{"id":2712,"date":"2014-02-20T10:57:06","date_gmt":"2014-02-20T09:57:06","guid":{"rendered":"http:\/\/www.tressis.com\/blog\/?p=2712"},"modified":"2014-02-20T10:57:06","modified_gmt":"2014-02-20T09:57:06","slug":"europa-queda-como-estudiante-discreto-2","status":"publish","type":"post","link":"https:\/\/www.tressis.com\/ca\/blog\/europa-queda-como-estudiante-discreto-2\/","title":{"rendered":"Europa queda como estudiante discreto"},"content":{"rendered":"<p><span style=\"font-family: 'Verdana','sans-serif'; font-size: 10pt;\">Buenos d\u00edas.<\/span><\/p>\n<p><span style=\"font-family: 'Verdana','sans-serif'; font-size: 10pt;\">Cuando el entorno parece favorable es cuando realmente tenemos motivos para preocuparnos. Esta podr\u00eda ser la principal idea que se extrae tras examinar el comunicado del FMI y por el que los principales \u00edndices, en especial el norteamericano, se daban la vuelta para cerrar una sesi\u00f3n te\u00f1ida de rojo en Wall Street y casi plana en Europa.<!--more--><\/span><\/p>\n<p><span style=\"font-family: 'Verdana','sans-serif'; font-size: 10pt;\">As\u00ed, la instituci\u00f3n alertaba de los da\u00f1os colaterales que una r\u00e1pida retirada de est\u00edmulos en EE.UU. podr\u00eda conllevar para los pa\u00edses emergentes, hecho que supone un riesgo para la estabilidad de los mercados financieros, a la par que, en la publicaci\u00f3n de las actas de la \u00faltima reuni\u00f3n de la Fed se mostraban discrepancias entre sus miembros en torno a si continuar con la reducci\u00f3n gradual del programa y, lo que es m\u00e1s, algunos miembros comenzaban a lanzar mensajes sobre la necesidad de una no tan lejana subida de tipos. S\u00f3lo hicieron falta unas horas para que China fundase las preocupaciones del FMI, publicando la lectura del \u00edndice de manufacturas elaborado por HSBC en la que queda patente la fragilidad del estado de la econom\u00eda de la regi\u00f3n (48,3 vs 49,5e). A este dato se sumaba el decepcionante ritmo de exportaciones de Jap\u00f3n, que aumentaron un 9,5% en tasa interanual frente a un 12,5% previsto por el consenso, y que junto a un aumento de las importaciones del 25% en el mismo per\u00edodo llevaban al incremento su d\u00e9ficit comercial.<\/span><\/p>\n<p><span style=\"font-family: 'Verdana','sans-serif'; font-size: 10pt;\">No obstante, dentro de este \u201crevuelo\u201d generalizado, parece que Europa queda como estudiante discreto que sigue haciendo sus deberes ajeno al ruido de sus compa\u00f1eros. As\u00ed, Portugal ha sido de nuevo la elogiada por sus reformas y por el incremento de la actividad en la regi\u00f3n, factores que han generado un descenso en su tasa de desempleo llev\u00e1ndola al 15% y mejorando la percepci\u00f3n internacional del pa\u00eds, facilitando as\u00ed nuevas emisiones de deuda a cinco a\u00f1os. Este viento de cola intentar\u00e1 aprovecharlo el Tesoro espa\u00f1ol que afronta hoy una emisi\u00f3n de deuda a largo plazo, 5, 10 y 30 a\u00f1os, con el rendimiento del bono en niveles de \u00e9poca de bonanza.<\/span><\/p>\n<p><span style=\"font-family: 'Verdana','sans-serif'; font-size: 10pt;\">Del lado empresarial destacar la adquisici\u00f3n por parte de la red social por excelencia, Facebook, del servicio de mensajer\u00eda instant\u00e1nea Whatsapp, negociaci\u00f3n que tras comenzar en una cafeter\u00eda de California se ha convertido en un acuerdo valorado en m\u00e1s de USD 19.000 MM.<\/span><\/p>\n<p><span style=\"font-family: 'Verdana','sans-serif'; font-size: 10pt;\">Durante la jornada servir\u00e1n de referencia para los mercados la publicaci\u00f3n de \u00edndices PMI servicios y manufacturas en la Zona Euro as\u00ed como datos de inflaci\u00f3n, \u00edndice de indicadores y Filadelfia Fed en EE.UU.<\/span><\/p>\n<p><span style=\"font-family: 'Verdana','sans-serif'; font-size: 10pt;\">Buen d\u00eda.<\/span><\/p>\n<p><b>Pablo Nortes Planas<\/b><br \/>\nDirecci\u00f3n de Inversiones<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Buenos d\u00edas. Cuando el entorno parece favorable es cuando realmente tenemos motivos para preocuparnos. Esta podr\u00eda ser la principal idea que se extrae tras examinar el comunicado del FMI y por el que los principales \u00edndices, en especial el norteamericano, se daban la vuelta para cerrar una sesi\u00f3n te\u00f1ida de rojo en Wall Street y [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[9721],"tags":[],"class_list":["post-2712","post","type-post","status-publish","format-standard","hentry","category-morning-meeting"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Europa queda como estudiante discreto<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.tressis.com\/ca\/blog\/europa-queda-como-estudiante-discreto-2\/\" \/>\n<meta property=\"og:locale\" content=\"ca_ES\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Europa queda como estudiante discreto\" \/>\n<meta property=\"og:description\" content=\"Buenos d\u00edas. Cuando el entorno parece favorable es cuando realmente tenemos motivos para preocuparnos. Esta podr\u00eda ser la principal idea que se extrae tras examinar el comunicado del FMI y por el que los principales \u00edndices, en especial el norteamericano, se daban la vuelta para cerrar una sesi\u00f3n te\u00f1ida de rojo en Wall Street y [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.tressis.com\/ca\/blog\/europa-queda-como-estudiante-discreto-2\/\" \/>\n<meta property=\"og:site_name\" content=\"Tressis\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Tressis\/\" \/>\n<meta property=\"article:published_time\" content=\"2014-02-20T09:57:06+00:00\" \/>\n<meta name=\"author\" content=\"Lola\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@TressisSV\" \/>\n<meta name=\"twitter:site\" content=\"@TressisSV\" \/>\n<meta name=\"twitter:label1\" content=\"Escrit per\" \/>\n\t<meta name=\"twitter:data1\" content=\"Lola\" \/>\n\t<meta name=\"twitter:label2\" 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