January 26, 2015 - Headlines Summary: Stocks rallied last week as the European Central Bank announced a massive bond-buying program to support the weak European economy. While this program should help boost activity, the underpinnings for improvement in the euro area were already in place due to a weaker euro (helps exports), lower oil prices, diminished fiscal drag, and improving bank credit conditions. European stocks are not currently priced for a positive outcome and we remain overweight euro area stocks but would hedge the currency risk. We are also seeing global consumer sales improve. This is consistent with the drop in oil prices and there remains a significant purchasing power lift in the pipeline. Click here for the full Weekly Bulletin.
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