Credit Suisse Weekly
ECB cut by the expected 50bps - market reaction was moderate
- European markets waited for the ECB's meeting on Thursday when the 50bps cut we have expected was announced. The refinancing rate stands now at 2.75%, which represents the lowest rate since November 1999. The modest reaction of the market shows that the cut was expected and already priced in.
- Monday, December 09 - 2002 at 15:17
Comments on mortgage industry
- Despite the economic figures released this week showing a mixed picture we believe that there is a high chance for the ECB to cut 50bps in its meeting this Thursday.
- Tuesday, December 03 - 2002 at 12:41
We believe there is a potential for earnings downgrades in 03
- Despite our trading call, our fundamental stance remains unchanged in that we believe there is a potential for earnings downgrades in 03. We would focus on defensive companies, which provide a reasonable dividend yield.
- Tuesday, November 26 - 2002 at 12:39
Focus on defensive, income paying stocks
- Amidst earning releases from several financial companies, investors looked over the current disappointing numbers and focused on improved earnings forecast. Although valuations of banks look attractive, we remain cautious on the sector, as we would like to see clear signs of improving economic data and equity markets.
- Monday, November 18 - 2002 at 17:00
US Automobile industry, the momentum has not been reached as yet
- The ECB and BoE left interest rates unchanged, however the possibility that at least the ECB will announce a cut at their next meeting on 5th December increased.
- Monday, November 11 - 2002 at 15:27
Focussing on the central bank meetings of FOMC, ECB and BoE
- We only expect the FOMC to lower interest rates. This remains a rally in a bear market rather than the beginning of a bull market. We expect the upside to be limited from here and recommend lightening up positions
- Tuesday, November 05 - 2002 at 15:01
Reducing portfolio positions - a wise move for 4Q and 1Q03
- We recommend reducing portfolio positions as we expect markets to react negatively to downward revisions in the 4Q and 1Q03 earnings forecasts.
- Tuesday, October 29 - 2002 at 10:28
Remain cautious until growth in top line sales improves
- We see the recent rally as a rebound from technically oversold levels and believe that the underlying picture has not improved significantly to justify these gains. The biggest driver in the recent earnings reports came from cost cutting and efficiency improvements. We would remain cautious until we see improvements in top line sales growth.
- Tuesday, October 22 - 2002 at 09:32
Web Feeds