Saxo Bank (Saxo Bank)
Markets  |  November 01, 2012 10:53:47

Shares now prefer to avoid


Entering a period in which, according to the "principle of seasonality" should be the strongest. But the global economy is slowing down, the crisis is also moving into key European countries and disappointing quarterly results are also leading technology companies. They were, until recently, was a symbol of resistance to the crisis. Add to this fiscal cliff in the United States (and in Europe) and we have a huge difference between perception and reality.

Investments in riskier bonds (High Yield Bonds) and corporate loans was suggested from the third quarter last year. Which we reduce two months ago and now due to deteriorating market conditions, we have since abandoned them altogether.

Investors are advised to choose as well as their profits from shares, so that in the next stage could be more flexible. Current Sale could be seen as typical of the October correction. Bets on the "seasonal nature" and quantitative easing me never not impressed. It is important to realize that stocks are high mainly due to printing money, and not because of fundamentals.I had bought shares only if their valuation was low and supported while their real economic growth. Such opportunities will occur until the end of the second quarter of next year.

Microeconomics while the massive changes all that 3D printing, shale gas, automation, technical development and the onset of robotics. Crisis need for it, we all found ourselves in the same boat. Just get to the reforms, changing a light at the end of the tunnel, which is not a mirage.

Last quarter and the first quarter of next year I think will be marked by low growth, but with slightly higher interest rates.


Steen Jakobsen, chief economist at Saxo Bank


 Globální online investiční banka

Saxo Bank je globální investiční banka specializující se na online obchodování a investice na mezinárodních finančních trzích. Saxo Bank umožňuje soukromým investorům a institucionálním klientům obchodovat s FX, CFD, cennými papíry, futures, opcemi a dalšími deriváty a poskytuje i profesionální správu portfolia a fondů díky svým online obchodním platformám oceněným řadou různých ocenění.

Více informací na: www.saxobank.cz

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