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A medida que aumenta el riesgo a nivel global, ¿en qué parte del mundo están las oportunidades?
De (correo electrónico): Su nombre: Para (correo elctrónico): Asunto: Mensaje:
    <strong>Artículo publicado en <a href="http://www.lacartadelbolsa.com">La Carta de la Bolsa</a> el Miercoles, 17 de Septiembre en la sección: Articulos</strong>
    <h3 class="titulo_articulo">A medida que aumenta el riesgo a nivel global, ¿en qué parte del mundo están las oportunidades?</h3>
    Redacción
    <p>
	La renta variable se depreció la semana pasada a raíz de las tensiones geopolíticas entre las que se incluyen la situación en Irak, las sanciones a Rusia y la posible independencia de Escocia. En Estados Unidos, los datos económicos siguen sugiriendo el fortalecimiento de la economía provocando una subida de los tipos de interés y la apreciación del dólar americano. La otra cara del fortalecimiento del dólar americano es la depreciación de las demás divisas. En Japón, este efecto está provocando un empuje significativo a la renta variable local, una tendencia que esperamos que continúe.</p>

    <p>
	As Global Risks Rise, Where in<br />
	the World Are the Opportunities?<br />
	s e p t e m b e r 1 5 , 2 0 1 4<br />
	Stocks Falter on Geopolitical Risk and Higher Rates<br />
	U.S. stocks fell last week amid geopolitical concerns and rising interest rates. The<br />
	Dow Jones Industrial Average lost 0.86% to close the week at 16,987, the S&P 500<br />
	Index dropped 1.05% to 1,985 and the Nasdaq Composite Index slipped 0.33% to<br />
	4,567. Meanwhile, the yield on the 10-year Treasury rose from 2.46% to 2.61%, as<br />
	its price correspondingly fell.<br />
	Despite tensions overseas, the data continue to point to a strengthening economy<br />
	in the U.S. This, in turn, is resulting in a stronger dollar and higher interest rates.<br />
	But the flip side of the stronger dollar is weakness in other currencies. In some<br />
	instances, notably Japan, this is providing a significant boost to local stocks, a<br />
	trend we expect to continue.<br />
	A Wee Bit of Drama Over Scotland<br />
	Investors wrestled last week with a slew of geopolitical concerns, including a<br />
	surprising one. The prospect of renewed American military involvement in Iraq<br />
	and additional EU sanctions against Russia were joined by a new worry:<br />
	the prospect of an independent Scotland.<br />
	The Scottish issue is particularly interesting. Although investors were aware of the<br />
	impending vote all year, few thought the referendum had much chance of passing.<br />
	Over the past two weeks, however, several polls have suggested a realistic chance<br />
	that Scotland will vote for independence this week, a development that seems to<br />
	have taken most by surprise.<br />
	What are the ramifications if the Scots vote “yes” for independence? Obviously, the<br />
	vote is most important for the U.K., but Scottish independence would have broader<br />
	significance as well, particularly for the rest of Europe. At the very least, sterling<br />
	and other U.K. assets would likely come under additional pressure. In addition,<br />
	given that Scotland is typically more pro-European Union than the rest of the U.K.,<br />
	a departure could raise the odds of an eventual U.K. exit from the EU, which would<br />
	only add to uncertainty in the region. It may also embolden other separatist<br />
	movements, such as Catalonia in Spain.<br />
	For now, our vote is on a narrow victory for a continued union, but should Scottish<br />
	independence prevail, investors should prepare for some uncertainty for the<br />
	broader European Union.<br />
	Russ Koesterich, Managing Director, is<br />
	BlackRock’s Global Chief Investment<br />
	Strategist, as well as Global Chief<br />
	Investment Strategist for BlackRock’s<br />
	iShares business. Mr. Koesterich was<br />
	previously Global Head of Investment<br />
	Strategy for active equities and a senior<br />
	portfolio manager in the U.S. Market<br />
	Neutral Group. Prior to joining the firm<br />
	in 2005, he was Chief North American<br />
	Strategist for State Street Bank.<br />
	What are the ramifications<br />
	if the Scots vote “yes” for<br />
	independence? Obviously,<br />
	the vote is most important<br />
	for the U.K., but Scottish<br />
	independence would have<br />
	broader significance as<br />
	well, particularly for the<br />
	rest of Europe.<br />
	It’s the question on everyone’s mind. And fortunately, there are<br />
	answers.<br />
	This material is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or<br />
	solicitation to buy or sell any securities or to adopt any investment strategy. The opinions expressed are as of September 15, 2014,<br />
	and may change as subsequent conditions vary. The information and opinions contained in this material are derived from proprietary<br />
	and nonproprietary sources deemed by BlackRock to be reliable, are not necessarily all-inclusive and are not guaranteed as to<br />
	accuracy. Past performance is no guarantee of future results. There is no guarantee that any forecasts made will come to pass.<br />
	Reliance upon information in this material is at the sole discretion of the reader. Investment involves risks. International investing<br />
	involves additional risks, including risks related to foreign currency, limited liquidity, less government regulation and the possibility<br />
	of substantial volatility due to adverse political, economic or other developments. The two main risks related to fixed income<br />
	investing are interest rate risk and credit risk. Typically, when interest rates rise, there is a corresponding decline in the market<br />
	value of bonds. Credit risk refers to the possibility that the issuer of the bond will not be able to make principal and interest<br />
	payments. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.</p>

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