The document provides a quarterly market insight report for the first quarter of 2011. It discusses the positive performance of both stocks and bonds during the quarter despite facing various geopolitical and economic challenges. Stocks posted their best first quarter gains in nearly 15 years, led by the energy and industrial sectors, while bonds achieved low to mid single-digit returns. Looking ahead, volatility is expected to remain for the rest of the year, providing both opportunities and risks for investors.
The S&P 500 stock index endured its worst quarter since 2008 in Q3 2011, declining nearly 14% due to concerns over European debt and a downgrade of the US credit rating. Despite the market decline, the US economy continued expanding slowly. Defensive sectors like utilities outperformed cyclical sectors as negative investor sentiment dominated. While growth has been slow, corporate earnings remain strong, suggesting more upside potential for stocks if a credible European rescue plan is achieved.
- In July, global stock markets rallied as investors found relief in the results of the European bank stress tests. This led to an unwinding of the "safety trade" from the previous quarter.
- The Canadian market outperformed the U.S. market, which continues to see sluggish economic growth and job recovery. Most sectors in Canada saw gains in July, except for Materials which declined due to falling gold prices.
- Stronger economic data in several regions improved the outlook for commodity demand, benefiting related Canadian sectors such as Energy. However, near-term market volatility is still expected.
Great lessons to be learned from Japan’s balance sheet recessionSwedbank
The document summarizes Japan's economic situation and outlook following the global recession. It finds that Japan has been hit harder than other countries due to its export-focused manufacturing sector and a strengthening yen. While the worst decline appears to be over as exports and production stabilize, the recovery will be fragile with continued overcapacity, weak demand, and dependence on growth in other countries like the US and China. The growth forecast estimates a 6.5% GDP decline in 2009 and a modest 1% growth in 2010, with adjustments and global imbalances slowing a sustained rebound. Lessons from Japan's experience with balance sheet recessions and asset bubbles are also relevant for other countries facing similar challenges.
First Quarter Review of Monetary Policy 2012-13Ankur Pandey
The Reserve Bank of India document provides an overview of the state of the global and domestic economies. Globally, growth is slowing down across major advanced and emerging economies. In the euro area, risks remain from the fiscal and financial stability issues. Domestically, GDP growth is decelerating while inflation remains high. Monsoon rainfall so far has been below average.
FY18 started on a very optimistic note for Indian financial markets. BJP had just scored a massive electoral victory in UP. This was widely assumed to mean that people and economy have moved on leaving the scar of Demonetization behind. The market participants were full of hope anticipating GST to be panacea for many economic ailments. The proposed New bankruptcy law, that was about to be passed by Lok Sabha, promised speedy resolution of NPAs. Analysts were very optimistic about earnings finally growing, after staying mostly flat for two preceding years.
The financial year has however ended on a rather cautious note with below par returns and considerably moderated expectations forFY19.
The popular commentary suggests that the participants are worried about a variety of factor. Some prominent of these factors could be listed as follows:
Hopes recede for a second half pickup in the Chinese economyQNB Group
1) Recent economic data from China has been disappointing and suggests that the economic slowdown is continuing into the third quarter of 2012.
2) Leading indicators such as trade data, purchasing manager indices, and industrial production all point to weaker growth.
3) While the government has approved infrastructure projects to stimulate the economy, its response has been more moderate than during the 2008-2009 crisis, as it aims to avoid re-inflating the property bubble.
- Global markets retreated this week as weak economic data from the US offset monetary easing by Japan and status quo from the ECB. Commodity prices fell on weak demand and rising US inventories.
- In Asia, Japan's aggressive monetary easing boosted stocks but other markets fell due to tensions in Korea and a bird flu scare in China. Manufacturing indicators rose in many Asian economies.
- European markets declined with high unemployment in the Eurozone and falling composite PMIs. The ECB and BoE kept rates unchanged while Portugal's austerity measures were rejected.
The Global Talent Market Quarterly is a summary of the current economic and labor market conditions around the world and gives insight into how they might impact you.
The S&P 500 stock index endured its worst quarter since 2008 in Q3 2011, declining nearly 14% due to concerns over European debt and a downgrade of the US credit rating. Despite the market decline, the US economy continued expanding slowly. Defensive sectors like utilities outperformed cyclical sectors as negative investor sentiment dominated. While growth has been slow, corporate earnings remain strong, suggesting more upside potential for stocks if a credible European rescue plan is achieved.
- In July, global stock markets rallied as investors found relief in the results of the European bank stress tests. This led to an unwinding of the "safety trade" from the previous quarter.
- The Canadian market outperformed the U.S. market, which continues to see sluggish economic growth and job recovery. Most sectors in Canada saw gains in July, except for Materials which declined due to falling gold prices.
- Stronger economic data in several regions improved the outlook for commodity demand, benefiting related Canadian sectors such as Energy. However, near-term market volatility is still expected.
Great lessons to be learned from Japan’s balance sheet recessionSwedbank
The document summarizes Japan's economic situation and outlook following the global recession. It finds that Japan has been hit harder than other countries due to its export-focused manufacturing sector and a strengthening yen. While the worst decline appears to be over as exports and production stabilize, the recovery will be fragile with continued overcapacity, weak demand, and dependence on growth in other countries like the US and China. The growth forecast estimates a 6.5% GDP decline in 2009 and a modest 1% growth in 2010, with adjustments and global imbalances slowing a sustained rebound. Lessons from Japan's experience with balance sheet recessions and asset bubbles are also relevant for other countries facing similar challenges.
First Quarter Review of Monetary Policy 2012-13Ankur Pandey
The Reserve Bank of India document provides an overview of the state of the global and domestic economies. Globally, growth is slowing down across major advanced and emerging economies. In the euro area, risks remain from the fiscal and financial stability issues. Domestically, GDP growth is decelerating while inflation remains high. Monsoon rainfall so far has been below average.
FY18 started on a very optimistic note for Indian financial markets. BJP had just scored a massive electoral victory in UP. This was widely assumed to mean that people and economy have moved on leaving the scar of Demonetization behind. The market participants were full of hope anticipating GST to be panacea for many economic ailments. The proposed New bankruptcy law, that was about to be passed by Lok Sabha, promised speedy resolution of NPAs. Analysts were very optimistic about earnings finally growing, after staying mostly flat for two preceding years.
The financial year has however ended on a rather cautious note with below par returns and considerably moderated expectations forFY19.
The popular commentary suggests that the participants are worried about a variety of factor. Some prominent of these factors could be listed as follows:
Hopes recede for a second half pickup in the Chinese economyQNB Group
1) Recent economic data from China has been disappointing and suggests that the economic slowdown is continuing into the third quarter of 2012.
2) Leading indicators such as trade data, purchasing manager indices, and industrial production all point to weaker growth.
3) While the government has approved infrastructure projects to stimulate the economy, its response has been more moderate than during the 2008-2009 crisis, as it aims to avoid re-inflating the property bubble.
- Global markets retreated this week as weak economic data from the US offset monetary easing by Japan and status quo from the ECB. Commodity prices fell on weak demand and rising US inventories.
- In Asia, Japan's aggressive monetary easing boosted stocks but other markets fell due to tensions in Korea and a bird flu scare in China. Manufacturing indicators rose in many Asian economies.
- European markets declined with high unemployment in the Eurozone and falling composite PMIs. The ECB and BoE kept rates unchanged while Portugal's austerity measures were rejected.
The Global Talent Market Quarterly is a summary of the current economic and labor market conditions around the world and gives insight into how they might impact you.
Investors have had to contend with many upsetting concerns over the last year, including geopolitical uncertainty, social unrest, natural disasters, monetary tightening, new regulations, and a U.S. government downgrade. The European Sovereign Debt Crisis was underway for over a year when the worrying Nightmares began compounding in March 2011. These Nightmares have undercut confidence and global growth expectations, which impeded equity returns and drove Treasury yields lower. Uncertainty fueled much higher volatility across equity, bond, currency, and commodity markets. Relative valuations across asset classes now provide compelling opportunities for active management, as extreme relative valuations should normalize. U.S. equity valuations are compelling enough, in our opinion, to support a U.S. equity return exceeding 9.5%.
Surprising strength in earnings, consumption, and investment activity has persisted. Earnings growth and high profit margins have benefited from above average productivity, but earnings growth is expected to slow this year to 10%, according to the consensus. The “output gapers” have argued that there is too much slack in employment and manufacturing capacity to push up inflation, yet consumer prices surged 3.9% before easing recently. Normalizing inflation and growth will increase pressure to raise interest rates.
Lear more at http://www.nafcu.org/nifcus
WEG's revenue grew 15.6% in 1Q09 compared to 1Q08, though margins declined as cost increases were not fully passed to prices and demand decreased with tougher market conditions. While the economic outlook remains uncertain, WEG maintained its diversified market presence and competitive position. Capital expenditures continued to expand production capacity according to observed demand trends.
Global equity markets declined due to weak economic data from Europe and concerns about upcoming elections. In Asia, Chinese and some other markets gained. In India, equity markets fell sharply on global macro concerns and speculation about tax treaty changes. Bond yields were mixed in India after lower-than-expected prices at auctions. The rupee weakened further against the dollar due to domestic concerns and a risk-off global environment.
This presentation has been prepared by the University Network for Investing and Trading (UNIT) to provide information to interested readers, and is not to be used, construed or appropriated as material providing investment advice. Forecasts, analyses or assumptions contained herein are the personal opinions of the author’s, based on publically available information. This presentation is not to be plagiarised in whole or in part without the consent of UNIT’s key executive members.
The RBI's annual monetary policy review raised key policy rates like the repo rate and reverse repo rate by 25 basis points each, in line with expectations. The review projected GDP growth of 8% for FY2011 and placed the baseline inflation projection at 5.5% for the same period. While current inflation drivers are supply-side factors like food and fuel, inflation is becoming more broad-based. Money supply growth is expected to increase, putting upward pressure on interest rates. The summary argues that monetary tightening may need to be front-ended in FY2011 to anchor inflation expectations given reviving consumption and lagged capital expenditure.
The document provides a quarterly market digest for the second quarter of 2009 from Ameriprise Advisor Services. Global markets rebounded in the second quarter after declines in the first quarter. Risk assets like stocks and commodities increased significantly. The US stock market rose 15.2% while international markets increased more. Economic data showed some improvement but not a robust recovery. Investors became more optimistic but paused in June to recalibrate expectations for a gradual recovery.
The document summarizes a report on business perspectives in Japan. It finds that while Japanese business optimism improved slightly in Q2 2012, sentiment remains negative. A shortage of orders is cited as the top constraint on growth. Rolling out energy saving initiatives is the most common action taken to reduce energy consumption. Overall the Japanese economy continues recovering slowly from the 2011 disasters, but faces challenges from a aging population and global economic uncertainties.
The Public Debt Management Office has released Thailand's bond auction plan for Q1 2011. Total bond supply will be increased to Bt94.5 billion, up from Bt90 billion in Q4 2010. Key changes include reducing the size of 5-10 year bond auctions while increasing 30-year bond auctions. The PDMO may also issue more 50-year bonds depending on demand. Savings bonds of 7-12 years may be added, while developments to the primary dealer program are expected by March 2011.
Markets witnessed a choppy session with negative sentiment as fears of Egyptian turmoil and rising oil prices worried traders. Most Asian markets were closed for holidays. In India, all sectors ended lower with significant losses. Corporate results so far showed a 22% rise in combined profits, but concerns are growing about a potential slowdown. The Sensex closed lower by 441 points and the Nifty fell 131 points due to selling pressure.
1) Despite a slowing macroeconomic environment, industrial leasing activity has increased as users seek to lock in favorable lease terms for Class A space.
2) However, industrial demand is expected to soften over the next few quarters in line with slowing global growth and a faltering manufacturing sector.
3) The tight supply of Class A industrial space continues to drive down availability rates and put upward pressure on lease rates, fueling new construction activity across major industrial markets.
Apertor chinese lodging-industry_growthGregg Carlson
This document provides an overview and analysis of the growth of the Chinese lodging industry. Some of the key points made in the document include:
- RevPAR growth in Asia Pacific and China significantly outpaced growth in Europe and the US in 2010, with China seeing 37% year-over-year RevPAR growth.
- Major hotel companies like IHG, Marriott, and Starwood remain positive about growth prospects in Asia and China in the coming years.
- The Chinese lodging market is dominated by independent hotels and guesthouses but is seeing rapid growth of branded economy and upper-scale hotels.
- The economy hotel segment in particular has grown dramatically, led by several Chinese operators, and
This document discusses regulatory implications of XBRL and other legal updates presented at the Tel Aviv Stock Exchange Visitor Center by Joseph Magnas of Morrison & Foerster LLP. It provides an overview of topics including why the SEC requires interactive data in filings, what filings require interactive data and what parts must be tagged, who must provide interactive data and when based on their filing status, and considerations regarding liability, certifications, and Dodd-Frank issues. The presentation outlines the phase-in requirements for interactive data based on filing status and fiscal period end dates.
The document summarizes the performance of various domestic and international stock market indexes in the third quarter of 2011. Some key points:
- Nearly all market segments experienced double-digit losses in the quarter due to events like the debt ceiling debate and US credit downgrade.
- Large cap stocks declined the most, with the S&P 500 down 13.9%. Small and mid cap stocks fared even worse, with the Russell 2000 down 21.9%.
- International stocks also declined sharply when measured in US dollars, with emerging markets down 22.5%.
- Bond markets performed better, with the Barclays US Aggregate Bond Index gaining 3.8% as investors sought safe havens.
In the third quarter of 2011, global equity markets experienced significant losses as major market indexes across all segments, styles, and countries posted double-digit declines. The domestic bond market performed better, with the Barclays US Aggregate index returning 3.8% for the quarter. Growth outperformed value in large cap stocks, while value slightly outperformed growth in small and mid caps. Most market sectors saw negative returns, with utilities being the only positive sector among large caps. Volatility is expected to continue in the near future given ongoing economic and political uncertainties.
- The document summarizes market developments in October, noting that equity markets rebounded strongly from early losses as positive US economic data and progress on Europe's sovereign debt issues boosted investor confidence.
- Cyclical investments like stocks, commodities and the Canadian dollar increased while more defensive assets like bonds saw more muted returns.
- Macroeconomic factors continue to dominate market movements as political uncertainty in Europe keeps rattling investors.
The document summarizes market developments in October 2011. Key points include:
- Global equity markets rebounded strongly in October due to better than expected US economic data and signs of progress on Europe's sovereign debt issues. Commodity prices and risk assets rose while bonds fell.
- Positive catalysts came from stronger North American economic data and a workable plan from European leaders to address their debt crisis. However, challenges remained for both the US and European economies.
- Cyclical investments outperformed more defensive sectors as optimism increased. Continued macroeconomic developments and shifts in investor sentiment were dominant market drivers.
Investors have had to contend with many upsetting concerns over the last year, including geopolitical uncertainty, social unrest, natural disasters, monetary tightening, new regulations, and a U.S. government downgrade. The European Sovereign Debt Crisis was underway for over a year when the worrying Nightmares began compounding in March 2011. These Nightmares have undercut confidence and global growth expectations, which impeded equity returns and drove Treasury yields lower. Uncertainty fueled much higher volatility across equity, bond, currency, and commodity markets. Relative valuations across asset classes now provide compelling opportunities for active management, as extreme relative valuations should normalize. U.S. equity valuations are compelling enough, in our opinion, to support a U.S. equity return exceeding 9.5%.
Surprising strength in earnings, consumption, and investment activity has persisted. Earnings growth and high profit margins have benefited from above average productivity, but earnings growth is expected to slow this year to 10%, according to the consensus. The “output gapers” have argued that there is too much slack in employment and manufacturing capacity to push up inflation, yet consumer prices surged 3.9% before easing recently. Normalizing inflation and growth will increase pressure to raise interest rates.
Lear more at http://www.nafcu.org/nifcus
WEG's revenue grew 15.6% in 1Q09 compared to 1Q08, though margins declined as cost increases were not fully passed to prices and demand decreased with tougher market conditions. While the economic outlook remains uncertain, WEG maintained its diversified market presence and competitive position. Capital expenditures continued to expand production capacity according to observed demand trends.
Global equity markets declined due to weak economic data from Europe and concerns about upcoming elections. In Asia, Chinese and some other markets gained. In India, equity markets fell sharply on global macro concerns and speculation about tax treaty changes. Bond yields were mixed in India after lower-than-expected prices at auctions. The rupee weakened further against the dollar due to domestic concerns and a risk-off global environment.
This presentation has been prepared by the University Network for Investing and Trading (UNIT) to provide information to interested readers, and is not to be used, construed or appropriated as material providing investment advice. Forecasts, analyses or assumptions contained herein are the personal opinions of the author’s, based on publically available information. This presentation is not to be plagiarised in whole or in part without the consent of UNIT’s key executive members.
The RBI's annual monetary policy review raised key policy rates like the repo rate and reverse repo rate by 25 basis points each, in line with expectations. The review projected GDP growth of 8% for FY2011 and placed the baseline inflation projection at 5.5% for the same period. While current inflation drivers are supply-side factors like food and fuel, inflation is becoming more broad-based. Money supply growth is expected to increase, putting upward pressure on interest rates. The summary argues that monetary tightening may need to be front-ended in FY2011 to anchor inflation expectations given reviving consumption and lagged capital expenditure.
The document provides a quarterly market digest for the second quarter of 2009 from Ameriprise Advisor Services. Global markets rebounded in the second quarter after declines in the first quarter. Risk assets like stocks and commodities increased significantly. The US stock market rose 15.2% while international markets increased more. Economic data showed some improvement but not a robust recovery. Investors became more optimistic but paused in June to recalibrate expectations for a gradual recovery.
The document summarizes a report on business perspectives in Japan. It finds that while Japanese business optimism improved slightly in Q2 2012, sentiment remains negative. A shortage of orders is cited as the top constraint on growth. Rolling out energy saving initiatives is the most common action taken to reduce energy consumption. Overall the Japanese economy continues recovering slowly from the 2011 disasters, but faces challenges from a aging population and global economic uncertainties.
The Public Debt Management Office has released Thailand's bond auction plan for Q1 2011. Total bond supply will be increased to Bt94.5 billion, up from Bt90 billion in Q4 2010. Key changes include reducing the size of 5-10 year bond auctions while increasing 30-year bond auctions. The PDMO may also issue more 50-year bonds depending on demand. Savings bonds of 7-12 years may be added, while developments to the primary dealer program are expected by March 2011.
Markets witnessed a choppy session with negative sentiment as fears of Egyptian turmoil and rising oil prices worried traders. Most Asian markets were closed for holidays. In India, all sectors ended lower with significant losses. Corporate results so far showed a 22% rise in combined profits, but concerns are growing about a potential slowdown. The Sensex closed lower by 441 points and the Nifty fell 131 points due to selling pressure.
1) Despite a slowing macroeconomic environment, industrial leasing activity has increased as users seek to lock in favorable lease terms for Class A space.
2) However, industrial demand is expected to soften over the next few quarters in line with slowing global growth and a faltering manufacturing sector.
3) The tight supply of Class A industrial space continues to drive down availability rates and put upward pressure on lease rates, fueling new construction activity across major industrial markets.
Apertor chinese lodging-industry_growthGregg Carlson
This document provides an overview and analysis of the growth of the Chinese lodging industry. Some of the key points made in the document include:
- RevPAR growth in Asia Pacific and China significantly outpaced growth in Europe and the US in 2010, with China seeing 37% year-over-year RevPAR growth.
- Major hotel companies like IHG, Marriott, and Starwood remain positive about growth prospects in Asia and China in the coming years.
- The Chinese lodging market is dominated by independent hotels and guesthouses but is seeing rapid growth of branded economy and upper-scale hotels.
- The economy hotel segment in particular has grown dramatically, led by several Chinese operators, and
This document discusses regulatory implications of XBRL and other legal updates presented at the Tel Aviv Stock Exchange Visitor Center by Joseph Magnas of Morrison & Foerster LLP. It provides an overview of topics including why the SEC requires interactive data in filings, what filings require interactive data and what parts must be tagged, who must provide interactive data and when based on their filing status, and considerations regarding liability, certifications, and Dodd-Frank issues. The presentation outlines the phase-in requirements for interactive data based on filing status and fiscal period end dates.
The document summarizes the performance of various domestic and international stock market indexes in the third quarter of 2011. Some key points:
- Nearly all market segments experienced double-digit losses in the quarter due to events like the debt ceiling debate and US credit downgrade.
- Large cap stocks declined the most, with the S&P 500 down 13.9%. Small and mid cap stocks fared even worse, with the Russell 2000 down 21.9%.
- International stocks also declined sharply when measured in US dollars, with emerging markets down 22.5%.
- Bond markets performed better, with the Barclays US Aggregate Bond Index gaining 3.8% as investors sought safe havens.
In the third quarter of 2011, global equity markets experienced significant losses as major market indexes across all segments, styles, and countries posted double-digit declines. The domestic bond market performed better, with the Barclays US Aggregate index returning 3.8% for the quarter. Growth outperformed value in large cap stocks, while value slightly outperformed growth in small and mid caps. Most market sectors saw negative returns, with utilities being the only positive sector among large caps. Volatility is expected to continue in the near future given ongoing economic and political uncertainties.
- The document summarizes market developments in October, noting that equity markets rebounded strongly from early losses as positive US economic data and progress on Europe's sovereign debt issues boosted investor confidence.
- Cyclical investments like stocks, commodities and the Canadian dollar increased while more defensive assets like bonds saw more muted returns.
- Macroeconomic factors continue to dominate market movements as political uncertainty in Europe keeps rattling investors.
The document summarizes market developments in October 2011. Key points include:
- Global equity markets rebounded strongly in October due to better than expected US economic data and signs of progress on Europe's sovereign debt issues. Commodity prices and risk assets rose while bonds fell.
- Positive catalysts came from stronger North American economic data and a workable plan from European leaders to address their debt crisis. However, challenges remained for both the US and European economies.
- Cyclical investments outperformed more defensive sectors as optimism increased. Continued macroeconomic developments and shifts in investor sentiment were dominant market drivers.
The document summarizes market performance in the third quarter of 2011. Major stock market indexes experienced significant losses, with the S&P 500 returning -13.9%. International markets also saw declines. In contrast, bond markets performed well with the Barclays US Aggregate returning 3.8%. By market segment, large cap stocks declined more than small and mid cap stocks. Among equity styles, growth outperformed value in large caps while value did better in small and mid caps. Most market sectors saw losses, with utilities being the only positive sector.
The document provides an equity market update for March 2019. It summarizes recent macroeconomic indicators in India and globally. In India, GDP growth slowed in Q3 FY19 while the trade deficit and current account deficit widened. Globally, growth slowed in the US, Eurozone, UK, and China in Q4 2018. In February 2019, the Indian equity market declined 1.07% as tensions rose between India and Pakistan, while corporate earnings growth remained muted. The outlook is neutral in the near term given ongoing global and domestic uncertainties like the national elections. The document recommends continuing SIP investments in mutual funds and maintaining asset allocation.
Canada Life is a leading provider of life, pensions and investments in Ireland with over 100 years of experience. It receives high financial ratings and partners with top investment managers to offer a broad range of investment choices to Irish investors. The Canada Life/Setanta Dividend Fund follows a value investing strategy focused on companies that pay above average dividends. Research shows dividends provide a major contribution to long-term stock returns, with high dividend paying stocks outperforming lower dividend stocks. The fund takes a diversified, value-based approach to investing in high quality dividend paying companies.
LPL Financial Research Second Quarter 2012 Market Insightchrisphil
The document provides an overview of market performance in the second quarter of 2012. Some key points:
- Stocks fell from the start of the quarter due to concerns over the European fiscal crisis and slowing global growth. The S&P 500 lost 2.8% for the quarter.
- Bonds fared better than stocks, with the Barclays Aggregate Bond Index returning 2.1% for the quarter. Safe haven buying amid the European crisis and global growth fears pushed yields lower.
- Commodities lost nearly 5% for the quarter on global growth fears and a strong US dollar, wiping out modest first quarter gains. Crude oil dropped nearly 20% for the quarter.
The U.S. government has pushed up against its federally mandated debt ceiling and cannot borrow more unless the ceiling is raised. What can we expect in the coming weeks? Our market update provides some insights.
The document provides a market and performance update for July 2012 from SEI Investment Management. It summarizes that global equities and bonds posted marginal gains for the month, while a degree of calm returned to markets. The European Central Bank's commitment to save the euro helped improve sentiment, though disappointing economic data ensured a subdued mood. Portfolios benefited from overweight positions in health care, energy, and materials stocks, while financials and consumer staples picks lagged.
The document provides John Leslie's market analysis for April 2011. It discusses the positive trends in the US economy and markets, including improvements in employment, manufacturing, and consumer confidence. It also notes lingering issues in housing. The analysis presents both bullish and bearish perspectives on the market outlook. Technical indicators profile sector performance and point to bullish trends in energy, industrials, and materials. Fixed income and commodities relationships are also examined.
The document provides an overview and commentary on Templeton Emerging Markets investments for the quarter ended September 30, 2011. Concerns over sovereign debt in Europe and the US dominated markets in the quarter. Emerging markets declined sharply, with the MSCI Emerging Markets Index falling 22.46% in US dollar terms. Growth slowed or weakened in many major emerging economies like China, India, Brazil, and Russia. Central banks in some countries cut rates to support growth. Overall, heightened global risks and economic uncertainties led to a challenging quarter for emerging markets.
- During the 3rd quarter of 2015, most major market indexes experienced negative returns due to macroeconomic and geopolitical uncertainties. Domestic markets fared better than international but still saw declines.
- Nine of the ten sectors in large cap stocks and all ten sectors in small cap stocks had negative returns for the quarter. Commodity-driven sectors like energy and materials saw the weakest performance.
- Six of the ten sectors in both large and small cap indexes showed price-to-earnings ratios lower than their 20-year averages, indicating potential value. Information technology and financials appeared most undervalued relative to history.
In the second quarter of 2010, global economic growth showed signs of moderating which drove investors to shift assets into safe havens like government bonds, the US dollar, and gold. Concerns over fiscal tightening in Europe, policy changes in China, and weaker US economic data contributed to the more risk-averse investor sentiment. The Canadian market declined in the quarter but outperformed other developed markets, led higher by gold stocks, while cyclical sectors tied to global growth fared worst.
Interim Budget 2019, presented on Feb 1, held a few good surprises for the farmer community and the salaried classes but was largely in line with market expectations. Markets, which had already ended January 2019 on a flat note (up 0.5% for the month), remained largely unaffected by the Budget announcements. Read the document to know more.
- The document summarizes major market developments in June 2011, including disappointing US economic data and European sovereign debt issues that dampened investor confidence and sparked an equity market pullback.
- Key factors that contributed to the market downturn included weak economic data from the US and Europe, as well as ongoing concerns about European sovereign debt and the Greek debt crisis.
- The resource-heavy Canadian market, as measured by the S&P/TSX Composite, underperformed other markets in June due to its exposure to declining commodity prices. Energy and materials sectors saw some of the largest declines.
The document provides an analysis of market performance and the economic outlook from The Applied Finance Group. Key points:
- While some economic indicators have improved recently, the author believes stimulus programs are driving most of the gains and underlying growth remains weak.
- Easy profits have been made by simply investing in equities earlier this year, but picking individual stocks will be more important going forward as the market becomes less attractive.
- Challenges remain including high unemployment, problem banks, and uncertainty around the impact of expiring stimulus programs.
1) 2011 was a difficult year for global stock markets which declined significantly, while bond markets performed well as investors sought safe havens.
2) Economic uncertainty and lack of policy resolution led to high market volatility, with no country or sector immune to fluctuations.
3) Looking to 2012, the document predicts continued subpar global growth, recession in the Eurozone, and a bumpy ride for markets dependent on resolution of European fiscal issues.
Emerging markets can provide diversification benefits but have also experienced periods of volatility and performance differences compared to developed markets. Over the long-term from 1988 to 2019, emerging markets outperformed developed international markets with higher annualized returns but also higher risk. However, short-term performance has varied significantly, with emerging markets strongly outperforming or underperforming developed markets by over 30 percentage points in some years. Country-level returns within emerging markets also display wide dispersion, underscoring the importance of diversification. The composition and size of emerging markets has evolved significantly over time, with China now representing over 30% of the emerging market index.
SATTA MATKA DPBOSS KALYAN MATKA RESULTS KALYAN CHART KALYAN MATKA MATKA RESULT KALYAN MATKA TIPS SATTA MATKA MATKA COM MATKA PANA JODI TODAY BATTA SATKA MATKA PATTI JODI NUMBER MATKA RESULTS MATKA CHART MATKA JODI SATTA COM INDIA SATTA MATKA MATKA TIPS MATKA WAPKA ALL MATKA RESULT LIVE ONLINE MATKA RESULT KALYAN MATKA RESULT DPBOSS MATKA 143 MAIN MATKA KALYAN MATKA RESULTS KALYAN CHART
IMPACT Silver is a pure silver zinc producer with over $260 million in revenue since 2008 and a large 100% owned 210km Mexico land package - 2024 catalysts includes new 14% grade zinc Plomosas mine and 20,000m of fully funded exploration drilling.
Profiles of Iconic Fashion Personalities.pdfTTop Threads
The fashion industry is dynamic and ever-changing, continuously sculpted by trailblazing visionaries who challenge norms and redefine beauty. This document delves into the profiles of some of the most iconic fashion personalities whose impact has left a lasting impression on the industry. From timeless designers to modern-day influencers, each individual has uniquely woven their thread into the rich fabric of fashion history, contributing to its ongoing evolution.
During the budget session of 2024-25, the finance minister, Nirmala Sitharaman, introduced the “solar Rooftop scheme,” also known as “PM Surya Ghar Muft Bijli Yojana.” It is a subsidy offered to those who wish to put up solar panels in their homes using domestic power systems. Additionally, adopting photovoltaic technology at home allows you to lower your monthly electricity expenses. Today in this blog we will talk all about what is the PM Surya Ghar Muft Bijli Yojana. How does it work? Who is eligible for this yojana and all the other things related to this scheme?
Discover timeless style with the 2022 Vintage Roman Numerals Men's Ring. Crafted from premium stainless steel, this 6mm wide ring embodies elegance and durability. Perfect as a gift, it seamlessly blends classic Roman numeral detailing with modern sophistication, making it an ideal accessory for any occasion.
https://rb.gy/usj1a2
Unlocking WhatsApp Marketing with HubSpot: Integrating Messaging into Your Ma...Niswey
50 million companies worldwide leverage WhatsApp as a key marketing channel. You may have considered adding it to your marketing mix, or probably already driving impressive conversions with WhatsApp.
But wait. What happens when you fully integrate your WhatsApp campaigns with HubSpot?
That's exactly what we explored in this session.
We take a look at everything that you need to know in order to deploy effective WhatsApp marketing strategies, and integrate it with your buyer journey in HubSpot. From technical requirements to innovative campaign strategies, to advanced campaign reporting - we discuss all that and more, to leverage WhatsApp for maximum impact. Check out more details about the event here https://events.hubspot.com/events/details/hubspot-new-delhi-presents-unlocking-whatsapp-marketing-with-hubspot-integrating-messaging-into-your-marketing-strategy/
Starting a business is like embarking on an unpredictable adventure. It’s a journey filled with highs and lows, victories and defeats. But what if I told you that those setbacks and failures could be the very stepping stones that lead you to fortune? Let’s explore how resilience, adaptability, and strategic thinking can transform adversity into opportunity.
How are Lilac French Bulldogs Beauty Charming the World and Capturing Hearts....Lacey Max
“After being the most listed dog breed in the United States for 31
years in a row, the Labrador Retriever has dropped to second place
in the American Kennel Club's annual survey of the country's most
popular canines. The French Bulldog is the new top dog in the
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Microsoft’s Digital Transformation Framework
McKinsey’s Ten Guiding Principles of Digital Transformation
Forrester’s Digital Transformation Framework
IDC’s Digital Transformation MaturityScape
MIT’s Digital Transformation Framework
Gartner’s Digital Transformation Framework
Accenture’s Digital Strategy & Enterprise Frameworks
Deloitte’s Digital Industrial Transformation Framework
Capgemini’s Digital Transformation Framework
PwC’s Digital Transformation Framework
Cisco’s Digital Transformation Framework
Cognizant’s Digital Transformation Framework
DXC Technology’s Digital Transformation Framework
The BCG Strategy Palette
McKinsey’s Digital Transformation Framework
Digital Transformation Compass
Four Levels of Digital Maturity
Design Thinking Framework
Business Model Canvas
Customer Journey Map
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2011 Outlook
1. LPL FINANCIAL RESEARCH
MARKET INSIGHT
First Quarter 201
1
Market Insight
Table of Contents
2 Introduction 5 Commodities
3–4 The Stock Markets 6 Fixed Income –Taxable
5 The Economy 6 Fixed Income –Tax-Free
2. News & Views
from LPL Financial Research
Market Insight is a quarterly publication
intended to inform and empower your
investment decision making.
The first quarter of 2011 continued on the path of solid gains, but it
was certainly not a smooth ride. Stocks and bonds had to steer clear
of geopolitical risk, natural disasters, budget concerns, and European
debt problems, among other roadblocks, to generate positive returns
for investors.
While stocks enjoyed their best first quarter in nearly 15 years, the
strong performance may leave less fuel for gains between now and
the end of the year. Bonds hit some speed bumps in the first quarter,
but a middle-of-the road return in the low-to-mid single digits by year-
end still seems likely. We expect volatility to remain a constant, however,
that will continue to provide market opportunities to embrace and
potholes to be avoided.
The economic forecasts set forth in the presentation may not develop as predicted and there can be no
page 2 of 8 guarantee that strategies promoted will be successful. LPL Financial Member FINRA/SIPC
3. MARKET INSIGHT
The Stock Markets
Following a strong end to 2010, the U.S. stock market, as measured by
the S&P 500 Index, continued its march higher to begin 2011 with a gain
of 5.9% in the first quarter. The Index’s first quarter gain was its best first
quarter since 1998 and the third best first quarter of the past 20 years.
It was a relatively smooth ride, higher in the first six weeks of the year
through mid-February when the Index peaked at 1344, a gain of nearly 7%.
From there, stocks pulled back into early March and moved sharply lower
following the devastating earthquake, tsunami, and radioactive fallout in The Index’s first quarter gain was
Japan. The month-long contraction erased all of the quarter’s gains as the its best first quarter since 1998
Index closed at 1257 on March 16, exactly where it began the year. Stocks
and the third best first quarter of
rebounded, however, and moved higher in eight of the quarter’s final 11
trading sessions to finish at 1326 [chart 1]. Notably, the first quarter marked the past 20 years.
the two-year anniversary of the bull market that began in March 2009. From
the S&P 500 Index closing low of 677 on March 9, 2009, the market is up
approximately 100% on a total return basis.
The stock market rally occurred despite a number of hurdles, including
but certainly not limited to crippling snowstorms that covered most of the
country in January, a potential U.S. government shutdown, ongoing state
and municipal budget battles, renewed European debt concerns, rising
energy prices, violence and political uncertainty in the Middle East, and
the aforementioned devastation in Japan. Yet, another better-than-expected
earnings season and generally robust economic data helped push the stock
market higher. More than 72% of S&P 500 companies reported better-than-
expected fourth quarter 2010 earnings, and more than 62% of companies
exceeded revenue forecasts.
1 S&P 500 Index
S&P 500
1350
1330
1310
1290
1270
1250
12/31/2010 1/31/2011 2/28/2011 3/31/2011
Source: LPL Financial, Bloomberg
The S&P 500 Index is an unmanaged index, which cannot be invested into directly. Past performance is no guarantee of future results.
LPL Financial Member FINRA/SIPC page 3 of 8
4. The Stock Markets (continued)
22 S&P 500 Sector Performance
Q1 S&P 500 Sector Performance Focusing specifically on U.S. equity markets, there was not much
distinction in returns based on market capitalization or style, as the Russell
Sector % Return
Indexes gained between 6.2% and 9.2%. However, it was a different
Energy 16.8 story from a sector perspective, as economically sensitive cyclical sectors
Industrials 8.8 generally outperformed defensive sectors of the market. Given the strong
HealthCare 5.6 performance of commodities, it was not surprising to see the Energy and
Industrials sectors lead the way higher with returns of 16.8% and 8.8%,
Telecommunications 4.9
respectively [table 2]. The Materials and Technology sectors were somewhat
Consumer Discretionary 4.7 surprising laggards among the cyclicals as both underperformed the broad
Materials 4.5 S&P 500 Index during the quarter. The Materials sector was hampered
Information Technology 3.5 by weak performance from the Metals and Mining industry, as concerns
over slowing growth in China and lofty valuations were two key factors in
Financials 3.0
the underperformance. It was the Communications Equipment industry
Utilities 2.7 that weighed on the Technology sector, due in large part to poor revenue
Consumer Staples 2.5 guidance from an industry bellwether. The worst performing sectors in
Source: LPL Financial, FactSet 3/31/11 the market were two of the defensive sectors — Consumer Staples and
Utilities — as neither gained more than 2.7% in the quarter, though both
finished with positive returns.
Returns were not as strong among international equity markets as compared
to domestic markets. Both developed foreign and emerging market stocks
underperformed U.S. stocks in dollar terms. The MSCI EAFE Index, a proxy
for developed foreign markets, trailed with a return of 3.5%. Japan weighed
heavily on the EAFE Index with a decline of 5.1% in the quarter, though the
Nikkei Index rebounded nicely off its mid-March low and rallied more than
13% in the final two weeks of trading. The MSCI Emerging Markets Free
Index gained 2.1% in the first three months of the year. Concerns over rising
inflation and central bank interest rate hikes hampered performance. China
Because of their narrow focus, sector investing will be subject to has been raising interest rates since October 2010 in an attempt to engineer
greater volatility than investing more broadly across many sectors a soft landing for its economy and contain inflation as food prices have
and companies. skyrocketed. As markets became comfortable with the timing and extent
There is no guarantee that a diversified portfolio will enhance of the rate hikes in China, Chinese equities rallied later in the quarter and
overall returns or outperform a non-diversified portfolio. posted returns of 1.7%, but India and Brazil, two countries also struggling to
Diversification does not ensure against market risk. contain inflation, lost 5.3% and 1.0%, respectively, in dollar terms.
page 4 of 8 LPL Financial Member FINRA/SIPC
5. MARKET INSIGHT
The Economy
From an economic perspective, growth continued at a moderate pace with
a booming manufacturing sector offsetting weakness elsewhere. Consumer
and business spending remained solid in the first quarter.
The U.S. government employment reports showed a total of 478,000 non-
farm jobs were added to the economy in the first quarter, and the four-week
average for weekly jobless claims fell to nearly a three-year low. The U.S.
economy lost 8.75 million jobs during the downturn and has only gained
1.5 million jobs since then. But March’s nonfarm payrolls gain of 216,000 jobs
was the biggest number yet for this recovery when adjusted for the census
hiring that bloated the numbers in the first half of 2010. The unemployment
rate fell another 0.1% to 8.8% in March, and is now below the Fed’s forecast
(8.9%) for the end of the year. With gross domestic product, consumer
spending, and the stock market at or near all-time highs, job growth has
lagged thus far in the recovery. The recent job reports might finally reflect an
emerging trend toward a more rapid pace of job growth.
3 Silver
While the job market might have found traction in the first quarter, the same
Silver Price ($)
could not be said of the housing market, which continued to bounce along $39
the bottom. New home sales marked an all-time low in February, down
$37
28% year-over-year. Housing prices, as measured by the S&P/Case-Shiller
Home Price Index, declined 3% year-over-year in the most recent period, $35
with just two cities in the 20-city Index recording positive changes from a $33
year ago. One potential positive for housing was an uptick in home purchase $31
applications. Despite the rise in mortgage rates from the trough in early $29
October 2010, applications were up 4% in the past six months. Despite the
$27
ongoing malaise in the housing market, however, REITs gained 7 .5% in the
quarter, as measured by the NAREIT Equity Index. $25
12/31/2010 1/31/2011 2/28/2011 3/31/2011
Source: LPL Financial, Bloomberg 3/31/11
Precious metal investing is subject to substantial
Commodities fluctuation and potential for loss.
Continuing the trend witnessed in recent quarters, commodity prices again
moved higher in the first quarter, as the Commodity Research Bureau
Index rose approximately 8%. Given renewed inflation concerns and a 4 West Texas Intermediate Crude
weakening dollar (the US dollar fell 2% in the first quarter), precious metals Crude Price ($)
were standouts in the quarter. Gold closed the quarter at an all-time high $110
($1,440) and silver jumped more than 20% in three months [chart 3].
$105
Political uncertainty and violence in the Middle East contributed to a sharp
move higher in energy prices, particularly oil. West Texas Intermediate crude $100
oil climbed from $93 in January to $107 at the end of March [chart 4].
$95
As we detailed in our 2011 Outlook, we expected commodities to be one of
the winners from the Fed’s quantitative easing program, known as QE2. We $90
also highlighted the potential for volatility in oil-industry investments, as they
$85
are often driven by geopolitical events like those that remain ongoing in the 12/31/2010 1/31/2011 2/28/2011 3/31/2011
Middle East. Source: LPL Financial, Bloomberg 3/31/11
The fast price swings in commodities and currencies will
result in significant volatility in an investor’s holdings.
LPL Financial Member FINRA/SIPC page 5 of 8
6. Fixed Income –Taxable
After one of the worst quarters in recent memory for high-quality bonds,
5 10-Year U.S. Treasury Yield the Barclays Capital Aggregate Bond Index got off to another slow start in
10-Year U.S. Treasury Yield (%) 2011. The Index spent a good part of the quarter in negative territory before
3.8% finishing with a modest return of 0.4%. A second consecutive down quarter
3.7% would have marked the first back-to-back negative quarters since the depths
of the Great Recession in the second and third quarters of 2008.
3.6%
Looking back to the fourth quarter for context, the 10-year Treasury yield rose
3.5%
steadily, from a low of 2.4% in early October 2010 to 3.5% in mid-December
3.4% before settling into a range between 3.3% and 3.5%. That range held until
3.2% early February 2011 when the yield shot 30 basis points higher in one week
to 3.7% before gradually falling into a new range between 3.4% and 3.6%
3.1% for most of February; stronger economic data was the catalyst for higher
12/31/2010 1/31/2011 2/28/2011 3/31/2011
yields as bonds re-priced for better economic growth prospects. Yields rallied
Source: LPL Financial, Bloomberg 3/31/11
sharply, however, to 3.2% in mid-March on safe-haven buying in response to
the Japanese crisis. The 10-year yield ended the first quarter at 3.5% [chart 5].
Despite higher commodity prices in the first quarter, recent readings on
inflation remain benign. In addition, inflation expectations remain well
contained, and market-based inflation expectations remain muted.
A good defense against rising rates Following a 7 .9% decline in the fourth quarter, long-term government
proved to be the best offense as bonds, as measured by the Barclays Capital U.S. Long Treasury Index,
non-Treasury, or “spread”, fixed- underperformed again, declining by 0.8% in the first quarter. A good defense
against rising rates proved to be the best offense as non-Treasury, or
income sectors again outperformed “spread” fixed-income sectors again outperformed in the first quarter. The
,
in the first quarter. Barclays Capital High-Yield Bond Index gained 3.9%, while preferred stocks
(3.2%) and bank loans (2.8%) also outperformed. In another positive sign for
high-yield, Moody’s reported that its 12-month trailing default rate finished
February unchanged at 2.8%. According to Moody’s, only two companies
defaulted in the first two months of 2011, compared to ten defaults over the
same period in 2010. In response, Moody’s lowered its year-end 2011 default
forecast to 1.4%.
Bank Loans are loans issued by below investment-grade
companies for short-term funding purposes with higher yield than
short-term debt and involve risk. Fixed Income –Tax-Free
Preferred Stock investing involves risk which may include loss Like taxable high-quality bonds, municipal bonds also started the year
of principal.
slowly. The sector was hit hard in the fourth quarter of 2010 as new
High-Yield/Junk Bonds are not investment-grade securities, supply overwhelmed the market with the year-end expiration of the
involve substantial risks, and generally should be part of the Build America Bonds program. The trend continued in early January
diversified portfolio of sophisticated investors.
2011 as massive mutual fund redemptions added to the supply-demand
Municipal bonds are subject to availability, price, and to market imbalance. Recognizing that the selling might have been overdone, some
and interest rate risk if sold prior to maturity. Bond values will non-traditional buyers (i.e., institutional investors who do not enjoy the tax
decline as interest rate rise. Interest income may be subject to the
benefit of municipal bonds) stepped into the market to take advantage of
alternative minimum tax. Federally tax-free but other state and
local taxes may apply. the opportunity. Standard and Poor’s ratings agency reported in March
that municipal defaults over the first two months of 2011 were 50% lower
The issuance of Build America Bonds (BABs) began in April of
than 2010, based upon the number of issuers. Based upon the total dollar
2009. They were authorized by the ARRA economic stimulus of
2009 and can be issued for qualifying infrastructure projects. amount of bonds involved, defaults were lower by 33%. The report was
They are taxable municipal bonds and are considered a category another piece of evidence that contradicted news stories forecasting a
of bonds. massive wave of new defaults. By the end of the quarter, the Barclays
Capital Muni Bond Index showed a return of 0.5%.
page 6 of 8 LPL Financial Member FINRA/SIPC
7. MARKET INSIGHT
IMPORTANT DISCLOSURES
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To
determine which investment(s) may be appropriate for you, consult your financial advisor prior to investing. All performance reference is historical and is no
guarantee of future results. All indices are unmanaged and cannot be invested into directly.
Stock investing may involve risk including loss of principal.
International investing involves special risks, such as currency fluctuation and political instability, and may not be suitable for all investors.
Because of their narrow focus, sector investing will be subject to greater volatility than investing more broadly across many sectors and companies.
Precious metal investing is subject to substantial fluctuation and potential for loss.
The fast price swings in commodities and currencies will result in significant volatility in an investor’s holdings.
Investing in real estate/REITs involves special risks such as potential illiquidity and may not be suitable for all investors. There is no assurance that the
investment objectives of this program will be attained.
Quantitative Easing is a government monetary policy occasionally used to increase the money supply by buying government securities or other securities
from the market. Quantitative easing increases the money supply by flooding financial institutions with capital in an effort to promote increased lending and
liquidity.
Materials Sector: Companies that are engaged in a wide range of commodity-related manufacturing. Included in this sector are companies that manufacture
chemicals, construction materials, glass, paper, forest products and related packaging products, metals, minerals and mining companies, including producers
of steel.
Energy Sector: Companies whose businesses are dominated by either of the following activities: The construction or provision of oil rigs, drilling equipment
and other energy-related service and equipment, including seismic data collection. The exploration, production, marketing, refining and/or transportation of
oil and gas products, coal and consumable fuels.
Industrials Sector: Companies whose businesses manufacture and distribute capital goods, including aerospace and defense, construction, engineering and
building products, electrical equipment and industrial machinery. Provide commercial services and supplies, including printing, employment, environmental
and office services. Provide transportation services, including airlines, couriers, marine, road and rail, and transportation infrastructure.
Technology Software & Services Sector: Companies include those that primarily develop software in various fields such as the internet, applications, systems
and/or database management and companies that provide information technology consulting and services; technology hardware & equipment, including
manufacturers and distributors of communications equipment, computers and peripherals, electronic equipment and related instruments, and semiconductor
equipment and products.
Health Care Sector: Companies are in two main industry groups—Health Care equipment and supplies or companies that provide health care-related
services, including distributors of health care products, providers of basic health care services, and owners and operators of health care facilities and
organizations. Companies primarily involved in the research, development, production, and marketing of pharmaceuticals and biotechnology products.
Consumer Discretionary Sector: Companies that tend to be the most sensitive to economic cycles. Its manufacturing segment includes automotive,
household durable goods, textiles and apparel, and leisure equipment. The service segment includes hotels, restaurants and other leisure facilities, media
production and services, consumer retailing and services and education services.
Telecommunications Services Sector: Companies that provide communications services primarily through a fixed line, cellular, wireless, high bandwidth and/
or fiber-optic cable network.
Financials Sector: Companies involved in activities such as banking, consumer finance, investment banking and brokerage, asset management, insurance and
investment, and real estate, including REITs.
Utilities Sector: Companies considered electric, gas or water utilities, or companies that operate as independent producers and/or distributors of power.
Consumer Staples Sector: Companies whose businesses are less sensitive to economic cycles. It includes manufacturers and distributors of food, beverages
and tobacco, and producers of non-durable household goods and personal products. It also includes food and drug retailing companies.
Russell 1000® Value Index measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values.
MSCI EAFE is made up of approximately 1,045 equity securities issued by companies located in 19 countries and listed on the stock exchanges of Europe,
Australia, and the Far East. All values are expressed in US dollars. All values are expressed in US dollars. Past performance is no guarantee of future results.
The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global
emerging markets. As of May 2005 the MSCI Emerging Markets Index consisted of the following 26 emerging market country indices: Argentina, Brazil,
Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Israel, Jordan, Korea, Malaysia, Mexico, Morocco, Pakistan, Peru, Philippines,
Poland, Russia, South Africa, Taiwan, Thailand, Turkey and Venezuela.
The Standard & Poor’s 500 Index is a capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through
changes in the aggregate market value of 500 stocks representing all major industries.
The CRB Commodities Index is a measure of price movements of 22 sensitive basic commodities whose markets are presumed to be among the first to be
influenced by changes in economic conditions. As such, it serves as one early indication of impending changes in business activity.
This Barclays Aggregate Bond Index represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment-
grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities.
LPL Financial Member FINRA/SIPC page 7 of 8
8. LPL FINANCIAL RESEARCH
M A R K ET I N S I G H T
The Barclays Capital Long U.S. Treasury Index includes all publicly issued U.S. Treasury securities that have a remaining maturity of 10 or more years, are rated investment grade,
and have $250 million or more of outstanding face value. In addition, the securities must be denominated in US dollars and must be fixed rate and non-convertible.
The Barclays Capital High Yield Index covers the universe of publicly issued debt obligations rated below investment grade. Bonds must be rated below investment-grade or high-
yield (Ba1/BB+ or lower), by at least two of the following ratings agencies: Moody’s, S&P, Fitch. Bonds must also have at least one year to maturity, have at least $150 million in par
value outstanding, and must be US dollar denominated and non-convertible. Bonds issued by countries designated as emerging markets are excluded.
The Barclays Capital High Yield Municipal Bond Index is an unmanaged index made up of bonds that are non-investment grade, unrated, or rated below Ba1 by Moody’s Investors
Service with a remaining maturity of at least one year.
The NAREIT Equity REIT Index is an unmanaged index consisting of certain companies that own and operate income-producing real estate and have 75% or more of their respective
gross invested assets in the equity or mortgage debt, respectively, of commercial properties.
The Nikkei Index is short for Japan’s Nikkei 225 Stock Average, the leading and most-respected index of Japanese stocks. It is a price-weighted index comprised of Japan’s top 225
blue-chip companies on the Tokyo Stock Exchange. The Nikkei is equivalent to the Dow Jones Industrial Average Index in the U.S. In fact, it was called the Nikkei Dow Jones Stock
Average from 1975 to 1985.
This research material has been prepared by LPL Financial.
To the extent you are receiving investment advice from a separately registered independent investment advisor,
please note that LPL Financial is not an affiliate of and makes no representation with respect to such entity.
The LPL Financial family of affiliated companies includes LPL Financial and UVEST Financial Services Group, each of which is a member of FINRA/SIPC.
Not FDIC/NCUA Insured Not Bank/Credit Union Guaranteed May Lose Value Not Guaranteed by any Government Agency Not a Bank/Credit Union Deposit
Member FINRA/SIPC www.lpl.com
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