Investor Confidence Index Declines to 82.1 in JulyState Street Investor Confidence Index(SM): July 2005 (Graphic: Business Wire)
July 19 2005 - 10:00AM
Business Wire
State Street Global Markets, the investment research and trading
arm of State Street Corporation (NYSE:STT), released today the
results of the State Street Investor Confidence Index(SM) for July
2005. According to the July index, investor confidence decreased by
2.9 points from June's revised reading of 85.0. Developed by
Harvard University professor Ken Froot and Paul O'Connell of State
Street Associates, the research unit of State Street Global
Markets, the index measures investor confidence on a quantitative
basis, analyzing actual buying and selling patterns of
institutional investors. The index is based on the financial theory
that assigns precise meaning to changes in investor risk sentiment,
or the willingness of investors to hold proportionally more or less
of their portfolio in higher-risk investments. "We are seeing that
institutional investors prefer to take some risk off the table
across their portfolios," commented Froot. "This suggests that
investors do not trust that the low recorded levels of price
volatility in the marketplace will continue going forward. They are
acting as though considerably more risk is present." "This picture
is strongest in the U.S.," added O'Connell. "This month U.S.
investors had the greatest desire to cut their risk levels. Indeed,
investors in Europe and Asia appeared to be willing to accept some
additional risk from investors in the U.S." Since its launch in
September of 2003, the State Street Investor Confidence Index(SM)
has become a key economic indicator for asset owners, investment
managers and central banks. As the only index providing a
quantitative measure tracking the common buying patterns of
institutional investors around the world, the State Street Investor
Confidence Index(SM) offers a unique look into the investment
behavior and decisions of thousands of professional investors and
their investment decisions. About State Street Global Markets:
State Street Global Markets provides specialized investment
research and trading in foreign exchange, equities, fixed income
and derivatives. Its goal is to enhance and preserve portfolio
values for asset managers and asset owners. From its unique
position at the crossroads of the global markets, it creates and
unlocks value for its clients with original flow-based research,
innovative portfolio strategies, trade process optimization, and
global connectivity across multiple asset classes and markets.
About State Street Associates: Founded in 1999 in Cambridge, Mass.,
State Street Associates develops portfolio and flow research,
currency management, asset allocation services and designs strategy
tools to support the needs of global portfolio managers. About the
State Street Investor Confidence Index(SM): The index is released
globally at 10 a.m. Eastern time in Boston on the second to last
Tuesday of each month. More information on the State Street
Investor Confidence Index, and the calendar of release dates, is
available at http://www.statestreet.com/investorconfidenceindex.
The previous month's calculations for the index are revised to
account for trading activity through the end of the reporting
period. About State Street: State Street Corporation (NYSE: STT) is
the world's leading specialist in providing institutional investors
with investment servicing, investment management and investment
research and trading. With $9.6 trillion in assets under custody
and $1.4 trillion in assets under management (as of June 30, 2005),
State Street operates in 25 countries and more than 100 geographic
markets worldwide. For more information, visit State Street's web
site at www.statestreet.com. This news announcement contains
forward-looking statements as defined by United States securities
laws, including statements about the financial outlook and business
environment. Those statements are based on current expectations and
involve a number of risks and uncertainties, including those
related to the pace at which State Street adds new clients or at
which existing clients use additional services, the value of global
and regional financial markets, the pace of cross-border investment
activity, changes in interest rates, the pace of worldwide economic
growth and rates of inflation, the extent of volatility in currency
markets, consolidations among clients and competitors, State
Street's business mix, the dynamics of markets State Street serves,
and State Street's success at integrating and converting
acquisitions into its business. Other important factors that could
cause actual results to differ materially from those indicated by
any forward-looking statements are set forth in State Street's 2004
annual report and subsequent SEC filings. State Street encourages
investors to read the corporation's annual report, particularly the
section on factors that may affect financial results, and its
subsequent SEC filings for additional information with respect to
any forward-looking statements and prior to making any investment
decision. The forward-looking statements contained in this press
release speak only as of the date hereof, July 19, 2005, and the
company will not undertake efforts to revise those forward-looking
statements to reflect events after this date.
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