Roman Skalický (Lutherus)
Czech markets  |  August 31, 2012 12:48:45

Grasses market towards meeting today in Jackson Hole?

Background to the trading on the exchange floors in Europe, USA and Asia shows the nervousness that prevails among investors before the meeting in Jackson Hole, where especially the speech Fed Governor Ben Bernanke may indicate a relaxation of monetary policy in the U.S.. Much of the analyst believes, however, that no significant statement there, so it will probably give back every bit of emphasis in the speech. Therefore, investors are still very cautious towards any purchases and key indices so for most of the past week without any significant move more in the direction of a bearish trend.

PSE also more or less in the past week looking for direction and a greater share reports were due only to the individual titles. The major movements and AAA on Tuesday reacted positively to the news of the intended sale of a majority stake held by A. daily, then on Thursday at the announcement of good economic results.   Conversely, a company Philip Morris on Tuesday after the results weakened. Unipetrol left lower recommendations Erste Bank (CZK 161.30, recommendations "reduce") without response. On Wednesday, Fortuna weakened due to weaker economic performance and especially NWR shares slashed below the level of CZK 90 weak recommendation by Commercial Bank (goal 90 CZK, the recommendation to "sell"), Concorde (target 104 CZK,recommendations "equal weight") and the following day BMO Capital (target 93 CZK, recommendations "market perform"). Positive news in the previous two days, returned shares of KITD in the U.S. back in excess of $ 3.   Today the market evaluates the published results of Orco current decline -3.14%. Relatively stable so far seems ČEZ shares (which helps a statement about a possible slowdown in the transition to renewable energy sources from the mouth of the Ministry of Environment FRG) and Erste Bank, which still reflected a positive evaluation from Goldman Sachs, along with today's CEO comments on improving margins in Central and Eastern Europe. Likewise, shares of Commercial Bank, with higher volatility move through previous high target prices in the near term highs.

Given the assumption that today's meeting will hear from most likely Fed repeated several times "monitor the situation ... we have the tools ... but with the intervention of yet we will wait," I think   that the attention of the markets in the near future will be clamped to the ECB meeting on 6.9.2012 and subsequently decision of the German Constitutional Court on 12 September 2012.


Ing. Milan Andrys


Tyto zprávy pro vás vytváří Lutherus s.r.o. investiční zprostředkovatel registrovaný Českou národní bankou

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