| Terms of Interests | Descriptions | ||||||||||
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| American Depositary Receipts, which are shares of non-U.S. companies that are held by a U.S. depositary bank outside the United States (“U.S.”) 美國代購證券 | |||||||||||
| AER | Annual Equivalent Rate, meaning what can be earned from a savings account over a year. It makes it easier to compare the returns from different alternatives. | ||||||||||
| A bullish market is a rising market 牛市 | |||||||||||
| A bearish market is a declining market 熊市 | |||||||||||
| Inflation excluding food & energy | |||||||||||
| CPI | Consumer Price Index, provides an indication in inflation. There are other indicators too such as PCE. Normally CPI > PCE, but are normally close and in sync. | ||||||||||
| Dow Jones 道瓊斯指數 | DJ 成分股中有多過一半利潤都是環球性的利潤，所以比較反映全球經濟多一點 | ||||||||||
| EPS |
Earnings per Share 每股盈利 = Earnings 公司盈利 / No. of Liquidated Shares 股票流通量 EPS 是投資者最關心的其中一個指標, 公司回購股票會零股票流通量減少, 從而 EPS 會上升 |
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| ETF | Exchange Traded Fund | ||||||||||
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Major ETFs Providers
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| Economic Activities | Economic activities is a result of interactions between people generating transactions. Population and aging is a determing factor for economy growth and development. | ||||||||||
| FOMC 公開市場委員會 | Federal Open Market Committee, is a committee within the Federal Reserve System (the Fed). FOMC is responsible for directing the nation's open market operations, such as buying and selling US Treasury securities. Goal of FOMC is to promote max employment and provide stable prices and moderate interest rates. | ||||||||||
| FSCS (UK) | Financial Services Compensation Scheme 英國金融服務存款補償計劃，最高達 £85,000 的保障 | ||||||||||
| FTSE | The UK based Financial Times Stock Exchange | ||||||||||
| HKEx | Hong Kong Exchange | ||||||||||
| a general and sustainable price increase due to an increase in costs of imported products. It concerns the price of raw materials and all imported products or services used by companies in a country. Imported inflation is also known as cost inflation. | |||||||||||
| Index |
There are many indices commonly known in the investment market. The major stock market index providers are:
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| Large-Cap, Small-Cap, Market Cap |
Companies are sometimes described as large-cap, mid-cap or small-cap, or even mega-cap or micro-cap in the fund market. Market Cap stands for market capitalization, and is a measurement of a company's size. It's the total value of a company's outstanding shares of stock, which include publicly traded shares plus restricted shares held by company officers and insiders. Typically, these terms represents:
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| Liquidity 流動性 |
The liquidity of a stock generally refers to how rapidly shares of a stock can be bought or sold without substantially impacting the stock price. Stocks with low liquidity may be difficult to sell causing big loss within a time period. 指從投資產品變現的速度 |
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| LSE | London Stock Exchange | ||||||||||
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M1 is composed of currency, demand deposits, other liquid deposits - which includes savings deposits. It includes the most liquid portions of the money supply which can be quickly converted to cash, whereas M2 & M3 cannot be converted to currency as quickly as M1. When M1 drops, it represents money leaving the market.1 M1貨幣供應量是指一個經濟體中流通的流動貨幣總量，包括現金和其他高流動性資產，如支票賬戶、旅行支票和活期存款。它是貨幣供應量的最狹義定義，用於衡量可用於支出的貨幣數量。 M1貨幣供應量是一個重要的經濟指標，它反映了一個經濟體的經濟活動水平。 M1 貨幣供應量較高表明可用於支出的資金較多，而 M1 貨幣供應量較低則表明經濟活動減少。央行將M1貨幣供應量作為控制通脹和管理貨幣供應量的工具之一 |
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M2 is the US FED's estimate of the total money supply including all of the cash people have on hand, plus all of the money deposited in checking accounts, savings accounts, and other short-term saving vehicles such as certificates of deposit (CDs). Retirement account balances and time deposits above $100k are omitted from M2. It is considered "near money", meaning the funds cannot be used as a medium of exchange and they are not instantly convertible to cash. 描述貨幣供應量的衡量標準，包括現金、支票賬戶、儲蓄賬戶和其他類型的存款。它被認為是貨幣供應量的廣泛衡量標準，因為它包括廣泛的可用於交易的金融資產。經濟學家和政策制定者經常使用 M2 來衡量經濟的健康狀況並做出與貨幣政策相關的決策，可以深入了解通貨膨脹和其他經濟指標。 |
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| Mean Population 人口中位數 | It is the mean value of the population, often displayed in chart showing no. of population at each different age, showing the shape and trend of population and upcoming | ||||||||||
| MSCI | Morgan Stanley Capital International | ||||||||||
| NASDAQ 納斯達克指數 | 代表科技多一點的指數 | ||||||||||
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A financial metric showing the proportion of earnings a company pays its shareholders in the form of dividends, expressed as a percentage of the company's total earnings. On some occasions, it refers to the dividends paid out as a percentage of a company's cash flow. 派息率 派息比率 = 股息 / 淨利潤 |
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| Personal Consumption Expenditure Price Index which is similar to CPI but excluding housing, food & fuel. Note that the weighting of calculation between CPI and PCE is different. For accommodation constituent, it is 2.5% in CPI but it is 1.2% in PCE. Same apply to medical services. PCE is the more concerned indicator for the FED, and more influency to the population. | |||||||||||
| P/E Ratio 市盈率 | Price to Earning ratio used to benchmark the stock pricing level between competitive stocks. It is a calculation of the stock price divided by the annual earnings. | ||||||||||
| Perpectual Bond 永續債券 |
also known as "consol bond" or "perp", is a fixed income security with no maturity date. This type of bond is often considered a type of equity rather than debt. They are not redeemable. The major benefit to buyers is that they pay a steady stream of interest payments forever. They are recognized as a viable money-raising solution during tough economic times. They are subject to carry-on credit risk. Bond issuers can experience financial trouble or shut down. 永續債券是永遠都不會還的，只會支付利息。若果不能支付利息，利息會累積直到將所有利息付清。永續債券不當作負債，當作是資本的一部分，永續債券支付的利息當作是股息，所以在公司的資產負債表帳面上看起來是可觀的。 |
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| Population Dependency Ratio 撫養比 | Population (64+) / Population (15-64) | ||||||||||
| Producer Price Index (PPI 生產價格指數) is a measure of wholesale inflation at the wholesale level compiled from thousands of indexes measuring producer prices by industry and product category | |||||||||||
| QT | Quantitative Tightening. Figures can be checked out on the US Govt Balance Sheet Trend | ||||||||||
| FED Funds - Core CPI | |||||||||||
| S&P 標普指數 | Standard & Poor's Index. 標普是最廣泛代表美國經濟的指數 | ||||||||||
| SGX | Singapore Exchange | ||||||||||
| SPDR | |||||||||||
| SPR 美國石油儲備 | Strategic Petroleum Reserve | ||||||||||
| TSE | Tokyo Stock Exchange | ||||||||||
| TTM | Trailing Twelve Months refers to figures that represent the company's performance over the past 12 months | ||||||||||
| US Dollar Index 美元指數 |
USDX is a measure of the dollar's strength compared to a basket of 6 important currencies, and the breakdown with weights base don their significance in global trade:
Official information on USDX can be found on the Intercontinential Exchange (ICE) website: https://www.ice.com/products/194/US-Dollar-Index-Futures/data Ref: https://bigul.co/blog/us-fed-actions-boiling-the-dollar-index-let-us-understand-what-it-is/ |
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| VIX 恐慌指數 | Volatility Index TV | ||||||||||
| YCC Yield Curve Control | 日本政府針對日本經濟情況所做的措施，控制 Yield Curve | ||||||||||
| Yield Rate 殖息、殖利率 | 從買入債券一直持有，到這個債券到期日為止，這段時間內實際的投資回報，也就是收益率，收益率 = 利息 / 債券價格 | ||||||||||
| - 殖息倒掛 |
正常來說，一般長期國債利息比短期債券高，因為時間比較長代表風險更高，殖息倒掛就是反倒過來，短息比長息高。債券本身的利息是不變的，但在債券市場上，買賣價格是可以變的，當買賣價格浮動的時候，就會做成這種殖息倒掛的情形，代表了國債市場上，短期國債價格上升，從而另到收益率下跌，跌超過了長期國債的收益率。寫意味著投資者紛紛出售短期國債，都在轉移資金，從短期國債轉移到長期國債，導致長期國債價格上升。也意味著人們對接下來的經濟形勢不樂觀，將資金轉移到比較安全的長期國債作為一種避風港。過去在市場上每當這種情況發生的時候，代表著經濟衰退的來臨。 當短期和長期國債的收益倒掛，持續的時間越長，越會促使人們看空短期內的經濟形勢，把資金從股票和期貨紛紛撤出，退出活躍的資本市場，轉移到長期國債這些更加安全的投資項目裏，因此投資市場就會變涼，而真正步入衰退。 金融的本質就是信心、情緒和人性。經濟衰退本省就是一個自我實現的預言，越想它就可能發生。 ref: 文昭 |
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| - 殖息倒掛 |
Consider an example:
ref: Dr Victor Ng |