{"id":29915,"date":"2018-10-18T10:51:43","date_gmt":"2018-10-18T08:51:43","guid":{"rendered":"http:\/\/www.tressis.com\/blog\/?p=29915"},"modified":"2018-10-18T10:51:43","modified_gmt":"2018-10-18T08:51:43","slug":"el-reto-del-bce-con-el-brexit","status":"publish","type":"post","link":"https:\/\/www.tressis.com\/ca\/blog\/el-reto-del-bce-con-el-brexit\/","title":{"rendered":"El reto del BCE con el brexit"},"content":{"rendered":"<p>El camino de ida y vuelta en el que nos hemos adentrado en intradiario en los mercados no hay que tom\u00e1rselo como algo negativo que produce mucha volatilidad, sino m\u00e1s bien como la \u00fanica forma de generaci\u00f3n de oportunidades.<!--more--><\/p>\n<p>Eso y que son tantos los frentes que es mejor hacerse a la idea de que la falta de emoci\u00f3n de 2017 no fue precisamente normal.<\/p>\n<p>La actitud de los bancos centrales ha sido, o est\u00e1 siendo, el punto de inflexi\u00f3n para los activos, aunque bien es cierto que la falta de presiones inflacionistas en la zona euro (ayer el IPC volv\u00eda a demostrar que sin la energ\u00eda no somos nada) dejan al BCE en una posici\u00f3n un tanto m\u00e1s c\u00f3moda hoy. Pero cuando se habla de la Reserva Federal hay que cambiar el tono, porque como muy bien recoge el acta de la \u00faltima reuni\u00f3n, la unanimidad para seguir subiendo tipos es total por mucho que a Trump le disguste.<\/p>\n<p>Tambi\u00e9n es cierto que el BCE tiene ante s\u00ed el reto de digerir un <i>brexit<\/i> con efectos desconocidos sobre las econom\u00edas del bloque. Bueno, un <i>brexit<\/i> que est\u00e1 por ver despu\u00e9s de que brit\u00e1nicos y europeos hayan descubierto el truco para poder alargar las negociaciones hasta el infinito y m\u00e1s all\u00e1, con lo que cabe esperar que la cumbre europea que hoy comienza quede en una reuni\u00f3n de viejos amigos.<\/p>\n<p>Cambiando de tercio, el primer descenso desde 2016 de las exportaciones japonesas, por culpa del comercio con EE.UU. y China, por cierto, no solo ha supuesto un jarro de agua helada para la actividad de dicho pa\u00eds, sino que nos est\u00e1 mostrando cu\u00e1l es el camino de la no guerra comercial, en la que todos pierden pero que parece ir mucho m\u00e1s all\u00e1 de un simple intercambio de productos y dinero.<\/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>El camino de ida y vuelta en el que nos hemos adentrado en intradiario en los mercados no hay que tom\u00e1rselo como algo negativo que produce mucha volatilidad, sino m\u00e1s bien como la \u00fanica forma de generaci\u00f3n de oportunidades.<\/p>\n","protected":false},"author":4,"featured_media":29916,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[9721],"tags":[559,811,1118,1676,2206,2647,3128,3644,5761,6734,6920],"class_list":["post-29915","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-morning-meeting","tag-bce","tag-brexit","tag-china","tag-cumbre-europea","tag-eeuu","tag-exportaciones-japonesas","tag-guerra-comercial","tag-ipc","tag-reserva-federal","tag-trump","tag-volatilidad"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>El reto del BCE con el brexit<\/title>\n<meta name=\"description\" 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