此内容来自:投资组合

每日议程:投资者情绪仍然存在挥发性

财政部长评论后,日元逆转课程;谷歌,Verizon Mull Bids为Yahoo !;卡梅伦在巴拿马丑闻中释放税务记录。

经过两天的浪涌之后日圆retreated versus the dollar on public comments by Finance Minister Taro Aso that suggested further intervention may be on the way. Meanwhile global markets returned to a marginal bias towards risk assets with oil futures and Asian stock indices rising. As the week ends, investor sentiment remains confused. With a looming earnings season that many expect to be dismal, it appears likely that this uncertainty will persist.

卡梅伦释放税务记录。周末在全球范围内所谓的巴拿马文件出版的政治堕落。在最新一集,U.K.总理大卫卡梅伦说他会在启示录取后释放他的纳税申报表,他在他父亲创造的离岸基金中持有股票。卡梅伦坚持认为,他在基金中的地位的货币价值很小,他在出售职位后支付了资本收益的税款。

谷歌,Verizon考虑雅虎!出价。周四,多个媒体网点报告说,几家主要公司正准备投标雅虎公司开业后的non-Alibaba资产elf to offers. Both New York wireless giant Verizon Communications and Palo Alto’s Alphabet, parent of Google, are reportedly preparing proposals for Yahoo’s core Internet franchise.

Pro-Fujimori抗议者乘坐秘鲁的街道。随着秘鲁总统选举进入最后一次延伸,富士岛的被告的前任总统阿尔贝托富士岛的女儿已经引发了增加的争议,而数千人参加抗议抗议抗议,以防止她向总统的前景。在秘鲁的选举委员会在类似指控中消除了两次主要竞争对手后,富士岛被清除了投票购买费用。

每日议程:消失的金钱可能会燃料更激烈的信用繁荣

For the last year, we’ve detailed how new money-market rules are going into effect this October and how we believe that will trigger the movement of a half-trillion dollars. We have written that some of this money would seek out a safer home, but some will seek out a riskier home in the form of lightly regulated cash funds that take many multiples of the risk of money-market funds. This week saw another significant step in this process.

ImoneryNet,货币市场资金的Lipper,昨日报告称,今年周二的一周内退出了680亿美元的机构素钱市场基金。这是至少10年的第三大每周流出。

The new rules compel institutional prime funds (those that can buy corporate obligations like commercial paper) to switch from a fixed $1 net-asset value to a floating one and to install gates and fees in times of stress. Government funds are allowed to keep their fixed NAV, as are retail funds. When the rules were proposed, we felt that many clients would not like them. We originally thought a number of clients would switch to government funds, and some would opt for cash funds that take so much risk that they have a 2 percent yield, instead of the 0.2 percent yield offered by money-market funds.

Last year, in an example of unintended consequences, many fund companies announced that since the SEC’s new definition of institutional vs. retail was so complex, they would forcibly kick most of their customers out of institutional prime funds, rather than be on the wrong side of the SEC. The regulators had no idea their actions would prompt so much money to slosh around the system.

在雷曼兄弟们下来之后,2008年的制度总资金最大的每周退出,这反过来又促使现代银行在资金上运行。第二大的是这一周包括过去的周年。现在,第三大的是过去一周,这包括本季度末。我们从上个月共同主持货币市场会议,即银行正在迫使人们迫使人们源于主要资金,并且该州是银行这样做的便捷时间。

However, this week’s withdrawal differs from the one seen at yearend. We highlighted in March that most of the money leaving the prime funds has wound up in government funds. Of the $160 billion that had left the prime funds, $100 of it had gone into the government funds, leaving $60 billion that likely went into the cash funds.

本周的救赎非常不同。在680亿美元离开总资金,只有80亿美元进入政府资金。这意味着缺失的600亿美元很可能进入现金资金。9月,我们详细介绍了那些轻型的现金资金如何帮助推动信用繁荣。在本周的运动之后,机构总资金现在已经下降了2430亿美元,因为基金公司去年10月开始强行迁出客户。这是我们最终期望的一半,我们认为,在未来五个月内,接下来的两个季度将在接下来的两个季度围绕两种巨大的动作。搬迁的资金,只有1.27亿美元的价格进入政府资金,留下了1160亿美元,以帮助推动信贷繁荣。

这是一个更多的数据点,支持我们认为信贷繁荣可能会加剧今年的信贷繁荣,这将导致更多债务推动的回购和旨在提升股价的兼并。

布莱恩雷诺兹是纽约新汉代合作伙伴的首席市场战略家。