Rich fund cherish the opportunity within the narrow gauge layout under the impact of external fund c kasey chase

Rich fund: cherish the opportunity within the narrow gauge layout under the impact of external fund channel by the Fed rate hike is expected to rise, and the recent Japan risk-free interest rate side by side up, today the Asia Pacific market almost fell across the board, the MSCI Asia Pacific Index fell 1.22%, the Nikkei 225 index fell 1.73%, the Hang Seng Index fell 3.36%, the Shanghai index fell 1.85%. But for the A stock market, due to the micro profit is not bad, the probability of interest rate risk without a substantial tightening of supply side reform is not high, narrow gauge market fluctuations, the layout of opportunity under external shocks better. With the impact of the gradual removal of the referendum referendum in the United Kingdom, the United States and Japan interest rates down the rhythm of the moment to come to an end, as of September 9, 2016, the United States and Japan 10 year bond yields since August, respectively, up 16BP and 11.6BP. Especially the Fed’s dovish representatives, Boston Fed President Eric – Rosengren Eric – Rosengren suddenly turned, said in order to prevent the economy from overheating, there are reasonable grounds for tightening of interest rate policy. This may mean that the turning point of American monetary policy period gradually approaching, even if future interest rates overall flat instead of down, have a certain impact on easing liquidity driven by global stocks, bonds and gold market. For the domestic market in the near future, tighter financial regulation and deleveraging in the background, grading fund business management guidelines "issued before the date of the Shanghai and Shenzhen Stock Exchange (Draft)", set up the investment threshold of 300 thousand yuan, the short term or cause classification fund certain passive selling pressure while taking into account the domestic market; short-term risk-free interest rate decline blocked, A shares today with the Asia Pacific market together with the emergence of a certain correction. Taking into account the recent Shanghai and Hong Kong through the South funds continued, the stock market environment of the game, A shares or a short convergence. But from the A shares driven three carriages point of view, PPI chain improvement and industrial added value is relatively stable, the listed companies are not poor micro earnings. From the end of the recent disclosure of interim results of listed companies, small and medium-sized board in 2016 reported that net profit rose 13.4%, excluding brokerage net profit of up to 28.66%, the gem rose 29.3%; if taking into account the first half and a major asset restructuring companies subject to assess the value of 113 billion 600 million, according to estimates of 40 times PE, only a small contribution to mergers and acquisitions less than 2.5% of the net profit, according to enterprise endogenous growth dynamic stability; and for the risk-free interest rate, in the background of economic bottom, CPI under relatively mild sharply upward space can not see, also in the background of Japan interest rates rebound in the short term, the possibility of the sharp downward is low; the risk preference. According to our estimates, in the history of the 1/3 interval, further substantial compression of space is relatively small. This objective form the market this year, narrow range, back into a two pattern, treasure the opportunity to actively promote the layout of the fourth quarter of the callback process. Author Ma Quansheng, chief strategist at Wells Fargo fund相关的主题文章: