{"id":24805,"date":"2022-08-03T07:31:20","date_gmt":"2022-08-03T07:31:20","guid":{"rendered":"https:\/\/ginvest.es\/\/visio-de-mercat-agost-2022\/"},"modified":"2023-06-23T09:50:20","modified_gmt":"2023-06-23T09:50:20","slug":"visio-de-mercat-agost-2022","status":"publish","type":"post","link":"https:\/\/ginvest.es\/eus\/visio-de-mercat-agost-2022\/","title":{"rendered":"Visi\u00f3 de mercat agost 2022"},"content":{"rendered":"<p>El mes de Juliol va estar marcat per un canvi de sentiment del mercat: el focus de preocupaci\u00f3 va passar de ser la inflaci\u00f3 a centrar-se en el creixement i l\u2019impacte que tindr\u00e0 en aquesta variable les agressives pujades de tipus d\u2019inter\u00e8s a banda i banda de l\u2019Atl\u00e0ntic. Aquest mes la Reserva Federal americana els ha incrementat en 75 pb i el Banc Central Europeu en 50 pb.<\/p>\n<p>Tal com ja coment\u00e0vem el mes passat, l\u2019impacte ja s\u2019est\u00e0 comen\u00e7ant a reflectir tant en la renda familiar disponible com en els costos empresarials. A m\u00e9s, les empreses preveient-ho estan comen\u00e7ant a anunciar retallades de plantilla, la qual cosa tamb\u00e9 redundar\u00e0 en un menor creixement.<\/p>\n<p>D\u2019altra banda, els resultats empresarials publicats fins ara van diferenciant les companyies segons l\u2019impacte que tingui la inflaci\u00f3 en els seus comptes, per\u00f2, en general, estan batent positivament les estimacions. Aix\u00f2 s\u2019ha tradu\u00eft en uns mercats que han prevalgut les <strong>duracions llargues <\/strong>en Renda Fixa per la possibilitat de menors pujades de tipus d\u2019inter\u00e8s davant una \u201cpossible recessi\u00f3\u201d i un menor rendiment en tots els sectors relacionats amb la ciclicitat o aquells m\u00e9s afectats pel cicle econ\u00f2mic.<\/p>\n<p>En aquest entorn, aquest mes de Juliol ha estat positiu per a tots els actius financers, destacant les pujades que ha experimentat la Renda Variable americana en un 9.11% i d\u2019Europa en un 7.64%.<\/p>\n<p>A m\u00e9s, el <a href=\"https:\/\/www.linkedin.com\/feed\/update\/urn:li:activity:6953242070127931392\/\">d\u00f2lar es va apreciar<\/a> un 2,58%, arribant a la paritat a mig mes.<\/p>\n<p>&nbsp;<\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter wp-image-67752\" src=\"https:\/\/ginvest.es\/\/wp-content\/uploads\/2023\/05\/Infografias-verticales-1-5.jpg\" sizes=\"(max-width: 500px) 100vw, 500px\" srcset=\"https:\/\/ginvest.es\/\/wp-content\/uploads\/2023\/05\/Infografias-verticales-1-5.jpg\" alt=\"\" width=\"500\" height=\"707\" \/><\/p>\n<p>&nbsp;<\/p>\n<p>Davant aquesta situaci\u00f3, la nostra cartera estrat\u00e8gica, continua implementada per a fer front a una inflaci\u00f3 persistent amb un menor creixement, mitjan\u00e7ant:<\/p>\n<blockquote><p>\u2013 En la part de <strong>renda fixa<\/strong> estem centrats en baixes duracions, bons flotants i algun fons m\u00e9s oportun\u00edstic. T\u00e0cticament, anem introduint m\u00e9s duraci\u00f3 davant l\u2019excessiu c\u00e0stig, al mateix temps que ens centrem en la part de <strong>m\u00e9s qualitat credit\u00edcia<\/strong> davant el menor creixement esperat.<\/p>\n<p>\u2013 En <strong>renda Variable<\/strong> continuem infra-ponderats. Busquem estar diversificats per a aportar m\u00e9s estabilitat a la cartera en aquests moments d\u2019incertesa. Quant a tipologia, preferim fons invertits en companyies de qualitat i amb <a href=\"https:\/\/ginvest.es\/eus\/poder-de-fixacio-de-preus-per-que-ara-es-tan-important\/\">poder de fixaci\u00f3<\/a> de preus per a poder traspassar l\u2019increment de preus al client final, amb una visi\u00f3 m\u00e9s a llarg termini, o fons amb creixement estable i sostingut, com serien els <strong>sectors defensius.<\/strong><\/p>\n<p>&nbsp;<\/p><\/blockquote>\n<p>Finalment, volem afegir que aprofitant els nivells de paritat de l\u2019EUR\/USD hem redu\u00eft el percentatge de d\u00f2lars en cartera.<\/p>\n<p>&nbsp;<\/p>\n<p>_<br \/>\nGinvest AM<\/p>","protected":false},"excerpt":{"rendered":"<p>El mes de Juliol va estar marcat per un canvi de sentiment del mercat: el focus de preocupaci\u00f3 va passar&#8230;<\/p>","protected":false},"author":21,"featured_media":24367,"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-24805","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 - 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