Market strategist and ICADE professor Ramon Bermejo analyzes the market situation together with Aitor Odriozola, head of BBVA Trader. Bermejo makes a macroeconomic analysis of the current situation marked by the initial agreement on the debt ceiling in the United States and the unemployment data for May which will be released this Friday.
Bermejo says that as long as the jobs protests in the US continue and hiring outnumbers layoffs, it will be a sign of strength in the world’s leading economy and that a recession is not imminent. The ICADE professor emphasized the view of the National Bureau of Economic Research (NBER) that It’s important to monitor employment beyond economic growth figures,
“GDP in Germany has declined for two consecutive quarters. Is it a recession? Is it a technological recession?To. We should fear that jobs are starting to disappear in America and Europe, but for now we don’t have job destruction. If the Federal Reserve acts with agility and acts like Alan Greenspan did in 1995 when he started lowering rates and the destruction of jobs stops,” he remarked.
Doctor in Economics believes that it is important to be optimistic in such times, as the stock markets are showing strength and the macroeconomic data is getting better than expected.
Bermejo is also hopeful of an agreement on the debt ceiling following a warning from United States Treasury Secretary, Janet Yellen, who remarked that the deadline for reaching an agreement is June 1, and that rating agency Fitch has downgraded the US to ‘AAA’. Rating given. on a negative perspective.
Market strategists point out that the continued decline in the price of natural gas is a stimulus for the moderation of inflation, and thanks to the promotion of renewable energy.
At the stock market level, Bermejo highlights the behavior that tech stocks are showing, as well as the NASDAQ 100. Bermejo gives the technical index a possibility of 15.1% upside from current prices to 16,559.41 points, which is the minimum theoretical objective after two weeks. rapid growth.
“The artifacts of this recovery could be Amazon, Apple, NVIDIA or Alphabet-A, with the new mixed augmented reality glasses to be unveiled on June 5th being a sales success,” he explains.
Bermejo lives up to the moment in the stock market of semiconductor makers Nvidia and ASML, along with Alphabet-A and Apple, the four companies blessed by Artificial Intelligence: the winning theme on the stock markets this 2023.