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Why a strategist wants to know if a lifetime transaction is about to end



For many investment professionals, there has never been a world that has done nothing but cut interest rates.

“I started in 1994. Throughout my career, interest rates have fallen. Buying growth stocks is a one-way deal,” Daniel White, senior research and strategy manager at Canada Life Investments in London. Daniel White) said.

He said: “When you have no inflation, or the inflation rate is getting lower and lower, you will buy light asset business.” He refers to the aim of keeping variable costs low, relying on outsourcing and not having a lot of fixed costs the company.

He said: “But if you start to have inflation in the system, the whole pattern will start to change.”

; Suddenly, from hotels to utilities, companies with higher fixed costs can pass these costs on to you.

The rise in gold prices-the first time in the last nine years that it exceeded $1800 per ounce-reflects people’s concerns that the central bank will actively fund fiscal expenditures. He said: “It’s very addictive.” “[U.K. Prime Minister] Boris Johnson’s new slogan is “build, build, build”, which is very close to “spend, spend, spend”. “

Does his company put money in his mouth? a little bit. He said: “Of course we like the technology industry, but we have been betting on our bets.” He refused to disclose the names of individual companies. “We pay great attention to debt levels, and we have selected stocks with operating leverage, such as hotel stocks.” The company is vigilant against banks and invests in any company with high debt levels.

White said: “The reality is that the greater the stimulus, even if the new months may be weak, the market may continue to grind upwards.” “But as time goes by, we have stored huge problems for the future.”

buzzing

According to data from the COVID-19 tracking project, the number of new US coronavirus deaths declined slightly on Thursday, but it is still 29% higher than a week ago.

The United States said that the United States imposed sanctions on four current or former Chinese government officials due to serious human rights violations against ethnic minorities in the Xinjiang Uygur Autonomous Region.

Citing trade representative Robert Lighthizer, the United States plans to announce but suspend retaliation for France’s digital service tax.

Greenbrier Cos. Inc. GBX,
-4.02%
The reported revenue and profit figures for the most recent fiscal quarter were higher than expected.

Express EXPR,
+ 7.14%
The fashion retailer reported that the decline in sales at comparable stores in June narrowed, so the stock price rose.

Producer price data released at 8:30 am Eastern time is expected to rise sharply in June. Data released on Friday showed that Italian industrial production increased by 42% in May.

market

After the Dow Jones Industrial Average (DJIA) fell 361 points,
-1.38%
On Thursday, stock futures ES00,
-0.28%
YM00,
-0.34%
Point south again.

The yield on the 10-year US Treasury bill TMUBMUSD10Y,
0.589%
After reaching the lowest level since April 24, it continued to fall. Gold Futures GC00,
+ 0.49%
rose.

Shanghai Composite Index
-1.95%
It closed down 2% on Friday, although the index is still up 9% this week.

chart

The way banks should operate is that depositors deposit their deposits in institutions and then lend money to other places. The graph shows that although bank deposits have increased by 2.2 trillion US dollars since the end of February, loans have only increased by 0.5 trillion US dollars. Therefore, it is not surprising that the transaction prices of bank stocks are consistent with interest rates. “If the Fed/ECB/Bank of Japan can raise interest rates, then global banks will immediately become leaders,” said Bank of America strategist Michael Harnett.

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