{"id":30284,"date":"2018-12-11T10:22:52","date_gmt":"2018-12-11T09:22:52","guid":{"rendered":"http:\/\/www.tressis.com\/blog\/?p=30284"},"modified":"2023-05-26T13:26:32","modified_gmt":"2023-05-26T11:26:32","slug":"adriza-neutral-comentario-semanal-11-12-2018","status":"publish","type":"post","link":"https:\/\/www.tressis.com\/ca\/blog\/adriza-neutral-comentario-semanal-11-12-2018\/","title":{"rendered":"Adriza Neutral. Comentario semanal (11\/12\/2018)"},"content":{"rendered":"<p>Vuelven las dudas sobre el desenlace final de las, todav\u00eda, apenas iniciadas negociaciones comerciales entre Estados Unidos y China. Dudas que, coincidiendo con un a\u00f1o en el que casi ning\u00fan activo de riesgo se encuentra en positivo, est\u00e1 desencadenando ventas desenfrenadas de final de a\u00f1o.<!--more--><\/p>\n<p>Empecemos con los resultados:<br \/>\n<a href=\"https:\/\/www.tressis.com\/wp-content\/uploads\/2018\/12\/20181211-adriza.png\"><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter size-full wp-image-30285\" src=\"https:\/\/www.tressis.com\/wp-content\/uploads\/2018\/12\/20181211-adriza.png\" alt=\"\" width=\"401\" height=\"168\" srcset=\"https:\/\/www.tressis.com\/wp-content\/uploads\/2018\/12\/20181211-adriza.png 401w, https:\/\/www.tressis.com\/wp-content\/uploads\/2018\/12\/20181211-adriza-300x126.png 300w\" sizes=\"(max-width: 401px) 100vw, 401px\" \/><\/a><\/p>\n<p>Contin\u00faa la presi\u00f3n vendedora en los mercados de renta variable y cr\u00e9dito, a la vez que los activos de menor riesgo, como el bono americano y alem\u00e1n, siguen benefici\u00e1ndose de la incertidumbre que sigue creciendo. De esto \u00faltimo, precisamente, es en lo que queremos centrar nuestro comentario de esta semana con la finalidad de racionalizar los acontecimientos y quitarles la carga emocional que, como vemos, est\u00e1 conduciendo al <i>sell-off<\/i> actual que viven los mercados estos d\u00edas. El punto central: las relaciones comerciales.<\/p>\n<p>Hace una semana el mercado celebraba la buena sinton\u00eda entre Estados Unidos y China en la reuni\u00f3n del G-20 celebrada en Buenos Aires. Una reuni\u00f3n en la que las partes confirmaban su voluntad de llegar a un acuerdo comercial antes del pr\u00f3ximo 1 de marzo, fecha que significa, a la vez, un plazo de pr\u00f3rroga de 90 d\u00edas para la entrada en vigor de una subida arancelaria por parte de Estados Unidos a un total de 250 mil millones de d\u00f3lares de productos chinos importados.<\/p>\n<p>Aunque el optimismo inicial del mercado lo consideramos excesivo en el corto plazo y nos llev\u00f3, de hecho, a cerrar algunas posiciones alcistas en derivados ya comentadas la semana pasada, no cont\u00e1bamos con una vuelta tan acusada al pesimismo, sobre todo, por razones diplom\u00e1ticas y a la vez tan imprevistas, pero de no escasa importancia que aparecen en un momento en el que el mercado se encuentra altamente sensible a los acontecimientos. Nos estamos refiriendo a Huawei, compa\u00f1\u00eda china fabricante de equipos de telecomunicaciones a nivel mundial, cuyo responsable financiero resultaba detenido en Canad\u00e1 a petici\u00f3n de las autoridades estadounidenses, por haber violado, supuestamente, las sanciones sobre Ir\u00e1n. Aunque el caso no hace m\u00e1s que alimentar el pesimismo sobre el \u00e9xito de un acuerdo comercial entre las dos grandes potencias, debemos racionalizar los eventos y no perder de vista que ambas partes est\u00e1n mutuamente interesadas en alcanzar un acuerdo razonable.<\/p>\n<p>Por otro lado, el temor sobre la viabilidad de las relaciones comerciales actuales est\u00e1 siendo aderezado por el momento \u00e1lgido que estos d\u00edas est\u00e1 viviendo Reino Unido, cuyo parlamento debe votar su acuerdo o desacuerdo con las condiciones de <i>brexit<\/i> alcanzadas entre Theresa May y la Comisi\u00f3n Europea. A fecha de hoy, la dirigente brit\u00e1nica ha aplazado la votaci\u00f3n en el parlamento ingl\u00e9s, en un s\u00edntoma de falta de acuerdo y necesidad de cerrar posturas dentro del Reino Unido. A la vez, el Tribunal Superior de Justicia de Luxemburgo ha confirmado que Reino Unido podr\u00eda desdecirse de su voluntad inicial de salida de la Uni\u00f3n Europea, lo que abrir\u00eda, incluso la posibilidad, de una nueva votaci\u00f3n como la sucedida hace ya m\u00e1s de dos a\u00f1os. La incertidumbre en este caso tampoco est\u00e1 ayudando a tomar decisiones de inversi\u00f3n al desconocer con exactitud las consecuencias para el comercio entre las dos \u00e1reas econ\u00f3micas, Reino Unido y Uni\u00f3n Europea.<\/p>\n<p>Pese a todo lo anterior, queremos poner en el otro lado de la balanza los buenos datos macroecon\u00f3micos que han vuelto a reproducirse la semana pasada y que nos recuerdan, de nuevo, que la econom\u00eda sigue marcando un ritmo saludable. El PMI de la eurozona subi\u00f3 hasta 51,8 desde 51,3 anterior; y el ISM manufacturero americano hasta 59,3, desde 57,7 anterior. Los beneficios empresariales siguen creciendo de forma consistente. Las expectativas de crecimiento de estos \u00faltimos, nos muestran que nos encontramos en un momento interesante para estar en renta variable, con niveles de PER de 12,5x en Europa y 16,0x en Estados Unidos, fruto de una contracci\u00f3n de m\u00faltiplo no vista en los \u00faltimos diez a\u00f1os.<\/p>\n<p>Casi sin duda, el a\u00f1o 2018 se antoja finalizar con pr\u00e1cticamente ning\u00fan activo de riesgo en positivo, pero cargado de oportunidades para la cartera de inversi\u00f3n de Adriza Neutral FI, en la que seguimos prefiriendo estar en renta variable con una exposici\u00f3n como la actual del 45% a los m\u00faltiplos actuales, que en ciertos activos de renta fija calificados de \u201cconservadores\u201d, que consideramos sobrecomprados o con un potencial de depreciaci\u00f3n significativo.<\/p>\n<p>Recuerden: si las letras del Tesoro ofrecen rentabilidades negativas, <strong>no hay retorno sin riesgo<\/strong> y, como siempre, \u201cTengan cuidado ah\u00ed fuera\u201d.<\/p>\n<p><center><strong>Rafael Pe\u00f1a Gorospe<\/strong><br \/>\nGestor de Adriza Neutral<\/center>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Vuelven las dudas sobre el desenlace final de las, todav\u00eda, apenas iniciadas negociaciones comerciales entre Estados Unidos y China. Dudas que, coincidiendo con un a\u00f1o en el que casi ning\u00fan activo de riesgo se encuentra en positivo, est\u00e1 desencadenando ventas desenfrenadas de final de a\u00f1o.<\/p>\n","protected":false},"author":4,"featured_media":28985,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[12],"tags":[811,989,1118,1246,1493,1607,2492,2934,3205,3673,3691,5240,5642,6568],"class_list":["post-30284","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tressis-gestion","tag-brexit","tag-canada","tag-china","tag-comision-europea","tag-corto-plazo","tag-credito","tag-estados-unidos","tag-g-20","tag-huawei","tag-iran","tag-ism-manufacturero","tag-productos-chinos-importados","tag-renta-variable","tag-theresa-may"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Adriza Neutral. 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