{"id":30895,"date":"2019-02-18T09:46:27","date_gmt":"2019-02-18T08:46:27","guid":{"rendered":"http:\/\/www.tressis.com\/blog\/?p=30895"},"modified":"2023-05-26T13:27:28","modified_gmt":"2023-05-26T11:27:28","slug":"vuelta-a-los-fundamentales","status":"publish","type":"post","link":"https:\/\/www.tressis.com\/ca\/blog\/vuelta-a-los-fundamentales\/","title":{"rendered":"Vuelta a los fundamentales"},"content":{"rendered":"<p>Si atendemos a la lista de principales datos macroecon\u00f3micos publicados en las \u00faltimas semanas no podemos utilizar una mejor definici\u00f3n que la de \u201cdecepcionantes\u201d.<!--more--><\/p>\n<p>La ralentizaci\u00f3n de la eurozona es evidente, y m\u00e1s pronunciada de lo que incluso los m\u00e1s pesimistas esperaban. Tanto la producci\u00f3n industrial, como la confianza del consumidor e indicadores como el super\u00e1vit comercial se han deteriorado de manera pronunciada. Pero hay crecimiento. A pesar de los malos datos, de la recesi\u00f3n italiana y de que la Comisi\u00f3n Europea haya tenido que revisar a la baja m\u00e1s de un 30% sus propias estimaciones de hace un mes, hasta Europa va a crecer en 2019.<\/p>\n<p>China sigue ralentiz\u00e1ndose bajo el peso de su modelo endeudado e ineficiente, pero crece. Estados Unidos mostraba unos malos datos de ventas minoristas, pero tanto el empleo como la formaci\u00f3n bruta de capital muestran que la econom\u00eda sigue en expansi\u00f3n. Los pa\u00edses emergentes han empeorado sus perspectivas, pero han navegado los desequilibrios monetarios que desactivaron el espejismo de crecimiento sincronizado en 2018.<\/p>\n<p>\u00bfQu\u00e9 nos dice todo esto? Lo que hemos explicado en nuestra presentaci\u00f3n \u201cVuelta a los Fundamentales\u201d, disponible en <a href=\"https:\/\/www.youtube.com\/watch?v=RLXTOqsWl68&amp;t=1413s\">v\u00eddeo aqu\u00ed<\/a>.<\/p>\n<p>Que hemos pasado de un <i>shock<\/i> de euforia en la primera parte de 2018 a un shock de pesimismo en los \u00faltimos meses, pero que los indicadores macro y los beneficios empresariales no nos indican una recesi\u00f3n tipo 2008.<\/p>\n<p>\u00bfPor qu\u00e9? Si recordamos 2007, el deterioro de los indicadores adelantados macroecon\u00f3micos era bastante m\u00e1s agresivo y, adem\u00e1s, los beneficios empresariales mostraban una debilidad y pobreza en ventas y m\u00e1rgenes que pod\u00eda presagiar lo que finalmente ocurri\u00f3. No es el caso ahora. Los beneficios empresariales publicados este mes no son ninguna fiesta, pero muestran crecimiento generalizado y, lo que es m\u00e1s importante, expectativas para 2019 y 2020 decentes.<\/p>\n<p>\u00bfPuede esto cambiar y convertirse en una crisis? S\u00ed, y por eso debemos mantener nuestra atenci\u00f3n enfocada a los fundamentales, pero la realidad es que hoy no vemos indicadores macroecon\u00f3micos o corporativos que indiquen crisis. M\u00e1s bien, las tres bes que coment\u00e1bamos en 2017: bajo crecimiento, bajos tipos, baja inflaci\u00f3n.<\/p>\n<p><a href=\"https:\/\/www.tressis.com\/wp-content\/uploads\/2019\/02\/bloomberg-dlc.jpg\"><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter size-full wp-image-30896\" src=\"https:\/\/www.tressis.com\/wp-content\/uploads\/2019\/02\/bloomberg-dlc.jpg\" alt=\"\" width=\"1200\" height=\"705\" srcset=\"https:\/\/www.tressis.com\/wp-content\/uploads\/2019\/02\/bloomberg-dlc.jpg 1200w, https:\/\/www.tressis.com\/wp-content\/uploads\/2019\/02\/bloomberg-dlc-300x176.jpg 300w, https:\/\/www.tressis.com\/wp-content\/uploads\/2019\/02\/bloomberg-dlc-1024x602.jpg 1024w, https:\/\/www.tressis.com\/wp-content\/uploads\/2019\/02\/bloomberg-dlc-768x451.jpg 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/a><\/p>\n<p>\u00bfQu\u00e9 ha llevado a este periodo de euforia si los datos macro y beneficios no son espectaculares?<\/p>\n<p>Simplemente un cambio de tendencia en la liquidez global liderado por un retroceso en el proceso de normalizaci\u00f3n de los bancos centrales. En 2018 vimos la primera ca\u00edda de la liquidez global en m\u00e1s de una d\u00e9cada, y eso gener\u00f3 importantes p\u00e9rdidas en los mercados financieros. Desde finales de diciembre las bolsas han rebotado con fuerza porque los datos, siendo pobres, no son tan malos como se tem\u00eda, pero sobre todo porque la Reserva Federal cambi\u00f3 el tono sobre el n\u00famero de subidas de tipos, el BCE anunci\u00f3 que ser\u00eda mucho m\u00e1s acomodaticio y el Banco Central de China introdujo la mayor inyecci\u00f3n de liquidez en cinco a\u00f1os.<\/p>\n<p>En realidad, entre el 26 de diciembre y el 15 de febrero hemos visto la mayor inyecci\u00f3n de liquidez en los mercados de los dos \u00faltimos a\u00f1os, llevando la masa monetaria global a niveles r\u00e9cord. En un art\u00edculo en Bloomberg se mencionaban mis comentarios donde lo explicaba (\u201c<a href=\"https:\/\/www.bloomberg.com\/opinion\/articles\/2019-02-05\/global-risk-rally-is-explained-by-money-supply\">sigue el dinero<\/a>\u201d y la semana la CNBC publicaba <a href=\"https:\/\/www.cnbc.com\/2019\/02\/14\/us-china-trade-deal-may-not-be-the-catalyst.html\">mi art\u00edculo<\/a> reduciendo las expectativas optimistas sobre el acuerdo comercial entre China y EE.UU. ), que se une a <a href=\"https:\/\/www.forbes.com\/sites\/alejandrochafuen\/2019\/01\/03\/the-u-s-economy-in-2019-challenges-and-lower-expectations\/\">lo que coment\u00e9<\/a> sobre la econom\u00eda norteamericana en Forbes. Olvidemos el \u201ccrecimiento sincronizado\u201d y busquemos oportunidades en la realidad. Todo esto nos da fortalezas para continuar analizando d\u00f3nde se encuentran las oportunidades y en qu\u00e9 activos y sectores vemos valor, en \u201cvolver a los fundamentales\u201d.<\/p>\n<p><center><strong>Daniel Lacalle<\/strong><br \/>\nEconomista Jefe<\/center><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Si atendemos a la lista de principales datos macroecon\u00f3micos publicados en las \u00faltimas semanas no podemos utilizar una mejor definici\u00f3n que la de \u201cdecepcionantes\u201d.<\/p>\n","protected":false},"author":4,"featured_media":30897,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[7],"tags":[400,575,1118,1590,1927,2206,2556,2852,2914,4463,4673,5337,6440,6868],"class_list":["post-30895","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-estrategias","tag-baja-inflacion","tag-beneficios-empresariales","tag-china","tag-crecimiento-sincronizado","tag-desequilibrios-monetarios","tag-eeuu","tag-europa","tag-formacion-bruta-de-capital","tag-fundamentales","tag-no-hay-recesion","tag-paises-emergentes","tag-ralentizacion-eurozona","tag-superavit-comercial","tag-ventas-minoristas"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Vuelta a los fundamentales<\/title>\n<meta name=\"description\" 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