米国小売指標はCPIを上回り、日経平均とS&Pに夜間大きく寄与、過去最高のEPSを織り込む相場始動か？_2025/3/18朝の相場雑感

3/17の米国小売指標がCPIを上回り、日経平均、S&Pともに夜間大きく上昇。ドルのVIXも大きく低下し、ドルへのマネーフローがありそうな予感から、リスクオン相場の円安株高？。直近のスタグフレーション懸念の和らぎや関税耐性により過去最高のEPSを織り込む相場が到来か。ただし、インフレ相場の金ヘッジは外さない様相から金は高値圏での時間調整？ The U.S. retail sales data on 3/17 exceeded CPI expectations, leading to significant overnight gains in both the Nikkei and S&P indices. The Dollar VIX also dropped sharply, indicating potential money flow into the dollar, suggesting a risk-on environment of yen depreciation and rising equity prices. With recent stagflation concerns easing and tariff resilience, the market may be pricing in record-high EPS. However, gold remains in a time-corrective phase within its high price range, as hedges against inflationary pressures are still in place.