Ana Clara Pedotti
08/06/2021 10:38
Clarín.com
Economy
Updated 08/06/2021 10:38
Unlike the local financial system, whose profit margins were hit by the pandemic and recession,
the world's big banks do not stop breaking profit records.
In the latest earnings report, entities such as
Goldman Sachs or Morgan Stanley
reported record returns.
Also European banks, such as
Barclays or Deutsche Bank
, benefited from the economic recovery this year.
Global investors do not want to miss these improvements:
the indices that measure the performance of this sector, such
as the Dow Jones that tracks North American banks, have already had
increases of close to 60% so far this year.
Jamie Dimon, CEO of JP Morgan,
during the presentation of the latest balance sheet said that “the
consumer and wholesale balance sheets remain exceptionally strong
as the economic outlook continues to improve.
In particular, net provisions, which fell 53%, were better than expected, reflecting the increasingly healthy condition of our consumers and clients. "
Meanwhile,
Goldman Sachs'
second-quarter earnings
easily beat the consensus estimate as
investment banking revenues hit their second-highest quarterly level,
helped by its financial advisory, corporate lending and investment banking units. .
"This good performance we saw on the balance sheet, adds to the relatively recent news that
Apple will use Goldman Sachs, its partner since 2019 for the Apple Card credit card,
as a lender for the service loans to allow users to pay the
bills.
purchases in installments (a service known as buy now pay later) ", explained Pablo Haro, from the SBS Group.
An investment in growth
For Argentines, betting on this sector, which still has room to deepen its growth, is now easier.
The
Cedears (Argentine Certificates of Deposit)
are securities that are listed on the local market and that represent shares of foreign companies.
They are instruments that, in recent months, have taken a central role in the City, since they provide hedging against the price jump and the devaluation of the peso, without the volatility that Argentine assets usually present.
Therefore,
its volume has already exceeded that of local shares.
Argentine investors can choose from a
menu that includes 257 companies,
but
the cedears that replicate bank actions are the most recommended by specialists
when building a portfolio.
Lucas Yatche, from Liebre Capital, stated: "North American stocks corresponding to the financial sector continue to gain attractiveness. If we look at the
XLF (ETF that replicates the financial sector in the United States) we observe accumulated increases that exceed 25% so far this year - and almost 100% from the 2020 lows
. "
Going forward, according to the specialist, banks will continue to lead the improvements, helped by "high inflation levels and a possible widening of spreads in North American rates that could continue to favor the sector."
"We recommend banks such as
Bank of America, JP Morgan and Citi.
Renowned companies with very good prospects for the future that would benefit from the extension of the economic recovery expected for the United States," he added.
For his part, Haro stressed that "
investing in the financial sector is fundamental from a diversification point of view
" and explained: "This sector allows us to gain exposure very efficiently to the global economic rebound - given that banks lend to companies in the real economy - but they also give us the possibility to participate in more stable businesses (and in some cases anti-cyclical) such as investment banking, asset management and trading. "
In Haro's portfolio, local investors cannot miss: "JP Morgan and Bank of America within the financial sector. For investors seeking to position themselves in a bank with less cyclical exposure, we recommend Goldman Sachs," he said.
NE
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