In June, the main equity indices have performed differently.In the United States, the SP500 achieved a rise of +3.47%, while in Europe theStoxx 600 closed the month with a fall of -1.3%. This fall is due to theunexpected elections in France, after a clear victory of the extreme right inthe European elections, generating uncertainty in one of the most relevanteconomies in the region. On the other hand, fixed income has delivered positiveresults in both dollars and euros. Lower-than-expected inflation data hasdriven this dynamic, especially in the long end of the curve. Currently the USTreasury-10y is trading with a yield of 4.35% and the Bund 10y at 2.56%. Wemaintain the strategy of last months, prioritizing non-cyclical stocks ofproven quality, combined with a portfolio of short-duration bonds mostly.
