Wikimedia CommonsFoto: Gordon Joly. HSBC vende su negocio de banca privada en Luxemburgo a VP Bank
HSBC Trinkaus & Burkhardt (International) and HSBC Trinkaus Investment Managers, wholly owned Luxembourg subsidiaries of HSBC Trinkaus & Burkhardt AG, have entered into an agreement to sell their private banking activities and private banking-related fund business respectively, to VP Bank (Luxembourg) and VPB Finance, which are members of the VP Bank Group. The parent company of the VP Bank Group is Verwaltungs-und Privat-Bank Aktiengesellschaft which is based in Liechtenstein.
At 30 June 2013 the private banking activities to be sold had assets under management of approximately €1.5bn (US$2.0bn) and the private banking-related fund business had assets under administration of approximately €0.7bn (US$0.9bn). Approximately 20 employees working for the private banking business of HSBC Trinkaus & Burkhardt are expected to transfer to VP Bank as part of the sale.
The transaction is expected to complete in the fourth quarter of 2013.
HSBC Trinkaus is a commercial bank which draws on its tradition of over 228 years as a trusted advisor to its clients. As one of the country’s leading banks, it is also part of the HSBC Group, one of the world’s largest banking and financial services organisations. The strength of the bank is its international connectivity. This is characterised by its detailed knowledge of the international markets, mainly the emerging markets, and its global network. Germany is one of the HSBC Group’s priority growth markets.
Foto cedidaRobeco Chief Strategist Ronald Doeswijk. Tectonic shifts in the world economy
RobecoChief Strategist Ronald Doeswijk, thinks they probably have and that “Fed tapering is less imminent than the market expects”. With the PCE price index, the Fed’s preferred inflation indicator, still hovering around 1% and a hefty downward revision for Q1 GDP (from 2.4% to 1.8%), tightening doesn’t really seem to be just around the corner. This notwithstanding, and despite Mr. Bernanke’s assurances that policy is data-dependent, as Doeswijk put it “the tightening consequences of his remarks were felt worldwide”.
But for Doeswijk, the key question is whether the US economy is strong enough to cope with tightening, especially in the light of what he terms the “fragile global environment”.
Japan – bright spot in the Pacific? The Japanese economy continues to look positive. The Q2 tankan shows what Doeswijk refers to as “a clear improvement in business sentiment among major manufacturers” and this is supported by expectations for strong Q2 economic growth.
The yen has continued to weaken against the dollar, breaking the psychological 100-level at the end of June. Although bond market volatility has increased, 10-year yields are still hovering below 0.9%.
Europe – signs of stabilization do not extend to the periphery The euro zone is showing what Ronald Doeswijk terms “new signs of stabilization” with the composite PMI showing a slower rate of shrinkage (48.7).
Even such tentative signs of a pick-up should be enough to deter the ECB from further easing – especially with the uptick in headline inflation to 1.6% and the rising oil price.
Political tension is increasing in Southern Europe – the weakened Greek government is encountering difficulties in fulfilling the troika’s demands, while in Portugal the Prime Minister is attempting to avoid early elections.
The calm in the European bond markets is “fragile” according to Doeswijk, who does not expect the ECB to rush to bail out euro-zone sovereigns in trouble.
Equities – set to move higher Despite market fears resulting from recent Fed’s statements that have stopped equity market rallies in their tracks, Ronald Doeswijk maintains a ‘positive view’ and sees room for equities to move higher.
The US market has proved most resilient in the recent market turbulence and remains the favorite. The Fed is overly optimistic on growth prospects according to Doeswijk, who continues to favor risky assets and does not expect “the removal of excess liquidity through Fed tapering” until Q4 2013.
His preference is for defensive sectors in the current scenario, where more pessimistic or ‘risk-off’ sentiment still prevails.
BoJ offers shot in the arm for real estate The outlook for real estate remains positive. In Japan, the BoJ has also targeted real-estate funds in its QE agenda, which “makes investors less nervous about overstretched valuations”, says Doeswijk. Dividends remain attractive and Doeswijk expects the recent interest rate rise to “moderate”, lessening the impact of interest rate sensitivity on this asset class.
“US economy not expected to accelerate in Q3, but to see moderate growth”
Emerging markets – sentiment has turned sour EMD has suffered a double whammy of widening spreads and ongoing EM currency depreciation against the dollar, which has caused Doeswijk and his team to reduce their outlook to neutral for this asset class.
Risk in the form of Fed tapering fears compounded by heightened political tension in a number of major emerging markets (Brazil, South Africa, Turkey, Egypt) means that the trend of wider spreads and currency volatility is set to continue.
From an emerging market equity perspective, things are not much better with weaker underlying economic fundamentals, structural problems – like those in India, and subdued growth.
Chinese authorities have bitten the bullet, allowing interbank rates to skyrocket and seem to be more concerned about tackling the shadow banking system and discouraging speculation than in achieving what is becoming an increasingly ambitious 2013 growth target of 7.5%.
Recent sell-off enhances appeal of High Yield Chief strategist Doeswijk’s preference for High Yield has increased in the light of last month’s sell-off during which HY declined by 3.2%. With attractive running yields, a favorable interest-rate environment and default rates below historical averages, Doeswijk expects these issues to rebound. He also notes that covenant lite issuance, which has reached an all-time high, should not be a cause for concern as most is used for refinancing and not, as in the past, with the more risky objective of financing leveraged buy-outs.
Government bonds least attractive asset category A further rise in global yields is not likely, after bond markets reacted negatively to the news that the Fed might taper its bond purchases. Still, Doeswijk thinks government bonds remain the least attractive asset category: “We expect riskier assets to outperform government bonds”.
Daniel Eustaquio, nuevo responsable de deuda emergente en moneda fuerte de ING IM. ING IM appoints Daniel Eustaquio as Senior Portfolio Manager to EMD team
ING Investment Management has announced additional senior appointments to its Emerging Market Debt (EMD) team.
Daniel Eustaquio joins the company as Senior Portfolio Manager Hard Currency based in Atlanta, USA as per 22nd July 2013.
Daniel has more than 15 years’ experience in EMD Fixed Income markets and joins ING IM from Oppenheimer & Co where he was Director of Investments, EMD FI Sales. He previously worked at ING IM US as part of the EMD team from 1998-2009.
Hans Stoter, CIO ING Investment Management:“We are very pleased to welcome Daniel to ING IM. He has a long track record in managing Emerging Market Debt portfolios and will therefore strengthen the capabilities of our EMD team”
Besides the recruitment of one additional senior portfolio manager, ING IM has further expanded the EMD team by recruiting 3 senior dedicated EMD corporate analysts. Patricia Medina joined the Atlanta office and Jasmine Li and Shilpa Singhal joined the Singapore office.
With these additions the dedicated EMD corporate analysts team now consists of 6 professionals.
Hans Stoter: “Reiterating our ambition to have a top notch EMD team back in place, the recruitment of 3 experienced corporate analysts has further strengthened the EM corporate capabilities of our team.”
ING Investment Managers ha contratado a Daniel Eustaquio como manager senior responsable de deuda en divisa fuertepara su unidad de renta fija emergente (EMD), continuando con su proceso de fortalecimiento de este equipo de inversión.
Desde que a primeros de año, ING IM sufriera la salida de parte importante de este equipo, clave para la casa, con destino a Neuberger Berman, ING IM reaccionó con contrataciones de calado que incluyen la incorporación de Jerry Brewin como director de EMD en junio de 2013, proveniente de Aviva Investors. Daniel Eustaquio viene de Oppenheimer & Co donde trabajaba como director de inversiones para EMD y va a incorporarse a la sede de ING IM en Atlanta el 22 de julio, Georgia. Eustaquio ya había trabajado para ING IM en su división americana de deuda emergente entre 1998 y 2009.
ING IM también ha informado de la contratación de tres analistas senior de deuda corporativa emergente. Patricia Medina se unirá a la oficina de Atlanta, mientras Jasmine Li y Shilpa Singhal trabajarán en ING IM en Singapur. Con estas nuevas incorporaciones el equipo de analistas de crédito de ING IM suma 6 miembros.
Hans Stoter, director de inversiones de ING IM, señalaba que estas contrataciones se enmarcan en su “ambición de tener un equipo de deuda emergente de primera clase de nuevo en funcionamiento”.
Imagen de sátelite de Europa (Foto: NASA). Guggenheim nombra a Tyler Page director de Soluciones de hedge fund para Europa
Guggenheim Partners announced that Tyler Page, Global Head of Business Development for Guggenheim Fund Solutions, has become Head of Hedge Fund Solutions for Europe based in London.
Prior to this appointment as Head of Hedge Fund Solutions for Europe, Mr. Page led marketing efforts resulting in several billion dollars of commitments to the Guggenheim hedge fund managed account platform. “We are growing our business rapidly throughout Europe as institutional investors seek to improve the quality and transparency of the hedge fund reporting they receive, address a shifting regulatory environment and improve their own risk management,” said Mr. Page.
“European institutions have expressed a strong interest in our capability to oversee, monitor and report on their hedge fund portfolios, and we believe Tyler’s proven ability to deliver innovative solutions will add significantly to our continuing European expansion,” added Ajay Chitkara, Senior Managing Director of Guggenheim Fund Solutions.
Earlier in his career, Mr. Page held senior-level positions at various investment banks including Goldman Sachs and Lehman Brothers. He began his career as an attorney focusing on derivatives with Davis Polk & Wardwell. Throughout his career, he has worked on a wide range of bespoke investment solutions for both institutional and private clients.
Guggenheim Partners is a privately held global financial services firm with more than $180 billion in assets under management. The firm provides asset management, investment banking and capital markets services, insurance services, institutional finance and investment advisory solutions to institutions, governments and agencies, corporations, investment advisors, family offices and individuals. Guggenheim Partners is headquartered in New York and Chicago and serves clients around the world from more than 26 offices in eight countries.
Wikimedia CommonsBill McQuaker (en la foto), co-director de renta variable de Henderson, comenta las perspectivas de la firma para la segunda mitad de 2013. Esta es la primera entrega de un total de tres sobre las perspectivas de inversión de Henderson.. Buenas Noticias
2013 is not quite turning out as predicted. The tremendous rally in markets since summer 2012 – undeniably led by European Central Bank president Draghi’s pledge to preserve the euro and the move towards potentially unlimited quantitative easing in the US – appears to be grinding to a halt. Economists had been widely predicting a raft of soft data globally into the second quarter of this year, but instead macroeconomic releases have generally been brighter than anticipated, particularly in the US. But the prospect of the return to a more normal environment, one in which policy begins to take a back-seat to growth, has not been well-received by markets addicted to stimulus. The US Federal Reserve (Fed) has been talking in more definitive terms about an exit strategy from unconventional monetary policy. At its meeting in June it said that it could begin tapering its asset purchases later this year and potentially end them by mid-
2014. Volatility returned to markets globally during what became a broad sell-off that has encompassed both equities and bonds. The withdrawal of US ‘easy money’ is something that the world fears – not simply because of the risk of a policy error, but because a return to fundamental-based investing will have to occur if it does work – something that could greatly affect areas of the capital market that have seen substantial inflows, such as emerging market (EM) debt.
The pace of economic recovery will be inconsistent across economies globally, so greater care will have to be taken with asset allocation decisions.
The long march
We are positive about the US, which remains one of our overweights. It arguably led the way into the financial crisis and it now appears to be leading the way out. The widely predicted soft patch in US growth has not manifested itself as dramatically as analysts thought it would. Despite the fiscal drag from the increase in payroll tax and the automatic spending cuts of the budget ‘sequester’, first quarter US GDP growth at 1.8% (quarter-on-quarter, annualised) is, we feel, a respectable result. There are several indicators that suggest that the US private sector recovery could become more visible in the second half of the year (chart 1). The keenly-watched non-farm payrolls employment report continues to show steady job creation. Adding further cause for optimism, the weakness seen in oil & gasoline prices should be putting money in Americans’ pockets at the same time that rising house prices are boosting consumer confidence. Taking these factors into consideration, the fact that the US Fed is talking in more certain terms about tapering its asset purchases should not come as too much of a shock. For our own part, we expect the march back to normality will be a gradual process rather than a sudden event, and we continue to believe the Fed will more likely err on the side of caution. In the meantime market volatility is likely to persist until investors feel more comfortable about the balance between policy and growth.
Chart 1: Recovery underway in US housing and autos
Rising sun
We are also currently overweight Japan, which we believe could be one of the brighter spots within the global economy. The country is experiencing a dramatic change in policy regime, with two of the government’s three ‘arrows’ for growth already in flight: hyper easy monetary policy and increased government spending. Early this year, the BoJ adopted a 2% inflation target and introduced an open-ended asset purchase plan, later pledging to double the Japanese monetary base over two years. The hope here is that the scale of the intervention will break the deflationary mentality that has prevailed in Japan since the advent of the ‘lost decade’. We can probably expect these bold measures to continue – including more related to the third policy ‘arrow’ of longer-term structural reforms. Mr Abe has just outlined a series of goals, which he hopes will lift Japan’s growth rate to 3% by 2020. These include increasing private-sector investment, infrastructure expenditure, encouraging more women into work, and deregulation of goods, capital and labour markets.
There is already some evidence that Mr Abe’s policies are gaining traction in the economy: Japanese GDP growth’s surge to 4.1% (annualised) in the first quarter and the consumer prices index moving out of negative territory for the first time in seven months in May together suggest that ‘Abenomics’ is having the desired impact.
Consumer and business confidence has been improving and the country is also beginning to see upgrades to company earnings forecasts. That said, the recent jump in government bond yields and equity market volatility has raised some doubts about the efficacy and sustainability of the policy shift. Investors are likely to remain sensitive to these issues and will require reassurances that policy changes will be managed carefully.
Opinion column by Bill McQuaker, Deputy Head of Equities for Henderson Global Investors.
. Banco Santander Continues to Progress in Its Return to Colombia
As reported this week by Colombian newspaper, La República Banco Santander recently requested authorization from the Colombian authorities to re-operate as a bank in the country, an announcement which has been a surprise to many, as the Spanish bank sold its local assets to Chilean bank CorpBanca, just eighteen months ago, explaining that it would concentrate its operations in those places which were reporting better results.
The Colombian Financial Superintendence authorized the Spanish institution to establish the bank, which would in this way seek to restore its place in the country’s financial market. According to La Republica, the Spanish company’s strategy would focus on recapturing large clientsand on reappointing the principal managers who were responsible for managing the largest accounts, something which Santander already seems to be doing. According to sources familiar with the transaction, the bank “is hiring former employees, which means their clients will follow.”
Daniel Lozano, director of Serfinco Economic Studies, sees the return of Santander as proof that foreign companies continue to see the local banking system as highly attractive, which highlights that there is plenty of room still available within the sector.
The low level of financial access and high intermediation margins are some of the opportunities which Colombia offers, and would be precisely what Santander, which during its earlier stage grew in line with its objectives, is looking for. However, firstly the Colombian crisis of 1999 and later, the Spanish banking problems in the current European crisis, slowed Santander’s pretensions, forcing it to exit the industry in Colombia.
Santander returns with capital stock of 90.5 billion Colombian pesos and, in accordance with the institution’s composition, Santander LatAm Banks Administration (Ablasa), the subsidiary that manages Santander Group’s operations in the region, holds 94.8% equity interest, while Santusa Holding, a company which administers securities of Spanish banks, will hold 5.1% of the total. The rest is owned by Jaime Romagosa Soler, Juan Carlos Moscote Gneco and Henry Forero Ramírez with 0.002% each.
However, even though it has already received authorization, there are still a few registration steps missing, so Santander‘s return will still take some time.
Wikimedia CommonsPhoto: hu:User:Totya. We Look for Growth Opportunities and can Identify Beneficiaries of the US Recovery
Our forecasts for economic growth in the developing world have consistently been materially higher than those for the developed world. We have also seen fairly steady downgrades to our expectations for growth in developed economies for some time. That environment now appears to be changing a little as we detect some signs of better news from a number of developed countries, while many emerging economies are experiencing a harsher background.
We remain keen on high yielders, as long as they are supported by growing cash flows.
In the US, we see fairly healthy economic momentum driven by a good recovery in consumer confidence. Corporate spending remains slow, despite strong balance sheets, but we expect a pick-up as managements become more confident of growth, and the average age of equipment becomes even longer. In light of this improvement and to avoid the risk of inflating bubbles, the Federal Reserve has discussed “tapering” its quantitative easing (QE) program, causing a material rise in bond yields which, in time, will push up financing costs for many borrowers, particularly in the all-important mortgage market. However, we believe affordability remains good and do not expect recent moves to derail the recovery.
In the euro area we see marginally better news,but clearly from very depressed levels. Germany remains relatively healthy and we now see less negative manufacturing and consumer confidence surveys from the periphery, with Spain and Greece worthy of note. In the UK, the housing market and consumer expenditure appear reasonable and we anticipate some recovery in construction and North Sea Oil output in the second half. There is little sign of an improvement in exports but a strengthening US economy could improve matters. We currently believe that the risks to our forecasts lie on the upside.
Pharmaceuticals appear more attractive than for some time with new approvals rising and the number of potential areas for new drugs growing.
In Japan “Abenomics” is already having a worthwhile impact.Consumer confidence is up significantly, the trade balance has improved, business confidence shows some recovery and consumer price changes in general have moved up to around flat. We have raised our GDP forecast for Japan for this year to 2.5%.
Conversely China is suffering from demographic issues, inflation risks and the desired shift in the economy from investment to consumption is proving hard to engineer. In addition, the authorities appear determined to resolve the problems caused by the secondary banks, leading to a short-term credit squeeze. In this environment, we are more cautious on growth in the immediate future.
Spreads on corporate and emerging market debt have risen materially and appear relatively attractive.
Despite the dramatic moves in many asset prices, we have made no material changes to our equity strategies. We remain keen on high yielders, as long as they are supported by growing cash flows. We look for growth opportunities and can identify beneficiaries of the US recovery. We believe that the strong will get stronger and appropriate M&A activity can be beneficial. Rising bond yields will make high yielding equities that are regarded as bond-proxies less attractive, but we have never been enthusiastic about this type of stock. Within defensives, pharmaceuticals appear more attractive than for some time with new approvals rising and the number of potential areas for new drugs growing.
We believe that the reasons for tapering, reflecting a more robust US economy and to reduce the risks of financial bubbles, are benign. Clearly many asset markets have benefited from QE, which will decline, albeit gradually. Inevitability investors in some risk assets feel that safer investments, now with higher yields, appear a better alternative. This may cause further short-term volatility. However, the growth environment and corporate earnings outlook are reasonable and valuations have improved. We will seek opportunities to add to equities on setbacks. We expect official interest rates to remain unchanged for some time in major markets and, although yield curves could steepen further, we do not forecast a significant rise in government bond yields in the near future. Despite this, we remain underweight due to valuation levels. Spreads on corporate and emerging market debt have risen materially and appear relatively attractive. Again, further weaknesses in these assets could offer buying opportunities.
Opinion column by Mark Burgess, Chief Investment Officer at Threadneedle
. Banca March and Andbank Give Another Twist to the Sale of Inversis
One of the most complicated operations which have been seen recently in the Spanish financial market has taken another twist. After an unexpected move by Banca March, one of Inversis’ shareholders, Andbank will finally be taking over Inversis’ private retail banking business, instead of Andorra Private Banking, through Banco de Madrid. Meanwhile, Banca March will take over Inversis’ technology platform, but will later sell 50% to the Portuguese group, Orey Antunes. Likewise, Andbank will become a technological client of Inversis.
According to a statement submitted to the CNMV, Banca March has used its rights of first refusal on the sale of Banco Inversis, whose bid had been won by Andorra Private Banking through Banco de Madrid, by offering 212 million Euros on June 28th. Shareholders representing more than 92% of the offer, including Bankia, Sabadell and CajaMar had accepted this offer. Banca March has decided to “exercise its preemptive right of acquisition on the sale of Banco Inversis SA to ensure and maintain the quality of service to its clients and to develop its institutional business, both within Spain and in its international expansion.”
Banca March will pay 217.4 million Euros for Inversis, and will then sell Inversis’ private retail banking business to Andbank for 179.8 million Euros. The difference, which is just under 38 million Euros, will be what Banca March will pay for Inversis’ technology platform. This agreement will become effective “once all necessary corporate transactions have been completed and all authorizations have been received.”
Also, once the segregation of its retail banking business is carried out, Banca March will sell a 50% share of Banco Inversis to the Portuguese Group Orey Antunes, subject to the relevant approvals, “in order to continue to invest jointly in the development of the technology platform and to continue to promote institutional business on a national and international level.” The price of this last sale has not been revealed.
BPA’s reaction is as yet unknown; it had increased its bid on Inversis twice over the past few months to beat Andbank. In any case, the price Andabank will have to pay, which equals BPA’s previous offer, is no bargain, according to industry sources. “Especially considering they will not acquire the technology platform,” the expert concluded.
Wikimedia CommonsPerfecto Restaurant in Miami. Perfecto, a Spanish Touch in Miami’s Financial Heart
Perfectoa new Spanish restaurant, which avoids the traditional concept, has just opened its doors in Miami, Perfecto’s precursors try to provide a new twist, with contemporary cuisine, yet without forgetting the roots of traditional Spanish food and also with the addition of a cocktail bar, yes, in true Spanish style.
Perfecto, located in Brickell Avenue, right in Miami’s financial center, opened to the public with the aim of becoming a reference point in the city, where Spanish supply in general is not abundant, and even less so in the category in which its owners have ventured and in which they are looking to get stronger.
The concept is tapas, but “different tapas”, even incorporating the nitrogen technique in the kitchen for the elaboration of desserts. “The offer is very unusual, it’s different to all the others,” says Oscar Manresa, head of Perfecto, to Funds Society. Besides the cuisine with which they hope to conquer the Miami public, they pay great attention to detail. “Creating an ambience is as important as the food, “says Manresa.
Thanks to an important fusion of cultures, Miami is a city with a rich and abundant gastronomic offer, but, with few exceptions, Spanish food has not been well represented. It is exactly for that reason, and with the intention of providing a new twist and to acquire the hold of the gap that exists in the market, that Perfecto has appointed Daniel Torres Portes, a Spanish chef with an outstanding career and straight from Barcelona, as head chef.
Torres has been a culinary instructor in the Arnadi (Hofmann) School of Hospitality. Before joining this project in Miami, for which he, together with his wife, did not hesitate to pack their bags a few months ago, he worked in Barcelona at the Hofmann restaurant, in the Garden del Hotel Rey Juan Carlos I and in the restaurant of the Palau de la Musica, amongst others.
In addition to the soul of the kitchen, the venture’s management will be in the hands of Oscar Manresa, a professional with over 18 years experience in the sector in Spain, especially in Catalonia, where he manages more than 10 establishments ranging from the cocktails bar at the Hotel Palace in Barcelona, Rien de Rien, to several venues and trendy establishments in Barcelona.
Manresa and Torres have told Funds Society how, months ago, they decided to jump on the bandwagon, on the idea of a group of investors, some of them friends, to take the best out of each of the establishments that Manresa had managed, andfuse all that together into one “perfect” venue in Miami, hence the name. Perfecto also has an impeccable decor with a certain rustic touch.
Manresa has planned to stay in Miami during the business’ first stage, but once the restaurant is on track and in full and smooth operation, he hopes to be able to divide his time between the two cities, in order to continue to operate his business in Spain. He admits that he did not hesitate in packing his bags to pursue this idea. “In Spain it is difficult to stay afloat, let alone to grow in this time of crisis.”
The venue is transformed after dark and “Perfecto” with its large terrace overlooking Brickell Avenue, becomes a cocktail bar, which is also livened up with the music of a DJ, also from Barcelona. “The concept of food & music is a formula that has worked for me in the venues I’ve opened,” says Manresa, who hopes to continue on that same path withPerfecto.
El mercado de commodities disminuyó en junio debido a que la incertidumbre sobre la recuperación económica global sigue siendo alta, de acuerdo a un análisis de Credit Suisse.
En este sentido, Nelson Louie, responsable global de Commodities en Credit Suisse Asset Management dijo que las noticias macroeconómicas que llegaron de China en junio pesaron sobre el mercado de commodities. “Con Chinaactualmenteregistrando un ritmode crecimiento más moderadoy modesto y con una mejora modesta en otros lugares,lo más probable esque las divergenciasde suministroestán jugando unpapel cada vez más protagonista enun momento en quelamayor correlaciónobservada entreotras clases de activosy los productos básicosdesde 2008ha comenzadoa normalizarse.Dentro de la tendenciaactual,el ritmo decrecimiento de la ofertaesprobable que siga siendoel factor claveen el impulso derendimientosen commodities“, subrayó.
El Dow Jones-UBS Commodity Index Total Return descendió 4.71% en junio. En total,15 de los22componentesdel índiceregistraron resultadosnegativos.El sector de los metales preciososfue elsectorque peor desempeño registró,que bajó un12,27% ante los persistentes temoressobre el plan de la Fed de acabar con su programa deestímulo monetarioyel rallydel dólar.
En cuanto a los metalesindustriales, estos disminuyeron7.11%, tal y como mostró un estudio sobrela actividad manufacturera en China, que se debilitó aun mínimo de nuevemesesen junioya que la demandase tambaleó.En este sentido, Credit Suisse subraya que estas cifras pueden aumentar la presión sobre el Banco Central chino para que afloje su política.
En cuanto a la agricultura, junio fue el mes más bajo, por debajo del 4,16% debido a una presión mayor de mayores existencias de maíz, mayores de las esperadas, y los datos adicionales que muestran mayores zonas de cultivo plantadas a pesar de los retrasos de plantación por problemas relacionados con las temperaturas. Las noticias de que la producción de trigo en Australia aumentó un 15% respecto al mismo periodo del año anterior se sumó también a las preocupaciones sobre los suministros mundiales más grandes. Australia es uno de los mayores exportadores mundiales de trigo.
La energía disminuyó un 2,55%, liderado por gas natural, tras las mayores inyecciones de almacenamiento, según lo informado por la Administración de Energía estadounidense. La ganadería registró el mejor desempeño del sector, que subió un 3,10%.
