Wall street has returned to the green this Friday, closing clearly higher after a volatile week, but of gains, after all. The 'vaccine effect' continues to wane while waiting for new news, and Disney (+ 3%) and Cisco (+ 6%) stand out as protagonists after beating expectations with their quarterly results.
Specifically, the Nasdaq ended up rising 1%, while the Dow Jones and the S&P 500 they have managed to revalue almost 1.4%.
"This week has been positive thanks to the vaccine, and that changes the rules of the game", recognize the experts of JP Morgan. "It has allowed the markets to look beyond the recent upsurges towards the reopening of the economy," they add.
In terms of monetary policy, this Thursday the president of the Federal Reserve (Fed), Jerome Powell, acknowledged that the US economic prospects remain uncertain. "The coming months may continue to be challenging," he said, and also that "we have to do more, the (US) Congress should do more." "So far the United States has not seen the worst and therefore more needs to be done in terms of monetary and fiscal policy," emphasized the central banker.
At the macroeconomic level, this Friday highlights the producer price index October, which has gained momentum by rising to 0.3%, one tenth above the consensus estimate (0.2%). It has risen due to an increase of 2.4% in food prices, and the 0.8% increase in the energy component, mainly gasoline. "Product prices normalized further in October, indicating that price dynamics are recovering after the strong deflationary crisis in the spring. While price increases were slightly higher than expected, pressures Inflationary rates remain generally weak and will support the strong accommodative bias of the Federal Reserve ", point out the experts from Oxford Economics.
The data on consumer confidence prepared by the University of Michigan, corresponding to November, has also been known, which has fallen to 77 from the 81.8 registered the previous month, also being below the figure expected by the consensus ( 82). "The elections have consequences, especially for sentiment among Republicans," says Pantheon Macroeconomics, as these are the ones that have lowered their economic expectations the most.
"The joy that the Democrats felt seems to have been offset by other factors, such as the increase in infections and hospitalizations due to Covid," continue the experts of this firm, who believe that with the numbers of infections worsening day by day, it is to be expected that "Consumer sentiment will deteriorate in the coming months."
Returning to the business front, the US has finally reversed Donald Trump's order to shut down TikTok, which is waiting to know what will be the decision of the President-elect Administration, Joe Biden. Also noteworthy are the increases experienced Disney Y Cisco after having reported their accounts for the last quarter.
Across the Atlantic, the Ibex It rests on Naturgy and its banks to go up to 7,800 points. Finally, in Asia, the bags have closed mixed between the regrowth and the results of Tencent, which have passed the consensus.
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