Report from the financial markets from July 2010

13.8.2010
The first step to renew trust in the European financial system was an exercise test of financial institutions which confirmed financial health of European banks. Another step will be the attitude of the European governments to continue in the established rate of restrictive fiscal policy. However, as soon as the European governments agree and show the clear strength to cut on their expenses and budgets, the markets can move upwards very quickly. The portfolio managers of ING evaluate the acroeconomic development and the situation on the financial markets in the Czech Republic and Slovak Republic in July 2010.  

Report from the financial markets from May 2010

15.6.2010
The key factor which will influence development on the markets in the near future will be the manner of dealing with the debt crisis of Greece and other “peripheral” states of the Euro zone and perceiving its credibility on the part of investors. It seems that the markets react more like skeptically to this problem, which can be seen in the underflow of the Euro and an extreme increase in nervousness on the markets and the related volatility. It is negative news for the risky types of assets. However, as soon as Europe arrives at an agreement and shows the clear strength to make cuts in expenses and budgets, the markets can turn upward. The portfolio managers of ING evaluate the macroeconomic development and the situation on the financial markets in the Czech Republic and Slovak Republic in May 2010.

Report from the financial markets from April 2010

14.5.2010
The stock markets continued growing also during the first weeks of the month of April. In particular, at the beginning of the month the share indices achieved their highest values since the beginning of the crisis in 2008, when it had started due to the problems in the American mortgage market. In particular, highly positive economic data on the improving economic activity in global extent contributed to the positive mood and the investors’ willingness to return also to risky assets. This news confirms unambiguously gradual global economy revival and its increasing performance. The global economy revival is indicated also by increasing demand for commodities where their prices culminated in this period, too. The portfolio managers of ING evaluate the macroeconomic development and the situation on the financial markets in the Czech Republic and Slovak Republic in April 2010.

Report from financial markets from March 2010

15.4.2010
Clear signs of revival that have despite their obvious fragility a positive impact on investors' sentiment and continuing excess liquidity combined with maintenance of extremely low interest rates by central banks will continue to have a positive influence on the performance of stock markets and risk assets in the nearest future. Macroeconomic figures, in particular very low inflation without any signs of noticeable rise, should at the same time keep bond yields at relatively low levels. The portfolio managers of ING evaluate the macroeconomic development and the situation on the financial markets in the Czech Republic and Slovak Republic in March 2010.   

Report from financial markets from February 2010

12.3.2010
Central European markets saw in the month of February a very similar development to that of the developed stock markets, but contrary to them they did not manage to reverse or make up for the losses from the beginning of the month. The best performance among local currencies was in past month achieved by the Hungarian stock market, followed by Czech and Polish stock market. The portfolio managers of ING evaluate the macroeconomic development and the situation on the financial markets in the Czech Republic and Slovak Republic in February 2010.  

Report from financial markets from December 2009

15.1.2010
The December development confirmed our expectation that the growing trend on the stock markets, as well as the gradual reduction of risk surcharges, will continue in the following months. The reason is the continuing overpressure of liquidity stemming from the extremely loosened monetary policy of the main central banks which try to support a slight revival by the massive pumping of the money in the economy. The macroeconomic data, in particular the very low inflation without any signs of any significant action, should at the same time keep the yields of bonds on the relatively low levels. Nevertheless, we see a growing risk that the deteriorating fiscal positions of the states struck by the recession and the deepening deficits of the state budgets will lead to higher emission activity and growth of real interest yields. With regard to the fragility of the revival the increased volatility on the markets can be expected. The portfolio managers of ING evaluate the macroeconomic development and the situation on the financial markets in the Czech Republic and Slovak Republic in December 2009.

Report from financial markets from November 2009

11.12.2009
The November development confirmed our expectation that the growing trend on the stock markets as well as the gradual decreasing of risk premiums will continue in the following months. The reason is the continuing overpressure of liquidity which stems from the extremely loosened policy of the main central banks which are trying to support the fragile revival by masively pumping money into the economy. The macroeconomic data, in particular the very low inflation without any signs of rising, should at the same time keep the yields from bonds on relatively low levels. With regard to the fragility of the revival the increased volatility on the markets can be expected.
The portfolio managers of ING evaluate the macroeconomic development and the situation on the financial markets in the Czech Republic and Slovak Republic in November 2009.

Financial markets report for October 2009

12.11.2009
Despite October correction, we believe that the growth trend on stock markets as well as gradual decrease of risk premiums will continue in the months to come. This is due to continuing excess liquidity stemming from extremely relaxed monetary policy of key central banks that are trying to stimulate fragile revival by massive pumping of money into the economy. Macroeconomic figures, in particular low inflation without any signs of noticeable rise should at the same time keep bond yields at relatively low levels. The portfolio managers of ING evaluate the macroeconomic development and the situation on the financial markets in the Czech Republic and Slovak Republic in October 2009.

Report from financial markets from September 2009

14.10.2009
The overall positive mood which brings a greater willingness of investors to risk was prevalent on global markets also during last month. The growth of stock indices and the decline of risk premiums were not as noticeable as in the previous month, but the trend remained unchanged. Positive mood was reinforced by macroeconomic figures indicating that key world economies are already past the worst. The portfolio managers of ING evaluate the macroeconomic development and the situation on the financial markets in the Czech Republic and Slovak Republic in September 2009.

Report from financial markets from July 2009

12.8.2009
During the result season of the companies for the 2nd quarterly the positive mood returned to the stock markets. The smaller aversion of the investors to risk contributed to the flow of means into the more risky regions and classes of assets. The portfolio managers of ING IM evaluate the macroeconomic development and the situation on the financial markets in the Czech and Slovak Republic in July 2009.

Report from financial markets from May 2009

15.6.2009
The world shares continued in May in the growth trend and in consequence thereof nearly all stock markets managed to delete this year`s losses. Will their growth continue in the following months? The portfolio managers of ING evaluate the macroeconomic development and the situation on the financial markets in the Czech Republic and Slovak Republic in May 2009.

14.5.2009
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21.4.2009
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16.3.2009
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12.2.2009
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19.1.2009
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11.12.2008
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13.11.2008
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15.10.2008
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12.9.2008
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14.8.2008
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11.7.2008
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16.6.2008
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26.5.2008
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23.4.2008
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25.2.2008
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22.1.2008
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