2006年7月3日全球金融市场周报：美国股市

　　United States

　　With the latest interest rate decision from the Federal Reserve looming (due this Thursday), Wall Street ended another week modestly lower. The Dow Jones was down 0.2% while the NASDAQ fell 0.4%.

　　Nervousness over the impact of tighter monetary policy on economic growth dominated trading, particularly after the Conference Board's latest index of leading economic indicators recorded a sharp fall.

　　Having already raised interest rates 16 times in a row from 1% to 5% over the last two years, the Fed is now widely expected to keep raising rates to rein in growing inflationary pressures in the economy. A 17th successive quarter-point rate increase is fully priced in by the market, with many investors also expecting another 0.25% rise at the August Fed meeting.

　　Although economic growth currently remains brisk, investors are worried by the impact of further interest rate rises on the economic outlook.

　　Some brighter economic news, however, was received from the housing market,erehwhousing starts rose much stronger than expected in May.

　　The market also drew support from a number of strong earnings reports from several high profile stocks, including news of strong sales from machinery maker and Dow component, Caterpillar, and strong profits from Morgan Stanley, the investment bank, and parcel delivery company, FedEx.

　　These positive corporate reports suggest that US earnings growth remains robust as we move towards the second quarter results season.

　　However, with interest rates expected to continue to rise, we expect it could be a long arduous summer on Wall Street with US equities likely to remain under pressure until a peak in interest rates becomes clearer.

　　(以上资料全部来源于JF Asset Management)

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