Little by little, the world economy seems to be seeing the light at the end of the tunnel. Progress with vaccinations and the relaxation of the harshest restrictions have partly opened up economic activity and allowed certain sectors that have been severely affected in recent months to stabilize.
Looking at the early months of the year, emerging countries—and more specifically those in Latin America—have experienced a decline in equities, along with significant exchange rate depreciation and concerns over widening sovereign spreads.
At the height of the summer season, investors appear to be dragging their heels. Alberto Matellán, Chief Economist at MAPFRE Inversión, believes that a change of sentiment is brewing.
The publication of the ECB's new strategy yesterday came as no surprise. The impact on markets has been minimal because it had been so clearly anticipated. But, even so, there are some interesting reflections for the future of asset classes.
Stock exchanges are taking a more defensive position, turning to the debt market and currencies like the dollar, which may indicate a shift in risk perception.
July 4 could be the date of the long-awaited US restart — the return of value-based international leadership.
The markets remain highly optimistic and expect the strong growth rate seen in previous months to continue.
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With the first half of the year ending with high expectations, markets are looking ahead to the second half of the year.