If there is no economic growth nor consistent evolution of corporate profits to drive risky assets up spontaneously, we will have to coerce them.
Mohamed El-Erian would say that there is only one game in town, where the central banks are the
protagonists. The MSCI Global Index reached its highest level since June 24 and S & P 500 hit a brand new record, under the expectation that central banks will further relax monetary policy. BoJ signaled new incentives and the market expects an interest reduction by the Bank of England this week.
Abundant global liquidity leaves investors racing toward risky assets. We are observing high stock prices,
rising emerging markets and their currencies appreciating. It has been so over the past few days and today is no different.
Corporate results that are above expectations help feed a positive mood for the short term. Alcoa opened the quarter with performance above the projections, as did Daimler.
Felipe worked at Deutche Bank in derivatives and as an analyst at Monitor Clipper Partners. H received his Master’s in Finance from FGV-SP where he now occasionally teaches. He is currently heads Word of the Strategist and the Empiricus Portfolio.
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