http://www.bloomberg.com/news/2013-10-10/jpmorgan-clients-in-cash-as-schwab-sees-options-hedging-default.html
With the deadline for avoiding a
U.S. default looming, investors from Boston to Bangalore are
moving to cash, extending the maturities of their short-term
Treasury holdings and buying options to help protect themselves
should stock and bond prices tumble.
Some JPMorgan Chase & Co. private bank clients are raising
cash while others are dumping Treasury bills with maturities
beyond the Oct. 17 debt ceiling deadline for longer-dated bonds.
Stewart Capital Advisors LLC in Indiana, Pennsylvania, favors
insurance companies, technology stocks and health-care
providers, which now have lower valuations. Money is flowing out
of an exchange-traded fund that tracks American banks and into
overseas equities.
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