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Informes

GWS Equity Insights

[Inglés]

/ 8 Feb 2019

Underweight European Equities

After the dismal December for equity markets, January brought relief with the MSCI All Country World recovering 7.9%. While many macro concerns remain – a slowing China, Brexit, an Italian recession and noise from Washington – one major headwind was removed: tighter US monetary policy. During January, the Fed shifted its policy stance from tightening to one of patience and flexibility. We view the risk / reward in the S&P 500 as roughly balanced and maintain our recommendation to maintain a neutral strategic weight. Consensus earnings estimates for 2019 have been reduced to levels that are consistent with ours and valuation have come down.

GWS Equity Insights

[Inglés]

/ 24 Ene 2019

A December to Remember

When we reduced our recommended allocation to US equities in mid- November, we did not envision the 9% drop in the S&P 500 or the 7% decline in the MSCI All Country World that occurred during December. Equity markets were led down by two of the key market challenges that we cited in November: US-China trade tensions and monetary policy. However, financial markets and their psychological impact on the real economy may encourage US and Chinese leaders to expedite a trade deal and could focus central banks on macro challenges that they have not yet considered. We will be watching for any signs of movement on these two critical influences.

MCC - Columna Diego Torres (El Mostrador Mercados)

[Español]

/ 26 Nov 2018

¡Bienvenido: AMLO saluda a sus amigos!

Los recientes anuncios de AMLO o Andrés Manuel Lopez Obrador, me hizo recordar la canción de un programa de fútbol emitido en la televisión de nuestro país para el Mundial de México 86. Con gran ritmo y alegría, parte de la letra decía:"…bienvenido, México saluda a sus amigos". Hoy, a menos de dos semanas de jurar como próximo presidente de México, los mensajes de AMLO para los inversionistas extranjeros no han sido necesariamente de bienvenida.

GWS Equity Insights

[Inglés]

/ 5 Oct 2018

Here Comes Japan!

We have written many times about the confluence of factors that we believe will lead to the outperformance of Japanese equities including better than recognized fundamentals; attractive valuations and a global investor base that has largely ignored this market. Last month, we highlighted the Japanese election as a referendum on Prime Minister Abe and his reform policies that are underpinning one of the longest expansions in the countries history. With the Nikkei Stock Index near 27-year highs, we believe that Japanese equities could begin to attract substantial investor attention and inflows and we wanted to reiterate our overweight view on the region.