{"id":28312,"date":"2018-03-01T10:59:59","date_gmt":"2018-03-01T09:59:59","guid":{"rendered":"http:\/\/www.tressis.com\/blog\/?p=28312"},"modified":"2018-03-01T10:59:59","modified_gmt":"2018-03-01T09:59:59","slug":"incertidumbre-politica","status":"publish","type":"post","link":"https:\/\/www.tressis.com\/ca\/blog\/incertidumbre-politica\/","title":{"rendered":"Incertidumbre pol\u00edtica"},"content":{"rendered":"<p>Para el corto plazo queda por saber si Powell, reci\u00e9n estrenado presidente de la Fed, confirma su optimismo sobre el futuro inmediato de la econom\u00eda norteamericana, que conlleva cambios en las expectativas de tipos de inter\u00e9s.<!--more--><\/p>\n<p>Para Europa, y por no variar, el l\u00edo pol\u00edtico es el que marca el ritmo, repartido entre las elecciones italianas y la espera sobre si Merkel recibir\u00e1 el apoyo que necesita.<\/p>\n<p>Esa incertidumbre pol\u00edtica es la que ha provocado, por ejemplo, que la confianza de los consumidores alemanes, el Gfk, haya sufrido un retroceso en marzo. Pero no es culpa de los de siempre, los pol\u00edticos, el que la inflaci\u00f3n no se recupere por muchos esfuerzos\/experimentos que se apliquen. El IPC general de la zona euro correspondiente a febrero ha ca\u00eddo al 1,2% por culpa del descenso de lo mismo que le hizo subir antes, la energ\u00eda, pero el subyacente se mantiene estable en el 1%, con lo se reducen los argumentos para mutilar el QE.<\/p>\n<p>Por su parte, el PIB estadounidense del \u00faltimo trimestre del a\u00f1o pasado cumpli\u00f3 con las expectativas que acertadamente lo hab\u00edan situado en el 2,5%. La partida culpable es la de inventarios, cuyo retroceso no debe tomarse como algo negativo, dado que tiende a ser m\u00e1s un efecto matem\u00e1tico que de econom\u00eda real.<\/p>\n<p>En el caso de Asia, lo m\u00e1s llamativo es la divergencia entre los PMI de manufacturas de China. As\u00ed como el oficial se ha ca\u00eddo al l\u00edmite entre crecimiento y contracci\u00f3n, el de Caixin, que peca de menor intervencionismo, ha alcanzado m\u00e1ximos de seis meses. M\u00e1s claridad existe para Jap\u00f3n, dado que tanto la producci\u00f3n industrial japonesa como el PMI han cedido terreno en estas \u00faltimas lecturas.<\/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>Para el corto plazo queda por saber si Powell, reci\u00e9n estrenado presidente de la Fed, confirma su optimismo sobre el futuro inmediato de la econom\u00eda norteamericana, que conlleva cambios en las expectativas de tipos de inter\u00e9s.<\/p>\n","protected":false},"author":4,"featured_media":28313,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[9721],"tags":[316,943,1118,2206,2270,2556,2720,3036,3321,3438,3644,3658,3952,4235,4927,5078],"class_list":["post-28312","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-morning-meeting","tag-asia","tag-caixin","tag-china","tag-eeuu","tag-elecciones-italianas","tag-europa","tag-fed","tag-gfk","tag-incertidumbre-politica","tag-industria-japonesa","tag-ipc","tag-ipc-general","tag-manufacturas-china","tag-merkel","tag-pmi","tag-powell"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Incertidumbre pol\u00edtica<\/title>\n<meta name=\"description\" content=\"Arrancamos marzo con algo que se parece al miedo pero no termina 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