经济数据对市场的影响及对应方法

in case of company mergers.

附錄2.3

外汇US - Treasury STRIPS

How does this affect the market?

A report on the amount of net stripping of Treasury securities that has taken place during the month. The report details gross stripping and reconstitution of Treasury notes and bonds by individual issue.

STRIPS is an acronym for Separate Trading of Registered Interest and Principal of Securities. A normal Treasury note or bond consists of a principal payment and semiannual interest payments. For example, a 30-year Treasury bond for $1,000 consists of 60 interest payments--one every six months for 30 years--and a principal payment of $1,000 when the bond matures. If this bond gets stripped of its interest (coupon) payments, it becomes a "zero-coupon" bond. The owner doesnt get paid any interest but buys the right to repayment of principal, $1,000, at a deep discount to the face value. Investors buy these to guarantee a certain payment amount at a specific point in the future (e.g. when a child will be ready for college), but dont want income from the bonds over that period.

US - Money Supply

How does this affect the market?

The monetary aggregates are alternative measures of the money supply by degree of liquidity. Changes in the monetary aggregates indicate the thrust of monetary policy as well as the outlook for economic activity and inflationary pressures.

To be honest, the various money supply measures dont matter to most investors these days. The monetary aggregates (known individually as M1, M2, and M3) used to be all the rage a few years back because the data revealed the Feds (tight or loose) hold on credit conditions in the economy. The Fed issues target ranges for money supply growth. In the past, if actual growth moved outside those ranges it often was a prelude to an interest rate move from the Fed. Today, monetary policy is understood more clearly by the level of the federal funds rate. Money supply fell out of vogue in the nineties, due to a variety of changes in the financial system and the way the Federal Reserve conducts monetary policy. The Fed is working on some new measures of money supply, and given the way economic indicators ebb and flow in

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popularity, dont be surprised if the monetary aggregates make a comeback in the future.

DE - Merchandise Trade

How does this affect the market?

Merchandise trade balance measures the difference between imports and exports of both tangible goods and services. The level of the international trade balance, as well as changes in exports and imports, indicate trends in foreign trade.

DE - Industrial ProductionC n

S Zhow does this affect the market?

j9oIndustrial production measures the physical output of the nations factories, mines and utilities.

CA – Employment

How does this affect the market?

Nonfarm payroll employment counts the number of paid employees working part-time or full-time in the nations business and government establishments.

CA - Unemployment Rate

How does this affect the market?

The unemployment rate measures the number of unemployed as a percentage of the labor force.

US - Employment Situation

How does this affect the market?

The Employment Situation is a set of labor market indicators. The unemployment rate measures the number of unemployed as a percentage of the labor force. Nonfarm payroll employment counts the number of paid employees working part-time or full-time in the nations business and government establishments. The average workweek reflects the number of hours worked in the nonfarm sector. Average hourly earnings reveal the basic hourly rate for major industries as indicated in nonfarm payrolls.

If ever there was an economic report that can move the markets, this is it! The anticipation on Wall Street each month is palpable, the reactions are dramatic, and the information for investors is invaluable. By digging just a little deeper

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than the headline unemployment rate, investors can take more strategic control of their portfolio and even take advantage of unique investment opportunities that often arise in the days surrounding this report. The employment data give the most comprehensive report on how many people are looking for jobs, how many have them, what theyre getting paid and how many hours they are working. These numbers are the best way to gauge the current state and future direction of the economy. They also provide insight on wage trends, and wage inflation is high on the list of enemies for the Federal Reserve. Fed chairman Alan Greenspan talks about this data frequently and watches for inflation constantly. By tracking the jobs data, investors can sense the degree of tightness in the job market. If wage inflation threatens, its a good bet that interest rates will rise, bond and stock prices will fall. No doubt that the only investors in a good mood will be the ones who watched the employment report and adjusted their portfolios to anticipate these events.

US - Wholesale Trade

How does this affect the market?

Wholesale trade measures the dollar value of sales made and inventories held by merchant wholesalers. It is a component of business sales and inventories.

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