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World markets  |  October 01, 2012 08:46:33

End of euphoria in stock prices is already reflected nearly a year QE3

In the last three months U.S. stocks "beat the" Fed balance sheet by about 220 points. This corresponds to about 11 months launched the third round of quantitative easing (QE3). Asserts that famous investor David Rosenberg.

It points out that stock markets affects six basic factors: liquidity, technological level, the movement of money in the funds, valuation, sentiment and fundamentals.

Fed their shares in trust to support further growth, although the impact of monetary policy on the real economy many doubts. According to Rosenberg, however, every 40 billion Fed's balance sheet over the past three years has helped equity index, the S & P 500 (model, no other effects) by 20 points up.This is the impact of the new liquidity.

Fund managers will undoubtedly try to catch the end of what he slept in his care, thus lavished funds in equities right now, at high levels. Technically the market is doing relatively well in the middle of business zone that lasts several months.

Can not wait no threat from either award, although earnings estimates are cautious hand in hand with the ongoing economic slowdown. Sentiment and fundamentals are, however, according to Rosenberg, is currently the biggest threat to equities.

Netting QE3 in share prices
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Konec euforie, v cenách akcií už je zohledněn skoro rok QE3

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