businessweek 7月13日
のど元過ぎればなんとやらで、ダウは上がったり下がったりでして。サブプライム問題ってどうなってるんですかね。
Two days after fears about the subprime housing market and turbulence in the bond market spooked investors, bullish sentiment roared back on July 12, pushing the Dow and Standard & Poor's 500 indexes to new records. The Dow Jones industrial average's 283-point, 2.1%, jump was its largest in more than four years.
The S&P 500 gained 28.94 points, or 1.91%, to 1547.70, and the tech-heavy NASDAQ composite index rose 49.94 points, or 1.88%, to 2701.73, a six-and-a-half year high.
ウォルマート等、major retailers６月の売上が良かったんですな。
Consumer Activity Spurs Investor Activity
The buying spree commenced after several major retailers, including Wal-Mart Stores, Target, and Abercrombie & Fitch (ANF), released June sales figures suggesting that stalwart U.S. consumers were back to their old spending ways and that corporate earnings would rebound. "Maybe the consumer isn't dead after all," says John Wilson, chief technical strategist at Morgan Keegan.
Canada's Alcan のMA話もダウ上昇の背景らしく、
The bulls' primary driver has been "vast and beyond belief" levels of M&A, buyout, and stock buyback activity
とのコメントがのってます。日本でもbeyond beliefみたいなMA本格化があるのかなあ。余談でした。
で、サブプライム問題はどうなったって?
Subprime Who?
But hasn't it been a season of fear for investors? What about the subprime-backed bond mess and the downward revision of billions in asset values by rating agencies? What about the retrenchment in newly cautious debt markets and the likely slowing of M&A activity?
そう、状況が変わったわけではないんですよね。”did nothing to alter them”おっしゃる通りです。
Yes, those issues still hang over Wall Street, and the retail, M&A, and trade deficit picture that emerged July 12 did nothing to alter them. "I don't think anything has fundamentally changed from last week," says Barry Ritholtz of Ritholtz Research & Analytics.
小売が良いって言うけど、Macy's (M)、Home Depot (HD) and Sears Holdings (SHLD)はダメじゃん、ということもある。
Investors' spirits were stirred by good news on chain store sales from retailers including Wal-Mart (WMT; +2.41%), Target (TGT; +6.77%), and J.C. Penney (JCP; +6.04%). Macy's (M) did not share in the good news, after its sales were weaker than expected and the company joined Home Depot (HD) and Sears Holdings (SHLD) in cutting its earnings outlook. Macy's was off nearly 3%, to 39.25.
HDは住宅販売の落ちが効いてるんでしたっけ。
６月の小売だけじゃわからん。７月も見よ。６月ってセールス月ってことですかね。
Briefing.com, a Chicago market analysis firm, noted that June may not be the best indicator of the retail sector, given heavy merchandise promotions. "July will be a more telling month with respect to same-store sales activity and the consumer's willingness to spend in a presumably less promotional environment," the firm said.
サブプライム問題は間接的に効いてくる。
Subprime problems remain an "indirect threat" to the market because of the danger they pose to debt markets and M&A and buyback activity, Ritholtz says.
金余りが支えているマーケットと言われているのに、縮小に向かう危険があるってことでしょうかね。
楽観論者がいるからマーケットも反発したわけですが。
Many seem to believe problems with housing and subprime mortgages are confined to one corner of the economy. The selling earlier in the week, blamed largely on the concern over subprime, may have been simply "a knee-jerk nervous reaction as we start the earnings season," says Wilson of Morgan Keegan.
サププライム問題は限定的だと見ているわけですね。もともと国内の評論家はそういう見方をしていた人が多かったような気がしますが。実際どうなんですかね。
もうひとつの楽観論の背景。円安でもあるが、ドル安ユーロ高でもあるわけで、これが国際企業の業績を支える。ふむふむ。
One other factor possibly cheering equity players? Continued weakness in the U.S. dollar vs. the euro. Roger Volz, chief technical strategist for Swiss American Securities, thinks the lower greenback will actually help the bottom lines of multinational corporations, and he believes that's one reason the Dow has surged to record heights, according to S&P MarketScope. Big multinationals like American Express (AXP; +5.06%), Caterpillar (CAT; +2.34%), Exxon Mobil (XOM; +2.67%), Honeywell (HON; +2.89%), Merck (MRK; +3.82%), and 3M (MMM; +2.33%) were among the blue-chip leaders.
のど元過ぎればなんとやらで、ダウは上がったり下がったりでして。サブプライム問題ってどうなってるんですかね。
Two days after fears about the subprime housing market and turbulence in the bond market spooked investors, bullish sentiment roared back on July 12, pushing the Dow and Standard & Poor's 500 indexes to new records. The Dow Jones industrial average's 283-point, 2.1%, jump was its largest in more than four years.
The S&P 500 gained 28.94 points, or 1.91%, to 1547.70, and the tech-heavy NASDAQ composite index rose 49.94 points, or 1.88%, to 2701.73, a six-and-a-half year high.
ウォルマート等、major retailers６月の売上が良かったんですな。
Consumer Activity Spurs Investor Activity
The buying spree commenced after several major retailers, including Wal-Mart Stores, Target, and Abercrombie & Fitch (ANF), released June sales figures suggesting that stalwart U.S. consumers were back to their old spending ways and that corporate earnings would rebound. "Maybe the consumer isn't dead after all," says John Wilson, chief technical strategist at Morgan Keegan.
Canada's Alcan のMA話もダウ上昇の背景らしく、
The bulls' primary driver has been "vast and beyond belief" levels of M&A, buyout, and stock buyback activity
とのコメントがのってます。日本でもbeyond beliefみたいなMA本格化があるのかなあ。余談でした。
で、サブプライム問題はどうなったって?
Subprime Who?
But hasn't it been a season of fear for investors? What about the subprime-backed bond mess and the downward revision of billions in asset values by rating agencies? What about the retrenchment in newly cautious debt markets and the likely slowing of M&A activity?
そう、状況が変わったわけではないんですよね。”did nothing to alter them”おっしゃる通りです。
Yes, those issues still hang over Wall Street, and the retail, M&A, and trade deficit picture that emerged July 12 did nothing to alter them. "I don't think anything has fundamentally changed from last week," says Barry Ritholtz of Ritholtz Research & Analytics.
小売が良いって言うけど、Macy's (M)、Home Depot (HD) and Sears Holdings (SHLD)はダメじゃん、ということもある。
Investors' spirits were stirred by good news on chain store sales from retailers including Wal-Mart (WMT; +2.41%), Target (TGT; +6.77%), and J.C. Penney (JCP; +6.04%). Macy's (M) did not share in the good news, after its sales were weaker than expected and the company joined Home Depot (HD) and Sears Holdings (SHLD) in cutting its earnings outlook. Macy's was off nearly 3%, to 39.25.
HDは住宅販売の落ちが効いてるんでしたっけ。
６月の小売だけじゃわからん。７月も見よ。６月ってセールス月ってことですかね。
Briefing.com, a Chicago market analysis firm, noted that June may not be the best indicator of the retail sector, given heavy merchandise promotions. "July will be a more telling month with respect to same-store sales activity and the consumer's willingness to spend in a presumably less promotional environment," the firm said.
サブプライム問題は間接的に効いてくる。
Subprime problems remain an "indirect threat" to the market because of the danger they pose to debt markets and M&A and buyback activity, Ritholtz says.
金余りが支えているマーケットと言われているのに、縮小に向かう危険があるってことでしょうかね。
楽観論者がいるからマーケットも反発したわけですが。
Many seem to believe problems with housing and subprime mortgages are confined to one corner of the economy. The selling earlier in the week, blamed largely on the concern over subprime, may have been simply "a knee-jerk nervous reaction as we start the earnings season," says Wilson of Morgan Keegan.
サププライム問題は限定的だと見ているわけですね。もともと国内の評論家はそういう見方をしていた人が多かったような気がしますが。実際どうなんですかね。
もうひとつの楽観論の背景。円安でもあるが、ドル安ユーロ高でもあるわけで、これが国際企業の業績を支える。ふむふむ。
One other factor possibly cheering equity players? Continued weakness in the U.S. dollar vs. the euro. Roger Volz, chief technical strategist for Swiss American Securities, thinks the lower greenback will actually help the bottom lines of multinational corporations, and he believes that's one reason the Dow has surged to record heights, according to S&P MarketScope. Big multinationals like American Express (AXP; +5.06%), Caterpillar (CAT; +2.34%), Exxon Mobil (XOM; +2.67%), Honeywell (HON; +2.89%), Merck (MRK; +3.82%), and 3M (MMM; +2.33%) were among the blue-chip leaders.