Y preferiríamos no tener que celebrarlo, lo que significaría que hemos ganado la batalla y que el cáncer es curable.

A pesar de un repunte bastante significativo a partir de octubre, los mercados europeos de renta variable, afectados por importantes salidas de capitales desde el inicio de la crisis en Ucrania, registraron una corrección en 2022 del -9,5 %. Si bien la renta variable europea cerró el año con unos resultados relativamente superiores a los de Estados Unidos (-13,4 %) y los mercados emergentes (-15,1 %)1, el año siguió siendo motivo de preocupación para los inversores, que ahora se centran en lo que depara 2023.

European equity markets registered a significant rebound from the previous month. This was mainly driven by China’s decision to ease its zero COVID-19 policy.

After a slightly hesitant start, European stock markets continued their recovery from the October lows and ended November well into the green.

European equities have rebounded over the past four weeks. The rebound was mainly driven by value stocks that have outperformed growth stocks since the last Equity Committee.

European equities closed September lower. In Europe, the energy crisis continued to dominate the headlines, as Russia completely halted gas flows through the key Nord Stream 1 pipeline at the beginning of the month.

Central banks’ commitment to bringing inflation under control, despite the inherent risks to the growth outlook, shook both equity and bond markets in August. While the summer brought historical droughts and heatwaves to many parts of the world, the global economy nevertheless continued to cool. All in all, the level of uncertainty about the outlook for the global economy remains high. This uncertainty is especially elevated in Europe, where after six months of war in Ukraine, there is no sign of a ceasefire, and where a recession seems increasingly likely this winter as the region’s energy crisis continues to intensify.

Global equity markets further corrected in June, delivering the worst first half-year returns in over 50 years (for developed markets).

25 años de experiencia en ESG, 25 años de experiencia en renta variable de mercados emergentes, más de 15 años de unión de ambos aspectos. Duplicar los catalizadores de la rentabilidad: Históricamente, los mercados emergentes han sido los catalizadores del crecimiento mundial. Los tiempos están cambiando —la desglobalización es la nueva tendencia—, pero los mercados emergentes siguen representando más de la mitad del crecimiento económico mundial.

Desde principios de año, el mercado europeo —al igual que otras regiones— está sufriendo una severa corrección. El mercado aguarda el punto mínimo, la luz verde que le permitirá reposicionarse a largo plazo.

Global equity markets stabilised somewhat in May after the significant correction since the beginning of the year. However, there are not a lot of new elements to digest. The Fed walked the talk and increased its rates.

The first quarter of the year was difficult for investors and April proved no different. The war in Ukraine, lockdowns in China and the prospect of substantially tighter US monetary policy all weighed on sentiment.

Global equity markets had a difficult start to the year due to inflation and interest rate fears, and the Russian invasion in Ukraine, that has resulted in a spike of both energy and raw material prices. Unfortunately, also climate-related investments haven’t been spared from the global market turmoil.

At the beginning of 2022, economic activity returned to its pre-pandemic level and the omicron wave had less of an impact on activity than previous ones.

For the second month in a row, global equity markets suffered. In the first half of February, investors were mainly focused on the pace of rate increases in the US and Europe.

Starting in record territory at the beginning of January, the global stock market corrected aggressively in tandem with rising interest rates.

La subida de los tipos a largo plazo ha causado una importante rotación de los estilos

In Europe, an unreliable supply of Russian gas, falling investments in thermal energy and maintenance work on nuclear power plants led to a sharp rise in gas and electricity prices across the continent before they fell in December. Higher energy prices are fuelling the rise in inflation in the region.

Index investing continues its “unstoppable” rise and is expected to overtake active investing by 2026 at the latest, according to Bloomberg. This trend can be utilised by some equity market neutral strategies to generate returns uncorrelated either to bonds or equities.

JPMorgan’s CEO, Jamie Dimon, had to issue a long public apology for his "joke" during a recent trip to Hong Kong.

Economic data were mixed in November in Europe.

There aren’t many well-established businesses that don’t regard digital transformation as one of their top priorities

Cuarenta años después de su aparición, el VIH podría erradicarse a medio plazo, por el efecto combinado de las políticas de prevención y los avances científicos

Después de 5 meses de marcada rotación de estilos hacia la renta variable denominada de «valor» y recogidas de beneficios en los valores de «crecimiento», el mercado volvió a fijarse en los fundamentales y apostó por los valores de crecimiento