Financial Market Environment
Transcript of Financial Market Environment
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Ugc Io{auo` O``miouamd [~micyy
Ad o rc``hsdiuamdadb cimdml, io{auo` 'i~ceau! h`mrychhaiacdu` h~ml ugmyc rgm ys{{` io{auo` 'i~ceau! um ugmyc
rgm eclode au$ Ys{{`ac~y mh io{auo` 'i~ceau! adeaxaeso`y ode adyuausuamdy
raug cwicyy hsdey$ Ugcyc b~ms{y o~c yoxadb lmdcq ode`mmfadb hm~ o ~ouc mh ~cus~d md ugca~ adxcyulcdu$
Eclodec~y m~ syc~y mh io{auo` 'i~ceau! adeaxaeso`y odeadyuausuamdy rgm dcce um ~oayc hsdey um hadodic ugca~adxcyulcdu m{{m~usdauacy$ Ugcyc b~ms{y o~c ra``adb um{o o ~ouc mh ~cus~d md ugc io{auo` ugc nm~~mr$
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Gmr ay io{auo` u~odyhc~~ce ncurccd yoxc~y
'Yi! ode nm~~mrc~y 'Ei!=
Ea~ciu u~odyhc~y yumify
ode nmdey, ycis~auacy Adxcyulcdu nodfadb gmsyc
Sdec~r~auadb
Hadodiao` aduc~lceao~acy
nodfy ode lsuso` hsdey
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Rgou ay o lo~fcu=
O lo~fcu ay o xcdsc rgc~c bmmey ode yc~xaicy o~ccwigodbce$
O hadodiao` lo~fcu ay o {`oic rgc~c adeaxaeso`y ode
m~bodazouamdy roduadb um nm~~mr hsdey-io{auo` 'Ei!o~c n~msbgu umbcugc~ raug ugmyc goxadb o ys~{`sy mhhsdey 'Yi!$
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c l{m~ odic m dodi o lo~ c y mcimdmlai b~mrug
Rc``hsdiuamdadb hadodiao` lo~fcuy hoia`auouc ugch`mr mh io{auo` h~ml adxcyum~y um ugc syc~y mh io{auo`$ Lo~fcuy {~mxaec yoxc~y raug ~cus~dy md ugca~ lmdc
yoxce-adxcyuce, rgaig {~mxaecy ugcl lmdc ad ugc hsus~c$ Lo~fcuy {~mxaec syc~y mh io{auo` raug ugc dcicyyo~ hsdey um
hadodic ugca~ adxcyulcdu {~mjciuy$
Rc``hsdiuamdadb lo~fcuy {~mlmuc cimdmlaib~mrug$
Cimdmlacy raug rc``ecxc`m{ce lo~fcuy {c~hm~lncuuc~ ugod cimdmlacy raug {mm~`hsdiuamdadblo~fcuy$
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Rgou o~c ec~axouaxcy= Gmr iod ugc nc syce um~cesic m~ adi~coyc ~ayf=
O ec~axouaxc ycis~auqy xo`sc ay ec~axce h~ml ugc{~aic mh odmugc~ ycis~au 'c$b$, hsus~cy!$
Iod nc syce um gcebc m~ ~cesic ~ayf$ Hm~ cwol{`c,
od al{m~uc~, rgmyc {~mhau ho``y rgcd ugc em``o~ `mycyxo`sc, ims`e {s~igoyc is~~cdi hsus~cy ugou em rc``rgcd ugc em``o~ rcofcdy$
O`ym, y{cis`oum~y iod syc ec~axouaxcy um ncu md ugc
ea~ciuamd mh hsus~c yumif {~aicy, aduc~cyu ~oucy,cwigodbc ~oucy, ode imllmeau {~aicy$ Ad lodioycy, ugcyc u~odyoiuamdy {~mesic gabg ~cus~dy ah msbscyy ~abgu, nsu `o~bc `myycy ah ms bscyy r~mdb$Gc~c, ec~axouaxcy iod adi~coyc ~ayf$
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[gyaio` `miouamd yumif cwigodbcy xy$
C`ciu~mdai eco`c~noyce lo~fcuy
Osiuamd lo~fcu ou o {gyaio``miouamd 'DQYC! xy$C`ciu~mdai Eco`c~ lo~fcu'DOYEO_!
DQYC: 9;;; iml{odacy
DOYEO_: >;;; iml{odacy Eahhc~cdicy o~c do~~mradb:
Eoa` xm`slc ay cqso`
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Yumif Lo~fcu U~odyoiuamdy
O{{`c Iml{suc~ eciaecy um ayysc oeeauamdo` yumifraug ugc oyyayuodic mh auy adxcyulcdu nodfc~$ Odadxcyum~ {s~igoycy ymlc mh ugc dcr` ayysce ygo~cy$
Ay ugay o {~alo~ lo~fcu u~odyoiuamd m~ o ycimdeo~lo~fcu u~odyoiuamd= Yadic dcr ygo~cy mh yumif o~c ncadb ayysce, ugay ay o
{~alo~q lo~fcu u~odyoiuamd$
Rgou ah adyucoe od adxcyum~ nsy cwayuadb ygo~cy mh
O{{`c yumif ad ugc m{cd lo~fcu ay ugay o {~alo~m~ ycimdeo~ lo~fcu u~odyoiuamd= Yadic dm dcr ygo~cy o~c i~couce, ugay ay o ycimdeo~q
lo~fcu u~odyoiuamd$
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Rgou ay od A[M=
Od adauao` {sn`ai mhhc~adb 'A[M! ay rgc~c oiml{od ayyscy yumif ad ugc {sn`ai lo~fcuhm~ ugc ha~yu ualc 'c$b$ Bmmb`c ad >;;5!$
Bmadb {sn`ai cdon`cy o iml{odqy mrdc~yum ~oayc io{auo` h~ml o raec xo~acu mh msuyaecadxcyum~y$ Mdic ayysce, ugc yumif u~oecy adugc ycimdeo~ lo~fcu 'DQYC!$
[sn`ai iml{odacy o~c ysnjciu um oeeauamdo`~cbs`ouamdy ode ~c{m~uadb ~cqsa~clcduy$
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Io{ Boady Q`e$ ode Eax Qac`e
Qms ns o yumif umeo hm~ %3;
Ad mdc co~, ms ~cicaxc EAX < %?
Yumif yc``y hm~ %33 ad mdc co~
Eax Qac`e '#! < %? - %3; < >#
Io{ Boad Qac`e '#! < %3 Boad - %3; < ?;# Umuo` ^cus~d < ># & ?;# < ?>#
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G{mugcyay 'CLG!=
Ycis~auacy o~c dm~lo`` ad cqsa`an~asl ode o~choa~`q {~aice$
Adxcyum~y ioddmu ncou ugc lo~fcu cwic{u
ug~msbg bmme `sif m~ ncuuc~ adhm~louamd$ @cxc`y mh lo~fcu chhaiacdi Rcofhm~l chhaiacdi
Yclayu~mdbhm~l chhaiacdi
Yu~mdbhm~l chhaiacdi
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Rcofhm~l chhaiacdi
Iodu {~mhau nq `mmfadb ou {oyu u~cdey$ O ~cicdueci`adc ay dm ~coymd um ugadf yumify ra`` bm s{
'm~ emrd! ad ugc hsus~c$ Yumify hm``mr o ~odemlro`f$
Cxaecdic ys{{m~uy rcofhm~l CLG, nsuucigdaio` odo`qyay ay yua`` syce nq igo~uayuy$
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Yclayu~mdbhm~l chhaiacdi
O`` {sn`ai` oxoa`on`c adhm~louamd ay ~ch`ciucead yumif {~aicy, ym au emcydu {oq um mxc~
odo`zc oddso` ~c{m~uy `mmfadb hm~sdec~xo`sce yumify$
@o~bc` u~sc, nsu ys{c~am~ odo`yuy iod yua``{~mhau n hadeadb ode syadb dcr adhm~louamd$
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Yu~mdbhm~l chhaiacdi
O`` adhm~louamd, cxcd adyaec adhm~louamd, ayclnceece ad yumif {~aicy$
Bcdc~o`` imdyaec~ce um nc dmu u~scadyaec~y iod boad n u~oeadb md ugc noyay mhadyaec~ adhm~louamd, nsu ugouy a``cbo`$
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Al{`aiouamdy mh lo~fcu chhaiacdi
Qms gco~ ad ugc dcry ugou o lceaio` ~cyco~igiml{od ~cicaxce HEO o{{~mxo` hm~ mdc mh auy{~mesiuy$ Ah ugc lo~fcu ay yclayu~mdb chhaiacdu,
iod ms cw{ciu um uofc oexoduobc mh ugayadhm~louamd n {s~igoyadb ugc yumif=
Dm ah ugc lo~fcu ay yclayu~mdb chhaiacdu, ugayadhm~louamd ra`` o`~coe goxc nccd adim~{m~ouce adum ugc
iml{odqy yumif {~aic$ Ym, auy {~mnon`q umm `ouc
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Al{`aiouamdy mh lo~fcu chhaiacdi
O ylo`` adxcyum~ goy nccd ~coeadb onmsu o gmu A[M ugou ayyigces`ce um bm {sn`ai `ouc~ ugay rccf$ Ygc roduy um ns oylod ygo~cy oy ygc iod bcu gc~ godey md, ode ay {`oddadbmd nsadb o `mu mh ygo~cy ugc ha~yu eo mdic ugc yumif ncbady
u~oeadb$ Rms`e ms oexayc gc~ um em ugay= [~mnon` dmu$ Ugc `mdb~sd u~oif ~cim~e mh gmu A[My ay dmu ugou b~cou,
sd`cyy ms o~c on`c um bcu ad md ugc b~msde h`mm~ ode ~cicaxc odo``miouamd mh ygo~cy nchm~c ugc yumif ncbady u~oeadb$ Au ay syso`` go~ehm~ ylo`` adxcyum~y um ~cicaxc ygo~cy mh gmu A[My nchm~c ugc yumif
ncbady u~oeadb$
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Imdi`syamdy onmsu lo~fcu chhaiacdi
Cl{a~aio` yuseacy ysbbcyu ugc yumif lo~fcu ay: Gabg` chhaiacdu ad ugc rcof hm~l$ ^coymdon` chhaiacdu ad ugc yclayu~mdb hm~l$
Dmu chhaiacdu ad ugc yu~mdb hm~l$ Adyaec~y goxcloec ondm~lo` 'ode ymlcualcy a``cbo`! {~mhauy$