Alroy Commentary - Fourth quarter market outlook
Far from cheering for Fed refraining QE tapering, Investors doubt about U.S. economic recovery path. Since May, Mr. Bernanke, Fed chairperson, emphasized tightening will begin only if economic growth meets Fed expectation. Then, Fed’s September meeting and its decision left many investors questioning their assumptions about U.S. economy growth outlook. The Oct. 4 non-farm payrolls report will be focus, investor expect the data could provide more information about U.S. recovery.
In third-quarter, there were three dominant investment subjects: a preference of equities rather than bonds, developed markets rather than emerging, Europe rather than United States. However, the story will be different in fourth quarter. There may be no any dominant subject in the market. The market will be volatility and more risky. Currently, the market is in mist. We regard it is time to revalue U.S. asset and we will keep looking for new opportunity in the market. (For more information, please refer to monthly newsletter)
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