Indices and Bonds.

Indices and Bonds.

Today we will discuss bonds.

  Numbers , which is synthesized in large amounts of data on individual stocks, or included in a group of values ​​with special characteristics , or in a sector of economic activity, or for the entire stock exchange listing . The index numbers (which are obtained by express -ing rule of the baseline in terms of 100 and opened by dividing the data in terms of percentage increase or decrease compared to the base ) are used to give immediate insight into the changes occurring in subsequent periods . In particular, the stock indexes (which are designed to identify, among the numerous developments in particular , the underlying trend of the market) are used to assess the behavior of the individual securities in relation to the general and , in particular , constitute an essential instrument to make valid and useful comparisons, species trends . Their construction , and therefore their interpretation is based on the assumption of the existence of a close connection between stock prices and general economic performance and corporate law, in the sense that it is believed that the quotes - which reflect , in their variability, hopes and fears, expectations and behaviors ( rational and irrational ) of thousands of workers - demonstrating in the medium and long term, a constant tendency to approach , albeit to varying degrees and speed , the real value of the securities, while in the short term provide " signals " that should be adequately appreciated. The stock indexes do not indicate absolute values ​​, because , despite being faulted by the mathematical point of view , reflect the influence of all the random variables on the market sometimes substantially distorted, thus providing useful information poorly and that, if not correctly interpreted can lead to unpleasant mistakes. Their own construction also suffers from complex problems , ranging from the determination of the type of marker that you want, the choice of methods of aggregation and weighting of the basic indices of individual securities for the formation of a unique index ( generally, sector , special ) , basket of securities to be considered and their importance in the fund or the price list , the price (opening, during the , closing, compensation , or their average prices and nominal facts and so on. ) , the quantitativiscambiati to detect and to the choice of stock exchange or stock exchanges reference etc. . The index number should thus be considered essenzialmenteuno technical tool , bringing different news on the future of the stock market and the behavior of individual security , supplement, but not replace , the economic analysis and the economic analysis , which remain fundamental for the study profitability and prospects of development of enterprises. The choice of the index is the most appropriate to solve a problem by putting mind the purposes that we intend to pursue. It should be clarified , however , that the stock indexes can not be attributed meanings purposes and not their own, and that, in any case, they , while they tend to express the performance of the bottom of a set of variables ( precisely equity prices ) are scarcely relevant to the assessment of the goodness , in terms of gain or loss of an investment. This for two reasons : the indices do not take into account the proceeds that gradually ripen and their eventual reinvestment , partial or total ; does not exist, in general, coincide with the titles used for the construction of the index and those placed in portfolios ( often formed from a shortlist of values) . To measure the changes in value occurred in the time of an investment in shares succor other indicators ( capital ratios ) . Stock market indices are calculated for all securities , even if the reference to the most sig-nificant equity securities . They have general indices , sectoral or sub-fund and special indexes , the latter relate to particular categories of securities (eg , stocks high equity, speculative actions , etc. . ) . The frequency of detection may be daily, weekly, monthly . In some markets the index of the session is broken down into stages of negotiation : it is therefore indices of openness, and during the closing ( this is the case of the Dow Jones in New York and the Financial Times of London). Very utilkizzati in Italy are the indicators equity Mediobanca , the Italian stock market indices , stock index BCI ( BCI index already ) in addition to numerous other general indices , sectoral and special calculated by financial institutions and banking companies .

 Revisions of the indexes due to the introduction of the euro. The introduction of the euro has led to a revision of the indices used for the analysis of market trends and for assessing the performance of portfolios. Between equity indices were introduced four Stoxx indexes , produced by Dow Jones on behalf of the bags German, French and Swiss , and the two indices FtEurotop , produced by the Financial Times in collaboration with the Dutch stock exchange . The former are distinguished according to whether to include only the blue-chip index (Stoxx 50) or a broader basket of securities and depending on whether they refer to the securities of the EU or the euro area, and are built with ' intent adequately represent the weight of the market in each country. The two indices Ft Eurotop are distinguished by the number of titles , 100 and 300 , respectively , and include the most representative continental titles , regardless of the listing market . Both indices Stoxx both those FtEurotop group actions in economic sectors ( 19:35 , respectively ) and Italian bonds have a slightly greater weight in the early ( 8:06 per cent). Among the indices, they also point to the pan- European index of Morgan Stanley and the two new indices prepared by Standard & Poor's (S & P Euro and S & P Euro - Plus). We should also mention the S & P / MIB ( q.v. ) . Banca Intesa , in collaboration with the Italian Stock Exchange, calculates the Euro Blue Chip Index ( EBCI ), the first pan- European equity index developed in Italy , based on the indices most common euro area countries , with the exception Portugal and Luxembourg; Italian bonds , represented by the Mib30 , account for approximately 14%. In the bond we have introduced new indices for the euro area : the Euro Credit Index Morgan Stanley , the Euro - Aggregate Index Lehman Brothers and eventually indices JPMorgan and Salomon Smith Barney , both named EMU Bond Index . These bond indices are composed of fixed-rate securities with a residual maturity greater than one year , that meet the criteria of liquidity and credit quality objectives. The indices published by JPMorgan are based solely on public issues , while the indices Morgan Stanley, Lehman Brothers and Salomon Smith Barney also include private issues ; Italian securities account for approximately 20 % in the first index , 18 % in the second , for 13% in the third and 21% in the quarter. Unicredit and Il Sole- 24 Ore EMU6 calculate the index , in which there are fixed atasso securities with a residual maturity greater than one year issued in Belgium, France , Germany, Italy , Netherlands and Spain AESI . The Italian securities account for about 25% .

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