埃德蒙顿华人社区-Edmonton China

 找回密码
 注册
查看: 2274|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。
- M3 z3 U& V' X
+ q% t$ E( n# h$ w6 tMarket Commentary% \/ X) C+ E& D& x" H& [0 V
Eric Bushell, Chief Investment Officer. }0 e5 Z* }. M+ w
James Dutkiewicz, Portfolio Manager# P' X# X: X* ?) [
Signature Global Advisors
  I6 }0 f# P8 }; l# g! T8 f
( Z! ~" w- z! ]) r! N5 a$ T
. q9 P( ~6 s) T% n' ], WBackground remarks
2 l! Z2 G3 t- M7 I* ~1 W Governments’ costs associated with stabilizing the crisis, including recent government stimulus programs, are
& Q( f( c% M7 K: y5 S5 F$ Uas much as 20% or even 60% of GDP.1 o1 H# g7 _2 N% N4 X% V/ a( p
 Some governments have reached limits of sustainable debt loads and markets are beginning to insist on fiscal
* [: S( B) B2 L1 v/ T, tadjustments.: ?- w5 B0 B) z0 r3 m
 This marks the beginning of what will be a turbulent social and political period, where elements of the social. k5 _7 q; N6 `) n
safety nets in Western economies are no longer affordable and must be defunded.$ T% Z/ i& ]5 a; R2 ?3 x6 T+ g- r
 Templates for fiscal adjustment are appearing in peripheral and core Europe, the U.S. and elsewhere. There are- b" K# C9 _5 u$ ^3 D- N
lessons to be learned from the frontrunners.
8 E$ b& a4 b% s4 H We see policy interventions playing a bigger role in financial markets. Policymakers are trying to ease these9 N2 D# S/ g5 Q' g3 C; ~1 _
adjustments for governments and consumers as they deleverage.' f1 N6 p" d- ~, z6 y9 N2 T* r8 N9 v$ ]
 Policy interventions are shaping markets more than fundamentals. Examples include the U.S. Federal Reserve’s
  `. ^$ ^$ l6 v* t, @( @6 cquantitative easing (QE2) program and the ECB intervention in the European sovereign bond market.
2 u7 a; T2 c- O. T Developed financial markets have now priced in lower levels of economic growth.& H, E( Y- n! b: D' G0 v% n  ~
 Credit markets are now less resilient to shocks because of Basel III and the Dodd-Frank bill. Brokers have: Q& {, K4 q: ^0 O6 L, U
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 situation; v$ n* x; ]! h' x% l" n! i
 The lesson we learned from the 2008-2009 credit crunch is how credit markets affect stock valuations. As long
& N+ W7 z3 j! pas funding markets stay open, equities are valued as going concerns. But if credit markets close, markets may
  O- c# n+ ^! k- e/ eimpose liquidation values.
8 t( |) p+ n; L" K In the summer, the European credit crisis caused another round of market worries about a credit shutdown. In! V+ z  U) O, U. o( V
August, we said a credit shutdown was unlikely – we continue to hold that view.
' C' b6 G2 d7 i/ F" j5 J  K The collapse of interest rates on 10-year Treasuries to 2% leaves banks, insurance companies and pension
4 `2 m6 k8 C6 `. \scrambling for higher yields to satisfy their obligations – this is supportive of corporate bond markets.
& m# C) l7 V& K0 k1 }
, x5 ?2 J1 o6 |' t! zA look at credit markets2 j; p. ?3 g: d% d
 Investment grade – $17 billion in new issues were placed last Wednesday. We’re expecting $80-$100 billion in
+ A4 g+ b+ k  \. c8 C' j. q# H$ bSeptember. Non-financial investment grade is the new safe haven." b! n- ?5 M4 g" f
 High yield – In March, the spread above governments was 450 basis points, today it’s 740 bps. Yields were 7%
2 X; D) c+ L1 {. F2 l% }/ T9 z: Vthen, now they are 8.5%. New issuance has been about $30 billion a month, although August saw only $1
% x1 h1 f# E, c# _% k, mbillion. That said, the market is still open. Risk has been repriced – but appropriately priced issues still have% }1 z& i% t) k8 _9 i% {
access to the market. There are only two parts of the global bond market having difficulty – ultra-low-grade; O2 U& J) C4 r! h$ F: f- t' a
CCC issues and European high yield, which are both down about 2.5% year-to-date. All other bond markets are, A! v1 L0 [" @
positive for the year-do-date, including high yield.
  t/ H# N! |0 }& E Mortgages – There is no funding for new construction, but existing quality properties are having no trouble8 O6 J) n0 I+ F# g. Q, ]! w; U, j
finding financing.6 K/ {" U" z& ^- q) M+ i: D
 Commercial mortgage-backed securities (CMBS) – In the summer, there were two failed transactions, but they7 i2 @% v# D" @7 {
were subsequently repriced and placed. In the fall, there will be more deals.
, d- d& T& f$ n) G& I2 T8 v Leveraged floating rate collateralized loans – The index was trading at $90 last September, $96 in March and
6 E( o. J5 z( E& Y. Yis now back to $90. Changes were a result of interest rate expectations (people thought that interest rates were
9 {: O1 z0 n9 x& h& h7 d3 I4 [going up) rather than liquidity. Chapter 11 companies have no problem getting secured and when they file for
3 ?+ a) F: D4 @6 B2 h+ r2 Y3 mbankruptcy, they already have debt financing in place.% a% z) ^! ~' V4 d( r3 {
 European banks – European bank lending conditions are tighter. This is the weakest link in the financial chain
9 k% v) v0 i& f( ~4 ctoday.) |  i0 B' p( n  I, S# c
 Emerging markets – Sovereign rates have rallied along with U.S. Treasuries. High-grade corporates in1 Q& U# c; @+ m: @) ?9 w
emerging markets have no problem with funding.
鲜花(3) 鸡蛋(0)
 楼主| 发表于 2011-9-17 13:18 | 显示全部楼层
European Union agenda
1 }$ L% Q! i9 t6 H- p4 B Europe is frantic and will remain so for at least another four months – which is what we see as the timeline for" Z7 J. @& G) _. }, \( m
the Greek default.
5 P; C% @. q  O: o# Y; O As we see it, the following firewalls need to be put in place:
3 o% d7 v: k5 ?+ M2 a: R1. Making sure that banks have enough capital and deposit insurance to survive a Greek default
! o" U1 {: ~2 V+ K2. The European Financial Stability Facility, which is to be used for the bank capital injection and sovereign9 u  u, x' _4 E  Q
debt stabilization, needs government approvals.. j; _) c1 b9 p: S! `/ P
3. Measures of assistance to help European banks to make $1.7 trillion in refinancing easier and allowing: r) |0 J- m! f$ m$ j
banks to shrink their balance sheets over three years
# \+ r$ l% w1 ^0 g2 w$ J& _4. More fiscal reform for Spain, Italy and France is a precondition for stable sovereign debt markets.4 S3 E# d( q0 d' j; c$ R
+ Q; h5 f, N  ?( \* J* O9 N
Beyond Greece
& @* r0 T; K8 K0 w3 P# m9 w' Y3 V4 S' o" O The EFSF #2 plan announced in July was a toolkit to deal with the PIGS (Portugal, Ireland, Greece and Spain),
9 L5 T! E' X: e* @7 E/ y0 Hbut that was before Italy.1 B* ~* F% {7 I+ G# S- ]
 It provided a $500-billion loan program, but $250 billion was already spoken for by the PIGS.
: e7 p  f3 J% v4 ]( q7 g It’s an undersized framework and if negative growth/interest rate dynamics keep investors from sponsoring the! I( Y9 o- G! n1 f' Z) r' y# r
Italian bond market, the EU crisis will escalate further.
8 u0 f+ L4 @, @
# R/ w1 [! e& V' L' s9 P5 t9 NConclusion5 a9 [% E- Z8 d: H% o, I
 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, 2026-1-2 22:00 , Processed in 0.213340 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