{"id":61,"date":"2019-08-02T14:59:25","date_gmt":"2019-08-02T14:59:25","guid":{"rendered":"https:\/\/super-news.info\/it\/mercati-la-festa-e-finita-rischi-e-opportunita-dopo-fed-e-bce\/"},"modified":"2019-08-02T14:59:26","modified_gmt":"2019-08-02T14:59:26","slug":"mercati-la-festa-e-finita-rischi-e-opportunita-dopo-fed-e-bce","status":"publish","type":"post","link":"https:\/\/super-news.info\/it\/mercati-la-festa-e-finita-rischi-e-opportunita-dopo-fed-e-bce\/","title":{"rendered":"Mercati: la festa \u00e8 finita? Rischi e opportunit\u00e0 dopo Fed e BCE"},"content":{"rendered":"<div>\n<p>La combinazione di banche centrali molto accomodanti e dati sull\u2019economia reale che non mostrano segnali particolarmente negativi, se non in Europa, hanno spinto i mercati azionari verso nuovi massimi. Ma fino a quando durer\u00e0 la festa?<\/p>\n<p>In base alle previsioni del Team Investimenti di Pramerica SGR:<\/p>\n<blockquote>\n<p><strong>\u201cIl resto dell\u2019estate dovrebbe trascorrere tranquillament<\/strong>e, grazie alla c.d. \u201cput\u201d delle banche centrali\u201d.<\/p>\n<\/blockquote>\n<p>Tuttavia, fanno notare gli esperti, gi\u00e0 emergono alcune nubi. A partire dal fatto che<\/p>\n<blockquote>\n<p>\u201cla BCE avrebbe dovuto agire gi\u00e0 a fine luglio e ha invece rinviato tutto a settembre; la FED ha dato disponibilit\u00e0 a ridurre il costo del denaro ma su tempi pi\u00f9 lunghi di quanto scontato in questo momento dal mercato.<strong>\u00a0A settembre poi potrebbero riproporsi alcune difficolt\u00e0 politiche:<\/strong> la <strong>legge di bilancio in Italia<\/strong>, la Brexit con un Johnson molto agguerrito, le contrattazioni tra USA e Cina\u201d.<\/p>\n<\/blockquote>\n<p>Pur in presenta di questi fattori di rischio, \u201clo scenario alla base delle nostre scelte di investimento non vede un rallentamento cos\u00ec forte dell\u2019economia da esigere un\u2019azione vigorosa delle banche centrali\u201d si legge in un nota.<\/p>\n<p>Venendo alle scelte di investimento, invece, il team Investimenti di Pramerica SGR, mette in conto che: \u201cle <strong>politiche monetarie espansive<\/strong> porteranno i mercati azionari e i<strong> mercati a spread a muoversi in un trading range forse pi\u00f9 elevato<\/strong> di quello sperimentato finora, con delle correzioni nel momento in cui il rallentamento dell\u2019economia sar\u00e0 pi\u00f9 evidente. I rendimenti resteranno bassi ma probabilmente su livelli superiori a quelli visti a luglio. <strong>Abbiamo ridotto l\u2019azionario, anche se il trend rimane con un trading range con massimi pi\u00f9 elevati;<\/strong> l\u2019esposizione azionaria \u00e8 stata ridotta in maniera importante sui bilanciati e sugli altri fondi a benchmark, portandola in sottopeso, e annullata sui portafogli absolute return\u201d.<\/p>\n<p>Non solo.<\/p>\n<blockquote>\n<p>\u201cLa riduzione dell\u2019esposizione ha interessato anche <strong>i portafogli corporate<\/strong> ma in maniera meno drastica per lo scenario di tassi bassi, politiche monetarie espansive e liquidit\u00e0 a disposizione, tutti fattori che favoriscono il credito e lo rendono attraente per gli investitori a fronte, soprattutto, dei rendimenti negativi su buona parte del mondo governativo. Sui portafogli governativi, appunto, la duration rimane corta \u2013 i rendimenti incorporano elevate aspettative di azioni da parte delle banche centrali; ancora corte le posizioni sul dollaro per le stesse ragioni\u201d.<\/p>\n<\/blockquote><\/div>\n<p><a href=\"https:\/\/www.wallstreetitalia.com\/mercati-la-festa-e-finita-rischi-e-opportunita-dopo-fed-e-bce\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>La combinazione di banche centrali molto accomodanti e dati sull\u2019economia reale che non mostrano segnali particolarmente negativi, se non in Europa, hanno spinto i mercati azionari verso nuovi massimi. Ma fino a quando durer\u00e0 la festa? In base alle previsioni del Team Investimenti di Pramerica SGR: \u201cIl resto dell\u2019estate dovrebbe trascorrere tranquillamente, grazie alla c.d. [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":62,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-61","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-notizie-finanziarie"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Mercati: la festa \u00e8 finita? 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