There are two key challenges to the U.S. market: one is Fed policy -- and it's still our concern that the Fed will be increasing rates this side of Christmas; secondly, it's the slowing corporate earnings outlook. Although corporate earnings are still probably going to rise, I think there's a concern that numbers may come in below consensus and drive the markets down.
There's still a bit of a tech wreck going on in the wake of the Nasdaq weakness. The other problem is that we haven't had good sector rotation and we've seen a bit of a sell-off in the banks. The results for the banks have not been too good - they are facing margin pressures.
These situations often provide buying opportunities, rather than reasons to sell stocks. We've seen all this before. They argue, and then they resolve things.
This could finally lead to a sell-off in U.S. equities. And then European stocks would mirror falls on Wall Street.
This thing has been bid down and down. But I think on fundamentals now, taking a two to three-year view, people have got more comfortable with the level that we're paying.
This was not good-quality institutional buying. It was really a question of people playing the trading range.
This won't prevent a mini-recession in mid-1999.
Today I think there will be a set back (in the U.S. markets) following the lead of Europe. Investors are nervous ahead of Sept. 11 -- people just don't want to take positive positions.
We felt that the momentum of growth through the fourth quarter was going to feed into the first, there's no change of view.
We were saying that sectors matter now, not countries, but Germany's performance, with its preponderance of domestic issues, has shown that country factors still matter.
We'll see an acceleration of M&A activity in 1999.
We're looking at growth which is more balanced. We're looking for this economy to move on through domestic demand.
Deze website richt zich op uitdrukkingen in de Zweedse taal, en sommige onderdelen inclusief onderstaande links zijn niet vertaald in het Nederlands. Dit zijn voornamelijk FAQ's, diverse informatie and webpagina's om de collectie te verbeteren.
Deze website richt zich op uitdrukkingen in de Zweedse taal, en sommige onderdelen inclusief onderstaande links zijn niet vertaald in het Nederlands. Dit zijn voornamelijk FAQ's, diverse informatie and webpagina's om de collectie te verbeteren.