{"id":27834,"date":"2018-01-08T10:50:57","date_gmt":"2018-01-08T09:50:57","guid":{"rendered":"http:\/\/www.tressis.com\/blog\/?p=27834"},"modified":"2018-01-08T10:50:57","modified_gmt":"2018-01-08T09:50:57","slug":"buen-comienzo-ano","status":"publish","type":"post","link":"https:\/\/www.tressis.com\/ca\/blog\/buen-comienzo-ano\/","title":{"rendered":"Buen comienzo de a\u00f1o"},"content":{"rendered":"<p>La volatilidad debe subir, s\u00ed, pero averiguar cu\u00e1ndo es, simple y llanamente, imposible.<!--more--><\/p>\n<p>Porque el entorno acompa\u00f1a, ya sea desde el lado de la actividad econ\u00f3mica global o del de las compa\u00f1\u00edas, que se espera que presenten unos beneficios que ayuden a sostener los niveles actuales de bolsa.<\/p>\n<p>El pero sigue siendo el mismo en todos los pa\u00edses, con la excepci\u00f3n del Reino Unido: inflaci\u00f3n. La publicaci\u00f3n del IPC de la zona euro ha vuelto a ser un jarro de agua fr\u00eda debido al descenso de una d\u00e9cima. Eso la general, que tiene algo m\u00e1s de vida, pues la subyacente se mantiene intacta y lejos del objetivo del BCE. Sabido esto, no supone ning\u00fan problema para el ala ortodoxa del banco central, que sigue pidiendo erradicar el QE de forma inmediata.<\/p>\n<p>Lo anterior, que sucede en la zona euro, es plenamente extensible a EE.UU. All\u00ed la inflaci\u00f3n tambi\u00e9n est\u00e1 lejos de cumplir con el objetivo, de ah\u00ed que las actuales luchas que se producen en el FOMC est\u00e9n aseguradas a futuro entre los partidarios de no pisar de m\u00e1s el acelerador y los que a\u00fan ven margen para seguir endureciendo\/normalizando la pol\u00edtica monetaria de la Fed.<\/p>\n<p>Hasta hoy se puede asegurar que los indicadores norteamericanos son relativamente positivos, quiz\u00e1s no tanto como los europeos, pero bien es cierto que ambas regiones se encuentran en puntos del ciclo bien diferentes. Un buen ejemplo es el mercado laboral de EEUU. Seg\u00fan el informe correspondiente a diciembre, no se generaron tantos puestos ni tampoco se redujo la tasa de paro, poco sintom\u00e1tico en un pa\u00eds con pleno empleo t\u00e9cnico. M\u00e1s all\u00e1 de demostrar que la ADP no tiene por qu\u00e9 ser representativa, lo importante ahora mismo son los salarios, y estos volvieron a ser decepcionantes por culpa de no haber subido.<\/p>\n<p>Quiz\u00e1s este problema en materia de precios est\u00e9 cerca de solventarse. Eso es de lo poco positivo que se puede extraer del descenso que ha sufrido el ISM de servicios norteamericano de diciembre, pues es la partida de inflaci\u00f3n la \u00fanica que da algo de esperanza dentro de un dato que, eso s\u00ed, sigue en niveles elevados.<\/p>\n<p>Buen d\u00eda.<\/p>\n<p><center><strong>Am\u00edlcar Barrios Vilallonga<\/strong><br \/>\nDirecci\u00f3n de Inversiones<\/center><\/p>\n","protected":false},"excerpt":{"rendered":"<p>La volatilidad debe subir, s\u00ed, pero averiguar cu\u00e1ndo es, simple y llanamente, imposible.<\/p>\n","protected":false},"author":4,"featured_media":27835,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[9721],"tags":[60,163,476,559,2170,2792,3644,3688,4443,5001,5313,5579,6920,6987],"class_list":["post-27834","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-morning-meeting","tag-adf","tag-altas-rentabilidades","tag-banco-central","tag-bce","tag-economia-global","tag-fomc","tag-ipc","tag-ism","tag-niveles-elevados","tag-politica-monetaria-fed","tag-qe","tag-reino-unido","tag-volatilidad","tag-zona-euro"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Buen comienzo de a\u00f1o<\/title>\n<meta name=\"description\" content=\"Con unas rentabilidades demasiado buenas como para mantenerse casi con la misma constancia de 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