Other Markets

Japan, good growth detail thanks to the outside sector. Venezuela, near the great restructuring in history

In Japan, the GDP returned to grow above the potential in the 3T17 (0.3 %), after the excellent record of the 2T17 (0.6 %), but the composition of the detail went worse: the internal demand disappointed (fall of the consumer spending and of the residential and public investment) and all the growth wine, practically, for the outside sector. In any case, the economy goes through for the best spate in more than 15 years (seven consecutive quarters in positive) and we maintain anticipated growths around 0.3 % - 0.4 % quarterly in the short term.

In Venezuela has begun the negotiations to restructure all its foreign debt: it is estimated that ascends to 140,000 million dollars, when dealing with 82,200 million the default of Argentina, to date, the highest one in history trendy. On the other hand, India begins to make profitable latest structural reforms (the capital injection to the banking has been the latest one) and Moody’s has gone up its rating a step (Baa2 from Baa3; with stable perspective).

On the other hand, the price of the crude oil has fallen in the week about 4.0 % until 61 dollars for barrel, reflecting a series of factors' impact: the AIE has lowered its forecast for the growth of demand, the production in the USA has reached new maximum, puts on in doubt that Russia is complying with cuts of production negotiated with the OPEC and latest data of activity of China have disappointed. In fact, this latest factor also explains the correction in the contribution of industrial metals in the week: nickel-7.8 %; frightful bore-4.7 %; zinc-1.4 %; and copper-1.1 %.

Source: Bankia Studies