View: Near-term equity upside doesn’t change longer-term bear picture
The returns from the summer’s front running exercise have been very healthy across many equity markets but now central banks have actually delivered, directly in the case of the BoE, the Fed and as of this morning the BoJ and via promised intervention by the rather more standoffish ECB, the question comes back to whether this move is actually sustainable. As ever there is the sales pitch that valuations are compelling which appears particularly relevant for the beleaguered Eurozone periphery and the more dubious view that higher equity markets themselves are a precursor to better economic times. Of course the central bull driver really is positive expectations as to how this further quantitative easing will impact asset prices, reflecting on the lift risk assets saw following QE1 and more relevantly QE2.
Full report below…
Access Our Research
The public website offers just a sample of our analysis, full access and track record is available to subscribers. Please click on the link at the top of the homepage for trial access
Spot FX QuotesThe Forex Quotes are Powered by Forexpros - The Leading Financial Portal.
TagsAUD Bank of England Ben Bernanke BoE Bono Brent Crude Bund CHF China DAX DXY ECB EFSF ESM EUR/GBP EUR/USD Euro European Central Bank European sovereign debt crisis of 2010–present Eurozone Federal Reserve FOMC France GBP GBP/USD Germany Gilts Gold Greece Italy Japan JPY Mario Draghi Nikkei 225 Portugal Quantitative easing S&P500 Spain Treasuries UK United States USD/JPY UST WTI Yield curve
Stock Index Quotes
Live World Indices are Powered by Forexpros - The Leading Financial Portal.
Commodity Futures Quotes
The Commodity Prices Powered by Forexpros - The Leading Financial Portal.