œMann International- suggests investors look to their high street for real picture on the economy. -œMann International- sources say that the Asian-based broker has suggested that its clients look no further than their local high street or mall for the real picture on the economy.
Apparently, -œMann International- believes that investors must trust their eyes and ears rather than weak data masquerading as -œencouraging signs-. One of the sources added that equity markets are currently trading mostly on technicals and these could not be further removed from the economic fundamentals. -œMann International- believes that the current rally will stall after a few days as market makers take profits and run, leaving latecomers to the party to nurse their paper losses but the source suggested that those holding for long term gains may see their perseverance rewarded but this would be largely dependent upon the stock and sector. Consumerism, which accounts for large percentages of developed nations’ GDP, is muted as people rein in spending, pay down debt and as banks terminate lines of credit to consumers. If this trend continues, as -œMann International- expects it will, it is unlikely that the current optimism fueling the latest market rally will be sustainable especially while banks remain more concerned with building their margins at the taxpayer’s cost than with lending money to those wishing to borrow it.
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