Derivati USA: CME-CBOT-NYMEX-ICE Tbond,Tnote,Bund&CO-giu/lug2006: fuga dai Bonds (vm18) (3 lettori)
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gipa69
collegio dei patafisici
ditropan ha scritto:Non me ne vogliate .... ma il mio grafico è il più attuale di tutti !!!
Immagine sostituita con URL per un solo Quote: http://213.215.144.81/public_html/fotodelgiorno/20060706ft_big.jpg
D'altronde sei uno dei pochi con l'archivio aggiornato
gipa69
collegio dei patafisici
By Pratima Desai
LONDON, July 5 (Reuters) - The wall of new money entering commodities markets has changed relationships among different assets and complicated strategies, an executive of UBS said on Wednesday.
As a result, investors should look beyond front-month contracts for returns, UBS executive director Anthony Morris said at a conference organised by Worldwide Business Research.
Morris said the changes resulted from big financial institutions such as pension funds investing in the market.
These institutions acted on the basis of research which shows that commodities help diversify their portfolios away from stock and bond markets.
"The impact of financial institutions could be huge ... Financial fundamentals have become as important as physical fundamentals," Morris said.
Commodity prices have slipped from record highs, but many analysts still expect strong demand from emerging market countries such as China and India and limited supplies to push prices to skyward.
"I'm not saying be bearish. (But) the market today is different thnan the market these studies are based on," Morris said.
"Historical data largely shows commodities without the impact of financial institutions."
Studies have shown that the correlations between commodities and stocks over the last 20 to 30 years are zero or negative.
Morris said the arrival of these new investors supports commodity prices.
That is because most investors have so far limited themselves to long-only commodity indices, which normally invest in the front month contract.
"Professional investors (including hedge funds) have left the front month to institutions. Avoid being a prisoner of the front month because that's what (indices) hold," Morris said.
"Look at the whole curve. There is more value at the back end."
A key problem, though, is that volumes in contracts beyond the front month are much lower, which makes them difficult to trade and more volatile, another conference speaker said.
"Base metals and crude oil add value and are liquid," Morris said.
"Base metals curves are backwardated. Would they not be even more backwardated if financial institutions weren't in the market?"
Backwardation occurs when a futures price is lower in the distant delivery months than in the near delivery month
LONDON, July 5 (Reuters) - The wall of new money entering commodities markets has changed relationships among different assets and complicated strategies, an executive of UBS said on Wednesday.
As a result, investors should look beyond front-month contracts for returns, UBS executive director Anthony Morris said at a conference organised by Worldwide Business Research.
Morris said the changes resulted from big financial institutions such as pension funds investing in the market.
These institutions acted on the basis of research which shows that commodities help diversify their portfolios away from stock and bond markets.
"The impact of financial institutions could be huge ... Financial fundamentals have become as important as physical fundamentals," Morris said.
Commodity prices have slipped from record highs, but many analysts still expect strong demand from emerging market countries such as China and India and limited supplies to push prices to skyward.
"I'm not saying be bearish. (But) the market today is different thnan the market these studies are based on," Morris said.
"Historical data largely shows commodities without the impact of financial institutions."
Studies have shown that the correlations between commodities and stocks over the last 20 to 30 years are zero or negative.
Morris said the arrival of these new investors supports commodity prices.
That is because most investors have so far limited themselves to long-only commodity indices, which normally invest in the front month contract.
"Professional investors (including hedge funds) have left the front month to institutions. Avoid being a prisoner of the front month because that's what (indices) hold," Morris said.
"Look at the whole curve. There is more value at the back end."
A key problem, though, is that volumes in contracts beyond the front month are much lower, which makes them difficult to trade and more volatile, another conference speaker said.
"Base metals and crude oil add value and are liquid," Morris said.
"Base metals curves are backwardated. Would they not be even more backwardated if financial institutions weren't in the market?"
Backwardation occurs when a futures price is lower in the distant delivery months than in the near delivery month
Fleursdumal
फूल की बुराई
Bonjour a tout les bondaroles
ieri sullo scivolone del T-bronx OI in aumento di +15k, quindi barra ancora puntata verso, dato che l'ultimo rimbalzone era stato sul solito shortcovering. I 105,5 sembrano un supporto c@zzuto ma se testati in continuazione non posson resistere in eterno
lo spread S&Pmib/eu50xx si è piantato da inizio settimana in un traderange stretto inconsuento +20/+10
un pò di fragole per il nuovo Mister Orange che guarda le donnine
ieri sullo scivolone del T-bronx OI in aumento di +15k, quindi barra ancora puntata verso, dato che l'ultimo rimbalzone era stato sul solito shortcovering. I 105,5 sembrano un supporto c@zzuto ma se testati in continuazione non posson resistere in eterno
lo spread S&Pmib/eu50xx si è piantato da inizio settimana in un traderange stretto inconsuento +20/+10
un pò di fragole per il nuovo Mister Orange che guarda le donnine