{"id":32309,"date":"2019-08-27T09:10:41","date_gmt":"2019-08-27T07:10:41","guid":{"rendered":"http:\/\/www.tressis.com\/blog\/?p=32309"},"modified":"2023-05-26T13:21:53","modified_gmt":"2023-05-26T11:21:53","slug":"comentario-semanal-adriza-neutral-27-08-2019","status":"publish","type":"post","link":"https:\/\/www.tressis.com\/ca\/blog\/comentario-semanal-adriza-neutral-27-08-2019\/","title":{"rendered":"Comentario semanal \u2013 Adriza Neutral (27\/08\/2019)"},"content":{"rendered":"<p>En medio de las recientes disputas comerciales entre Estados Unidos y China, el mercado sigue pendiente de pistas m\u00e1s precisas en materia de pol\u00edtica monetaria, cuyos indicios siguen apuntando hacia un grado de relajaci\u00f3n mayor, encareciendo los precios de los bonos y presionando a la baja los tipos de inter\u00e9s.<!--more--><\/p>\n<p>Empecemos con los resultados:<\/p>\n<p><a href=\"https:\/\/www.tressis.com\/wp-content\/uploads\/2019\/08\/20190827-adriza.png\"><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter size-full wp-image-32310\" src=\"https:\/\/www.tressis.com\/wp-content\/uploads\/2019\/08\/20190827-adriza.png\" alt=\"Adriza Neutral - 27\/08\/2019\" width=\"395\" height=\"171\" srcset=\"https:\/\/www.tressis.com\/wp-content\/uploads\/2019\/08\/20190827-adriza.png 395w, https:\/\/www.tressis.com\/wp-content\/uploads\/2019\/08\/20190827-adriza-300x130.png 300w\" sizes=\"(max-width: 395px) 100vw, 395px\" \/><\/a><br \/>\nLa renta variable sigue conservando buen tono en el a\u00f1o, pese a lo discreto de los resultados empresariales. Comenzando con Estados Unidos, el S&amp;P 500 mantiene una subida en el a\u00f1o del 14% (beneficios anuales +2% vs. +24% a\u00f1o anterior, P\/E 18,6x) y el Nasdaq un 17% (beneficios -2% vs. 32% a\u00f1o anterior, P\/E 23,8x). Una expansi\u00f3n de m\u00faltiplos de valoraci\u00f3n tambi\u00e9n compartida por Europa, que acumula en el a\u00f1o una subida del 11% (beneficios -1% vs. +9% a\u00f1o anterior, P\/E 17,9x). Peor comportamiento est\u00e1n teniendo los \u00edndices asi\u00e1ticos, con subidas del 3,8% en el a\u00f1o para el MSCI Asia Pac\u00edfico o 3% para el mismo \u00edndice excluyendo Jap\u00f3n. La direcci\u00f3n de los flujos de renta fija apenas ha experimentado cambios esta semana, concentr\u00e1ndose las compras en los bonos soberanos, especialmente en los de mayor calidad, como el americano o alem\u00e1n, cuyo rendimiento en el a\u00f1o ya acumula un descenso de 48 y 23 puntos b\u00e1sicos, respectivamente. Un movimiento relevante dados los niveles de los tipos: 1,5% para el americano a 10 a\u00f1os y -0,67% para el alem\u00e1n.<\/p>\n<p>El pasado viernes China respondi\u00f3 a los \u00faltimos movimientos de Estados Unidos en materia comercial con nuevos aranceles sobre 75 mil millones de d\u00f3lares de productos americanos, as\u00ed como un 5% adicional sobre las importaciones de soja y crudo. Aunque el mercado ya era conocedor de que respuestas de este tipo pod\u00edan producirse (y advertidas en su momento por China), ello no deja de introducir m\u00e1s palos en las ruedas sobre una soluci\u00f3n satisfactoria y r\u00e1pida al conflicto comercial. La respuesta de Estados Unidos no se hizo esperar mucho tiempo, recrudeci\u00e9ndose m\u00e1s a\u00fan las relaciones entre ambos pa\u00edses y haciendo m\u00e1s dif\u00edcil de predecir la viabilidad de un acuerdo.<\/p>\n<p>Durante los \u00faltimos d\u00edas el mercado ha estado tambi\u00e9n pendiente de pistas sobre la direcci\u00f3n de la pol\u00edtica monetaria en el discurso de Jerome Powell con motivo de la reuni\u00f3n anual de pol\u00edtica econ\u00f3mica en Jackson Hole. Sin embargo, no hubo sorpresas significativas en sus palabras, incidiendo de nuevo en que la Reserva Federal seguir\u00e1 monitorizando la econom\u00eda y, en todo caso, actuando de forma preventiva si fuera necesario para soportar el crecimiento. La curva de tipos de inter\u00e9s de Estados Unidos ha intensificado durante las \u00faltimas semanas sus expectativas de descenso en los tipos de inter\u00e9s por parte de la FED, descontando actualmente un movimiento a la baja de 50 puntos b\u00e1sicos adicionales hasta final de a\u00f1o \u2014probablemente distribuida en dos reuniones\u2014, y alrededor de 50 adicionales para el pr\u00f3ximo a\u00f1o 2020.<\/p>\n<p>Los \u00faltimos datos de PMI en Europa sugieren que la actividad econ\u00f3mica no se ha deteriorado a\u00fan m\u00e1s en el mes de agosto. No es el caso, sin embargo, de Estados Unidos, cuyas referencias de PMI, tanto manufacturero como de servicios, o la confianza del consumidor medida por la Universidad de Michigan, siguen empeorando.<\/p>\n<p>Dadas las previsiones sobre la laxitud con la que continuar\u00e1 la pol\u00edtica monetaria, as\u00ed como los exigentes m\u00faltiplos a los que cotiza la renta variable, seguimos pendientes de incrementar nuestra posici\u00f3n en oro, desde el 1% actual que tiene la cartera. No obstante, trataremos de optimizar los niveles de compra esperando un cierto descanso en la cotizaci\u00f3n que, tras los \u00faltimos tres meses, ha subido m\u00e1s de un 10%. La posici\u00f3n en renta variable sigue manteni\u00e9ndose en el entorno del 30%.<\/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><\/p>\n","protected":false},"excerpt":{"rendered":"<p>En medio de las recientes disputas comerciales entre Estados Unidos y China, el mercado sigue pendiente de pistas m\u00e1s precisas en materia de pol\u00edtica monetaria, cuyos indicios siguen apuntando hacia un grado de relajaci\u00f3n mayor, encareciendo los precios de los bonos y presionando a la baja los tipos de inter\u00e9s.<\/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":[],"class_list":["post-32309","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tressis-gestion"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Comentario semanal \u2013 Adriza Neutral (27\/08\/2019)<\/title>\n<meta name=\"description\" content=\"La direcci\u00f3n de los flujos de renta fija apenas ha experimentado cambios esta semana, concentr\u00e1ndose las compras en los bonos soberanos, especialmente en los de mayor calidad, como el americano o alem\u00e1n\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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