【出版时间及名称】：2010年2月德国ETF研究报告
        【作者】：德意志银行
        【文件格式】：pdf
        【页数】：67
        【目录或简介】：

Increasing the equity weight by buying Banks
This month we use the equity sell off to increase the equity weight of our ETF
portfolio from 40% to 55% and buy the Stoxx600 Banks with 15% weight and we
see this as a short term trading position (for details see page 7 onwards). At the
same time we sell our 15% exposure in long-duration bonds. Our scorecards see
equities as the most attractive asset class and Banks as the most attractive sector
in Europe (see tables on the right).
The developments around Greece and peripheral Europe continue to dominate the
financial markets and overshadow otherwise good economic data. The European
Commission endorsed the Greek Stability Programme, viewing it as ambitious but
achievable. The European Commission specifically requested compliance with the
3% deficit-to-GDP target by 2010 via a reduction of the public sector wage bill and
other measures and will keep Greece under permanent surveillance. Given the
scale of the required policy adjustments, the credibility gap (including the
uncertainty about the precise state of Greek public finances) and the potential lack
of political consensus in Greece about the implementation of such measures, the
real test will come in the implementation of the required measures. The market
remains unwilling to provide Greece (and now other fiscally vulnerable sovereigns)
with the benefit of the doubt and seems intent on testing the resolve of the
European Union.