The future arrives on Monday. This was demonstrated six days ago, when with Joe Biden newly proclaimed winner of the United States elections, the American pharmaceutical Pfizer and the German BioNTech announced that the vaccine they develop against covid is 90% effective. Its plan to produce 1.3 billion doses in 2021 generalized optimism among international health, political and economic authorities, with minimal exceptions. Citizens and exchanges also believed that the end of the pandemic may be closer in a timing of faith little seen in recent history.
The coincidence of the output of Donald Trump of the White House next January and the advances in the fight against the virus has been an adrenaline injection for the Ibex-35, the index that groups the large companies of the Spanish stock market. It rose 13.29% this week, the highest weekly revaluation achieved in the last 22 years. At Biden’s home on Wall Street, the S&P 500, the index that includes the nation’s 500 largest companies, hit its all-time high on Friday, regardless of whether the second wave of the virus is at its worst or the lockdowns. domiciliary in various parts of the planet remain in force on the eve of winter.
Who is behind this escalation of the bags? Everything points to non-short-term investors, who already give up 2020 and who dream of certainties and stability. They have started buying on the stock market with a clear rotation in their portfolios. If before they invested in technology benefiting from the pandemic (such as the video calling company Zoom or the indoor cycling company Peloton), now they are looking again for cyclical companies, the most intrinsically linked to the evolution of the economy that had been badly punished in the era covid. This is the case of airlines, hotel chains, shipping companies and shopping center managers. Turnover in investor portfolios has caused tech stocks to decline these days, while more cyclical stocks have appreciated.
In addition, companies that had not suffered so much on the stock market but that are the ones that will benefit from the return to normality before, such as banks, industrial companies or SMEs, have also performed better in the last seven days. In this way, the bags, that they were already in a good time Due to the economic reactivation plans put in place by governments and central banks since March, they are anticipating that they believe in a better 2021, with the vaccine already underway and with an economy less affected.
If also, as it seems, interest rates remain almost below zero As long as it takes, optimists will continue to dominate the stock markets.