Comentario semanal sobre los mercados de Administración de activos

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Investors continued to reposition portfolios last week by pulling capital out of the information technology and communication services sectors and increased exposures to value-oriented sectors such as financial services, health care, industrials, and materials, as well as small cap stocks for the third consecutive week.
Expense guidance provided by Alphabet and Tesla, both members of the anointed Magnificent 7, rattled markets mid-week as investors became more concerned that spending on artificial intelligence (AI) wouldn't be generating a return anytime soon. However, investor fears could be eased in the coming week as Amazon, Apple, Meta Platforms, and Microsoft are all set to report quarterly results, and most should be able to communicate a more upbeat story.
Yields on short-term U.S. Treasuries fell over the balance of the week as a 2-year Treasury auction was very well received and July inflation data (PCE) met expectations, doing little to alter the case for a rate cut out of the FOMC in the coming months. When the FOMC meets this week, it will likely prepare markets for a policy shift when it comes together again in mid-September, and Fed funds futures are pricing in a 100% probability of a 25-basis point rate cut at that time.

The Eurozone Consumer Price Index (CPI) for July is released Wednesday with headline CPI expected to rise 2.4% year over year after rising 2.5% year over year in June, while core CPI is expected to rise 2.8% year over year during the month, which would be a modest deceleration from 2.9% in the prior month.
The Federal Open Market Committee (FOMC) concludes its two-day July meeting on Wednesday. The Committee is expected leave the Fed funds rate unchanged while leaving the door open for a rate cut when it meets in mid-September.
July Nonfarm Payrolls are released Friday with 180k jobs expected to have been created during the month. Average hourly earnings are expected to rise 0.3% month over month and 3.9% year over year, which would fall in-line with readings from June. The unemployment rate is expected to remain static month over month at 4.1%.