Market Outlook 1 May 20 issue of the financial market bubble can continue to expand, global Of alone to win in 3 million dollars

■I. The U.S. stock market

●1. U.S. stocks in the bubble market of the modalities is strong, the Dow 3 million dollars

1) the FED(US Federal Reserve Board), and monetary easing((1) rate cuts (2) quantitative)of the world stock markets U.S. stocks led to a substantial rise as financial markets continued.

【Previous】theMarket Outlook 1 August 13 issue, “the US Iran confrontation is”attack”, not”口撃”in the range of limited impact on the market”please note

Monetary easing, supported by a slight positive share price reaction,unfavorable factors are ignored of the market flow has continued. Already,the SP500 P / E Ratio(Price Earnings ratio)is at a high level of 18 times the units continue and,rule of thumb, according to this outweigh the PER the rise of the desire to get into a situation to.

EPS(1-share earnings)for fiscal 2020 rise to about + 5 percent and expected fiscal 2019 by a significant profit is unlikely to. Thus, something of a damper on the stock price is sensitive to a situation in which transformation may be obtained.

2) 1 on investment funds such as the New Year of buying and last year, at the end of”stop loss and profit out of the tying seller”to repurchase again, US stocks rise but Dow is the 3 million dollar range in the coming.

3) past experience has shown that from (1) Above of the buying cycle later and (2) the earnings announcement is over next week onwards, sold and environment the conversion could be nice.

●2. The US is 1 month 15 days”Phase 1 agreement”signed, made,China customs duty further lowered, there is no and officials say

*”Phase 1 agreement”means (1) China rice agricultural products such as bulk purchase, and(2) the United States is China’s tariffs relieve some of that.

1) Light handmade Trade Representative(USTR)and the fashion (Finance Secretary)”the signing of Contents and China lowering tariffs is no”and remarks.
⇒ 1 on 14 days of the Dow is rising, but this remark by the rising width to shrink slightly after and was.

Trump the President on the 15th,”Phase 2 agreement will lower tariffs there is no”and ratification.

2) or,add a lower presence of China by the”Phase 1 agreement”compliance status report, the officials revealed.

3) this phase 1 agreement about the rice, the Democratic minority leaders of the Schumer”weak agreement harm”and criticized the countries from the industry also complained of a voice in that.

4) criticism against Trump for President this year 11 months of the US election campaign for 選挙対策 material and only if it is”good”and just.

●3. Trump President and the peripheral insider alleged to occur

1) the US Army by Iran’s solid new commander of gun, and Trump the President of Florida Villa”my rules,”all of the invited guests for this military action, the possibility of talk and coverage there was.

2) the reports received,US Democratic Senator of this attack to know in advance who may have more than one person associated with the illegal trade in the presence or absence of investigation by the Securities and Exchange Commission (SEC)and the Commodity Futures Commission (CFTC)requested.

●4. The rice tax cuts, suggesting

1) the local economy(NEC) Chairman”in the second half of the tax cuts planned”and remarks.
2) It materials, on the 15 day of the DJIA + 90 dollars rise.

●5. Boeing in 2019 number of aircraft delivered in the world, ranking first in the fall

1) Boeing 737MAX of the bus stop and delivery stop, the impact of the European Airbus in the top deprived of a crushing defeat North of his career. In 2019 number of aircraft delivered, and Boeing 380 aircraft,Airbus 863 machine.

●6. Rice 12 months of retail sales is expected

1) Rice 12 months retail sales are expected to match the previous month + 0.3% increase and the firm.
2) the year-end sales also increased less than the+4.1% increase, consumption will increase.

・Subsequently, the”China market”analysis to

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