{"id":574,"date":"2022-07-05T11:55:11","date_gmt":"2022-07-05T11:55:11","guid":{"rendered":"https:\/\/ginvest.es\/\/visio-de-mercat-juliol-2022\/"},"modified":"2023-06-23T09:55:00","modified_gmt":"2023-06-23T09:55:00","slug":"visio-de-mercat-juliol-2022","status":"publish","type":"post","link":"https:\/\/ginvest.es\/ca\/visio-de-mercat-juliol-2022\/","title":{"rendered":"Visi\u00f3n de mercado julio 2022"},"content":{"rendered":"

La inflaci\u00f3n<\/strong> contin\u00fao marcando la evoluci\u00f3n de los mercados financieros<\/strong> durante el mes de junio. Por una parte, la tasa de inflaci\u00f3n interanual publicada el pasado viernes de la eurozona, se situ\u00f3 en junio en el 8,6%, registrando un nuevo m\u00e1ximo. Todo esto despu\u00e9s de que el Banco Central Europeo<\/strong> anunciara subidas de tipos de inter\u00e9s en las pr\u00f3ximas semanas, a pesar de que el crecimiento econ\u00f3mico se est\u00e1 debilitando.<\/p>\n

Por la parte americana, los \u00faltimos datos de inflaci\u00f3n obligaron a la Reserva Federal<\/strong>, a incrementar 75 pb m\u00e1s los tipos de inter\u00e9s y a ser m\u00e1s agresivo en su intenci\u00f3n de reducirla.<\/p>\n

Todo ello ya est\u00e1 teniendo un impacto considerable en la renta familiar y en los costes de las empresas, como as\u00ed lo demuestran los datos macroecon\u00f3micos publicados y tambi\u00e9n las rebajas de estimaciones de crecimiento dados por las compa\u00f1\u00edas. Dicha situaci\u00f3n ha provocado el peor inicio de a\u00f1o del S&P 500<\/strong> des de 1970 y del Nasdaq<\/strong> en toda su historia.<\/p>\n

Hay que a\u00f1adir, que el conflicto b\u00e9lico, la disrupci\u00f3n de oferta y el alza de precios en las materias primas no cesaron.<\/p>\n

\"\"<\/p>\n

En este entorno tan vol\u00e1til y con tanta incertidumbre, tanto a nivel microecon\u00f3mico como macroecon\u00f3mico, este mes de junio no ha existido activo refugio para el inversor, siendo los bonos gubernamentales la clase de activo que menos ha sufrido, con una ligera ca\u00edda. Sin embargo, el d\u00f3lar s\u00ed que ha servido de activo refugio, apreci\u00e1ndose un 2,38% en el mes.<\/p>\n

En cambio, la m\u00e1s perjudicada ha sido la renta variable estadounidense, con una ca\u00edda del Standard & Poor\u2019s 500 del 8,39%.<\/p>\n

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

\u2013 En la parte de renda fixa<\/strong> estamos centrados en bajas duraciones, bonos flotantes y alg\u00fan fondo m\u00e1s oportun\u00edstico. T\u00e1cticamente, vamos introduciendo m\u00e1s duraci\u00f3n ante el excesivo castigo, a la par que nos centramos en la parte de m\u00e1s calidad crediticia ante el menor crecimiento esperado.<\/p>\n

\u2013 En renta Variable<\/strong> continuamos infra-ponderados. Buscamos estar diversificados para aportar m\u00e1s estabilidad a la cartera en estos momentos de incertidumbre. 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.<\/p>\n

Concretamente este mes, en Europa, hemos incorporado un fondo indexado para replicar directamente el mercado ante la incertidumbre que genera en este continente la falta de una pol\u00edtica com\u00fan ante los riesgos existentes.<\/p>\n

Finalmente, queremos a\u00f1adir que el mercado ahora est\u00e1 a la expectativa de la temporada de presentaci\u00f3n de resultados, donde se ver\u00e1 reflejado qu\u00e9 empresas han sido capaces de trasladar el aumento de costes a sus consumidores y cumplir objetivos, y aquellas que no habr\u00e1n conseguido los objetivos de ventas y\/o m\u00e1rgenes. Es por este motivo que nuestro foco sigue centrado en seleccionar estos activos de calidad que aporten valor a nuestras carteras.<\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>","protected":false},"excerpt":{"rendered":"

La inflaci\u00f3 ha continuat marcant l’evoluci\u00f3 dels mercats financers durant el mes de juny. D’una banda, la taxa d’inflaci\u00f3 interanual…<\/p>","protected":false},"author":21,"featured_media":575,"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-574","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-sin-categorizar"],"acf":[],"yoast_head":"\nVisi\u00f3n de mercado julio 2022 - 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\/visio-de-mercat-juliol-2022\/\" \/>\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 julio 2022 - GINVEST\" \/>\n<meta property=\"og:description\" content=\"La inflaci\u00f3 ha continuat marcant l'evoluci\u00f3 dels mercats financers durant el mes de juny. 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