tailieunhanh - Trading Strategies for the Global Stock, Bond, Commodity, and Currency Markets_4

Tham khảo tài liệu 'trading strategies for the global stock, bond, commodity, and currency markets_4', tài chính - ngân hàng, đầu tư chứng khoán phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả | 142 INTERNATIONAL MARKETS FIGURE AMERICAN STOCKS LOWER RIGHT ARE BEING PULLED DOWNWARD BY JAPANESE STOCKS UPPER RIGHT AND A WEAKER . BOND MARKET LOWER LEFT BOTH OF WHICH ARE BEING PULLED LOWER BY JAPANESE BONDS UPPER LEFT AT THE START OF 1990. 38000 Nikkei 225 36000 34000 9-28 10-13 10-27 IM3 11-2812-12 12-27 M2 10 89 11 89 12 89 1 90 J__I__I_I__I_I_L__L Dow Industrials 1 12 90 . stock prices are influenced in two ways by global markets. First by a direct comparison with overseas stock markets such as Britain and Japan which are influenced by their own domestic bond markets . And second by . bond prices which are themselves influenced by global bond markets. Discussion of the bond market and global interest rates naturally leads to the question of global inflation. It s important to keep an eye on world inflation trends. This is true for two reasons. Inflation rates in the major industrialized countries usually trend in the same direction. Some turn a little ahead of others and some are laggards. Some rise or fall faster than others. But sooner or later each country falls into line and joins the global trend. Global inflation peaked as the 1980s began. Japan the United States and Italy peaked in early 1980. Britain s inflation rate peaked a few months earlier in late 1979. Canada France and West Germany turned down in 1981. Six years later in 1986 global inflation began to creep higher again. Inflation bottomed during that year in the . Japan West Germany France Britain and Italy see Figure . Since all countries are influenced by global inflation trends it s important to monitor whaf s happening around the globe to get a better fix on the inflation trend GLOBAL BONDS AND GLOBAL INFLATION 143 FIGURE A COMPARISON OF GLOBAL INFLATION RATES FROM 1977 THROUGH 1989. CHART COURTESY OF BUSINESS CONDITIONS DIGEST . DEPARTMENT OF COMMERCE BUREAU OF ECONOMIC ANALYSIS DECEMBER 1989. in each individual country. If one country .