【出版时间及名称】：Nomura-global strategy outlook-091214
【作者】：野村证券
【文件格式】：PDF
【页数】：52
【目录或简介】：


Section 1: Market outlook – still bullish...................................................................3
Summary.......................................................................................................3
Negative forces set to limit the upside.................................................................3
Strong supports for stocks from a number of factors................................................4
Market forecasts............................................................................................11
Section 2: ‘Stocks after the stimulus’ – what happens when the government steps back?12
Fiscal policy.................................................................................................12
Unconventional monetary policy.......................................................................13
Conventional monetary policy..........................................................................14
Market reaction to policy changes so far has been benign....................................15
Section 3: Regional outlook – a tactical shift to Japan.............................................19

Japan..........................................................................................................19
US..............................................................................................................24
Europe ex UK...............................................................................................25
UK..............................................................................................................26
Emerging markets..........................................................................................28
Asia-ex-Japan................................................................................................30
Asia Pacific ex Japan outlook 2010....................................................................32
Japan: Performance relative to global equities likely to bottom in 2010......................36
Section 4: Global sector outlook – overweight financials, tech & healthcare................39
Cyclicals......................................................................................................40
Global Recommended Portfolio..........................................................................45
TEAM CONTACTS..........................................................................................47