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Week of generalised increases in the stock market, especially the American stock market. In Europe the news in the sanitary order is not good and the market discounts a lower growth in the short term. Despite the fact that Trump has interrupted negotiations to extend aid to households and companies, the market thinks that finally an agreement will be reached. Macroeconomic data continues to show a slowdown in the recovery of activity. Everything points to the fact that the economy is going to need support from governments and central banks for a longer period of time, and how that support is handled will be very important. For the moment, the market thinks that things will be better in the US and Germany, while Spain is lagging behind.
Week of moderate decline in portfolios. The strong rises in September were accompanied by significant closures of positions. Therefore, although the market has gone against us this week, the setback is small, while the portfolio’s potential is improving. We continue to have a defensive bias and expect a certain level of volatility to be maintained which, together with the scenario of uncertainty and the potential for revaluation, makes us optimistic about the return of the portfolios in the coming months.
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