Consumo Discrecional
El auge del trabajo remoto, las citas en línea y otros cambios demográficos están aumentando la demanda de estética. Los GLP-1 proporcionan una cura eficaz y económica para la obesidad, y su efecto secundario “Ozempic face” ha alterado estructuralmente la demanda de procedimientos estéticos y productos para el cuidado de la piel. Productores de GLP-1 de larga duración, productores de inyectables biostimuladores y fabricantes por contrato de K-Beauty.
A pesar de los vientos en contra macroeconómicos, el OBBBA claramente favorece los sectores de renta variable de Industriales, Financieros y Consumo Discrecional. Una canasta cuidadosamente construida y consciente de factores en estos sectores está bien posicionada para superar en un entorno incierto impulsado por factores fiscales.
Chinese tourism will continue growing, but investors should be mindful not to overpay for Chinese tourism stocks by extrapolating their past double-digit revenue growth into the future.
Trump’s ceasefire talks are positive for Germany – and so was the German election result. But Trump’s tariffs will hit Germany soon. Investors should use near-term volatility to increase exposure to Germany.
Global risk assets are engulfed in a wave of euphoria, which is pulling Europe higher along the way. However, risks still abound. How should investors adjust their allocation to Europe under these highly uncertain conditions?
In this first presentation of 2025, we start with an overview of the 2025 outlook webcast polls, and a brief post-mortem of the 2024 market performance. Then, we shift gears and examine what is behind the recent surge in bond yields and its implications for equities. We also review market technicals and positioning and conclude with a list of trades to prepare our portfolio for continued moves in yields.