Macro is priced in


A&G Banca | The last macro data from November are generally better , but as the indexes of economic surprises point out, the rebound is less remarkable than the consensus forecast.

There is a rebound in the manufacturing sector from very depressed levels, but the deterioration in the services sector has continued. 

As the figure shows, stabilization is more than priced in-  that is why we do not expect the macro to boost the stock market from the current levels.


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The Corner
The Corner has a team of on-the-ground reporters in capital cities ranging from New York to Beijing. Their stories are edited by the teams at the Spanish magazine Consejeros (for members of companies’ boards of directors) and at the stock market news site Consenso Del Mercado (market consensus). They have worked in economics and communication for over 25 years.