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2014 Global Market Outlook - Canada + Europe

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发表于 2014-1-27 16:21:20 | 显示全部楼层 |阅读模式
本帖最后由 理财投资Aurora 于 2014-1-27 16:24 编辑

Equity - Canada
Last year S&P/TSX advanced about 8%, 7% happened during the last quarter in 2013. S&P/TSX sits at approximately 15 forwards P/E, marginally lower than S&P 500.Though US earnings are well above levels prior to 2008 market crash, Canadian earnings are still 15% below peak earnings.

Financial sector will continue to remain relative attractive. The eventual increasing interest rate is likely going to have negative impact on REITs. Housing market over construction in condominiumis likely to cause a construction slowdown and price decline. Usually material sector will recover as the global economies recover and countries start building more.  However, many regions had engaged in an infrastructure over expansion in order to stimulate economy after2008 market crash. Thus material sector will face a slower recover. Nonetheless, Industry and Energy sectors will start to gain more ground to narrow the earning gap.

Equity - Europe
European market has risen more than 20% in domestic currency in last year, almost half occurred during the last quarter in 2013. Europe will continue to perform well relative to other regions, as its P/E is still substantially below the norm. Leading indicators remain firm and inventory levels are still low. Major countries like UK, Germany and France equity market already advanced significantly during the last two years, now signs are showing periphery countries like Spain and Greece also start looking good.

The favorable sectors are Consumer Discretionary, Media, Gaming and Technology. Avoid Automakers, as extremely weak demand in Europe, as well as Utilities.

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