Ana Fuentes | Funds´ volume of cash has reduced considerably in February and Europe is the region that has most benefited from asset allocation. A report by BofA Securities indicates that just in February $11.8bn has entered European equity markets. “All the ideas are put in the price”, explains Oscar Anaya, head of institutional sales at Tradition Securities and Futures Spain, “In one sense it is normal, but we are rather left in no man´s territory”.
If the markets in January were characterised by uncertainty and in February by a change of direction, the most significant in March is caution. The volumes are much lower because of the rises in previous months and also the exhaustion principle. For the head of institutional sales at Tradition Spain, it is a normal process. “being very close to the final client – we deal only with institutionals – from an empirical point of view January was a good month for the entry of money, in February the client felt more comfortable and in March he appears completely halted”.
The most relevant in this is the fall in volatility in Europe, which touched the levels in September. Neither the Brexit soap opera, nor the trade conflict between Washington and Beijing have really affected the markets. “Everything is in the price … People are expecting new events”.
