Dear client,
We hope you all feel well at home. In Grantia we are all well fortunately. In spite of the mobility restrictions all our departments continue to function normally.
A week of few movements in the world’s stock markets, which fall slightly. It seems that the market has entered a moment of waiting to see who will finally win the elections in the USA. For the moment the polls give Biden the victory, which the market associates with a weaker dollar. Therefore, the surprise would be either a Trump victory or a minimal victory for Biden that would mean a challenge by the Republicans. The market gives this scenario little chance. On the macroeconomic side there is no good news. The increase in contagion is slowing down the economy again and there are some sectors that will find it difficult to continue without further aid. In general we see the market quite complacent, trusting that central banks and governments have unlimited capacity to solve all problems. Historically this complacency, coupled with such high valuations, has brought about quite a few problems. It is important to be prudent.
Our portfolios are down this week due primarily to the weakness of the dollar. However, it has been a fairly productive week in terms of closed earnings, as there have been quite a few currency movements, which continue to help us. This dynamic is very important, as the profits that are being closed are accumulating, which will be reflected by reaching new highs when the positions that are currently going against us turn in our favor. We still like very much how the portfolios are working so far this month, although the main positions are, at the moment, in negative. As we have been saying, we believe that this market dynamic will continue in the future, which makes us optimistic.
We reiterate that we are at your disposal for anything you may 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