Word: touati
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...really should stop looking at what markets do on a daily or weekly basis, because they've become purely speculative. Economic reason has been tied up and shut in the cellar," says economist Marc Touati, director general of research and strategy group Global Equities in Paris. Touati adds that recent developments - including American and European bail out plans for banking and financial systems valued together at over $4 trillion and the drop in oil prices and value of the euro - have given markets lots of reason to be bullish big time. "But they're are acting like spoiled kids throwing...
...produced this week, it might be wise to prepare for markets altering their view of the economic glass as half full or empty almost daily. When investors eventually return to reasoned trading, some observers think, the wider picture won't be as dark as many people expect. Touati notes, for example, the rescue plans, rate cuts, drop in oil prices, and fall of the euro are all positive developments for businesses. The downward pressure on stock prices across the board, meanwhile, suggests speculative markets are already factoring in anticipated declines in company results as the economy slow down. In other...
...pure panic, and the lack of logic involved explains the inability of markets to find new, stable values for stocks," says Deutsche Bank euro-zone economist David Naudé. He concurs with Touati that while the credit crisis and its consequences are grave, the wider economic realities don't merit the dread that is driving market reaction - at least...
...sell-off will end eventually, one way or another. Governments could follow the nerve-racked Russians and suspend trading altogether, in a bid, as Touati says, to stop "markets from sawing off the branch they're sitting on." The more likely solution, Touati predicts, will soon come as "smart and steely investors realize selling now is a sure way to lose, while buying now will determine who the big winners tomorrow will...
...will take courage to break from the herd," Touati continues, "but those who do it first are the masters of the market down the line...