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 Content preview:  ** Resumen Acciones globales tuvieron una semana de volatilidad
    pero cerraron con ganancias en la medida que los reportes corporativos sorprenden
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** Resumen
------------------------------------------------------------

Acciones globales tuvieron una semana de volatilidad pero cerraron con gan=
ancias en la medida que los reportes corporativos sorprenden positivamente=
=2E

Las tasas largas en d=C3=B3lares retrocedieron y dieron soporte a los bono=
s.


* Acciones americanas terminaron la semana con ganancias y tocaron nuevos=
 m=C3=A1ximos hist=C3=B3ricos (S&P 500 +1=2C33%=2C Dow +0=2C4%=2C Nasdaq +=
3=2C23%). Al momento 55% de las empresas del S&P 500 han reportado resulta=
dos del tercer trimestre y en el 82% de estos casos hubo sorpresas positiv=
as.
* El PBI de EE.UU. registr=C3=B3 un crecimiento trimestral de 2% anualizad=
o=2C por debajo del 2=2C6% esperado y desaceler=C3=A1ndose con respecto al=
 6=2C7% del trimestre previo. El mercado reaccion=C3=B3 llevando las tasas=
 a retroceder y la de 10 a=C3=B1os qued=C3=B3 en 1=2C56%.
* El Banco Central Europeo se reuni=C3=B3 y su presidenta Christine Lagard=
e coment=C3=B3 que espera una moderaci=C3=B3n en los niveles de inflaci=C3=
=B3n de la regi=C3=B3n para el 2022 y que no comparte la visi=C3=B3n del m=
ercado que est=C3=A1 incorporando en los precios de los activos una suba t=
asas para el segundo semestre del a=C3=B1o entrante.  El euro perdi=C3=B3=
 fuerza y cerr=C3=B3 en 1=2C16 d=C3=B3lares.


En Brasil el banco central subi=C3=B3 150 pbs la SELIC para dejarla en 7=
=2C75% y adelant=C3=B3 otro aumento de igual magnitud antes de fin de a=C3=
=B1o. La medida se da en medio de n=C3=BAmeros fiscales que contin=C3=BAan=
 deterior=C3=A1ndose a ra=C3=ADz de un aumento en el gasto p=C3=BAblico pr=
oyectado para el a=C3=B1o entrante. El d=C3=B3lar se debilit=C3=B3 en los=
 primeros d=C3=ADas de la semana para luego recuperar y cerrar en 5=2C65 r=
ales.
Alberto Fern=C3=A1ndez arrib=C3=B3 este viernes a Roma donde participar=C3=
=A1 de la cumbre del G-20. Se espera que ma=C3=B1ana tenga una reuni=C3=B3=
n con la titular del Fondo Monetario Internacional=2C Kristalina Georgieva=
 para continuar negociando la deuda con el organismo. El d=C3=B3lar inform=
al continu=C3=B3 en ascenso y cerr=C3=B3 en 198 pesos.

En Uruguay el d=C3=B3lar se fortaleci=C3=B3 0.69% en la semana y al cierre=
 se ubic=C3=B3 en $44=2C181.

Los rendimientos de las letras de regulaci=C3=B3n monetaria aumentaron nue=
vamente esta semana. La licitaci=C3=B3n de estos t=C3=ADtulos a 180 d=C3=
=ADas=2C que realiza el BCU=2C cort=C3=B3 hoy en 7=2C19%. El aumento se ex=
plica en parte por un incremento de las expectativas inflacionarias=2C as=
=C3=AD como una preferencia por el d=C3=B3lar de parte de los inversores d=
urante octubre.

En tanto=2C los bonos en d=C3=B3lares se apreciaron=2C mientras que sus pa=
res emitidos en moneda local se debilitaron.

=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=
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;height: auto;outline: none;text-decoration: none;-ms-interpolation-mode:=
 bicubic;" class=3D"mcnImage">


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00%" class=3D"mcnTextBlock" style=3D"min-width: 100%;border-collapse: coll=
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g-top: 9px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webki=
t-text-size-adjust: 100%;">
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ng=3D"0" width=3D"100%" style=3D"width:100%;">
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=09=09=09
=09=09=09=09<!--[if mso]>
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=09=09=09=09<![endif]-->
                <table align=3D"left" border=3D"0" cellpadding=3D"0" cells=
pacing=3D"0" style=3D"max-width: 210px;border-collapse: collapse;mso-table=
-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 100%;-webkit-text=
-size-adjust: 100%;" width=3D"100%" class=3D"mcnTextContentContainer">
                    <tbody><tr>

                        <td valign=3D"top" class=3D"mcnTextContent" style=
=3D"padding: 0px 18px 9px;color: #413F3F;mso-line-height-rule: exactly;-ms=
-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;word-break: break-w=
ord;font-family: Helvetica;font-size: 16px;line-height: 150%;text-align: l=
eft;">

                            <h3 class=3D"null" style=3D"text-align: left;d=
isplay: block;margin: 0;padding: 0;color: #444444;font-family: Helvetica;f=
ont-size: 22px;font-style: normal;font-weight: bold;line-height: 150%;lett=
er-spacing: normal;"><span style=3D"font-size:18px"><span style=3D"color:#=
696969"><strong>Resumen</strong></span></span></h3>

<div style=3D"text-align: left;">Acciones globales cierran en terreno posi=
tivo en una semana marcada por el inicio del conflicto b=C3=A9lico entre R=
usia y Ucrania. Las tasas en d=C3=B3lares subieron levemente quit=C3=A1ndo=
le soporte al espectro de bonos.</div>

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pacing=3D"0" style=3D"max-width: 390px;border-collapse: collapse;mso-table=
-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 100%;-webkit-text=
-size-adjust: 100%;" width=3D"100%" class=3D"mcnTextContentContainer">
                    <tbody><tr>

                        <td valign=3D"top" class=3D"mcnTextContent" style=
=3D"padding: 0px 18px 9px;color: #413F3F;mso-line-height-rule: exactly;-ms=
-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;word-break: break-w=
ord;font-family: Helvetica;font-size: 16px;line-height: 150%;text-align: l=
eft;">

                            <img data-file-id=3D"2242436" height=3D"367" s=
rc=3D"https://mcusercontent.com/ae081cc44aa64731c32e565da/images/37876de4-=
18ed-0b28-5115-388f5618961c.png" style=3D"border: 0px;width: 310px;height:=
 367px;margin: 0px;outline: none;text-decoration: none;-ms-interpolation-m=
ode: bicubic;" width=3D"310">
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                                        <img align=3D"center" alt=3D"" src=
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;height: auto;outline: none;text-decoration: none;-ms-interpolation-mode:=
 bicubic;" class=3D"mcnImage">


                            </td>
                        </tr>
                    </tbody></table>
                </td>
            </tr>
    </tbody>
</table><table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" width=3D"1=
00%" class=3D"mcnTextBlock" style=3D"min-width: 100%;border-collapse: coll=
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        <tr>
            <td valign=3D"top" class=3D"mcnTextBlockInner" style=3D"paddin=
g-top: 9px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webki=
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              =09<!--[if mso]>
=09=09=09=09<table align=3D"left" border=3D"0" cellspacing=3D"0" cellpaddi=
ng=3D"0" width=3D"100%" style=3D"width:100%;">
=09=09=09=09<tr>
=09=09=09=09<![endif]-->
=09=09=09
=09=09=09=09<!--[if mso]>
=09=09=09=09<td valign=3D"top" width=3D"600" style=3D"width:600px;">
=09=09=09=09<![endif]-->
                <table align=3D"left" border=3D"0" cellpadding=3D"0" cells=
pacing=3D"0" style=3D"max-width: 100%;min-width: 100%;border-collapse: col=
lapse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 10=
0%;-webkit-text-size-adjust: 100%;" width=3D"100%" class=3D"mcnTextContent=
Container">
                    <tbody><tr>

                        <td valign=3D"top" class=3D"mcnTextContent" style=
=3D"padding: 0px 18px 9px;color: #413F3F;mso-line-height-rule: exactly;-ms=
-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;word-break: break-w=
ord;font-family: Helvetica;font-size: 16px;line-height: 150%;text-align: l=
eft;">

                            =E2=80=A2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&=
nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acciones americanas cerraron con retor=
nos mixtos seg=C3=BAn los principales =C3=ADndices (S&amp;P 500 0=2C82%=2C=
 Dow -0=2C06%=2C Nasdaq 1=2C28%).&nbsp; Los mercados se vieron afectados=
=2C luego de que el presidente ruso=2C Vladimir Putin=2C ordenara una inva=
si=C3=B3n militar a Ucrania. Las acciones de pa=C3=ADses emergentes sufrie=
ron todav=C3=ADa m=C3=A1s que las de pa=C3=ADses desarrollados (-2=2C81%).=
<br>
=E2=80=A2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp=
;&nbsp; Como consecuencia de lo anterior=2C se registr=C3=B3 un alza signi=
ficativa en el precio del gas natural=2C el petr=C3=B3leo (USD 100/barril=
 m=C3=A1ximo de 7 a=C3=B1os) y cereales=2C generando mayores expectativas=
 de inflaci=C3=B3n=2C que podr=C3=ADan acelerar a=C3=BAn m=C3=A1s el retir=
o de est=C3=ADmulos monetarios por parte de los bancos centrales=2C princi=
palmente el BCE.<br>
=E2=80=A2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp=
;&nbsp; Las tasas en d=C3=B3lares cerraron levemente al alza con la tasa d=
e 10 a=C3=B1os en 1=2C96%=2C mientras que los bonos emergentes se vieron s=
ignificativamente afectados a ra=C3=ADz del conflicto.
                        </td>
                    </tr>
                </tbody></table>
=09=09=09=09<!--[if mso]>
=09=09=09=09</td>
=09=09=09=09<![endif]-->

=09=09=09=09<!--[if mso]>
=09=09=09=09</tr>
=09=09=09=09</table>
=09=09=09=09<![endif]-->
            </td>
        </tr>
    </tbody>
</table><table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" width=3D"1=
00%" class=3D"mcnTextBlock" style=3D"min-width: 100%;border-collapse: coll=
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%;-webkit-text-size-adjust: 100%;">
    <tbody class=3D"mcnTextBlockOuter">
        <tr>
            <td valign=3D"top" class=3D"mcnTextBlockInner" style=3D"paddin=
g-top: 9px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webki=
t-text-size-adjust: 100%;">
              =09<!--[if mso]>
=09=09=09=09<table align=3D"left" border=3D"0" cellspacing=3D"0" cellpaddi=
ng=3D"0" width=3D"100%" style=3D"width:100%;">
=09=09=09=09<tr>
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=09=09=09
=09=09=09=09<!--[if mso]>
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=09=09=09=09<![endif]-->
                <table align=3D"left" border=3D"0" cellpadding=3D"0" cells=
pacing=3D"0" style=3D"max-width: 300px;border-collapse: collapse;mso-table=
-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 100%;-webkit-text=
-size-adjust: 100%;" width=3D"100%" class=3D"mcnTextContentContainer">
                    <tbody><tr>

                        <td valign=3D"top" class=3D"mcnTextContent" style=
=3D"padding: 0px 18px 9px;color: #413F3F;mso-line-height-rule: exactly;-ms=
-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;word-break: break-w=
ord;font-family: Helvetica;font-size: 16px;line-height: 150%;text-align: l=
eft;">

                            <div style=3D"text-align: justify;"><span styl=
e=3D"font-size:12px"><img data-file-id=3D"2008606" height=3D"91" src=3D"ht=
tps://mcusercontent.com/ae081cc44aa64731c32e565da/images/d2879114-988f-8c9=
3-f168-6c4215d10803.png" style=3D"border: 0px;width: 260px;height: 91px;ma=
rgin: 0px;outline: none;text-decoration: none;-ms-interpolation-mode: bicu=
bic;" width=3D"260"></span>

<div style=3D"text-align: justify;">&nbsp;</div>

<div style=3D"text-align: justify;">
<div>Argentina:<br>
<br>
En Argentina el gobierno contin=C3=BAa negociando contrarreloj para cerrar=
 un acuerdo con el FMI por la deuda. La demora en el acuerdo=2C sumada al=
 pago que debe realizar al club de par=C3=ADs el pr=C3=B3ximo mi=C3=A9rcol=
es generaron incertidumbre entre los inversores. Los bonos en d=C3=B3lares=
 acumulan una ca=C3=ADda de 3% en la semana y el riesgo pa=C3=ADs se dispa=
r=C3=B3 a 1771 punto b=C3=A1sicos. El d=C3=B3lar informal permaneci=C3=B3=
 estable y cerr=C3=B3 en $211<br>
<br>
<br>
Brasil:<br>
<br>
El Real brasile=C3=B1o cort=C3=B3 con su tendencia al alza est=C3=A1 seman=
a=2C cay=C3=B3 0=2C26% y al cierre se ubicaba en $R5=2C1523. El conflicto=
 b=C3=A9lico entre Rusia y Ucrania gener=C3=B3 incertidumbre en las moneda=
s emergentes y llev=C3=B3 a los inversores a refugiarse en el d=C3=B3lar c=
omo activo de refugio. Por su parte=2C los bonos en d=C3=B3lares han tenid=
o un comportamiento parecido en materia de volatilidad y cierran la semana=
 en con un peque=C3=B1o fortalecimiento. El riesgo pa=C3=ADs cay=C3=B3 y t=
ermin=C3=B3 el d=C3=ADa en 338 puntos b=C3=A1sicos.</div>
&nbsp;<br>
&nbsp;</div>
</div>

                        </td>
                    </tr>
                </tbody></table>
=09=09=09=09<!--[if mso]>
=09=09=09=09</td>
=09=09=09=09<![endif]-->

=09=09=09=09<!--[if mso]>
=09=09=09=09<td valign=3D"top" width=3D"300" style=3D"width:300px;">
=09=09=09=09<![endif]-->
                <table align=3D"left" border=3D"0" cellpadding=3D"0" cells=
pacing=3D"0" style=3D"max-width: 300px;border-collapse: collapse;mso-table=
-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 100%;-webkit-text=
-size-adjust: 100%;" width=3D"100%" class=3D"mcnTextContentContainer">
                    <tbody><tr>

                        <td valign=3D"top" class=3D"mcnTextContent" style=
=3D"padding: 0px 18px 9px;color: #413F3F;mso-line-height-rule: exactly;-ms=
-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;word-break: break-w=
ord;font-family: Helvetica;font-size: 16px;line-height: 150%;text-align: l=
eft;">

                            <div style=3D"text-align: justify;"><span styl=
e=3D"font-size:12px"><img data-file-id=3D"2008602" height=3D"91" src=3D"ht=
tps://mcusercontent.com/ae081cc44aa64731c32e565da/images/10687811-5974-840=
c-47ae-27ea9992b953.png" style=3D"border: 0px;width: 260px;height: 91px;ma=
rgin: 0px;outline: none;text-decoration: none;-ms-interpolation-mode: bicu=
bic;" width=3D"260"></span><br>
&nbsp;</div>

<div style=3D"text-align: justify;">Uruguay:<br>
<br>
Pese a las incertidumbres que gener=C3=B3 la guerra entre Rusia y Ucrania=
 en las monedas emergentes=2C el peso uruguayo cerr=C3=B3 la semana en $42=
=2C533 un 1=2C19% por encima del viernes previo. No obstante=2C los bonos=
 en d=C3=B3lares sufrieron y cayeron 0=2C70% y el riesgo pa=C3=ADs se elev=
=C3=B3 a 151 pbs el mayor nivel desde marzo del a=C3=B1o pasado. Por =C3=
=BAltimo=2C los bonos en moneda local y las letras de regulaci=C3=B3n mone=
taria se mantuvieron estables.<br>
<br>
<br>
<br>
<br>
<br>
<img data-file-id=3D"2006202" height=3D"102" src=3D"https://mcusercontent.=
com/ae081cc44aa64731c32e565da/images/e55a9c08-7064-b6b6-cf69-60ef79d91ef0.=
png" style=3D"border: 0px;width: 260px;height: 102px;margin: 0px;float: ri=
ght;outline: none;text-decoration: none;-ms-interpolation-mode: bicubic;"=
 width=3D"260"></div>

                        </td>
                    </tr>
                </tbody></table>
=09=09=09=09<!--[if mso]>
=09=09=09=09</td>
=09=09=09=09<![endif]-->

=09=09=09=09<!--[if mso]>
=09=09=09=09</tr>
=09=09=09=09</table>
=09=09=09=09<![endif]-->
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</table></td>
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                            <tbody><tr>
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                                                <tbody><tr>
                                                    <td valign=3D"top" sty=
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body><tr>

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                                                                         =
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play: block;border: 0;height: auto;outline: none;text-decoration: none;-ms=
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                                                                         =
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                                                            </tr>
                                                        </tbody></table>
                                                    </td>
                                                </tr>
                                            </tbody></table>

                                        <!--[if mso]>
                                        </td>
                                        <![endif]-->

                                        <!--[if mso]>
                                        <td align=3D"center" valign=3D"top=
">
                                        <![endif]-->


                                            <table align=3D"left" border=
=3D"0" cellpadding=3D"0" cellspacing=3D"0" style=3D"display: inline;border=
-collapse: collapse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-s=
ize-adjust: 100%;-webkit-text-size-adjust: 100%;">
                                                <tbody><tr>
                                                    <td valign=3D"top" sty=
le=3D"padding-right: 10px;padding-bottom: 9px;mso-line-height-rule: exactl=
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                                                        <table border=3D"0=
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>
                                                            <tbody><tr>
                                                                <td align=
=3D"left" valign=3D"middle" style=3D"padding-top: 5px;padding-right: 10px;=
padding-bottom: 5px;padding-left: 9px;mso-line-height-rule: exactly;-ms-te=
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                                                                    <table=
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body><tr>

                                                                         =
       <td align=3D"center" valign=3D"middle" width=3D"24" class=3D"mcnFol=
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                                                                         =
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                                            <table align=3D"left" border=
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ize-adjust: 100%;-webkit-text-size-adjust: 100%;">
                                                <tbody><tr>
                                                    <td valign=3D"top" sty=
le=3D"padding-right: 10px;padding-bottom: 9px;mso-line-height-rule: exactl=
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                                                        <table border=3D"0=
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>
                                                            <tbody><tr>
                                                                <td align=
=3D"left" valign=3D"middle" style=3D"padding-top: 5px;padding-right: 10px;=
padding-bottom: 5px;padding-left: 9px;mso-line-height-rule: exactly;-ms-te=
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                                                                    <table=
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body><tr>

                                                                         =
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                                                                         =
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ize-adjust: 100%;-webkit-text-size-adjust: 100%;">
                                                <tbody><tr>
                                                    <td valign=3D"top" sty=
le=3D"padding-right: 0;padding-bottom: 9px;mso-line-height-rule: exactly;-=
ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;" class=3D"mcnFol=
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                                                        <table border=3D"0=
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                                                            <tbody><tr>
                                                                <td align=
=3D"left" valign=3D"middle" style=3D"padding-top: 5px;padding-right: 10px;=
padding-bottom: 5px;padding-left: 9px;mso-line-height-rule: exactly;-ms-te=
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                                                                    <table=
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" style=3D"border-collapse: collapse;mso-table-lspace: 0pt;mso-table-rspac=
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                                                                         =
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lowIconContent" style=3D"mso-line-height-rule: exactly;-ms-text-size-adjus=
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                                                                         =
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