{"id":530,"date":"2023-01-01T22:09:31","date_gmt":"2023-01-01T22:09:31","guid":{"rendered":"https:\/\/ginvest.es\/\/visio-de-mercat-gener\/"},"modified":"2023-07-05T10:18:22","modified_gmt":"2023-07-05T08:18:22","slug":"vision-de-mercado-enero","status":"publish","type":"post","link":"https:\/\/ginvest.es\/ca\/vision-de-mercado-enero\/","title":{"rendered":"Visi\u00f3n de mercado \u2013 enero"},"content":{"rendered":"<h5>Diciembre ha sido un mes claramente marcado por:<\/h5>\n<blockquote><p>\u2013 El regreso abrupto de la inflaci\u00f3n y el fin de la pol\u00edtica de bajos tipos de inter\u00e9s o incluso negativos.<\/p>\n<p>\u2013 El estallido de una guerra en Europa que ha agravado la crisis energ\u00e9tica y ha derivado en un incremento de la incertidumbre geopol\u00edtica.<\/p><\/blockquote>\n<p>Los datos del mes de Diciembre ofrecen nuevas oportunidades para el comienzo del 2023:<\/p>\n<p>En primer lugar, la inflaci\u00f3n parece que va tocando techo en EEUU. Aunque, siguen con un mercado laboral fuerte y la FED solo ha subido 50 puntos b\u00e1sicos los tipos de inter\u00e9s este mes de diciembre, hasta situarlos en el 4,5%. Adem\u00e1s, tambi\u00e9n anunci\u00f3 una ralentizaci\u00f3n en el ritmo y magnitud de subidas. De este modo, se espera que se incrementen hasta el 5% durante el primer trimestre del 2023.<\/p>\n<p>Asimismo, la preocupaci\u00f3n pas\u00f3 de centrarse en la inflaci\u00f3n a centrarse en el crecimiento, debido al anuncio de recortes en costes y despidos de personal, por parte de grandes y conocidas empresas.<\/p>\n<p>Por otro lado, la finalizaci\u00f3n de la pol\u00edtica de Covid 0 en China para fomentar el crecimiento. Es un dato muy positivo para la regi\u00f3n porque conllevar\u00e1 cierta relajaci\u00f3n geopol\u00edtica aunque, inicialmente, podr\u00eda causar cierta disrupci\u00f3n por el incremento de infecciones que se prev\u00e9.<\/p>\n<h2>CONSECUENCIAS EN LOS MERCADOS FINANCIEROS<\/h2>\n<p>Ante esta situaci\u00f3n los mercados financieros reaccionaron corrigiendo parte de las significativas subidas conseguidas durante el mes de Noviembre:<\/p>\n<p>\u2013 Renta fija<br \/>\nLa Renta Fija Gubernamental corrigi\u00f3 un -1,71% y la corporativa un -0,89% respectivamente.<\/p>\n<p>\u2013 Renta variable<br \/>\nEn Renta Variable, el v\u00e9rtice emergente fue el que menos sufri\u00f3 gracias, principalmente, a las mejores noticias publicadas con una ca\u00edda del -2,33%. El v\u00e9rtice americano tuvo la ca\u00edda m\u00e1s acusada con un -6,07%, penalizado por los anuncios de recortes en las estimaciones de beneficios de algunas empresas.<\/p>\n<p>Este entorno de cambio, en la orientaci\u00f3n de la pol\u00edtica monetaria de la FED, favoreci\u00f3 la depreciaci\u00f3n del d\u00f3lar en un 2,79% contra el euro.<\/p>\n<h2>POSICIONAMIENTO ESTRAT\u00c9GICO DE NUESTRAS CARTERAS<\/h2>\n<p>Ante esta situaci\u00f3n, nuestra cartera estrat\u00e9gica, contin\u00faa implementada para hacer frente a una inflaci\u00f3n persistente con un menor crecimiento, v\u00eda:<\/p>\n<p>\u2013 Renta fija<br \/>\nEn la parte de Renta Fija Corporativa seguimos centrados en bajas duraciones, bonos flotantes y alg\u00fan fondo m\u00e1s oportun\u00edstico mientras mantenemos una alta calidad crediticia ante el menor crecimiento esperado.<\/p>\n<p>T\u00e1cticamente, en Renta Fija Gobiernos, seguimos centrados en fondos invertidos en EEUU con duraciones m\u00e1s largas porque la Fed parece haber conseguido asentar las expectativas de inflaci\u00f3n.<\/p>\n<p>\u2013 Renta variable<br \/>\nContinuamos infraponderados mientras mantenemos la cautela en este activo. Las expectativas de beneficios todav\u00eda no descuentan completamente los riesgos para el crecimiento. Estar diversificados es la clave para aportar m\u00e1s estabilidad a la cartera en estos momentos de incertidumbre.<\/p>\n<p>En cuanto a tipolog\u00eda, preferimos fondos invertidos en compa\u00f1\u00edas de calidad y con poder de fijaci\u00f3n de precios para poder traspasar el incremento de precios al cliente final, con una visi\u00f3n m\u00e1s a largo plazo o fondos con crecimientos estables y sostenidos. Como ser\u00edan, por ejemplo, los sectores defensivos.<\/p>\n<p>Por otro lado, el estar diversificados en distintas \u00e1reas geogr\u00e1ficas nos aporta descorrelaci\u00f3n a la cartera.<\/p>\n<p>Finalmente, este mes, se continu\u00f3 incrementando la duraci\u00f3n en las carteras v\u00eda la entrada de un fondo global de bonos corporativos investment grade con mayor duraci\u00f3n.<\/p>","protected":false},"excerpt":{"rendered":"<p>Diciembre ha sido un mes claramente marcado por: \u2013 El regreso abrupto de la inflaci\u00f3n y el fin de la pol\u00edtica de bajos tipos de inter\u00e9s o incluso negativos. \u2013 El estallido de una guerra en Europa que ha agravado la crisis energ\u00e9tica y ha derivado en un incremento de la incertidumbre geopol\u00edtica. Los datos [&hellip;]<\/p>","protected":false},"author":21,"featured_media":531,"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-530","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-sin-categorizar"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Visi\u00f3n de mercado \u2013 enero - GINVEST<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ginvest.es\/ca\/vision-de-mercado-enero\/\" \/>\n<meta property=\"og:locale\" content=\"ca_ES\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Visi\u00f3n de mercado \u2013 enero - GINVEST\" \/>\n<meta property=\"og:description\" content=\"Diciembre ha sido un mes claramente marcado por: \u2013 El regreso abrupto de la inflaci\u00f3n y el fin de la pol\u00edtica de bajos tipos de inter\u00e9s o incluso negativos. \u2013 El estallido de una guerra en Europa que ha agravado la crisis energ\u00e9tica y ha derivado en un incremento de la incertidumbre geopol\u00edtica. 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