【出版时间及名称】：2010年3月欧洲ETF行业研究报告
        【作者】：德意志银行
        【文件格式】：pdf
        【页数】：68
        【目录或简介】：
Increasing the equity weight by buying the Dax
This month we buy the Dax index with 20% weight. Reasons in favour of Germany
and the Dax index include low sovereign risk, a strong competitiveness position
(supported by the low rise in labour costs over the last decade), strong trading
surplus, a strong Dax earnings growth 2010E (consensus expects 51%) and a
moderately attractive valuation. Therefore we would expect the Dax to outperform
in a positive equity market environment (for details see page 6 onwards). Main
risks to buying the Dax include a general decline of the equity market and a restart
of significant earnings downgrades of German companies.
The sovereign debt crisis in Greece had a significant impact on global financial
markets. However, in the last weeks the news flows have become more positive,
as the other Euro area countries provided strong verbal support for Greece. The
positive developments culminated in a successful EUR 5bn 10Y Greek bond deal.
On the other hand the ECB became more confident on the future economic
development in the course of 2010, but the inflation outlook remains favourable.
Thus, central bank rates should stay rather low in the next months. Additionally the
real economic data improved, which supports a more constructive view on the
economy. These developments improved the financial markets sentiment and the
equity markets reacted very positively and the Euro could end the recent
depreciation trend against the major currencies. In our view the favourable trend in
equity markets should continue, as the real economic data and company news
should come in favourably. This month we have switched the portfolio from ETFs
to indices in order to give a more general form to reflect our views.