埃德蒙顿华人社区-Edmonton China

 找回密码
 注册
查看: 3022|回复: 3

市场评论

[复制链接]
鲜花(3) 鸡蛋(0)
发表于 2011-9-17 13:14 | 显示全部楼层 |阅读模式
老杨团队,追求完美;客户至上,服务到位!
下面是九月八号Conference call 对市场评论的总结,贴出来,希望对大家有帮助。
* {1 k" ^" E& x% @+ D& {1 P
+ S0 c: L1 m5 ^9 Y  q) Z9 k' LMarket Commentary
2 N/ X4 s7 H( H  |; \, ^Eric Bushell, Chief Investment Officer
$ ]& X/ R4 d+ GJames Dutkiewicz, Portfolio Manager/ M% u+ n  N5 D6 n+ ?, Q
Signature Global Advisors6 n0 J9 K  O# d. j+ h; n# c
1 w! v- W* a7 Y* D( |# D

* J( U! W% }) \! r6 Q* uBackground remarks
. {3 X& W) N2 j2 c" t& m Governments’ costs associated with stabilizing the crisis, including recent government stimulus programs, are
5 J7 q. Z! w9 g0 d7 B5 ?2 @: has much as 20% or even 60% of GDP.! J- l1 `3 M  U+ ?; I
 Some governments have reached limits of sustainable debt loads and markets are beginning to insist on fiscal
  D( C: F. P4 v; L( _' m4 y5 @adjustments., c$ C6 s6 n9 U: S* d7 N
 This marks the beginning of what will be a turbulent social and political period, where elements of the social3 ?  h2 H& S2 ^3 a* [9 g- S8 P
safety nets in Western economies are no longer affordable and must be defunded.! h- r8 r1 b5 {$ }' x  ^  @
 Templates for fiscal adjustment are appearing in peripheral and core Europe, the U.S. and elsewhere. There are
  i, x: z  r/ R+ j: H! o; r0 [lessons to be learned from the frontrunners.
0 q; R3 N8 \& Q" C We see policy interventions playing a bigger role in financial markets. Policymakers are trying to ease these/ z6 B7 o' x' N% C% }9 L9 p
adjustments for governments and consumers as they deleverage.2 s2 H* \- `8 G5 e( f
 Policy interventions are shaping markets more than fundamentals. Examples include the U.S. Federal Reserve’s
# d3 Z( F! z$ |* M" ^quantitative easing (QE2) program and the ECB intervention in the European sovereign bond market.
0 E$ h4 ?/ c: S4 O/ @ Developed financial markets have now priced in lower levels of economic growth.: p( t$ O. b. f# f% Z  U7 P
 Credit markets are now less resilient to shocks because of Basel III and the Dodd-Frank bill. Brokers have' i5 b% ?$ @( T7 m$ L) ^' S1 {
reduced capacity to hold risk. Therefore, risk shedding by others is going to have a greater impact.
理袁律师事务所
鲜花(3) 鸡蛋(0)
 楼主| 发表于 2011-9-17 13:16 | 显示全部楼层
Current situation& b0 s1 d( J3 c7 D. [! q
 The lesson we learned from the 2008-2009 credit crunch is how credit markets affect stock valuations. As long! ~% e1 @- [- r. v7 n
as funding markets stay open, equities are valued as going concerns. But if credit markets close, markets may0 f' O  ~. e7 q9 M
impose liquidation values.
; F$ n- B* A5 A& A: z In the summer, the European credit crisis caused another round of market worries about a credit shutdown. In0 X( A0 d0 t  g2 b6 x" g
August, we said a credit shutdown was unlikely – we continue to hold that view.
( T  S$ N7 x' ` The collapse of interest rates on 10-year Treasuries to 2% leaves banks, insurance companies and pension4 u4 x( o8 l' o( ~) |- ]/ B
scrambling for higher yields to satisfy their obligations – this is supportive of corporate bond markets.0 C$ l/ _2 e9 U
( p; ]9 E1 B  b( V5 e. B) H
A look at credit markets
3 b+ e( |3 e7 R3 _6 W' a: ^( l2 o Investment grade – $17 billion in new issues were placed last Wednesday. We’re expecting $80-$100 billion in
: z* D: a- }, Y* C6 j( KSeptember. Non-financial investment grade is the new safe haven.: O' T5 V  B- X9 V% X
 High yield – In March, the spread above governments was 450 basis points, today it’s 740 bps. Yields were 7%- }  O6 K2 ]0 w2 i
then, now they are 8.5%. New issuance has been about $30 billion a month, although August saw only $1
. T$ W7 A0 ^! r( }; Kbillion. That said, the market is still open. Risk has been repriced – but appropriately priced issues still have! }& Z2 ?9 |; R  p$ A" F/ c" {
access to the market. There are only two parts of the global bond market having difficulty – ultra-low-grade
& {; T, |* z% I+ c, |! R7 eCCC issues and European high yield, which are both down about 2.5% year-to-date. All other bond markets are
# T$ G; w% G  [5 ^9 K' dpositive for the year-do-date, including high yield.
& {* q5 M: @. I0 i Mortgages – There is no funding for new construction, but existing quality properties are having no trouble
% X* ^3 X1 l7 v* nfinding financing.
4 p# N% b7 Y0 H$ r- J Commercial mortgage-backed securities (CMBS) – In the summer, there were two failed transactions, but they
$ s3 m8 l# O* w8 j, k/ {were subsequently repriced and placed. In the fall, there will be more deals.
( |( r; c" Q" \3 w, h* W' O$ P Leveraged floating rate collateralized loans – The index was trading at $90 last September, $96 in March and+ a3 A1 e2 u+ O
is now back to $90. Changes were a result of interest rate expectations (people thought that interest rates were
. F, ]4 @' H, P; X2 q7 m' K- zgoing up) rather than liquidity. Chapter 11 companies have no problem getting secured and when they file for
; G7 a( M5 S4 L: I7 [$ wbankruptcy, they already have debt financing in place.; W$ P1 H3 K2 U" }* m8 k2 Z2 |4 k1 U
 European banks – European bank lending conditions are tighter. This is the weakest link in the financial chain: M' S$ |" {' ~& ?1 t
today.
, n% }) Y0 w2 o Emerging markets – Sovereign rates have rallied along with U.S. Treasuries. High-grade corporates in
) {7 e# R8 i5 W' i0 o+ m5 w& temerging markets have no problem with funding.
鲜花(3) 鸡蛋(0)
 楼主| 发表于 2011-9-17 13:18 | 显示全部楼层
European Union agenda% C! X+ s3 o# o) P" L
 Europe is frantic and will remain so for at least another four months – which is what we see as the timeline for0 z; t: G- s3 b. R
the Greek default.5 B6 p# H6 i+ ?+ w% n! a. J
 As we see it, the following firewalls need to be put in place:: R+ B* R! a5 ~+ [7 M8 ?+ w- j* G
1. Making sure that banks have enough capital and deposit insurance to survive a Greek default
: J# p% E' D$ H& N1 X$ q9 B# `9 c2. The European Financial Stability Facility, which is to be used for the bank capital injection and sovereign
% Z/ J3 @, I5 X0 m1 n0 jdebt stabilization, needs government approvals./ ~/ _& k; S9 ]
3. Measures of assistance to help European banks to make $1.7 trillion in refinancing easier and allowing
+ c$ E: _' U4 r4 b3 fbanks to shrink their balance sheets over three years
- Z- y# i& {* v0 ?- U9 f( n4. More fiscal reform for Spain, Italy and France is a precondition for stable sovereign debt markets.
3 T" h- e  }7 n. s6 n/ ~0 Y# v
2 m. W: G* L/ S7 l" H, E4 gBeyond Greece
& N" @; X3 z! y+ u6 B8 a9 X8 L The EFSF #2 plan announced in July was a toolkit to deal with the PIGS (Portugal, Ireland, Greece and Spain),! M7 O, ^  Y4 N, k
but that was before Italy.8 v4 U3 ?, d7 R& b% x1 r% \
 It provided a $500-billion loan program, but $250 billion was already spoken for by the PIGS.
1 C0 G! b5 K" a* L! f! y8 w) Q' Y It’s an undersized framework and if negative growth/interest rate dynamics keep investors from sponsoring the
% |" I  c& R* fItalian bond market, the EU crisis will escalate further.' j( V- w5 Z$ H- z! k$ H1 g

! H$ A+ F! }* s! tConclusion; l0 Z0 p/ N7 A- @- E
 We want to have safeguards in place and continue to be liquid, so that we can capitalize on future turbulence.
鲜花(7) 鸡蛋(0)
发表于 2011-9-19 15:03 | 显示全部楼层
老杨团队 追求完美
kasnkan
您需要登录后才可以回帖 登录 | 注册

本版积分规则

联系我们|小黑屋|手机版|Archiver|埃德蒙顿中文网

GMT-7, 2026-4-27 11:01 , Processed in 0.141169 second(s), 12 queries , Gzip On, APC On.

Powered by Discuz! X3.4

Copyright © 2001-2021, Tencent Cloud.

快速回复 返回顶部 返回列表