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La búsqueda de rentabilidad hace que los inversores exploren nuevos mercados
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    <strong>Artículo publicado en <a href="http://www.lacartadelbolsa.com">La Carta de la Bolsa</a> el Martes, 03 de Marzo en la sección: Articulos</strong>
    <h3 class="titulo_articulo">La búsqueda de rentabilidad hace que los inversores exploren nuevos mercados</h3>
    Redacción
    <p>
	La renta variable estadounidense registró una evolución plana durante la semana pasada, un periodo de cinco días relativamente tranquilos, aunque el índice de valores tecnológicos Nasdaq Composite Index siguió su tendencia alcista hacia nuevos máximos. Los inversores pasaron casi toda la semana pasada sopesando qué decisión tomará la Reserva Federal sobre la subida de sus tipos en los próximos meses. Esto contribuyó a revertir parte del repunte de las rentabilidades a corto plazo e infundió prudencia a los inversores con respecto a los activos con mayor sensibilidad a los tipos. No obstante, en otras áreas del mercado —especialmente en los bonos de alto rendimiento— hay cada vez más tranquilidad. Entretanto, los mercados internacionales continúan marcando el ritmo de las acciones. La renta variable japonesa ha alcanzado sus niveles máximos desde mayo de 2000. Los activos europeos también registraron un comportamiento positivo. Sin embargo, si bien las noticias del viernes deberían proporcionar cierta sensación de alivio a corto plazo, es poco probable que la incertidumbre sobre el papel de Grecia en la zona del euro se disipe. Continuamos priorizando las acciones internacionales frente a las estadounidenses y, en el universo de la renta fija, la deuda corporativa frente a los bonos del Tesoro a largo plazo y otros activos con sensibilidad a los tipos</p>

    <p>
	Search for Yield Takes Investors to New Places<br />
	M a r c h 2 , 2 0 1 5<br />
	Few Standouts in Generally Quiet Week<br />
	U.S. equities were largely unchanged last week in what was a relatively quiet five days.<br />
	The tech-heavy Nasdaq Composite Index, which continued to push toward a new high,<br />
	was the only major index to notch a gain, rising 0.16% to close the week at 4,963.<br />
	Meanwhile, the Dow Jones Industrial Average slipped a modest 0.04% to end at 18,132<br />
	and the S&P 500 Index fell 0.28% to 2,104. In fixed income markets, the yield on the<br />
	10-year Treasury dipped from 2.12% to 2.00% as its price correspondingly rose.<br />
	Outside the U.S., stocks largely performed better. For the first time in a while,<br />
	recent economic data releases are actually favoring European equities.<br />
	Meanwhile, investors continue to struggle to find income, with bond yields in most<br />
	countries hitting new lows.<br />
	Europe Surpassing Expectations, U.S. Not<br />
	In contrast to the U.S., last week European and Japanese equities advanced by<br />
	roughly 2.5% and 3%, respectively, extending their year-to-date gains versus the<br />
	United States. As usual, fund flows offer a good barometer of investor sentiment.<br />
	Money continues to flow into stocks, but investors are shifting out of U.S. equities<br />
	and into non-U.S. markets. Last week witnessed the eighth straight week of<br />
	outflows from U.S. equity funds, the longest streak since 2004.<br />
	Several factors are inhibiting U.S. equity returns. First, the strong dollar continues<br />
	to pressure earnings for large, global exporters. The latest victim was Hewlett-<br />
	Packard, whose stock tumbled after the company announced earnings would be<br />
	negatively affected by the stronger dollar. As more U.S. companies struggle with<br />
	the currency-related drag on exports, full-year earnings expectations for the S&P<br />
	500 have dropped roughly 1.5% over the past four weeks.<br />
	But another issue has arisen recently: While U.S. economic data continue to show<br />
	decent growth, that growth is moderating. Last week, one of the better leading<br />
	economic indicators, the Chicago Fed National Activity Index, fell back to zero, a<br />
	significant drop from last fall. The current reading is consistent with U.S. gross<br />
	domestic product (GDP) growth of around 2.5% this quarter. Indeed, most<br />
	measures are coming in below expectations, with the exception of labor market<br />
	statistics. Our read: The U.S. is still doing well, and remains the most robust major<br />
	economy in the world, just not as well as many had expected.<br />
	In contrast, European equities are benefiting from a string of better-thanexpected<br />
	economic numbers, as well as a reduction in the risk associated with<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 in<br />
	2005, he was Chief North American<br />
	Strategist for State Street Bank.<br />
	It’s the question on everyone’s mind. And fortunately, there are<br />
	answers. Visit blackrock.com for more information.<br />
	so what do i do<br />
	with my money?®<br />
	WEEKLY INVESTMENT<br />
	COMMENTARY<br />
	For the first time in a<br />
	while, recent economic<br />
	data releases are actually<br />
	favoring European equities.<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 March 2, 2015, and<br />
	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.<br />
	©2015 BlackRock, Inc. All Rights Reserved. BLACKROCK, iSHARES and SO WHAT DO I DO WITH MY MONEY are registered trademarks of BlackRock, Inc.<br />
	or its subsidiaries in the United States and elsewhere. All other trademarks are those of their respective owners.<br />
	Prepared by BlackRock Investments, LLC, member FINRA.<br />
	3747A-MC-0315 / USR – 5665<br />
	Not FDIC Insured • May Lose Value • No Bank Guarantee<br />
	With yields low around<br />
	the world, investors are<br />
	increasingly scouring the<br />
	globe for income.<br />
	Greece and Ukraine. Since mid-January, there has been a meaningful improvement<br />
	in Citigroup’s European Economic Surprise Index. The gains are not just a function of<br />
	the stronger economies, like Germany, but are extending to the weaker countries on<br />
	the periphery. Spain notched its fastest GDP growth in seven years.<br />
	Investors Still Trying to Source Yield<br />
	Meanwhile, interest rates continue to grind lower, despite the better data out of<br />
	Europe and signs that the U.S. Federal Reserve (Fed) is close to indicating when<br />
	exactly it will raise interest rates. The Fed insists its course is dependent on data<br />
	confirming a stronger economy, but investors continue to believe the Fed will hold<br />
	back. In our view, the Fed is closer to evolving its rates policy toward more normal<br />
	conditions than many in the market appear to believe. We may see a different tone<br />
	from the Fed in its March meeting, leaving the door open for a June rate hike.<br />
	With U.S. economic readings coming out on the soft side and many investors<br />
	believing the Fed to be in no rush to raise rates, U.S. yields have pulled back in<br />
	recent weeks. The 10-year Treasury yield has retreated back to 2%. Still, this looks<br />
	generous compared to Europe, where 10-year German Bund yields reached a new<br />
	all-time low of 0.28% and seven-year yields moved below zero for the first time.<br />
	Even in Greece, yields are falling as investors reduce the odds of a near-term<br />
	Greek exit from the eurozone. The persistence of low yields is having the<br />
	predictable effect of leaving investors starved for income, pushing them into bond<br />
	market substitutes. Last week $2 billion flowed into equity income funds.<br />
	One interesting example of the search for yield is evidenced in the recent rebound<br />
	in Australian equities. We had been negative on this market since last January<br />
	and, indeed, Australian stocks had trailed global equities by roughly 6% since that<br />
	time. More recently, however, Australia’s market has been rebounding, despite low<br />
	commodity prices and the struggles of mining companies. It seems investors<br />
	found favor in Australian banks, which pay high dividends. As a result, the<br />
	Australian equity market now offers a dividend yield of over 4%, more than double<br />
	that of the U.S. market. With yields low around the world, investors are increasingly<br />
	scouring the globe for income. That’s one reason we would upgrade our view on<br />
	Australian equities to a benchmark weight.<br />
	 </p>

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