\nAmundi, cel mai mare manager european de investi\u0163ii, cu active de 2.000 de miliarde de euro sub gestiune, se a\u015fteapt\u0103 la o cre\u015ftere economic\u0103 modest\u0103 \u00een Statele Unite anul acesta \u015fi, drept consecin\u0163\u0103, la o performan\u0163\u0103 mai slab\u0103 a ac\u0163iunilor mega-cap care au supraperformat \u00een 2023.<\/p>\n
\nCraig Sterling, \u015feful diviziei de cercetare pentru pia\u0163a de capital, Amundi, spune c\u0103 administratorul de active ofer\u0103 un rating de tip \u201eunderweight\u201d pentru ac\u0163iunile americane \u00een 2024, adic\u0103 se a\u015fteapt\u0103 se \u00eenregistreze o evolu\u0163ie mai slab\u0103 dec\u00e2t \u00een alte pie\u0163e, potrivit Business Insider.<\/p>\n
\n\u201eDe\u015fi ne-am a\u015ftepta ca Cei \u015eapte Magnifici s\u0103 se tranzac\u0163ioneze la un premium fa\u0163\u0103 de \u00eentreaga pia\u0163\u0103, av\u00e2nd \u00een vedere cre\u015fterea \u015fi marjele \u00een mare parte superioare, concentrarea la v\u00e2rful pie\u0163ei \u015fi decalajul de evaluare fa\u0163\u0103 de ac\u0163iunile medii sunt la niveluri istorice. \u00cen general, o asemenea dinamic\u0103 nu se \u00eencheie bine\u201d, explic\u0103 Sterling.<\/p>\n
\nIndicele bursier american S&P 500 a crescut anul trecut cu circa 25%, alimentat de a\u015fa-zi\u015fii \u201eCei \u015eapte Magnifici\u201d (The Magnificient Seven): Apple, Tesla, Microsoft, Amazon, Nvidia, Meta Platforms (Facebook) \u015fi Alphabet (Google). Aprecierile consemnate de respectivele companii au reprezentat peste 60% din dinamica din 2023 a benchmark-ului.<\/p>\n
\nSterling consider\u0103 c\u0103 unul dintre motivele pentru care cei \u015fapte gigan\u0163i au evoluat at\u00e2t de bine \u00een 2023 a constat \u00een a\u015ftept\u0103rile extrem de sc\u0103zute privind veniturile. Totu\u015fi, firmele din Big Tech \u015fi-au redus eficient costurile \u015fi au impus o traiectorie mai bun\u0103 dec\u00e2t alte companii \u00een cea mai mare parte a anului.<\/p>\n
\n\u201ePrivind temele principale ale urm\u0103toarelor luni, a\u015f spune c\u0103 AI-ul va fi \u00een continuare \u00een prim-plan, \u00eentruc\u00e2t exercit\u0103 tot mai mult impact asupra industriilor, precum securitate cibernetic\u0103, semiconductori \u015fi sectoare conexe. Dac\u0103 vei ghici urm\u0103toarea companie influen\u0163at\u0103 major de AI, precum Nvidia anul trecut, vei avea ni\u015fte randamente considerabile\u201d, a declarat recent Rolandas Juteika, head of wealth & trading (SEE), Revolut, pentru ZF.<\/p>\n
\nAv\u00e2nd \u00een vedere c\u00e2\u015ftigurile din T4\/2023, anali\u015ftii se a\u015fteapt\u0103 ca grupul s\u0103 \u00ee\u015fi majoreze cumulat veniturile cu 46%. Celelalte 493 de companii din S&P sunt a\u015fteptate s\u0103 \u00eenregistreze \u00eempreun\u0103 un declin de 7% al veniturilor \u2013 o tendin\u0163\u0103 dezechilibrat\u0103 care a persistat de-a lungul mai multor trimestre.<\/p>\n
\n\u201eEuforia generat\u0103 de inteligen\u0163\u0103 artificial\u0103 a preluat \u015ftafeta. De obicei, pia\u0163a tinde s\u0103 supraestimeze impactul pe termen scurt al noilor tehnologii, ceea ce duce la dezam\u0103giri \u00een ceea ce prive\u015fte ac\u0163iunile\u201d, continu\u0103 Sterling.<\/p>\n
\nEchipa din SUA a Amundi recomand\u0103 investitorilor s\u0103 \u00ee\u015fi limiteze expunerea \u00een zonele cu \u201eevalu\u0103ri excesive\u201d, \u00eentruc\u00e2t nu se \u00eencadreaz\u0103 \u00een scenariul unei poten\u0163iale \u00eencetiniri a economiei globale. \u00cen prezent, scenariul de baz\u0103 al anali\u015ftilor indic\u0103 o u\u015foar\u0103 recesiune \u00een SUA \u015fi o performan\u0163\u0103 mai slab\u0103 pentru ac\u0163iuni fa\u0163\u0103 de anul trecut.<\/p>\n
\nDe\u015fi pie\u0163ele au \u00eenceput deja s\u0103 se a\u015ftepte la reduceri semnificative ale dob\u00e2nzii monetare din partea b\u0103ncii centrale americane (Fed), ceea ce ar putea sus\u0163ine performan\u0163a grupului de \u015fapte companii, Amundi consider\u0103 c\u0103 estim\u0103rile sunt prea optimiste \u00een acest moment. Men\u0163inerea ratelor dob\u00e2nzilor la nivelurile actuale ar putea, \u00een schimb, s\u0103 vin\u0103 \u00een detrimentul ac\u0163iunilor \u015fi veniturilor companiilor. \u00cen acest context, unii anali\u015fti consider\u0103 scumpe ac\u0163iunile americane \u015fi se uit\u0103, \u00een schimb, c\u0103tre randamentele atractivele ale obliga\u0163iunilor.<\/p>\n
\nAmundi este prezent \u015fi \u00een Rom\u00e2nia, unde a fost al optulea cel mai mare administrator de fonduri mutuale anul trecut, cu active sub gestiune de 100,5 milioane de lei, conform datelor Asocia\u0163iei Administratorilor de Fonduri (AAF)<\/p>\n
\n <\/p>\n
\n <\/p>\n","protected":false},"excerpt":{"rendered":"
Amundi, cel mai mare manager european de investi\u0163ii, cu active de 2.000 de miliarde de euro sub gestiune, se a\u015fteapt\u0103 la o cre\u015ftere economic\u0103 modest\u0103 \u00een Statele Unite anul acesta \u015fi, drept consecin\u0163\u0103, la o performan\u0163\u0103 mai slab\u0103 a ac\u0163iunilor mega-cap care au supraperformat \u00een 2023. Craig Sterling, \u015feful diviziei de cercetare pentru pia\u0163a de […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[510],"tags":[7172,9323,18255,246,32229,60,8351,20885,106,24193,10839],"class_list":["post-223689","post","type-post","status-publish","format-standard","hentry","category-actualitate","tag-actiuni","tag-active","tag-asteptare","tag-crestere","tag-pesimist","tag-piata","tag-randamente","tag-ridicare","tag-sua","tag-trecut","tag-wall-street"],"_links":{"self":[{"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=\/wp\/v2\/posts\/223689","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=223689"}],"version-history":[{"count":0,"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=\/wp\/v2\/posts\/223689\/revisions"}],"wp:attachment":[{"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=223689"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=223689"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=223689"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}