Influence of Macroeconomic Factors on the Return of Russian Stock Exchange Indices

This article analyzes the relationship between excess stock returns and the macroeconomy of China. A factor-augmented regression is applied to a panel of 123 monthly Chinese macroeconomic time series. Eight fundamental macroeconomic factors are identified and used to examine the excess returns in industrial, commercial, real estate, and utilities sectors of the market. It is found that interest rate, output level, as well as property supply factors possess explanatory power for sector stock returns in China. Today we live in a post-truth and highly digitalized era characterized by a flow of (mis-) information around the world.

#ALXN +5% Alexion Pharmaceuticals, Inc. – after the company reported EPS of $2.79 on revenue of $1.26 billion for the third quarter, ahead of the consensus and the results for the same quarter in the previous year. #TER +6% Teradyne, Inc. – after the company reported better-than-expected results for the third quarter, while raising its guidance for the fourth quarter. The Ministry of Finance regulated the Russian stock exchange both directly and indirectly, especially during Prime Minister Sergei Witte’s 1900–1902 reform.

FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website. Russian Eurobonds’ market last week was mostly flat despite the oil price fluctuation. The Russian sovereign http://staging.apki.net/?p=27519 curve in the short end moved down by 8-10 bps. Russian quasi-government Eurobonds ALRSRU-20, GPBRU-19, and RURAIL-31 gained the most among peers last week (see page 7). Russian government officials announced a major sell-off of state-owned companies as a measure to fill the state budget which suffers from low oil prices.

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Акции Industrial and Commercial Bank of China Ltd

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Alrosa, Rosneft and Bashneft were included in an existing privatization plan because they are already traded on stock markets. The other state-controlled companies that may be sold are Sovkomflot, Aeroflot and VTB group.

Taiwan Stock Exchange Weighted Index (TWSE Index)

Federal Reserve. #CADE -11% Cadence Bancorp – after the company reported lower than expected third quarter earnings of $0.34. #IRBT -19% iRobot Corporation – after the company announced better than anticipated earnings and revenue results for the third quarter but lowered its fourth quarter guidance. #IVZ +5% Invesco Ltd. -after the company reported results for the third quarter, ended September 30, 2019.

• It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product.
• This article analyzes the relationship between excess stock returns and the macroeconomy of China.
• #ALXN +5% Alexion Pharmaceuticals, Inc. – after the company reported EPS of $2.79 on revenue of $1.26 billion for the third quarter, ahead of the consensus and the results for the same quarter in the previous year.

#INTC +4% Intel Corporation – after the company reported third quarter earnings of $1.42 per share, ahead of the consensus estimate of $1.24 per share. #CX -5% Cemex SAB de CV ADR -after the company reported its third quarter results. #WPP +5% WPP PLC – after the company reported an improvement in performance across major markets and sectors for the third quarter, while reiterating its full year guidance.

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Identifying the impact of this information on stock markets and forecasting stock returns and volatilities has become a much more difficult task, perhaps almost impossible. This paper investigates the impact of macroeconomic factors, German government bond yields, sentiment and other leading indicators on the main German stock index, namely the DAX30, for the time period from 1991 to 2018. Using a dataset on 24 factors and over a timeframe of about 27 years, we found evidence that across most subsamples, the Composite Leading Indicator (OECD), the Institute for Economic Research (ifo) Export Expectations index, the ifo Export Climate index, exports, the Consumer Price Index CPI, as well as 3 y German government bonds yields show delayed impacts on stock returns. We further found that the delayed impact of the constituents of the monetary aggregate M2 on stock returns changed direction between the crisis and post-crisis periods. Overall, the results illustrate that in the crisis period a larger number of factors and economic indicators had significant impacts on the stock returns compared to the pre- and post-crisis periods.

This implies that in the post-crisis period a macro-driven market prevails. #MGNX -8% MacroGenics Inc – after the company announced the second interim overall survival data from its Phase 3 SOPHIA Study of Margetuximab in patients with HER2-Positive metastatic breast cancer.

If no such factors exist, IPCA infers that the characteristic effect is compensation without risk and allocates it to an “anomaly” intercept. Studying returns and characteristics at the stock-level, we find that five IPCA factors explain the cross section of average returns significantly more accurately than existing factor models and produce characteristic-associated anomaly intercepts that are small and statistically insignificant. Furthermore, https://radioinvasora.com/2019/10/01/bitcoin-cash-price-chart-today/ among a large collection of characteristics explored in the literature, only ten are statistically significant at the 1% level in the IPCA specification and are responsible for nearly 100% of the model’s accuracy. Chong T. T.-L., Li N., Zou L. A New Approach to Modeling Sector Stock Returns in China // The Chinese Economy. The Dow Jones Industrial Average was looking at an unchanged open as the stock market waits to hear from the U.S.

#HSBC -4% HSBC Holdings plc -after the company reported worse-than-expected Q3 financial results. ВНИЗ#SES -30% Cancer Genetics Inc – after the company announced the completion of several strategic transactions.