Izintengo zezinkomba zomhlaba ngoMashi ziveze isimilo esiphambene kulezi zinhlaka ezimbili ezifanayo. Ngenkathi ukulungiswa kwakuphawuleka kakhulu ezinsukwini zokuqala eziyi-16 zenyanga, emasontweni amabili edlule bathole ingxenye efanelekile yokulungiswa kwangaphambilini. Isibonelo, i-Ibex 35 ulungise isilinganiso sakho ngo-30% ezinsukwini zokuqala eziyi-16, kodwa kusukela ngalolo suku kubuyekezwe inani elingaphezu kuka-11% kuze kube sekupheleni kukaMashi, ngokwemininingwane yakamuva enikezwe yi-Association of Collective Investment Institutions and Pension Funds (Inverco).
Lokhu kukhombisa ukuthi noma ngubani olahle izikhundla engxenyeni yokuqala yenyanga, ngokususelwa ekusebenzeni kahle emakethe, bekungafanele nje ukuthi athathe ukulahleka kwalezo zinsuku, kepha futhi ubengakwazanga ukusebenzisa ithuba lokulungiswa kwezinsuku ezilandelayo, eqinisekisa ukuthi isu elifanele Utshalomali yilolo olugxila enhlosweni yalo esikhathini esimaphakathi neside. Izimakethe zemali engenayo ezingaguquki nazo zibhalise ukwehliswa kwenani, ngokunyuka kwe-IRR kwesikweletu somphakathi sesikhathi eside, kuze kufike ku-0,54% ngonyaka. Isibopho seminyaka engu-10 saseSpain (kusuka ku-0,30% enyangeni eyedlule), noma - 0,49% wesikweletu sikahulumeni sesikhathi eside saseJalimane kusuka ku -0,61% enyangeni eyedlule.
Ngakolunye uhlangothi, i-premium yengozi iba ngamaphoyinti ayisisekelo ayi-110. Ukwesaba ukuwohloka komnotho emhlabeni wonke ngenxa yemiphumela yenkinga ebangelwe ubhadane lwe-coronavirus kudale isimo esishubile ngokweqile ezimakethe zezezimali, okwehlise ukuncipha okuphawulekayo kwenani kuzo zonke izinkomba. Isimemezelo se-European Central Bank (ECB) sohlelo olusha lokuthengwa kwezimo eziphuthumayo ngesamba semali 750.000 million euro kuze kube sekupheleni konyaka, kanye nokuvunyelwa yi-US kohlelo lokuvuselela umnotho wase-US $ 2 trillion.
Izimpahla zezezimali: isivuno esikhulu
Enye yezimpahla zezimali ezithinteke kakhulu ngesimo sezimali samanje ngokungangabazeki isivuno esikhulu. Eyaziwa kangcono njengezibopho ezingenamsoco, lena yimikhiqizo yokutshala imali ekhishwa amazwe noma izinkampani ezithole isilinganiso esiphansi. ngama-ejensi wokuhlola ubungozi futhi kufanele akhokhe inzalo ephezulu kumtshali-zimali ngoba athatha ingozi enkulu ngokuwathenga. Ngalo mqondo, izinhlaka ezinjengeStandard & Poor's, Moody's noma iFitch, ukusho abamele kakhulu, zikala isilinganiso se- amabhizinisi ezinkampani ngokwesibambiso abasinikeza umtshalizimali.
Kunoma ikuphi, isivuno esikhulu noma ama-junk bond ngumkhiqizo obeka izingozi eziningi ukwedlula konke okunye, njengoba kubonakala kule nkinga entsha yezomnotho. Ngoba ingaqondakala njengempahla yezezimali kuxhunyaniswe nemijikelezo yezomnotho. Ngomqondo wokuthi banikela ngenzuzo yabo enhle kakhulu ngezikhathi ezibanzi zomnotho futhi, kunalokho, banokuziphatha kwabo okubi kakhulu ekuwohlokeni komnotho, njengalokhu okutholwa ngokufika kwe-coronavirus. Ngokuguquguquka okubanzi kakhulu kunakwamanye amakilasi wempahla yezezimali.
Izibopho zomngcele
Kungokunye kokulahlekelwa okukhulu kule nkinga yezomnotho ngoba ababaniki abatshalimali ukuzethemba. Njengesibonelo, esimweni esithile se- Izibopho zaseSpain nezase-Italy ezingayekile ukulahlekelwa yinzuzo emasontweni edlule. Ukuthi iphuzu lokuthi ingxenye enhle yabatshalizimali abancane nabaphakathi balahle izikhundla zabo kulezi zimpahla zezimali ngenxa yengozi yangempela yokuthi bangaqhubeka nokulahlekelwa yinani labo emasontweni azayo. Njengokuzethemba okuncane abakwenzayo phakathi kwama-ejenti ahlukile noma abalamuli bezezimali. Ukuba ngomunye wemikhiqizo emiselwe ukutshalwa kwezimali kwalokho okumele kungabikho kulezi zinsuku ezehlukile kuwo wonke umuntu.
Ngenkathi ngakolunye uhlangothi, kungakhohlwa ukuthi ama-peripheral bond akhona engxenyeni enhle yezimali zokutshala imali ngokususelwa kumholo ohleliwe. Kungayodwana noma njengengxenye yezinye izimpahla zezezimali zohlobo oluhlukile. Kanye neqiniso lokuthi kubhekwa njengotshalomali oluhloselwe amaphrofayili wabatshalizimali abavikela kakhulu noma abalondolozayo. Kepha manje akusiye umlingani ohamba phambili wokwenza ukonga kunenzuzo kunoma yiluphi uhlobo lwecebo lokutshala imali. Ngokulahleka kwezimali zokutshala imali ngenyanga kaMashi phakathi kuka-10% no-13%. Yize ngakolunye uhlangothi ikhombise ukululama kancane ezinsukwini zokuqala zale nyanga ka-Ephreli.
Izimakethe ezivelayo
Mayelana nokuhlengwa, imikhakha ejeziswe kakhulu ngoMashi zombili beziyizimali zesikhashana zemali engenayo engaguquki futhi izimali zomhlaba (1.590 kanye ne-1.417 million euros ngokulandelana). Kepha kunoma yikuphi, izimakethe zamasheya ezisafufusa ezinamathemba amabi esikhathini esifushane. Ngoba bazohlupheka ngaphezu kwezimakethe ezinkulu zamasheya futhi bangakhiqiza inzuzo eyingozi kakhulu yabo bonke abatshalizimali abancane nabaphakathi. Ngembuyiselo engemihle engasondela emazingeni asondele kakhulu ku-30% noma nangamandla amakhulu. Ikakhulu, ngenxa yokungabaza okubangelwe kula mazwe yisikweletu abasiqongelele iminyaka eminingana. Endaweni engathandeki neze ngokuziphatha kwabo ezimakethe zezimali.
Ngakolunye uhlangothi, izimakethe ezisafufusa akufanele zingene ezikhundleni zazo ngoba zikhona amathuba amakhulu okulahlekelwa yimali ukwedlula ukuwina. Futhi-ke, izingozi ezingenasidingo azinakuthathwa ngoba ekugcineni imiphumela ingaba mibi kakhulu emndenini wethu noma ezithakazelweni zomuntu siqu. Zimbalwa kakhulu izimakethe zalezi zimfanelo eziphikisana nomsuka wokuthengisa ononya esihlupheke ngawo kusukela ezinsukwini zokuqala zikaMashi. Lokhu kukhombisa ukuthi ingxenye enhle yabatshalizimali abancane nabaphakathi kufanele bayicabangele kusukela manje. Okokuqala, ukonga imali yakho kunamanye amasu anolaka kakhulu.
Uwoyela ubuswa ukungazinzi
Kungenzeka kube enye ye- amanani wokuphephela par ubuhle, kepha empeleni bekungenjalo. Uma kungenjalo, kunalokho, bekuyingxenye yenkinga njengoba intengo yayo ezimakethe zezezimali yehlele emazingeni ayingozi ama-dollar angama-20 emgqonyeni ngamunye. Ngokwalo mbono, kuyinkinga enkulu kunesixazululo ezinkingeni zethu zokutshala imali kulezi zinsuku ezinzima lo nyaka omusha osilethele zona. Kuyimpahla ekahle kakhulu ongayisebenzisa ekuhwebeni ngenxa yokwehluka okukhulu phakathi kwamanani asezingeni eliphakeme naphansi futhi okukuvumela ukuthi ukwandise ukusebenza ngempumelelo enkulu uma unokufunda okuthile kulolu hlobo lokuhamba ezimakethe zezezimali.
Ngakolunye uhlangothi, awukwazi ukukhohlwa ukuthi kube nesivumelwano phakathi kweRussia neSaudi Arabia esivumela ukukhuphula umkhiqizo wale nto eluhlaza kusukela manje kuqhubeke. Futhi ngalokho-ke, futhi ngokunengqondo, kuzokwenza intengo yomgqomo inyuke kakhulu. Eqinisweni, isivele isezingeni lama- $ 30 emgqonyeni ngamunye futhi inethemba lokuthi ingakwenza lokhu kulezi zinsuku eziyinkimbinkimbi zokuhweba. Ngokwesimo esisha esizodonsa ukunaka kwengxenye enhle yabatshalizimali abancane nabaphakathi abanokungabaza okuningi ngalokho okufanele bakwenze kulezi zinsuku. Emazingeni afanayo ezinye izimpahla zezezimali, njengokuthengwa nokuthengiswa kwamasheya ezimakethe zamasheya noma izimali zokutshalwa kwemali zanoma imuphi umbandela nesimo. Lokho wukuthi, ngemikhuba emisha ngokuphelele kubasebenzisi ezweni lethu.
Amagugu emkhakheni wezobuchwepheshe
Kukhona iqiniso elidonsa ukunakekelwa okukhethekile kubatshali zimali abancane nabaphakathi nokuthi okwamanje iNasdaq yehle ngo-7% kuphela kusukela ezinsukwini zokuqala zonyaka. Lokhu kusebenza kusho ukuthi amasheya we-tech awenzi kabi ezimakethe zezezimali. Uma kungenjalo, ngokuphambene nalokho, nangendlela ethile, basebenza njengezindawo zokuphepha kulesi simo esisha izimakethe zamasheya ezethulayo emhlabeni wonke. Ngezinye zazo zisezingeni elifanele futhi ezivulela nezindawo zokuhweba zezwekazi elidala futhi okuyizinto ezihamba phambili ukuhamba kwemali.
Ngenkathi ekugcineni, kufanele kwaziwe ukuthi amanani emkhakheni wezobuchwepheshe angenye yezingxenye ezikwazi ukumelana nokwehla okuphawulekayo emakethe yamasheya. Njalo ngaphezulu kwezinkomba zendabuko ezimakethe zamazwe omhlaba jikelele. Futhi, noma kunjalo, kufakazela iqiniso lokuthi akuzona zonke izindaba ezinhle ezizoba yimpahla yezimali ngesikhathi sesiyaluyalu esisabalele. Uma kungenjalo, ngokuphambene nalokho, izikhundla zingathathwa ukuthola inzuzo esheshayo kulezi zikhathi zokuhweba. Yize ngemikhawulo yenzuzo engaphakeme njengakwezinye izinkathi ezijwayelekile, njengokuthi kuze kwenzeke lesi sehlakalo esingalindelekile. Ngoshintsho olubalulekile emikhubeni yethu yokutshala imali.
Ukusebenza emakethe yamasheya yaseSpain
Ingaphezulu ngama-59,9% kunangenyanga efanayo nanyakenye nangama-46,4% ngaphezu kukaFebhuwari
Inani lokuhweba ngamasheya lifinyelele kwizigidi ezingama-7,61 ngoMashi, okusho ukwanda konyaka nonyaka nge-142,3%. Ngenkathi ngakolunye uhlangothi, ivolumu edayiswa ku-Fixed Income ibhalisa ukukhula nyangazonke kwama-26,1%. Lapho izinkontileka zesikhathi esizayo ze-12 IBEX 77.763 PLUS zathengiswa ngoMashi 35, irekhodi lomlando lansuku zonke, ngaphandle kwamaviki okuphelelwa yisikhathi.
Ngakolunye uhlangothi, iSpanish Stock Exchange ithengise ama-euro ayizigidi ezingama-55.468 kwi-Variable Income ngoMashi, 59,9% ngaphezulu kwenyanga efanayo yonyaka odlule kanye no-46,4% ngaphezu kukaFebhuwari. Isibalo sezingxoxo ngoMashi besizizigidi ezingama-7,61, u-142,3% ngaphezu kukaMashi 2019 no-82,9% ngaphezu kwenyanga edlule. NgoMashi, iBME yafinyelela esabelweni semakethe ekuhwebeni kwezokuphepha zaseSpain ezingama-72,39%. Ububanzi obumaphakathi ngoMashi kwakungamaphuzu ayisisekelo we-14,96 ezingeni lentengo yokuqala (i-16% ingcono kunendawo elandelayo yokuhweba) namaphoyinti ayisisekelo angama-21,43 ngokujula kwama-25.000 euros encwadini yoku-oda (26,1, XNUMX% kangcono), ngokusho kwezimele Umbiko weLiquidMetrix. Lezi zibalo zifaka ukuhweba okwenziwa ezindaweni zokuhweba, zombili encwadini yokubonisa okusobala (i-LIT), kufaka phakathi indali, kanye nokuhweba okungabonakali (okumnyama) okwenziwe ngaphandle kwencwadi.
Ukutshalwa kwemali emholweni ongaguquki
Inani eliphelele elitholwe kwi-Fixed Income lalingama-31.313 wezigidi zama-euro ngoMashi, okusho ukukhula kwe-26,1% uma kuqhathaniswa noFebhuwari. Ukwamukelwa kwezentengiselwano, kufaka phakathi izingqinamba zeZikweletu Zomphakathi kanye ne-Private Fixed Income, kufinyelele kuma-euro ayizigidi ezingama-42.626, nokukhula kwe-19,5% uma kuqhathaniswa nenyanga efanayo ka-2019 kanye no-83,7% uma kuqhathaniswa noFebhuwari walo nyaka. Ibhalansi esele ibingama-1,59 trillion euros, okusho ukwanda kwe-0,9% uma kuqhathaniswa noMashi 2019 kanye no-2% ekuqongeleleni konyaka.
Ngenyanga kaMashi ukuhweba emakethe ye-Financial Derivatives kwaqhubeka nokukhula. Ikakhulukazi kwi-Index Futures, ngenyanga ephawulwe ngokwanda kokungazinzi. NgoMashi 12, 77.763 IBEX 35 PLUS izinkontileka zesikhathi esizayo zathengiswa, irekhodi lomlando lansuku zonke, ngaphandle kwamaviki okuphelelwa yisikhathi. Umthamo weSikhathi Esizayo ku-IBEX 35 ukhuphuke ngo-74,6% kwathi ku-Futures Mini IBEX ngo-200,8% ngokuqhathaniswa nenyanga kaMashi wonyaka owedlule. Kokukhethwa Kwamasheya, uMashi bekuyinyanga yesithathu elandelanayo yokukhula uma kuqhathaniswa nesikhathi esifanayo sika-2019, ngokunyuka okungu-60,4%. Ngenkathi ngakolunye uhlangothi, umsebenzi kwi-BME Derivatives Market ubhalise ukukhula konyaka nonyaka nge-17,8%.
Ukwenza inkontileka kwamabhondi asimeme
I-BME, ngokusebenzisa iBilbao Stock Exchange, namuhla iyavuma ukuhweba udaba olusha lwamabhondi asimeme olwethulwe nguHulumeni waseBasque ngemali engama-euro ayizigidi ezingama-500. Amabhondi anesikhathi seminyaka eyi-10 (ukukhula kwawo kokugcina kuhlelelwe u-Ephreli 30, 2030) futhi kuzokwenyuka isigqebhezana sonyaka esingu-0,85%. Lokhu ukukhishwa kwesithathu kwamabhondi axhumene nezinto ze-Environmental, Social noma Governance (ESG) ezenziwa nguHulumeni waseBasque, inani laso elihlangene lifinyelela ku-1.600 million euros. IBBVA, iSantander, iCaixabank, iNatixis neNomura babambe iqhaza ekufakweni kwalolu daba.
UHulumeni waseBasque unesilinganiso se-A3, umbono ozinzile, kaMoody's; A +, umbono omuhle, nge-S & P; ne-AA-, umbono ozinzile, nguFitch. Lokhu kusakaza kuthuthukiswa ngaphakathi kohlaka lweNhlangano Yezizwe Yezinhlangano Ezisimeme (SDG). Imikhakha ezosekelwa ngezimali ihambisana nama-83% ezinhlelweni zezenhlalo kanti ku-17% yizinhlelo zemvelo. Phakathi kokunye, izindawo nezinqubomgomo zesenzo sohlaka lokukhishwa okusimeme koHulumeni waseBasque: izindlu ezingabizi, ukufinyelela ezinsizakalweni ezifana nezemfundo nezempilo, izinqubomgomo zomphakathi, ukwakhiwa kwamathuba emisebenzi, amandla avuselelekayo, ezokuthutha eziqhubekayo, ukuvimbela nokulawulwa kokungcola ukuphathwa kwemvelo nokusimama kwamanzi namanzi angcolile. Le nkinga yezibopho ezisimeme ezenziwa nguHulumeni waseBasque ingeze kulowo owenziwe ngoFebhuwari owedlule yi-Autonomous Community of Madrid.
Ibhidi yokuthatha imali emakethe yamasheya yaseSpain
Ekugcineni, kufanele kuqashelwe ukuthi iBhodi Yabaqondisi be-BME namuhla ivume umbiko ophoqelekile Wokunikezwa Komphakathi Wokutholwa Kwamasheya owethulwe yi-SIX nge-100% yenhlokodolobha yenkampani. Lo msebenzi uthole ukugunyazwa okuvela eMkhandlwini Wongqongqoshe ngoMashi 24 kanti abakwa-CNMV bagunyaza incwajana yolwazi yesicelo sokuthatha kabusha ngoMashi 25.
IBhodi labaQondisi beBME, ngazwi linye, likhiphe umbono omuhle nge-OPA kulo mbiko. UMkhandlu “uyayazisa impela intengo yokunikezwa” futhi ubheka ukuthi “izibophezelo ezithathwe yi-SIX kanye nemibandela kanye nezinyathelo zokuqapha ezibekwe ukugunyazwa koMkhandlu Wongqongqoshe, zanele, ukuvikela intuthuko eyanele yomkhandlu izimakethe ezisemthethweni ezisemthethweni nezinhlelo zaseSpain okubhekiselwe kuzo lezi zibopho ”
Ngokufakwa kwalezi zinkampani ezintathu, kuvulwa isigaba se-Growth se-EpM, esenzelwe izinkampani ezinomkhondo obanzi kuzo zonke izinhlobo zemikhakha.
Abalingani ababili abasha kulolu hlelo lweBME yiSouthern Spain Business Association, i-CESUR, efuna ukwenza ngcono izimo zebhizinisi, ezomnotho nezenhlalo eningizimu yeSpain, kanye nabeluleki bezezimali bakwa-AtZ, okuyisitolo eseluleka ngezezimali esikhethekile kumaphrojekthi wamandla avuselelwa eSpain naseLaram, ukuthola isikweletu nokulingana kwezezimali, ukwakhiwa kabusha kwamaphrojekthi kanye nemisebenzi ye-M & A.
Ikhwelo lokuthi i-Pre-Market Environment ithole izinkampani ezintsha ivulelekile ekufakweni. Ukufinyelela kulolu hlelo, izinkampani kumele zibe yizinkampani ezihlangene noma ezilinganiselwe, ezineminyaka yobudala eyi-2, ezethula ama-akhawunti ahlolwe ngonyaka futhi zinikeze uhlelo lwazo lwebhizinisi iminyaka engu-3.
"Kusukela yasungulwa ngonyaka we-2017, i-Pre-Market Environment ayikaze iyeke ukukhula futhi igcwalisa inhloso yayo yokusiza izinkampani ukuthi zilungiselele ukwenza ukungena ezimakethe zamasheya futhi zibe neqhaza ekwehlukaneni okukhulu emithonjeni yezimali yendwangu yebhizinisi. ISpanish" , kuchaza uJesús González Nieto, umqondisi ophethe iMAB.