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2015 Global Market - Developed Market

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发表于 2015-2-2 18:44:14 | 显示全部楼层 |阅读模式
本帖最后由 理财投资Aurora 于 2015-2-2 22:47 编辑

Japan
Japan is on a high-stakes bet that monetary stimulus will jump-start the country’s economy, pumping trillions more yen into the economy, not only buying bonds, but even equities. This doesn’t come without risk. What if the central bank actually succeeds and inflation starts to take off quickly? Japan’s public debt load stands at almost 250% of GDP, the highest inthe G7. The plus sides are, almost 45% of Japanese companies announced dividend hikes in 2014, the highest percentage since data became available in 1995. Japanese equities are the cheapest in the developed world; despite Japanese accounting standards are more conservative than else where. Being bullish on Japanese equities has become somewhat mainstream among investors in the last two years. Foreign investors dominate 60% of trading volume on the Tokyo Stock Exchange.

Europe
Cheap equity valuations already reflect a subdued growth environment, as well as building fears of deflation and increased uncertainty caused by anti-austerity party winning Greece’s election. QE alone is unlikely to spur European growth,but it should go a long way in mitigating the risk of deflation and supporting European equities, particularly in peripheral countries, where stocks are already up sharply year-to-date. Eurozone growth could surprise on the upside due to rock-bottom expectations. Cyclicals such as European automakers lookcheap; with many companies trading near 2008–2009 lows. Overweight financials, underweight defensives, such as consumer staples, health care, telecom,and utilities.

Read other related articles:
2015 Global Market Outlook - Overview
2015 Global Market Outlook - US
2015 Global Market Outlook - Emerging Market

2014 Global Market Review
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