Anchor resume from 12 to 19 of January 2018
Monday, 22 of January 2018
This week focus
The corporate results in the United States have maintained the optimism of the investors, now the main catalyst of the American stock exchanges is the impact of the fiscal reform in the accounts of the companies. Although the financial sector's publications have shown a negative impact on repatriation on non-US revenues, such as Amex, Goldman Sachs and Morgan Stanley, the market momentum remains the same, excluding the extraordinary tax, the benefits outweigh the estimates. As a result, both the S & P500 and the Dow Jones continued their upward trend and throughout the week they returned to touch new highs. In the accumulated of the year and add gains by 4.7% and 5.3% respectively.
In Europe, markets are less optimistic, political uncertainty persists. In Germany, the Social Democratic Party will take the decision to support or not the government coalition next Sunday at its extraordinary congress, if not favorable would be another failed attempt by German Chancellor Angela Merkel and its margin will be reduced to rule in minority or hold new elections. Both Merkel and Martin Schulz leader of the Social Democrat, have made it clear that the aspects in which a pre-agreement has been reached will not be renegotiated as some socialist leaders have demanded.
On the other hand, the uncertainty in the face of governance difficulties in Catalonia has had a limited impact on the markets and the IBEX35 remains above the 10,400 points accumulating gains so far in 2018 around + 3.9%, leading the exchanges European
The DAX finished the week in positive terrain with a weekly variation of + 1.17%, in the same way the EuroStoxx did with an advance of + 1.01%, while the FTSE 100 INDEX closed without major variations.
In the macroeconomic area, we have mixed data in the Euro Zone. The publication of the inflation data, which stood at 1.4% year-on-year in December, below the figure observed the previous month and still far from the target. The prices that increased the most were energy and tobacco while clothing and telephone services pushed down, in Germany the annual variation of the CPI was 1.8% in line with expectations.
On the other hand, the UK Inflation stood at 3% year-on-year, with a slight contraction from 3.1% registered in November, however, it is hasty to assume that the inflection point has already been reached and will converge to lower levels. .
The data of the commercial balance of the Euro Zone was positive, in November it reached a surplus of 26,300 million euros (previous 18.9MM, estimated 22.4MM).
From the United States we have the IPC publication that ended the year with a variation of 2.1%, was read as positive by the market in that core inflation, which is the indicator that follows the Fed, stood at 1.8% (Estimated 1.7%). The industrial production index also exceeded consensus expectations with a monthly variation of 0.9% (Estimated 0.4%).
In China, the GDP was known at the end of 2017, which had a variation of 6.9%, surpassing consensus expectations, growth was supported by the services sector, agriculture and by the pick-up in domestic demand.
The Asian stock markets ended the week in positive territory. The Hang Seng closed at 32,254.89 while the Nikkei225 closed at 23,808.06 points after temporarily exceeding the 24,000 barrier.
In the currency market the euro continues to appreciate against the dollar, and the EUR / USD reaches levels of 1,229, given the expectations of change of the monetary cycle of the European Central Bank and the accelerated recovery in the Euro Zone.
Regarding the raw material market, the Brent reference oil is trading at around 69.3 USD / barrel driven by a greater contraction of inventories in the United States. While gold ends the week at levels of 1,327.1 USD / oz.