埃德蒙顿华人社区-Edmonton China

 找回密码
 注册
查看: 2668|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。
* p! Q. F; c* u: _% {
1 z! P0 U4 H3 X1 t1 Y. KMarket Commentary
6 ~+ `; K0 J" sEric Bushell, Chief Investment Officer5 b6 V2 ~4 }; }/ [9 ]) [% c
James Dutkiewicz, Portfolio Manager/ G! D$ p! j' q' E4 E/ z" R9 I
Signature Global Advisors% D; C8 k8 M# m: R" q; o& Y, `

9 T# b8 a& v1 J( K9 ]: Q' H/ M
/ w4 W& |9 S0 F% o8 y6 z: L" {3 PBackground remarks# }3 B! \0 a$ K( h- M3 E
 Governments’ costs associated with stabilizing the crisis, including recent government stimulus programs, are# g) x% p+ t7 M6 t
as much as 20% or even 60% of GDP.
! C4 L0 P2 u6 F9 g" ~0 T- x Some governments have reached limits of sustainable debt loads and markets are beginning to insist on fiscal, d3 O* d  j( Q2 i  f$ i
adjustments.
' a& H3 _* s$ ~+ _7 | This marks the beginning of what will be a turbulent social and political period, where elements of the social
: X7 _3 d8 r* k. ]6 C/ x# T5 dsafety nets in Western economies are no longer affordable and must be defunded.
$ r2 ]# B, i) Z0 M$ z( k9 J1 B Templates for fiscal adjustment are appearing in peripheral and core Europe, the U.S. and elsewhere. There are1 {( X) ]3 q9 i
lessons to be learned from the frontrunners.
! \1 \* A6 T% I: S# z We see policy interventions playing a bigger role in financial markets. Policymakers are trying to ease these
, N# |2 K9 p; d5 [, n! Padjustments for governments and consumers as they deleverage.  ^( H* ^$ B9 O+ H* M& q. Y6 ]: k
 Policy interventions are shaping markets more than fundamentals. Examples include the U.S. Federal Reserve’s! \* w3 c; v) J/ U
quantitative easing (QE2) program and the ECB intervention in the European sovereign bond market.
+ o: ]- m6 t$ ?( [' h; Y Developed financial markets have now priced in lower levels of economic growth.
$ @$ t( p* t7 q! w% |" T% F Credit markets are now less resilient to shocks because of Basel III and the Dodd-Frank bill. Brokers have% x/ R/ O! e0 y- }& I. O2 n
reduced capacity to hold risk. Therefore, risk shedding by others is going to have a greater impact.
鲜花(3) 鸡蛋(0)
 楼主| 发表于 2011-9-17 13:16 | 显示全部楼层
Current situation2 e  V9 W7 y9 V  l/ w, f
 The lesson we learned from the 2008-2009 credit crunch is how credit markets affect stock valuations. As long6 H/ w$ L3 i4 ~$ \  a0 j
as funding markets stay open, equities are valued as going concerns. But if credit markets close, markets may
: W3 j5 u2 Z. F8 e* S6 M6 D  k0 Rimpose liquidation values.
& Q' \2 h, ~# M( B( R% ~4 f6 b In the summer, the European credit crisis caused another round of market worries about a credit shutdown. In8 D  P! s4 \8 N: W. D% b! C; d9 r# s
August, we said a credit shutdown was unlikely – we continue to hold that view.
# I' g( J5 w4 }1 | The collapse of interest rates on 10-year Treasuries to 2% leaves banks, insurance companies and pension
  @6 @: X* G9 \! E! Sscrambling for higher yields to satisfy their obligations – this is supportive of corporate bond markets.
1 i) h4 S# K0 u* v! D. z4 j+ k: ^
A look at credit markets
+ G% L7 _2 j( U: _1 x7 @- y& l- m Investment grade – $17 billion in new issues were placed last Wednesday. We’re expecting $80-$100 billion in
5 F6 w$ w, C2 a8 ]/ Q6 OSeptember. Non-financial investment grade is the new safe haven.
0 ^0 r" j" y' z High yield – In March, the spread above governments was 450 basis points, today it’s 740 bps. Yields were 7%* S) l0 m( H, ]' g1 x. U; _
then, now they are 8.5%. New issuance has been about $30 billion a month, although August saw only $1
% p. v& R5 B( l) S! D6 g+ K7 }9 e: |/ gbillion. That said, the market is still open. Risk has been repriced – but appropriately priced issues still have( m0 L; ]* S% L. |$ y! K
access to the market. There are only two parts of the global bond market having difficulty – ultra-low-grade
: F, l3 p3 A+ |7 }CCC issues and European high yield, which are both down about 2.5% year-to-date. All other bond markets are  d) j$ p4 S4 m5 _
positive for the year-do-date, including high yield.
5 j2 h" k6 N! y Mortgages – There is no funding for new construction, but existing quality properties are having no trouble( J. K9 @& K/ ]$ p5 ?! I
finding financing.
: y5 J6 q  f! u- G- N( H Commercial mortgage-backed securities (CMBS) – In the summer, there were two failed transactions, but they
3 C) [: }  \. H6 {! {  `were subsequently repriced and placed. In the fall, there will be more deals.
) u7 @% z- g& |, ?" E6 s) n Leveraged floating rate collateralized loans – The index was trading at $90 last September, $96 in March and
( X, B+ M3 _7 d9 W2 i, Xis now back to $90. Changes were a result of interest rate expectations (people thought that interest rates were; Q7 D5 v. o. F% w& M
going up) rather than liquidity. Chapter 11 companies have no problem getting secured and when they file for
8 \+ v" Y: p/ K  z$ U; @* U+ dbankruptcy, they already have debt financing in place.) D6 t8 y: {0 ]) y  k' [! A( Y; P, Q
 European banks – European bank lending conditions are tighter. This is the weakest link in the financial chain
6 Q# ^% [3 {% M. _( }& `& l% _/ u3 ztoday.
+ W' k' M9 ~4 N( b+ |- `9 x. W( C' Q8 R4 @ Emerging markets – Sovereign rates have rallied along with U.S. Treasuries. High-grade corporates in% C: c# d7 q9 S9 O' O) v
emerging 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% y, c4 O  n, R) m3 A% y
 Europe is frantic and will remain so for at least another four months – which is what we see as the timeline for& `; P* {8 e5 V# E. Z, g4 h% f. T
the Greek default.: o7 K1 ]- [5 v5 p+ d
 As we see it, the following firewalls need to be put in place:
9 R6 }  F8 q9 [1. Making sure that banks have enough capital and deposit insurance to survive a Greek default( C6 E# ]0 v( d3 U6 X1 K
2. The European Financial Stability Facility, which is to be used for the bank capital injection and sovereign
8 t: h1 w. `1 u& `8 }5 [0 ndebt stabilization, needs government approvals.! k7 j# |- S- v# _
3. Measures of assistance to help European banks to make $1.7 trillion in refinancing easier and allowing4 {4 \8 s! w+ z& H: D% J. @
banks to shrink their balance sheets over three years
6 ?1 x0 f) R; R% c6 ~; W! j, Q4. More fiscal reform for Spain, Italy and France is a precondition for stable sovereign debt markets.
. Z- }6 i7 ^4 H6 p9 m* e  n+ ^6 {
# W/ P, N4 J" f. OBeyond Greece
' Z/ B8 v& I9 S: g The EFSF #2 plan announced in July was a toolkit to deal with the PIGS (Portugal, Ireland, Greece and Spain),
- J" Z1 {$ c  F( e9 `but that was before Italy.
$ B% K1 q! k2 U6 W0 g It provided a $500-billion loan program, but $250 billion was already spoken for by the PIGS.( [; G* U8 F' s+ h7 N  P; x& g2 D, o
 It’s an undersized framework and if negative growth/interest rate dynamics keep investors from sponsoring the
2 G$ I; o+ N" M3 Z8 d0 Y, y% k+ aItalian bond market, the EU crisis will escalate further.
& @$ }6 k) t4 b+ J8 z$ ]1 Z/ n) R7 r. D+ N
Conclusion6 w+ ]9 B; H# y( t$ u& _
 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, 2026-3-1 00:03 , Processed in 0.137122 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