ABN Amro 6.489,95
Bankgesellschaft Berlin 6.900
Bayern LB 6.800
BHF Bank 7.300
Commerzbank 7.400
DekaBank 7.200
Deutsche Bank 7.050
Dresdner Bank 6.800 - 7.000
DZ Bank 6.800
HSBC 7.350
HVB 7.100
JP Morgan 6.100
LBBW 7.200
M.M. Warburg 7.000
Sal. Oppenheim 6.950
Societe General 7.100
WestLB 6.700
Durchschnitt 6.961,17
Quelle: dpa-AFX
was sagt merrill lynch ? immerhin die besten prognosisten 2006
Merrill Lynch erwartet Gold-Rallye Der Goldpreis dürfte bis 2010 auf 725 Dollar steigen --- nun ja nicht gerade berrauschend
hier neues von ML
Investors See Goldilocks Economy in 2007
NEW YORK and LONDON, December 19, 2006 — Institutional investors expect the global economy to land softly in 2007 and are positioning themselves for a year of growth that, like Goldilocks' porridge, is neither too hot nor too cold, according to Merrill Lynch's Survey of Fund Managers for December. While they expect growth to slow, they see little risk of recession. With growth rates falling back to levels that bring output in line with its long-term trend, they believe that inflation risks can be contained and short rates need not rise further.
A net 53 percent of respondents expect the world economy to weaken. However, a greater majority (a net 83 percent) says that recession is unlikely in 2007. Furthermore, 70 percent of the panel now thinks that the current monetary policy stance is appropriate, with 62 percent of those polled expecting short rates to be unchanged or lower a year from now.
Long-term interest rates remain a concern, with 82 percent of fund managers saying they will be unchanged or higher in 12 months' time. "Fund managers are suggesting that if there is a cloud on 2007's horizon it could take the form of higher bond yields," said David Bowers, independent consultant to Merrill Lynch. "It will be interesting to see how the U.S. housing market will handle an upward move in long-term rates."
Investors Give Corporates Green Light to Gear Up
Investors go into 2007 confident in the strength of corporate-sector balance sheets and still believe that companies are underleveraged. But they appear divided on how exactly companies should use their cash flow.
A net 55 percent of respondents say that companies are underleveraged, with just 3 percent believing that corporates have taken on too much debt. Companies looking for direction from the market as to how to allocate their cash have to choose between two strong lobbies. The biggest — 44 percent of investors — want to see more cash returned directly to shareholders. Close behind at 41 percent are those who want to see more capital expenditure, believing that companies are under investing in their businesses.
One surprise in the December survey is that investors do not have the enthusiastic attitude towards risk-taking that one might expect at a time that the CBOE's VIX (a global risk-taking benchmark) is at a 10-year low. Risk appetite has improved but is only back up to the average level of the past five years. A net 16 percent of fund managers still remain overweight cash and cash balances on average stand at a comfortable 3.8 percent.
Eurozone Is the Only Regional Call in Equities
Against this benign macro economic outlook, asset allocators are keen to take overweight positions in equities and underweight positions in bonds. A net 50 percent are overweight in equities while a net 57 percent are underweight bonds.
In terms of region-by-region allocation, the eurozone is still asset allocators' favourite call going into 2007. A net 34 percent of investors currently have an overweight position in eurozone equities. That's far ahead of the nearest challengers, Global Emerging Market equities (net 13 percent overweight) and Japanese equities (net 10 percent overweight).
Enthusiasm for eurozone equities has moderated slightly since November when a net 38 percent of respondents were overweight. This change is in part because the euro has strengthened significantly since the November survey.
Domestic Growth Powers Eurozone
"In our view, European equities remain relatively cheap versus bonds, versus other regions and in historical terms on an implied growth basis" said Karen Olney, head of European Equity Strategy at Merrill Lynch in London in Merrill Lynch's Investment Themes 2007 - Snapshots.
Ms. Olney adds that European companies are in very good financial health and expects profits to grow at close to the 35-year average of 6.7 percent. Merrill Lynch says
the region's strongest sector "buys" for 2007 are
telecoms,
personal & household,
insurance and retail.
Automobiles and chemicals are the strongest sector "sells."
For more information on Merrill Lynch, please visit www.ml.com.
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Alles was ich hier poste, ist eine Satire.
Nichts ist wahr, Alles ist nur eine Geschichte.
Ähnlichkeit mit lebenden oder verstorbenen Personen sind rein zufällig.
Ähnlichkeit mit Tatsachen sind reiner Zufall.
Charts oder andere Meinungen sind keine Kaufempfehlungen.
Alles was ich hier schreibe sind reine Fiktionen.
Ein Bezug aus dieser virtuellen Welt zur realen Welt ist rein zufällig, nie intendiert und unterliegt der Täuschung des Lesers.
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