Iinforme semanal economía global
Global Research de Bank of America Merrill Lynch - Viernes, 21 de JulioGlobal Economic Weekly: GLOBALcycle churns higher • The modest gains in global economic activity in 1Q 2017 continued into 2Q, with DM picking up the mantle from EM. • EM activity remained steady in 2Q after substantial acceleration in 1Q, particularly in India, Turkey and Indonesia. • In DM, the Euro area showed solid improvement throughout 1H, while the US and the UK recovered in 2Q after slumping in 1Q.
Global Letter: GLOBALcycle churns higher
Our GLOBALcycle indicator is a real-time measure of economic activity covering 80% of the world economy. It is an extension of our GEMcycle indicator, which focuses on the GEMs-10 economies. The GLOBALcycle indicator shows that the modest gains in global economic activity in 1Q 2017 continued into 2Q, with DM picking up the mantle from EM.
United States: tinkering with GDP
Next week is the annual 2017 revision to the NIPAs, which will update real GDP growth and PCE inflation since 2014. We expect only slight changes. More important will be 2Q GDP growth, which we expect will accelerate to 2.1%.
Euro Area: ECB Review - rendez-vous in the fall
The ECB has clearly taken stock of market movements since the "Sintra speech" and opted for a dovish tone in its July meeting. Our call remains for slow taper from Jan-18 announced in Oct but we push the one-off deposit rate hike to the spring 2019.
Asia: Korea - wage, inflation, and the BoK
Some market participants appear to have doubts about Korea's inflation outlook and hence the risk of a BoK rate hike in the near future. Does Korea have the low inflation puzzle too? in our view, the short answer is "no" and it will be quite the opposite over the near term.
Emerging EMEA: S. Africa - easing cycle begins
SARB surprised the markets with a 25bp cut citing improved outlook for inflation and deterioration in economic activity.
Latin America: Argentina - bumpy disinflation
The disinflation process continues but with some bumps ahead that make the targets difficult to attain. June inflation confirmed the declining inflation trend initiated in May after high numbers in February-April.
UK: inflation down and retail sales going nowhere
What did we learn this week? The Bank of England has less to be concerned about on the inflation front and less reason to expect growth to remain solid with retail sales increasing only because of a one-off boost from the hottest temperatures since 1976.
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- La prima de riesgo de las acciones es bastante baja, un 3,5%. Fue del 5,7% en el mínimo de octubre de 2022 y del 7,8% en el mínimo de marzo de 2020. El promedio histórico ronda el 5%
- MERCADOS:el desajuste demográfico, un gran enemigo para los mercados
- Euribor:“A corto plazo, entre el 3,6%-3,7%, y a finales de 2924, en torno al 3% - 3,5%, si se cumple el calendario de recortes del BCE a partir de junio”
- “Por cada dólar invertido en combustibles fósiles, se están invirtiendo actualmente $1,7 en energías limpias”
- Comparado con otras naciones, el mercado de capitales alemán no está tan avanzado en el apoyo a las empresas ni en la provisión de capital riesgo
- Esta vez será diferente, porque siempre es diferente
- Comparado con otras naciones, el mercado de capitales alemán no está tan avanzado en el apoyo a las empresas ni en la provisión de capital riesgo
- La prima de riesgo de las acciones es bastante baja, un 3,5%. Fue del 5,7% en el mínimo de octubre de 2022 y del 7,8% en el mínimo de marzo de 2020. El promedio histórico ronda el 5%
- MERCADOS:el desajuste demográfico, un gran enemigo para los mercados
- Los sectores de tecnología, finanzas, industria, energía y materiales muestran un perfil de fortaleza relativa positivo frente al S&P500;
- Esta vez será diferente, porque siempre es diferente
- Euribor:“A corto plazo, entre el 3,6%-3,7%, y a finales de 2924, en torno al 3% - 3,5%, si se cumple el calendario de recortes del BCE a partir de junio”
- Aquí hay un argumento de Jack Manley de JPMorgan de que las tasas más altas son en realidad inflacionarias en este momento