We begin the year by addressing one of the major challenges of the European and Spanish economies in a new Dossier: «An analysis of European productivity». In it, we explore the recent dynamics in productivity within the European Union, focusing on its territorial dispersion and the differentiating factors between the best and worst performing regions. After providing some initial context by outlining the main trends, we distinguish the different groups of European regions according to their productivity level and analyse the key economic factors that drive it. Finally, we identify the factors that hinder productivity growth in the Spanish economy, and those that could drive it, focusing on the evolution of productivity in the various autonomous community regions and on their defining traits, and we compare them with other European regions.
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In the last session of the week, stocks rose across the board sparked by news from China.
Investors continued to err on the side of caution at the start of the week, with the focus turning to the risk of a global recession amid expectations of further monetary policy tightening from major central banks and the ongoing deterioration in the COVID pandemic in China.
Risk appetite continued to set the tone on Tuesday, as investors shrug off data showing GDP stalled in China in Q4, mixed results from some US banks during the Q4 earnings season and hawkish messages from some ECB officials.
Investors traded with a risk-on mood on Wednesday. The main drivers were a rally in tech stocks, boosted by the restructuring plans from China’s Alibaba Group, as well as receding fears of contagion from the banking turmoil.
Investors ended the week on a positive note and stocks rose across the board boosted by optimism over trade talks between the U.S. and China.
In yesterday's session, global stocks rose for a ninth day, boosted by comments from US President D. Trump, in a virtual participation at Davos, hinting at a potentially softer approach to tariffs on China. He also urged OPEC to lower crude prices and said he will push for interest rate cuts.
Risk-off mode in financial markets during yesterday's session as investors digested the US Administration's announcement on Saturday of 25% tariffs on Canada and Mexico, and 10% on China. Tariffs on Mexico were paused later in the day, adding more uncertainty around US tariffs policy, its duration, and its magnitude.
Sentiment recovered during yesterday’s session, as investors digested the announcement that US tariffs on Mexico and Canada will be delayed for at least one month. Trade war uncertainty, however, concentrated in Asia, as China announced retaliatory tariffs on targeted products coming from the US, to take effect next Monday.
Las bolsas internacionales consiguieron frenar la racha bajista apoyadas en la bolsa china, que acogió bien los datos macro, y en los buenos resultados empresariales.
Las plazas bursátiles en China se ven sacudidas por una nueva jornada turbulenta que ha llevado al índice de la bolsa de Shanghái a finalizar la sesión con un descenso del 6,4%.
Mario Draghi reiteró ante el Parlamento Europeo la disposición del BCE "para actuar" en caso de que las turbulencias financieras o el descenso de los precios energéticos intensifiquen los riesgos bajistas sobre la inflación.
Sesión bastante plana en las bolsas europeas después de varias jornadas con subidas, en sintonía con un PMI del sector servicios en Europa, EE. UU. y China, que descendió en febrero, pero menos de lo esperado.
Jornada de menor apetito por el riesgo en los mercados internacionales al hilo de los débiles registros de exportaciones en China.
El optimismo recuperó terreno en las bolsas internacionales de la mano del petróleo, los datos macroeconómicos de China y los avances en el saneamiento de la banca italiana.
Los mercados internacionales continúan bajo la influencia de las señales de debilidad del crecimiento en China (el PMI manufacturero de agosto se sitúa en su nivel más bajo en 3 años) y, más recientemente, unos mensajes menos acomodaticios por parte de diversos dirigentes de la Fed en Jackson Hole.
La debilidad de los datos de comercio exterior de China dejó huella en el ánimo inversor.
Las bolsas europeas repuntaron con fuerza al calor de las nuevas referencias macroeconómicas de China.
Las plazas europeas firmaron en positivo una atípica sesión con las bolsas de EE. UU., Reino Unido, China y Japón cerradas por festividad.
Jornada de notables subidas en las bolsas internacionales alentadas por los buenos datos macroeconómicos publicados recientemente, en particular los referidos al PIB de Japón y al comercio exterior de China.