Nomura Securities warns US tech companies of credit risk and French sovereign credit pressure, with oil price trend as key variable

Naka Matsuzawa, strategist of Nomura Securities, pointed out that the current credit risk of American technology companies and the pressure of French sovereign credit are similar to those of the Internet foam in 2000 and the eve of the Lehman crisis in 2008, and the oil price trend determines the degree of risk escalation. If the rise in oil prices is due to economic overheating, the central bank will face stagflation difficulties; If driven by geopolitics, the Federal Reserve still has room for policy adjustments. At present, the interest rate spread of US technology companies CDS has narrowed, but the interest rate spread of French and German treasury bond has continued to widen.