iPoint (iPoint.cz)
Czech markets  |  July 30, 2012 09:08:09

Equity outlook 7.30: Draghi end rally, stocks continue to home grow strongly


One of the biggest rally this year, stock markets moved up in the U.S. since the beginning of May. Massive speculation on a massive intervention by the ECB / Fed helped in the growth of virtually all risky assets. Spanish stock market during the past week, the index measured msego, added over 7% and ten-year bond yields have fallen from their highs of nearly 90 basis points to 6.74%. Now Spain and Italy, where would the planned intervention could benefit the most when the recovery for the case of the outright purchase of risky bonds eurozone by the ECB. This, on the one hand to push down yields, so the Spanish government had facilitated access to financing through markets, and on the other hand, the central bank balance sheet inflated, thereby flowing into the economy, the new liquidity to boost the prices of speculative assets ... and the crisis is over.Wow! I mention this often, but I mention it now. And is that the words Draghi, Bernanke or Merkel closely monitored by investors and speculators, who according to the Act, but almost negligible even less importance to firms (whether giant corporations or SMEs) or small business owners and entrepreneurs who are simply not willing to invest in times of crisis, let people say what they want. Similarly, critical levels of unemployment in the euro area, which also continues to grow, has a strongly negative impact on consumer demand. While financial markets will undoubtedly drive the real economy may not have a significant influence. For this reason, in terms of economic development indicators of the global economy over the next few months, there is no reason to believe that it would not be worse.The current optimism in the markets, which probably lasts a few days, so I felt the long run more like an exceptionally good opportunity for sales than for purchases.

More about the session in the U.S., the Prague Stock Exchange and today's developments in the markets read iPOINT

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Akciový výhled 30.7.: Draghiho rally nekončí, akcie na úvod dále silně porostou

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