Vladimír Urbánek (Kurzy.cz)
World markets  |  July 04, 2012 15:41:00

The outlook for U.S. corporate results in 2Q - to move the policy

The U.S. stock market before the earnings season moves in a special vacuum, whose symptoms are low traded volumes and increased volatility. The reason for that is that buyers and sellers face on both sides of the relatively thick cushions. This is a lower possibility of further central bank action, the Superintendent again weakening economic growth.Microeconomic aspects of the market is so for the moment somewhat suppressed completely dominated trading on the contrary reports on the European debt crisis. They are worth six of the ten largest daily movements of the S & P 500 during the year. Ten accompanied by a report from the labor market declines Philly Fed index and the ISM indicator and the announcement of the Fed's next steps. From the perspective macrodata remains one of the last islands of positive suggestion to improve the situation on the real estate market.

Prices in the stock market simply depend on the profitability of individual titles and awards of profits (as measured by P / E ratio).Given that corporate results will 2Q/2012 unlike Q1 depend on the background of a slowing domestic (and global) economy, the prospects for profitability are not general. In addition to this the recent revision of the forecast negative GDP in the workshop Fed. In a similar vein, and also sounds unusual number of negative forecasts revisions Corporation, which precedes the time earnings season. Expansion ratios to turn in an environment of uncertainty prevalent, few people can imagine. Already several times so the determining factor for further development of stock markets is likely to become the future direction of monetary (and fiscal) policy.

Branislav Soták, Patria Finance

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