Markets  |  January 22, 2013 16:53:31

Change in sentiment?

Today's trading day after the days of low volatility finally characterized by higher volumes and significant shift course. The German DAX index opened up 0.4% on the value of 7,728 points and now began to lose up to -1.3%. Index dragged down mainly banks, after the announcement of the introduction of a tax on financial transactions from the beginning of 2014. Then drop proofread published positive macro data from Germany to subsequently market has failed up to the present value of -0.8%, 7,688 points. Downturn prevented or disclosed stimuli Japanese central bank on Tuesday night announced its QE, quantitative easing, thus amounting to 145 billion USD a month. While this is well above market expectations and could be expected to continue strongly positive reaction in the markets if they in turn did not report it to start until January 2014th It markets disappointed.Therefore it is not immediately help the economy as promised new Japanese government and, but only a promise of future action.

Czech stock market today also fell significantly, mainly dragged down by Erste Bank and CEZ. Erste Bank responded to the announcement of introducing a tax on financial transactions and CEZ report on withdrawal of the license for the Albanian subsidiary. PX index reached the level of 0.5%, that is 1025 points. Erste Bank shares ended the trading day on the value of shares 614 CZK and 642 CZK CEZ.

U.S. markets after yesterday's feast woke in red dawn, when, after the opening exchanges, the major indexes plunged by an average of 0.2%. This helped not only negative sentiment from Europe, but also significantly worse macro data from the construction and sales of existing homes. S & P 500 moves on the value of -0.2%, ie the first482 points and the Nasdaq 0.4% on the value of 3124 points. Today in America is on the agenda of the publication of the results of two technology giants, Google and IBM. While the shares of Google are expected to better economic results linked to growing sales of online advertising, so the IBM assumes unfulfilled goals, due to the sluggish PC market, and a subsequent decline. Both companies have financial results after the market closes.

Considering today's market correction, we have the question of whether, therefore, it is finally complete and the market sentiment would be able to pass long-delayed correction, or whether it is just a brief respite from further increases. Rather, they tend to correct, even though I do not suppose would be a major, rather the order of a few percent.

Luke Kudláček

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