Gary Dugan
Gary Dugan
although below challenges concern consensus corporate drive earnings fed increasing key markets numbers policy rates side slowing
There are two key challenges to the U.S. market: one is Fed policy -- and it's still our concern that the Fed will be increasing rates this side of Christmas; secondly, it's the slowing corporate earnings outlook. Although corporate earnings are still probably going to rise, I think there's a concern that numbers may come in below consensus and drive the markets down.
higher markets might move numbers scene wants
I think everyone wants the markets to move higher -- there might be something of a rebound. But the scene will be set by the ISM. If that's weak, as our manufacturing numbers were in Europe, I think the market will be going down again.
change feed felt fourth growth momentum quarter
We felt that the momentum of growth through the fourth quarter was going to feed into the first, there's no change of view.
buying provide rather reasons resolve seen sell situations
These situations often provide buying opportunities, rather than reasons to sell stocks. We've seen all this before. They argue, and then they resolve things.
banks bit facing good margin problem results rotation sector seen tech wake wreck
There's still a bit of a tech wreck going on in the wake of the Nasdaq weakness. The other problem is that we haven't had good sector rotation and we've seen a bit of a sell-off in the banks. The results for the banks have not been too good - they are facing margin pressures.
bid level people taking
This thing has been bid down and down. But I think on fundamentals now, taking a two to three-year view, people have got more comfortable with the level that we're paying.
domestic economy growth looking move
We're looking at growth which is more balanced. We're looking for this economy to move on through domestic demand.
country domestic factors matter performance saying shown
We were saying that sectors matter now, not countries, but Germany's performance, with its preponderance of domestic issues, has shown that country factors still matter.
demand domestic good improvement return signs starting
Domestic demand is starting to see signs of good improvement. We will still get a good return from Japan.
easy environment mistakes
It's easy to look back and say mistakes were made, but it was a very competitive environment.
certainly consistent excited picture prices share
The Vodafone picture is disappointing, but consistent with the industry. We've certainly not been excited about the sector. Consistent disappointments -- that's when share prices suffer.
consistent picture
The Vodafone picture is disappointing, but consistent with the industry.
boost catalyst further needs
It needs a further catalyst to boost the market.
activity
We'll see an acceleration of M&A activity in 1999.