Dear client,
The week started the same way as the previous one ended, with continuous rises in the stock market. However, in the last two days there has been a significant correction, although still slight if we take into account the extent to which some indices have risen, especially the American Nasdaq, which concentrates the shares that have risen most in the year. In these two days the S&P 500 has fallen by 4.5% and the Nasdaq by 7.5%. We think that the correction is very logical and even healthy. In spite of it, the valuations continue to be excessive and the risk is that the falls will be accentuated. As for currencies, we have seen a rise in the dollar, also correcting part of the downward movement of recent months.
As our portfolios are defensively positioned, they are strongly revalued this week, even though the movement in our favor has not been too pronounced. Therefore, the potential remains very high. What we have seen is an increase in volatility, which continues to help us and we continue to close profits at a good pace. We still like the medium-term market environment and it makes us positive for the coming months.
We hope you all feel well at home and as always remind you that we are at your disposal for anything you need.
Greetings.
This document is provided for informational purposes only and cannot be considered in any case as a contractual element, a recommendation, personalized advice or an offer. Nor can it be considered as a substitute for Key Information Document (KID) or any other mandatory legal information that should be consulted prior to any investment decision. In case of discrepancy, the legal information prevails. All this legal information is available at the offices of Grantia Capital SGIIC, SA and on its website: www.grantiacapital.com
@GrantiaCapital 
@GrantiaCapital