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Market Outlook 5 May 13 issue of the Trump”of the FED’s negative interest rates is to request”at No. 2 on the bottom wary

・Share price are[1] the excess money [2] Global[3] economic activity resumed in a steady, but corporate earnings can fall short of the surface

■I. The U.S. stock market

●1. Rice Trump, the President of the FED’s negative interest rates the introduction request ⇒ “optimism⇒pessimistic”conversion alert

1] the US President on 12 November, Twitter to the”other countries have negative interest rates that have benefited more than the United States that the gift of them all”and post. The new coronavirus of the impact during an economic downturn, the Central Bank, the Federal Reserve [FED]against the negative interest rates introduced to be asked.

【Previous】Market Outlook 5 November 11 issue of stock prices is earnings growth along with the growth principle, and now is the opposite: 1-share profit decline in a stock market rally continues[1/2]

2] negative interest rates, deposits and interest income can be obtained, not on the contrary the Commission takes shape, the use of the funds increases, the effect to the environment.

3] Powell Chairman of the Federal Reserve Board is 3 note,”the appropriate response to that, I don’t think”, the introduction of careful thought had shown.

4] the market is easing added and accept to use, the stock of the impetus may be.

5] however, the economic indicators will worsen in the stock prices only”optimistic”mood at the rise in stock prices and the economy, the reality of evil and turn to the”pessimism”into the potential for, and No. 2 on the bottom were wary about.

●2. US Treasury Secretary, the unemployment rate is 4 on 14. From 7%, further deterioration is expected to

1] the US government is the payroll tax tax cuts to consider.

●3. The U.S. economy,the second half of the growth is”sluggish and uneven”and[Chicago Fed President Evans remarks]

The U.S. economy’s V-shaped recovery is not expected[Minneapolis Fed of cashew American President remarks]3 trillion dollars of economic stimulus to underpin the economy [the Central Bank of Governor remarks]

1] a new type of Corona that hit the US economy during the first half of the year sharply depressed.

2] the second half of the growth turned positive, but the pace of recovery is sluggish,according to industry different is likely.

3] new Corona by social distance[social distance]of ensuring long-term continuity required. Vaccines and effective therapeutic agents are developed for 1 to 2 years cost expected to be for 4 months non-farm payrolls▲2,050 million, a decrease of the”devastating job losses”from the recovery is”slowly take a long time”and expected.

4] by 2021 is positive growth as expected.

●4. New Corona suppression easing,”the 2nd wave of strong vigilance”while carefully[the World Health Organization [WHO]]

1] the spread of infection and suppression to mitigate or,in Germany, in Korea, again the infection began to spread and received.

●5. The US government Taiwan product body and cable manufacture[Taiwan, TSMC]for production in the United States to request

1] new Corona predominates, us is the semiconductor of Asia less dependent on the semiconductor of the self-sufficient aim.

2] TSMC’s primary suppliers to U.S. companies, and U.S. production is up to customer up and talks only with.

3] TSMC mainland China in the semiconductor factory in Taiwan to the regression measures in Tainan reactors in.

4] TSMC is ultra-fine circuits of semiconductor manufacturing is the world’s most advanced companies in the lead.

5] the United States national security from the point of view is also matched.

●6. International trends

1] New Zealand conditional in economic activity from 14 to resume.

2] Germany New corona the impact of the job cuts spread. Mainly in the automotive,hotel, travel, restaurant

3] rating Agency Fitch’s view of the”default country the number of record highs”is expected
・In 2020 the number of countries in the future,the default [default]country is the largest number ever, and is likely to directly in and just covered everybody up, everybody that I could see.
・Already in Argentina, Ecuador, Lebanon 3 countries in the event of default.
・2020 Year 1~4 month”downgraded”the country of most of the 29 countries reach.

Subsequently, the”Chinese stock market””Japanese stock market”analysis,”featured stocks”to


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