iPoint (iPoint.cz)
Czech markets  |  July 20, 2012 09:14:30

Equity outlook 20th 7: inexplicably good mood? (+ PMCR, KIT)



iPoint.czStock scene finally mastered time factor (directly) related to the moving sands policy nor monetary web press with central banks: In the coming weeks to let the markets (rarely) result (real) human creative work having to be reflected in corporate výsledovkách on both sides Atlantic. After the first score Swallows from the States from Europe, the investor may attack if not expectations regarding overseas economies perhaps exaggerated by a nose by accident and conversely whether a European skepticism can not be too deep. America reported adverse data from the labor market, the weaker leading indicators and declining economic activity as measured by the reference benchmark Philadelphia Fed, markets are still opting for a two-month highs.The reasons are basically twofold: Wall Street again surfs the wave of commodity when loaded oil geopolitical risks (but probably also partly supported by a slightly weaker concerns about global growth prospects) increases again and is pushing ahead commodity issue. The second reason is again increasing bets on U.S. quantitative easing. Economic Expectations in the States is unconvincing in the context of recent months macrodata still subject to some disillusionment. This would be reflected in the absence of Fed market correction, but promises more injection dollar index holds above the water and allow to "enjoy" and the result of any corporate celebrations. Where are those times when markets are considered QE as a gift from heaven - it is now possible QE3 largely accounted for in share prices, bet on a prolonged market rally if the actual announcement could be expected to prove too muchbold. Asian markets are trading in the night already reacted negatively to U.S. macrodata. "Moreover, China did not succeed in real estate shares for speculation that the local government does not alleviate the current regulation in the sector," says Joseph dumb from commercial banks.

What has Europe impulses? In recent years, essentially two types: bad and catastrophic. This time it went "good" news is "just" bad, to which the market can not cope: Spain issued a seven-year bonds and 3 billion euros in five-year amount of 1.1 billion Euros, and in both cases, increased yield and decreased the proportion of bid / cover, decreased interest, therefore, despite revenue growth. "According to us, what we see now in the markets (declines in yields, strengthening the CEE FX) is short-term relief from other Spanish rebels. If more substantial surge yields at the short end, the SPA it will end.Given how things are going now, it's likely, "said analysts this morning Czech Savings Bank. Let's go to Prague instead.

Friday Kudykam stock, news from Digital KIT and Philip Morris, read on iPOINT

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Akciový výhled 20. 7.: Nepochopitelně dobrá nálada? (+PMČR, KIT)

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