The results campaign on Wall Street was exceptionally positive. For the S & P-500, the profit figure grew an average of 50.24%. For their part, the figures presented exceeded analysts’ estimates of profit by 23.08%. It surprised the bad data of employment in the United States when creating 266,000 jobs when 1,000,000 of new occupations were expected. Since 1998 there has not been such a large differential between final data and estimate. The main cause would be the high volume of aid and checks that US citizens receive with the consequent disincentive to look for work. The main protagonist of the month was the inflation figure in the United States, which was far above forecasts. The official figure was + 4.2% when + 3.6% was expected. Also noteworthy is the rise in core inflation, registering the highest monthly growth since 1981. The publication of the data caused a significant volatility spike, especially in the stock markets. The figure was later qualified as it was highly distorted due to: – Three components experienced price increases above 10% (hotels and plane tickets, car rental and sale of used cars) – These three components represent less than 5% of the indicator – The rest of the components show price growth of less than 3.0% Stock markets recovered quickly, managing to close the month positively with notable gains. The only selective that was left out of this trend was the Nasdaq technology that lost -1.26% in May. The relaxation in the 10Y US IRR added to inflationary fears allowed gold to rise sharply in May, registering + 7.79%. The commodity has exceeded $ 1,900 / ounce and presents a positive technical aspect. Central banks in Europe and the US maintained their accommodative message, ruling out rate hikes in the short term. Nor have they put on the table yet the discussion about the beginning of Tapering (reduction of current stimuli) something that some institutions such as the British or Australian have already begun to do.

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