...а выпускники Финансовой Академии - доллар. Долго уже хоронят, упорно... Между тем, вот Вам выдержка из действительно профессиональной рассылки информации инвестиционного банка - они за свои слова зарплатой отвечают.
European Economics: Don't Mention It
Thursday 20 February 2003
• Nobody seems to be interested in Europe these days …
For me the biggest surprise at our recent Macrovision conference, an annual get-together of Morgan Stanley’s macro researchers and strategists, was that no one wanted to talk about Europe.
• … or its economic policy set-up
Questions like whether the ECB’s inflation target is too ambitious, its monetary policy too backward looking, the Stability Pact a stupid idea did not even make into the top five themes chosen for debate.
• Even though European markets are attractive for valuation reasons
This is rather startling because our equity strategists on both sides of the Atlantic agree that Europe looks a lot more attractive on valuation metrics. The same is probably true for the government bond market.
• The lack of interest in Europe could lead to major surprises
The scope for surprises, of course, is highest if the majority of investors has capitulated and given up on a certain trade. Those who still have to get into the Europe versus US trade have just missed major swing in the EUR/USD exchange rate, though.
Full comment attached as a PDF file.
Regards
Elga Bartsch
European Economics
--
This is not an offer (or solicitation of an offer) to buy/sell the securities/instruments mentioned. Morgan Stanley may deal as principal in or own or act as market maker for securities/instruments mentioned or may advise the issuers. This may refer to a research analyst/research report. For additional information, research reports and important disclosures, contact me or see https://secure.ms.com. We do not represent this is accurate or complete and we may not update this. Past performance is not indicative of future returns. This communication is solely for the addressee(s) and may contain confidential information. We do not waive confidentiality by mistransmission. Contact me if you do not wish to receive these communications. In the UK, this communication is directed in the UK to those persons who are market counterparties or intermediate customers (as defined in the UK Financial Services Authority's rules).
