求挂钩的公司。
公用事业和工业板块本月落后。债券收益率上升降低了公用事业等防御性收益导向型板块的相对吸引力，而工业公司则因投资者偏好盈利动能更强的板块而面临压力。
欧元区
欧元区股市小幅走高，信息技术、通信服务和金融板块上涨。信息技术板块中，软件股本月表现尤为强劲。而更具防御性的领域，本网站仅面向澳大利亚和新西兰居民，其他司法管辖区人士不应依赖此内容。本网站专为个人、SMSF受托人或任何其他被归类为零售投资者的个人设计。如果您是专业财务顾问，请访问schroders.com.au并导航至正确的网站。本网站信息不构成对任何金融工具的买入或卖出要约或招揽。
市场往往表现不佳，房地产、公用事业和必需消费品板块回报为负。
欧元区7月年度通胀率确认为 2.9%，远高于 2% 的目标。市场继续预期欧洲央行在9月会议上加息。欧元区8月采购经理人指数初值升至 52.1，高于7月的 52.0，制造业扩张力度加大。
英国
以富时全股指数衡量的英国股市在8月小幅上涨，但落后于其他地区。基础材料板块表现最佳，但医疗保健、能源和必需消费品板块下跌。富时 250 小型公司指数表现更好，基础材料再次成为涨幅最大的板块。
英国国家统计局的数据显示，英国经济在Q2增长了 0.4%。7月年度通胀率升至 2.9%，为四个月来最高，但这主要归因于能源价格上限的上调。
日本
日本股市在8月录得稳健涨幅，TOPIX总回报指数上涨 3.9%，日经 225 指数上涨 3.0%。由于对美国利率预期的变化、中东紧张局势以及日美协调干预汇市以支撑日元，市场波动性仍然较高。
投资者情绪受到4月至6月季度财报的支撑，许多公司业绩超预期，强势股领涨市场。尽管对AI数据中心运营商的自由现金流担忧，但AI相关股票在持续基础设施投资和强劲需求的支撑下仍录得涨幅。由于对日本央行进一步加息的预期升温，银行板块也有所贡献。
新兴市场
新兴市场股市在8月以美元计算录得正回报，跑赢以MSCI世界指数衡量的发达市场同行，南非、韩国和台湾回报强劲。科技股引领的反弹、美元走弱和大宗商品走强支撑了新兴市场指数的正回报。这有助于抵消中东冲突升级的影响，中东冲突在一定程度上打压了市场情绪，并导致油价波动，而对全球债券收益率上升的关注对新兴市场的影响小于发达市场。
南非是本月新兴市场指数中表现最佳的市场，录得两位数的回报，受益于贵金属和工业金属的走强，以及宏观方面的积极消息，因为整体通胀数据意外下行。台湾也表现突出，市场对AI基础设施建设的延续性恢复了一些信心，利好半导体、存储和硬件股。沙特阿拉伯、波兰和韩国市场也录得上涨，跑赢MSCI新兴市场指数。在韩国，市场收复了7月大跌的部分失地。主要AI相关公司持续的强劲盈利和收入指引有助于缓解对AI投资周期可持续性的担忧。本网站面向且仅适用于澳大利亚和新西兰居民，其他司法管辖区的个人不应依赖本网站。本网站专为个人、SMSF受托人或任何其他被归类为零售投资者的个人设计。如果您是专业金融顾问，请访问 schroders.com.au 并导航至正确的网站。本网站信息不构成对任何金融工具买卖的要约或招揽。
相反，当月捷克共和国、智利、秘鲁和阿联酋等较小市场尽管以美元计算的绝对回报为正，但月末表现略逊于基准。印度和中国落后于MSCI新兴市场指数，两者均录得大致持平的回报。在印度，机构投资者持续流入和Q2 2026 GDP强劲增长（增速为7.8%）带来的积极信号，被油价波动加剧、利率预期上升以及市场估值相对较高限制表现等因素所抵消。在中国，疲弱的经济数据和低迷的内需打压了市场情绪，而互联网股的疲软抵消了医疗保健和材料类股的涨幅。
巴西是大型指数市场中表现落后的主要国家，经济数据指向增长放缓，同时随着十月总统大选临近，政治动态成为焦点。泰国、哥伦比亚和菲律宾等较小市场是当月新兴市场中表现最差的市场。
亚洲（除日本）
8月，MSCI亚洲（除日本）指数上涨了3.3%。区域表现受到科技基础设施持续投资、多个市场出口趋势改善以及与人工智能发展相关的半导体和电子元件需求的持续支撑。
材料、医疗保健和信息技术是表现最好的行业。材料行业受益于人工智能和半导体供应链的持续扩张，这提振了对支持芯片生产和数据中心发展所需的特种化学品和工业材料的需求。医疗保健行业在制药、生物技术和生命科学公司中尤其录得强劲涨幅。信息技术行业上涨，因为投资者继续青睐与半导体制造、硬件生产和更广泛的数字化趋势相关的公司。
在国家层面，台湾和韩国继续受益于其在全球半导体生产和人工智能相关供应链中的核心地位。新加坡本月也录得强劲涨幅，银行股领涨，因为投资者被其稳健的盈利和有吸引力的股息所吸引。中国和印度出现小幅下跌，原因是对内需和经济增长的持续担忧，以及油价上涨和全球债券收益率上升。
全球债券
8月，全球债券市场面临的挑战在广度和深度上都有所增加。债券收益率普遍再次上升（与价格走势相反），主要原因包括通胀数据具有韧性、能源价格高企以及经济活动数据疲软。围绕央行反应函数的不确定性进一步加剧了局势。这一因素在美国尤为重要，美联储的言论似乎与美国财政部的行动不一致。
联邦公开市场委员会在7月维持利率不变，处于3.50%–3.75%区间，而8月通胀仍高于目标，劳动力市场接近充分就业。然而，疲软的就业数据和零售销售削弱了市场对更迅速采取行动以使通胀回归目标的预期。美国国债
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当月收益率上行，头条聚焦于30年期美国国债收益率达到5.31%，创下近二十年来的最高水平，促使美国财政部宣布将至少加倍其长期国债的回购操作规模。
市场初步反应积极，30年期美国国债收益率当月收低于5.25%，但市场开始质疑，试图压制长期收益率是否会削弱政策可信度以及影响美联储抗击通胀的能力。因此，注意力转向美联储主席沃什在年度杰克逊霍尔研讨会上的讲话，该讲话最终呈现出更偏鹰派的基调，沃什重申了2%个人消费支出目标，表示联邦基金利率仍是其主要政策工具，并称除非通胀明确朝向目标前进，否则“我们还有工作要做”。
在其他方面，尽管通胀数据更为令人鼓舞，且德国出现周期性回升迹象，但欧洲央行（ECB）的基调仍相对偏鹰派。市场因通胀数据改善而获得的短暂鼓舞被油价和天然气价格上涨所抵消。随着市场定价欧洲央行将进一步加息两次，值得注意的是，欧洲央行执行委员会成员伊莎贝尔·施纳贝尔似乎支持这一预期，她表示市场“似乎非常理解我们的反应函数”。当月欧洲政府债券收益率继续上升，核心和边缘国家收益率均达到十多年来未见的高位。
在英国，市场继续定价英国央行将进一步加息，指出通胀仍与能源价格密切相关。投资者也仍对首相安迪·伯纳姆正在讨论的任何生活成本举措保持警惕，担心这些举措的实施可能破坏财政纪律。与美国和欧洲类似，长期借贷成本仍面临压力，已升至自1990年代以来未见水平。
日本政府债券收益率是当月表现最差的之一，日本央行在通胀高企的情况下维持过度宽松的政策，这似乎也加剧了日元的疲软。8月，日本财务省确认，与美国财政部一道，他们进行了协调一致的外汇干预以支撑日元（抛售美元并买入日元）。干预提供了暂时的缓解；然而，市场共识仍是，要纠正日元疲软放大通胀的问题，日本央行需要加息并缩小利率差异。
信用市场方面，美国投资级（IG）和欧元计价IG利差当月几乎保持不变。尽管企业信用基本面强劲，但投资者仍认为IG估值昂贵，且可能容易受到利率上升、大规模发行和地缘政治冲击的影响。资产负债表在最高质量的借款人中仍最具韧性，但在较低评级发行人中显示出一些压力迹象。在美国，IG发行量截至24月$145日已超过$145亿美元，创下该月份的历史纪录，其中AI相关领域的发行量最大。尽管利差收紧，但综合收益率仍具吸引力，并支持了收益导向的需求。
商品
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8月大宗商品表现良好，标普高盛商品指数（S&P GSCI）回报率为6.1%（来源：FactSet，美元）。农产品板块领涨，市场担忧厄尔尼诺天气模式的潜在影响。此外，俄罗斯和乌克兰相互攻击对方的农产品出口。
在其他方面，由于中东危机持续，油价仍处于高位。在美国财政部宣布将增加长期债务购买后，美元承压，黄金作为财富储存手段获得支撑。
有兴趣了解更多投资见解？点击此处。
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重要信息
重要信息：
IN FOCUS 6-8 min read
A look back at markets in August when equities gained amid a renewed advance for technology stocks.
04/09/2026
Monthly markets review - August
2026
The month in summary:
Global equities gained in August with the information technology sector strong amid some robust corporate earnings. In bond markets, the focus was on evolving expectations for US interest rates amid mixed signals from economic data and a hawkish speech from Fed Chair Warsh. Commodities gained, led by agriculture as worries mounted over the potential impact of the El Niño climate pattern. Important Notice : Be aware of scams using Schroders branding, click here for more information. This website is intended for, and is relevant to, Australian and New Zealand residents only and should not be relied upon by persons from any other jurisdiction. It is designed for individuals, SMSF trustees, or anyone else classified as a retail investor only. If you are a professional financial adviser please go to schroders.com.au and navigate to the correct site. The information in this website is not intended as an offer or solicitation for the purchase or sale of any financial instrument.
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Please note any past performance mentioned is not a guide to future performance and may not be repeated. The sectors, securities, regions, and countries shown are for illustrative purposes only and are not to be considered a recommendation to buy or sell.
Global equities
Global equities, as measured by the MSCI World Index, advanced by 2.6% in August. Strong corporate earnings, resilient economic data and continued investment in artificial intelligence (AI) infrastructure helped support investors’ risk appetite. Technology-related shares remained an important driver of returns, as demand for semiconductors, cloud computing and other AI-enabling technologies remained strong.
Market sentiment became more cautious towards month-end as investors reassessed the outlook for inflation and interest rates. Rising oil prices, renewed conflict in the Middle East and higher government bond yields prompted concerns that central banks could face a more challenging path towards monetary easing. The markets also had higher expectations that the Federal Reserve (Fed) could raise interest rates after the Fed Chair delivered hawkish comments at the Jackson Hole Economic Policy Symposium.
While the month’s performance was strong, the volatility seen at month-end reflected investors' sensitivity to developments that could reignite inflation pressures or challenge elevated equity valuations.
US
US equities generated another positive month, with the S&P 500 climbing 2.7%. Corporate earnings generally exceeded expectations, while investors continued to favour businesses positioned to benefit from AI-related spending and digital infrastructure investment. Record highs reached during the month reflected confidence in both earnings growth and the broader economic backdrop.
Energy, information technology and materials were the strongest-performing sectors. Energy benefited from higher oil prices as geopolitical tensions in the Middle East increased concerns about potential supply disruptions. Information technology continued to draw support from strong demand for AI-related software, semiconductors and computing infrastructure. Materials performed well as investors favoured companies tied to industrial activity, infrastructure spending and the demand for commodities linked to technology supply chains.
Utilities and industrials lagged during the month. Higher bond yields reduced the relative appeal of defensive, income-oriented sectors such as utilities, while industrial companies faced pressure as investors preferred sectors with stronger earnings momentum.
Eurozone
Eurozone stocks edged higher amid gains for the information technology, communication services and financials sectors. Within information technology, software had a particularly strong month. Meanwhile, more defensive areas of the This website is intended for, and is relevant to, Australian and New Zealand residents only and should not be relied upon by persons from any other jurisdiction. It is designed for individuals, SMSF trustees, or anyone else classified as a retail investor only. If you are a professional financial adviser please go to schroders.com.au and navigate to the correct site. The information in this website is not intended as an offer or solicitation for the purchase or sale of any financial instrument.
market tended to underperform with negative returns from real estate, utilities and consumer staples.
Eurozone annual inflation for July was confirmed at 2.9%, well above the 2% target. Markets continued to anticipate an interest rate rise at the European Central Bank’s September meeting. The flash eurozone purchasing managers’ index rose to 52.1 in August, up from 52.0 in July, amid a stronger expansion in the manufacturing sector.
UK
UK stocks, as measured by the FTSE All-Share index, made a small advance in August but lagged other regions. The basic materials sector was the top performer but there were declines for health care, energy and consumer staples. The FTSE 250 index of smaller companies fared better, with basic materials again the top gaining sector.
Data from the Office for National Statistics showed the UK economy grew by 0.4% in Q2. Annual inflation for July rose to 2.9%, the highest rate in four months, but this was largely down to the increase in the energy price cap.
Japan
Japanese equities delivered solid gains in August, with TOPIX Total Return index up 3.9% and the Nikkei 225 up 3.0%. Volatility remained elevated due to changing expectations for US interest rates, Middle East tensions, and coordinated Japan–US currency intervention to support the yen.
Investor sentiment was supported by earnings results for April–June quarter, as many companies exceeded expectations and strong performers led the market higher. AI-related stocks also gained despite concerns over free cash flow at AI data- centre operators, supported by continued infrastructure investment and robust demand. Banks contributed as expectations for further Bank of Japan rate hikes increased.
Emerging markets
Emerging market (EM) equities posted positive returns in August in US dollar terms, outperforming developed market peers as measured by the MSCI World index, with strong returns from South Africa, Korea and Taiwan. A tech-led rebound, a weaker US dollar and commodity strength supported positive returns from the EM index. This helped offset the impact of an escalation in the Middle East conflict, which somewhat weighed on sentiment and kept oil prices volatile, while the focus on rising global bond yields had a more muted impact in EM than developed markets.
South Africa was the EM index’s top-performing market in the month, posting double-digit returns, as it benefitted from strength in precious and industrial metals coupled with positive news on the macro front as headline inflation readings surprised to the downside. Taiwan was also a standout performer, as markets regained some confidence in the continuation of the AI infrastructure buildout benefitting semis, memory and hardware stocks. The Saudi Arabian, Polish and Korean markets also gained, outperforming the MSCI EM Index. In Korea, the market reclaimed some of its losses following its sharp fall in July. Continued strong earnings and revenue guidance from major AI-related companies helped alleviate concerns around the sustainability of the AI investment cycle. This website is intended for, and is relevant to, Australian and New Zealand residents only and should not be relied upon by persons from any other jurisdiction. It is designed for individuals, SMSF trustees, or anyone else classified as a retail investor only. If you are a professional financial adviser please go to schroders.com.au and navigate to the correct site. The information in this website is not intended as an offer or solicitation for the purchase or sale of any financial instrument.
Conversely, over the month, the smaller markets of the Czech Republic, Chile, Peru and the UAE ended modestly behind the benchmark despite posting positive absolute returns in US dollar terms. India and China underperformed the MSCI EM Index, both posting broadly flat returns. In India, encouraging signs from continued institutional investor inflows and strong Q2 2026 GDP growth at 7.8% were dampened by an outlook of elevated oil price volatility, higher rate expectations and the market's relatively demanding valuations limiting performance. In China, weak economic data and subdued domestic demand weighed on sentiment, while weakness in internet stocks offset gains from healthcare and materials companies.
Brazil was the key underperformer among the larger index markets, as economic data pointed to slowing growth and political developments came to the forefront with the October presidential election looming. The smaller markets of Thailand, Colombia and the Philippines were the largest EM underperformers in the month.
Asia ex Japan
The MSCI AC Asia ex Japan Index rose 3.3% in August. Regional performance was supported by ongoing investment in technology infrastructure, improving export trends in several markets and continued demand for semiconductors and electronic components tied to AI development.
Materials, healthcare and information technology were the best-performing sectors. Materials benefited from the continued expansion of AI and semiconductor supply chains, which boosted demand for the specialised chemicals and industrial materials required to support chip production and data centre development. Healthcare saw particularly strong gains in pharmaceutical, biotechnology and life sciences companies. Information technology advanced as investors continued to favour companies exposed to semiconductor manufacturing, hardware production and broader digitalisation trends.
At the country level, Taiwan and South Korea continued to benefit from their central role in global semiconductor production and AI-related supply chains. Singapore also posted strong gains for the month, with banks leading the way as investors were drawn to their robust earnings and attractive dividend payouts. China and India experienced modest declines amid ongoing concerns about domestic demand and economic growth, as well as rising oil prices and higher global bond yields.
Global bonds
Challenges to global bond markets grew in breadth and depth in August. Bond yields generally rose again (moving inversely to price) with the key considerations of resilient inflation data, elevated energy prices and softer activity data. This was further complicated by uncertainty around central bank reaction functions. The latter factor was of particular relevance in the US, where narrative from the Federal Reserve (Fed) seemed at odds with actions of the US Treasury.
The Federal Open Market Committee (FOMC) had left rates unchanged at 3.50%– 3.75% in July, while in August inflation remained above target and the labour market near full employment. However, softer payroll data and weaker retail sales tempered expectations for more immediate action to bring inflation back to target. US Treasury This website is intended for, and is relevant to, Australian and New Zealand residents only and should not be relied upon by persons from any other jurisdiction. It is designed for individuals, SMSF trustees, or anyone else classified as a retail investor only. If you are a professional financial adviser please go to schroders.com.au and navigate to the correct site. The information in this website is not intended as an offer or solicitation for the purchase or sale of any financial instrument.
yields rose over the month, with headlines focusing on 30-year Treasury yields reaching 5.31%, their highest levels in almost two decades, prompting the US Treasury to announce that it would at least double the size of its buyback operations for longer-dated Treasuries.
Initial market response was positive with 30-year Treasury yields ending the month lower at 5.25%, but with the market now questioning whether attempting to suppress long-term yields could weaken policy credibility and the impact on the Fed’s ability to fight inflation. Accordingly, attention turned to Fed Chair Warsh’s speech at the annual Jackson Hole symposium, which ultimately delivered a more hawkish tone, as Warsh reaffirmed the 2% personal consumption expenditure target, that Fed Funds remained their primary policy tool and stating that unless inflation was moving clearly towards their objective “we have work to do.”
Elsewhere, despite some more encouraging inflation data and signs of a cyclical pick up in Germany, the tone from the European Central Bank (ECB) remained relatively hawkish. Any brief encouragement the markets received from better inflation data was snuffed out by rising oil and gas prices. With markets pricing a further two hikes from the ECB, it was notable that ECB executive board member Isabel Schnabel appeared to support that expectation, stating that markets “seem to understand our reaction function very well.” European government bond yields continued to increase over the month with core and peripheral yields all reaching highs not seen in over a decade.
In the UK, markets continue to price further hikes from the Bank of England, noting that inflation remains closely tied to energy prices. Investors also remain wary that any cost-of-living initiatives being discussed by new Prime Minister Andy Burnham be implemented without undermining fiscal discipline. Similar to the US and Europe, long-end borrowing costs remain under pressure having reached levels not seen since the 1990s.
Japanese government bond yields were amongst the worst performers over the month with the Bank of Japan maintaining excessively accommodative policy given elevated inflation, which also appeared to reinforce the weakness of the yen. In August, Japan’s Ministry of Finance confirmed that together with the US Treasury, they had conducted a co-ordinated foreign exchange intervention to support the yen (selling US dollars and buying yen). Intervention provided temporary relief; however, consensus remains that to correct for yen weakness amplifying inflation, the BoJ need to hike rates and reduce interest rate differentials.
In credit, US investment grade (IG) and Euro denominated IG spreads were left almost unchanged over the month. Despite strong corporate credit fundamentals, investors continue to see IG as expensive and potentially vulnerable to higher interest rates, heavy issuance and geopolitical shocks. Balance sheets remain most resilient in highest quality borrowers, but with some signs of pressure in lower rated issuers. In the US, IG issuance exceeded $145 billion by 24 August, which is a record pace for this month with the greatest issuance in AI related names. All-in yields remained attractive despite the tightness of spreads and supportive of income- oriented demand.
Commodities This website is intended for, and is relevant to, Australian and New Zealand residents only and should not be relied upon by persons from any other jurisdiction. It is designed for individuals, SMSF trustees, or anyone else classified as a retail investor only. If you are a professional financial adviser please go to schroders.com.au and navigate to the correct site. The information in this website is not intended as an offer or solicitation for the purchase or sale of any financial instrument.
Commodities performed well in August with the S&P GSCI index returning 6.1% (source: FactSet, US dollars). The agriculture component led the advance amid worries over the potential impact of the El Niño weather pattern. In addition, Russia and Ukraine focused attacks on each other’s agricultural exports.
Elsewhere, oil prices remained elevated as the crisis in the Middle East persisted. Gold drew support from its status as a store of wealth following news that the US Treasury would increase purchases of long-dated debt, which put pressure on the dollar.
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