Descargo de responsabilidad: Los CFD son instrumentos complejos y conllevan un alto riesgo de perder dinero rápidamente debido al apalancamiento.
Debe considerar si comprende cómo funcionan los CFDs y si puede permitirse el lujo de correr el alto riesgo de perder su dinero.
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Copper/Gold Ratio
The ratio of the price of copper to the price of gold. The ratio indicates the market’s relative hunger for growth and marks its safety. Copper is an industrial metal, and gold is a safe-haven store of value.
If the ratio rises, it indicates that copper is outpacing the price of gold, the market is discounting higher growth and risk appetite for copper. A falling ratio indicates that gold is outperforming, safety is being pursued rather than growth. Others rely on the ratio as an indicator of longer-term bond rates and cite that the same risk-on/risk-off effect that governs the ratio governs rate expectations.
There are also equity applications to the ratio, with a higher copper/gold ratio historically meaning the cyclical stocks had outperformed the defensive stocks.
Example: The copper/gold ratio extends to a multi-month high, with copper on the upside as China’s manufacturing data is strong and gold on the downside as fears of recession fizzle out. The macro side reads the signal as a buy signal for cyclical equity exposure, because it is confirming the improving global growth backdrop in a number of asset classes.
Copy trading
The act of mirroring another trader’s real-time trades, reducing the need to actively observe the market and make trading decisions.
Core PCE Price Index
The Federal Reserve’s preferred inflation measure. The Personal Consumption Expenditures price index measures prices of goods and services that U.S. households buy. The “core” version filters out food and energy prices, including those that change seasonally, and shows the underlying inflation trend that the Fed is monitoring.
PCE is different from the more widely publicised CPI in key respects. PCE weights are automatically adjusted to reflect the actual spending pattern, taking into account consumer substitution behaviour. It also accounts for a larger pool of spending, such as employer and insurer payments for healthcare on consumers’ behalf. Although CPI has more headlines, the Fed’s 2% target is measured in PCE terms, and core PCE is the closest measure of the Fed’s targeting within the consumer sector.
Example: Core PCE is up from the previous month, but still above the Fed’s 2% target. The bond market rallies a bit and sees the slowdown as progress. In future speeches, Fed officials refer to the number as proof that policies are effective, but not to imply the onset of rate reductions at this point, until the pattern is more solidly in place toward the target.
Corn
The world’s most produced grain and a cornerstone of global agricultural markets. It was typically traded on the Chicago Board of Trade (CBOT) under the symbol ZC. Consumed as animal feed (most important use), ethanol, food for humans, and industrial use, such as starch and sweeteners.
The U.S. is the world’s biggest producer and exporter. Other major exporters are Brazil and Argentina. Corn is widely substituted for other grains for animal feed rations and, as such, is closely tied to wheat and soybeans as feed buyers adjust to a price increase.
The short-term price driver is weather. Supply estimates can change significantly from year to year in the US Corn Belt, depending on planting conditions, summer heat, and harvest. The crop reports released by the U.S. Department of Agriculture are the most market-moving scheduled reports for grain traders.
Example: Droughts over the US Midwest during the pollination time period sharply reduce yield forecasts. Corn prices jump on the USDA report confirming the damage. With the escalating price of feed, livestock producers start to hedge future feed purchases immediately at the CBOT futures market, which adds to the already high price.
Corporate action
Any matter initiated by a company that has a material effect on its securities: dividends, stock splits, rights issues, mergers and acquisitions, spin-offs, buybacks, name changes, delistings, all corporate actions. They can be as ordinary as a quarterly dividend or as transformational as a merger that changes the entire shareholder base.
There are two very different reasons why corporate actions matter to traders and investors. First, the economic impact. A stock split does not change the value of the company. But it does cut the share price in half, doubling the number of shares overnight. This affects options pricing, index weights and margin calculations. Second, the deadline pressure. Many corporate actions require that shareholder decisions be made by a certain record date, which creates concentrated buying or selling pressure as that date approaches.
Brokers have to tell clients about corporate actions that affect their holdings, and in the case of voluntary actions, collect client elections, whether to take a dividend in cash or shares, whether or not to take part in a rights issue, and so on.
Example: A company announces a 4-for-1 stock split. A shareholder who had 100 shares at $400 is now the owner of 400 shares at $100. The total value doesn’t change. But the lower nominal price attracts a new group of retail buyers who found $400 prohibitive, and options market makers have to reprice every contract on the stock overnight to reflect the new structure.
Corporates
Shorthand for corporate bonds, a debt issued by companies, rather than governments. Sovereigns that borrow in their own currencies can never default as corporates can, so the yield on corporate bonds is higher than the yield on government bonds of similar maturity. That extra yield is the credit spread, and it is the real-time market pricing of default risk for that issuer.”
There are two big camps in the corporate bond market. Investment-grade corporates are issued by companies with good credit ratings (BBB or higher on the S&P scale) and have relatively small spreads. High-yield corporates, or junk bonds, are issued by lower-rated or unrated companies and have materially wider spreads to compensate for their elevated default risk.
The prices of corporate bonds are driven by credit spreads (credit risk) and underlying government yields (interest rate risk). In a risk-off environment, spreads widen even as prices fall and government yields are flat.
Example: A large consumer goods company with an investment-grade rating issues 10-year bonds that yield 5.2%, while government bonds of the same maturity yield 4.5%. The 70-basis-point spread reflects the market’s assessment of the firm’s credit risk. If the company’s business deteriorates, then the spread widens. The price of the bond falls, even though government yields haven’t moved at all.
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