Morgan: Europe, the Bank of Japan has been "qianlvjiqiong" suggested opening Euro Sina fund exposure table: the letter Phi lag of false propaganda, long-term performance is lower than similar products, to buy the fund by the pit how to do? Click [I want to complain], Sina help you expose them! Global foreign exchange August 25th hearing – Thursday (August 25th) and Morgan Stanley (Morgan Stanley) said that the European Central Bank and the Bank of Japan to avoid currency appreciation almost at. As a result, the global risk appetite has been supported, and the Federal Reserve (FED) has to maintain low real interest rates. This does not mean that the Fed will keep interest rates at current low levels, but it does mean again before the action, may see inflation. The Fed will raise the early intervention rate will push up the real interest rate. The investment bank said, by comparing the real interest rates in the United States and the S & P 500 index earnings visible, relative to gross domestic product (GDP), 2015 U.S. corporate earnings building top, although at the same time, the U.S. corporate debt in GDP accounted for up to 47%. These are the latest cycle characteristics, the stock market will gradually transform into the valuation of the theme. The stock market is dominated by relative returns. Lower real interest rates further push stock valuations, and vice versa. On the macro level, according to Bloomberg news, in the August 1st survey, 33 analysts, said the central bank’s policy assessment of the 22 Japanese central bank is more likely to expand stimulus. On Saturday (August 20th) Sankei news, Japan’s central bank governor Kuroda Higashihiko said the Bank of Japan meeting the next opportunity will become looser policies in Japan, and from the technical point of view, the Bank of Japan and the deepening of the negative interest rate space. Kuroda said Japan is likely to achieve inflation target in fiscal year 2017, but given the global economic situation, the uncertainty is also rising. The European Central Bank in July will halt the troops and wait meeting, President Delaki (Mario Draghi) didn’t suggest it will soon launch a stimulus plan. Many analysts believe that the European central bank or at the September 8th meeting of the introduction of more stimulus, then the economic forecast will include the impact of Britain’s removal from europe. The investment bank pointed out that the current financial conditions dominated by the Fed, more than ever before. Central banks in Japan and the euro zone have lost their grip on the financial markets and are not able to control real interest rates, which is why the local stock market is not as good as the big market. This week, Jackson, President of the global central bank annual meeting will be held on Thursday (August 25th) opened the curtain, in 26 on August, the U.S. Federal Reserve (FED) chairman (Janet Yellen) chairman will deliver a speech. As an important window of the Fed’s policy toward the sound, any wind sways grass the annual meeting has much market attention. Market is expected, if the Fed hopes to raise interest rates in September, will make a more clear statement at this meeting. The investment bank believes that the Fed should avoid this embarrassed environment, maintain the best way to control the real interest rate, the interest rate hike before inflation rose again to the target level. At the same time, the investment bank pointed out that the European Central Bank and the Central Bank of Japan相关的主题文章: