{"id":24726,"date":"2022-11-02T22:15:51","date_gmt":"2022-11-02T22:15:51","guid":{"rendered":""},"modified":"2022-11-02T22:15:51","modified_gmt":"2022-11-02T22:15:51","slug":"visio-de-mercat-novembre-2022","status":"publish","type":"post","link":"https:\/\/ginvest.es\/ca\/visio-de-mercat-novembre-2022\/","title":{"rendered":"Visi\u00f3 de mercat novembre 2022"},"content":{"rendered":"<p><!DOCTYPE html PUBLIC \"-\/\/W3C\/\/DTD HTML 4.0 Transitional\/\/EN\" \"http:\/\/www.w3.org\/TR\/REC-html40\/loose.dtd\"><br \/>\n<html><body><\/p>\n<h5>Aquest mes d&rsquo;octubre ha estat marcat per diferents esdeveniments tant a nivell macroecon&ograve;mic com microecon&ograve;mic:<\/h5>\n<blockquote>\n<p>&ndash; La publicaci&oacute; trimestral de resultats de les companyies, en la qual la majoria de les empreses estan batent les estimacions, encara que les previsions que donen per als pr&ograve;xims mesos ja s&oacute;n m&eacute;s febles davant l&rsquo;escenari de desacceleraci&oacute; que preveuen per a l&rsquo;economia.<\/p>\n<p>&ndash; Pujada de tipus a Europa fins al 2% davant l&rsquo;al&ccedil;a persistent de la inflaci&oacute;, encara que les dades macroecon&ograve;miques ja ens porten cap a una desacceleraci&oacute; econ&ograve;mica significativa a la zona.<\/p>\n<p>&ndash; Les darreres publicacions de dades macroecon&ograve;miques ja estan reflectint aquesta feblesa econ&ograve;mica, encara que als EUA el mercat laboral continua fort, pressionant a la Reserva Federal a anunciar a principis d&rsquo;aquest mes de novembre un increment dels tipus d&rsquo;inter&egrave;s de 75 punts b&agrave;sics m&eacute;s.<\/p>\n<p>&ndash; Increment de la tensi&oacute; geopol&iacute;tica. No sols pel conflicte b&egrave;l&middot;lic a Ucra&iuml;na sin&oacute; tamb&eacute; per les noves prohibicions de vendes a la Xina en el sector de semiconductors per part dels EUA per exemple.<\/p>\n<p>&ndash; El 20&egrave; Congr&eacute;s del PCCh xin&egrave;s va deixar una visi&oacute; agredol&ccedil;a amb un suport decidit sobretot al creixement, per&ograve; seguint una l&iacute;nia m&eacute;s intervencionista i encara amb una pol&iacute;tica de Covid 0.<\/p>\n<p>&ndash; El Regne Unit amb un altre canvi de primer ministre per a intentar sanejar els comptes i restaurar la confian&ccedil;a, tamb&eacute; va afegir incertesa.<\/p>\n<\/blockquote>\n<p>&nbsp;<\/p>\n<p>En aquest entorn els mercats financers van ser bastant vol&agrave;tils.<\/p>\n<p>La Renda Variable va acabar el mes en positiu en totes les &agrave;rees geogr&agrave;fiques a excepci&oacute; de la Renda Variable Emergent gr&agrave;cies als bons resultats empresarials publicats. Destaca la pujada d&rsquo;un 7,63% de l&rsquo;&iacute;ndex de Renda Variable EUA i un 5,66% de l&rsquo;&iacute;ndex europeu. En canvi, la caiguda de la Renda Variable Emergent es va deure a la falta de relaxaci&oacute; en la pol&iacute;tica aplicada de Covid 0 en el tancament del Congr&eacute;s celebrat a la Xina. Afegir que l&rsquo;increment de tensions entre la Xina i els EUA en diversos sectors va agreujar la caiguda acabant el mes amb un -2,87%.<\/p>\n<p>En aquest context la Renda Fixa tant governamental com corporativa va tancar el mes d&rsquo;octubre lleugerament en negatiu.<\/p>\n<p>El d&ograve;lar es va depreciar un 0,8% en el mes, tornant a la paritat amb l&rsquo;Euro despr&eacute;s de la pujada anunciada pel BCE.<\/p>\n<h5>Davant aquesta situaci&oacute;, la nostra cartera estrat&egrave;gica continua implementada per a fer front a una inflaci&oacute; persistent amb un menor creixement, via:<\/h5>\n<blockquote>\n<p>&ndash; En la part de Renda Fixa centrats en baixes durades, bons flotants i algun fons m&eacute;s oportunistes. T&agrave;cticament, anem introduint m&eacute;s durada davant l&rsquo;excessiu c&agrave;stig, al mateix temps que ens centrem en la part de major qualitat credit&iacute;cia davant el menor creixement esperat.<\/p>\n<p>&ndash; En Renda Variable continuem infraponderats en aquest actiu. Busquem estar diversificats per aportar m&eacute;s estabilitat a la cartera en aquests moments d&rsquo;incertesa. En quant a la tipologia, preferim fons invertits en companyies de qualitat i amb poder de fixaci&oacute; de preus per a poder traspassar l&rsquo;increment de preus al client final, amb una visi&oacute; m&eacute;s a llarg termini o fons amb creixements estables i sostinguts com serien els sectors defensius. D&rsquo;altra banda, estar diversificats en diferents &agrave;rees geogr&agrave;fiques ens aporta descorrelaci&oacute; a la cartera.<\/p>\n<\/blockquote>\n<p>Aquest mes no es van fer canvis.<\/p>\n<p>&nbsp;<\/p>\n<p>_<br \/>Ginvest AM<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><\/body><\/html><\/p>","protected":false},"excerpt":{"rendered":"<p>Aquest mes d&#8217;octubre ha estat marcat per diferents esdeveniments tant a nivell macroecon\u00f2mic com microecon\u00f2mic: &#8211; La publicaci\u00f3 trimestral de&#8230;<\/p>","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[1],"tags":[],"class_list":["post-24726","post","type-post","status-publish","format-standard","hentry","category-sin-categorizar"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - 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