Tuesday, March 21

Inflation, Ukraine, Fed. An optimistic talk about markets

The editors of finanzas.com They break down the keys of the day together with the experts and the most solvent sources in the sector. This episode features the participation of Pictet AM’s General Director for Iberia and Latam, Gonzalo Rengifo. His analysis focuses on the annual start of world stocks and bonds in an environment of general uncertainty caused by the Fed and the crisis in Ukraine.


  • 00:00 Introduction
  • 00:36 Stocks and bonds down
  • 05:58 Global equities
  • 14:32 Inflation projections
  • 19:23 The omicron impact

Transcript Summary

Global stocks and bonds ended January lower. The unexpected aggressive turn of the Fed had a lot to do with it, in addition to the crisis in Ukraine. Did you expect the Fed to tighten the markets at the first opportunity?

At Pictet you have just made a major tactical move after upgrading global equities to ‘overweight’. On what pillars is this decision justified and what are the underlying risks on the horizon?

You argue that equity and fixed income valuations are now more reasonable. Why?

In this kind of adverse selection in which the bags have gotten, technology stocks have taken the brunt of the punishment. By contrast, energy companies have risen to double digits, like oil. Is this the sectoral roadmap that investors should expect in the coming months?

Inflation is one of the big issues for portfolio managers this year. As we have analyzed in Inversión magazine, there are managers who have never faced this scenario. What forecasts do you have in Europe and the United States? How should portfolios be equipped for this environment?

Can we now consider the negative impact of the omicron variant of coronavirus over?


  • Director: Ismael Garcia Villarejo
  • Production: Jose Jimenez
  • Production: Covadonga Lacruz
  • Recorded in Madrid on February 3, 2022