{"id":567,"date":"2022-08-03T07:31:20","date_gmt":"2022-08-03T07:31:20","guid":{"rendered":"https:\/\/ginvest.es\/\/visio-de-mercat-agost-2022\/"},"modified":"2023-06-23T09:54:59","modified_gmt":"2023-06-23T09:54:59","slug":"vision-de-mercado-agosto-2022","status":"publish","type":"post","link":"https:\/\/ginvest.es\/eus\/vision-de-mercado-agosto-2022\/","title":{"rendered":"Visi\u00f3n de mercado agosto 2022"},"content":{"rendered":"<p>El mes de Julio estuvo marcado por un cambio de sentimiento del mercado: el foco de preocupaci\u00f3n pas\u00f3 de ser la inflaci\u00f3n a centrarse en el crecimiento y el impacto que tendr\u00e1 en esta variable las agresivas subidas de tipos de inter\u00e9s a ambos lados del Atl\u00e1ntico. Este mes la Reserva Federal americana los ha incrementado en 75 pb y el BCE en 50 pb.<\/p>\n<p>Tal como ya coment\u00e1bamos el mes pasado, el impacto ya se est\u00e1 empezando a reflejar tanto en la renta familiar disponible como en los costes empresariales. Adem\u00e1s, las empresas previ\u00e9ndolo est\u00e1n empezando a anunciar recortes de plantilla, lo que a su vez tambi\u00e9n redundar\u00e1 en un menor crecimiento.<\/p>\n<p>Por otro lado, los resultados empresariales publicados hasta ahora van diferenciando las compa\u00f1\u00edas seg\u00fan el impacto que tenga la inflaci\u00f3n en sus cuentas, pero, en general, est\u00e1n batiendo positivamente las estimaciones. Ello se ha traducido en unos mercados que han primado las <strong>duraciones largas<\/strong> en Renta Fija por la posibilidad de menores subidas de tipos de inter\u00e9s ante una \u201cposible recesi\u00f3n\u201d y un menor rendimiento en todos los sectores relacionados con la ciclicidad o aquellos m\u00e1s afectados por el ciclo econ\u00f3mico.<\/p>\n<p>En este entorno, este mes de Julio ha sido positivo para todos los activos financieros, destacando las subidas que ha experimentado la Renta Variable americana en un 9.11% y de Europa en un 7.64%.<\/p>\n<p>Adem\u00e1s, el <a href=\"https:\/\/www.linkedin.com\/feed\/update\/urn:li:activity:6953242070127931392\">d\u00f3lar se apreci\u00f3<\/a> un 2,58%, llegando a la paridad con el euro a mediados de mes.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"size-large wp-image-24809 aligncenter\" src=\"https:\/\/ginvest.es\/\/wp-content\/uploads\/2022\/07\/Infografias-verticales-1-1-1-768x1086-1-724x1024.jpg\" alt=\"\" width=\"724\" height=\"1024\" srcset=\"https:\/\/ginvest.es\/\/wp-content\/uploads\/2022\/07\/Infografias-verticales-1-1-1-768x1086-1-724x1024.jpg 724w, https:\/\/ginvest.es\/\/wp-content\/uploads\/2022\/07\/Infografias-verticales-1-1-1-768x1086-1-480x679.jpg 480w\" sizes=\"(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) 724px, 100vw\" \/><\/p>\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, a trav\u00e9s de:<\/p>\n<blockquote><p>\u2013 En la parte de <strong>finkoko plana<\/strong> 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 que sufre este activo, a la par que nos centramos en la parte de m\u00e1s <strong>calidad crediticia<\/strong> ante el menor crecimiento esperado.<\/p>\n<p>\u2013 En <strong>aldakorreko plana.<\/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 <a href=\"https:\/\/ginvest.es\/es\/poder-de-fijacion-de-precios-por-que-ahora-es-tan-importante\/\">poder de fijaci\u00f3n de precios<\/a> 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 los <strong>sectores defensivos<\/strong>.<\/p>\n<p>&nbsp;<\/p><\/blockquote>\n<p>Finalmente, debemos a\u00f1adir que aprovechando los niveles de paridad del EUR\/USD hemos reducido el porcentaje de d\u00f3lares en cartera.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/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":568,"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-567","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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