Con el endurecimiento de la división partidista en vísperas del 5 de noviembre, la carrera presidencial se reactivó con la retirada de Joe Biden a finales de julio. En pocas semanas, Kamala Harris ha insuflado nueva energía a la campaña demócrata.

It is not unusual for markets to experience volatility spikes during lighter trading volume summer periods.

In August, European equities closed the month a bit higher despite some volatility.

We maintain a constructive outlook on equities but proceed cautiously in the short term.

August was no by means all rest and relaxation for market participants.

All eyes will be on the Federal Reserve Bank meeting. A rate cut is as good as done and the Fed can surprise with a dovish stance but it cannot surprise with a hawkish one.

El panorama de la inversión evoluciona en un contexto de creciente incertidumbre económica y cautela en los mercados, complicado aún más por las tensiones geopolíticas y las próximas elecciones.

The ECB is expected to ease monetary policy by further 25bp as both prices and activity are cooling.