Anchor resume from 24 of November to 1 of December 2017

Anchor resume from 24 of November to 1 of December 2017


We conclude a week in which the political sphere took special relevance. The project of the fiscal reform in the United States, the OPEC summit and the speech of the candidate to preside over the Fed, Jerome Powell, caught the attention of the markets during the last days. According to the schedule, last Thursday the US Senate would vote on the tax reform proposed by the Republicans, however, the vote was postponed due to concerns among fiscal conservatives of the impact on the deficit that the bill will have. .

For its part, the meeting of OPEC and ten independent oil producers, resulted in maintaining until December 31, 2018 the cut in the supply of crude oil, which was expected to end in March, this decision was In line with what was expected, several days before, several of the ministers declared themselves in favour of withdrawing almost 1.8 million barrels per day (mbd) from the market.

In this scenario was added the speech of the next president of the FED, Jerome Powell before the Senate banking committee, who was in favour of increases in the interest rate and reduction in the balance, besides being in favour of smoothing the strict regulation to the banking sector. The markets applauded these events, because the selective Americans advanced during the last days marking new historical highs.

Meanwhile in Europe, the focus was on the progress of Germany towards the construction of a government coalition and in the negotiations on the Brexit. The political tension of days past in Germany seems to be controlled, at the end of the week it was announced that Chancellor Angela Merkel and Social Democratic leader Martin Schulz, are willing to carry out new negotiations, this meeting was proposed by the German president Frank Walter Steinmeier in order to achieve a stable government and avoid new elections, the contents of the negotiation are subject to probation within each party.

On Brexit talks, the parties agree that no significant progress has been made with regard to the rights of European citizens and the border limits of Ireland, however, as regards economic compensation, the British media have said that it would be close to an agreement.

At the macroeconomic level, we met in the Euro Zone the unemployment rate that stood at 8.8% (8.9% est vs. 8.9 above) better than expected. The PMI index of the manufacturing sector, which registers 60.1 in November (60 est vs 58.5 ant), was also released, in line with expectations, showing strength in production. The survey is led by Germany, followed by the Netherlands and Australia (+5.10 est vs + 5.10% ant). However, the European stock markets had MIXED closings at levels of 10,087 for the IBEX 35, 12,863.50 for the DAX and 3,528.50 for the EURO STOXX50. This behaviour can be explained by the appreciation of the Euro against the Dollar that generated the stagnation of the tax reform in the United States.

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