“Despite the latest GDP data, the tightening of U.S. monetary policy is beginning to produce the desired slowdown in the U.S.,” said Stefano Zoffoli, the managing shareholder of Julius Bear, “As a result fears Shooting inflation should subside. In the equities market sussegguono publications tremestrali business results. According to First Call America more than half of companies have already published their results. 63% has surprised positively and only 7% have disappointed expectations. The latter are heavily penalized for example, Lucent has fallen about 20% in one day after publication or Nokia. Among the companies that have posted good results instead include Ariba, Texas Instruments, American Express. Even in Europe we have seen robust earnings growth (SAP, Siemens, Philips, Alcatel) for companies listed on European stock markets are expected to increase profits by 19% for 2000 and 14% for 2001. The technology sector remains the most favored from this growth. The telecommunications sector is still in a consolidation phase, the possible reduction of costs of UMTS-licenses could give a boost to the sector. ultimamenete feature that emerges is that the market today is dominated by a few Blue Chips, competition is getting stronger and that from a microeconomic point of view from side to reduced margins for the companies (making it more difficult for existence) and the other a downward pressure on prices. In this scenario, the stock selection becomes very important. To summarize, we see no danger of a crash, given that the global situation is in strong growth, corporate profits are still growing above the historical average and interest rates should no longer climb the medium-term prospects are good. This is especially true for large European companies that seize the fruits of restructuring hours and hours already possess a good share in various markets.
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