Hi everyone

As portfolio management related news I have for today is that the investors have to get used to the new correlation of the positive macrodata, higher interests numbers and therefore higher stock quotations. An attractive economy finally supports the profit per share. With dissapointing macrodata the central banks keep the money flow open which causes the interests to fall agian. Also this is an environment where stock markets did pretty well the last year. Now that central banks have that possibility with economical downfall, the stocks stay attractive in multiple scenario's. Opposed to the bonds which aren't doing so well at the moment, an attractive economy means higher interests and therefore lower bond quotations because before the central banks kept the interest low but because of the quotation changes their willingness has dissappeared.

The American macrodata has an important signal that companies keep investing, the orders for consumer discretionary goods rised in may with 1,1% of which many economists and analysts were negative about before. The American housing prices increased in the period of april 2012 until 2013 with a high 12,1% which enhances the "wealth effect" with the civilians and together with that the trust of the consumer is there again. Consumer loyalty is stronger then expected, perhaps the housing bubble is on its way to a solution, especially the single family homes are a favourite.

In Holland the real estate crisis has reached its bottem prices, it is now the good time to buy a house or appartment there considering that the prices will eventually go up again, when they will go up isn't of knowledge to anyone, patience is a virtue...

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