7/24/2019 INFLUENCIA DEL INDICE DOW JONES EN EL INDICE IBEX-35
1/41
HEA[@\EL LK \[]IQOD Y HIJEJVEQ
N]ELD KJ HIJEJVEQ Y ADJ\EMI@ILEL
IJH@[KJAIE LK@ IJLIAK LD^ FDJKQ KJ K@ IJLIAK IMKS-1;
\remefd Hij lk Nreld prkskjteld pdr ]ehek` Nerae Fuejijd, sikjld `e tutdre lk` oisod `e
prdhksdre O ]dserid Ndjz`kz ]dlrnukz.
X. M. Lk `e \utdre6 E`uojd6
L. O ]dserid Ndjz`kz ]dlrnukz L. ]ehek` Nerae Fuejijd
Qkvi``e. Fujid lk =75;
7/24/2019 INFLUENCIA DEL INDICE DOW JONES EN EL INDICE IBEX-35
2/41
N]ELD KJ HIJEJVEQ Y ADJ\EMI@ILEL
HEA[@\EL LK \[]IQOD Y HIJEJVEQ
\]EMEFD HIJ LK N]ELD
A[]QD EAELOIAD R=75
7/24/2019 INFLUENCIA DEL INDICE DOW JONES EN EL INDICE IBEX-35
3/41
\HN-HIAD. IJH@[KJAIE LK@ IJLIAK LD^ FDJKQ KJ K@ IMKS-1;
- 1 -
IJLIAK
5. @E MD@QE KQWED@E Y @E MD@QE LK ^E@@ Q\]KK\ .......................................................................................;
5.5. CIQ\D]IE LK @E MD@QE KQWED@E ...................................................................................................................;
5.5.5. Wrkaid ......................................................................................................................................................................................................8
5.5.=. Jokrd lk Eaaidjks .....................................................................................................................................................8
5.5.1. Xe`dr mesk lk` jliak....................................................................................................................................................3
5.=. CIQ\D]IE LK @E MD@QE LK J[KXE YD]B .............................................................................................9
5.=.5. Wrkaid .................................................................................................................................................................................................55
5.=.=. Jokrd lk Eaaidjks ................................................................................................................................................55
5.=.1. Xe`dr mesk lk` jliak...............................................................................................................................................5=
=. H[JAIDJEOIKJ\D LK @DQ IJLIAKQ M[]QE\I@KQ Y Q[ A@A[@D6 IMKS-1; Y
LD^ FDJKQ ...............................................................................................................................................................................................................................................51=.5. IJ\]DL[AAIDJ ......................................................................................................................................................................................51
=.=. H[JAIDJEOIKJ\D LK@ IMKS-1; ............................................................................................................................51
=.=.5. Ae`au`d lk` IMKS-1; ...................................................................................................................................................5
1.5. IJ\]DL[AAIDJ ......................................................................................................................................................................................5>
1.=. KXD@[AIDJ LK @DQ IJLIAKQ LKQLK =771 CEQ\E =75;...................................... 53
1.1. KXD@[AIDJ LK@ LD^ FDJKQ Y K@ IMKS-1; KJ KWDAEQ LKMDJEJVE KADJDOIAE ..........................................................................................................................................................................59
1.
7/24/2019 INFLUENCIA DEL INDICE DOW JONES EN EL INDICE IBEX-35
4/41
Nerae Fuejijd, ]ehek`
- < -
;. K@ IMKS-1;6 EJE@IQIQ KADJDOK\]IAD ...................................................................................................................................15
;.5. H[JAIDJ LK E[\DAD]]K@EAIDJ \D\E@ Y WE]AIE@ LK@ IMKS 1;................................................................................................................................................................................................................................................................15
;.=. ]KN]KQIDJ LK@ IMKS-1; KJ H[JAIDJ LK@ LD^ FDJKQ................................. 18
8. ADJA@[QIDJKQ ...................................................................................................................................................................................................................... 19
>. MIM@IDN]EHIE ..............................................................................................................................................................................................................................
7/24/2019 INFLUENCIA DEL INDICE DOW JONES EN EL INDICE IBEX-35
5/41
\HN-HIAD. IJH@[KJAIE LK@ IJLIAK LD^ FDJKQ KJ K@ IMKS-1;
- ; -
AEWI\[@D 5
@E MD@QE KQWED@E Y @E MD@QE LK ^E@@ Q\]KK\5.5. CIQ\D]IE LK @E MD@QE KQWED@E
@e Md`se lk Oelril huk arkele kj 5315, pdr `d quk sus 537 eds lk cistdrie `eadjvikrtkj kj uje lk `es ijstituaidjks hijejaikres os ejtinues lk Kspee.
Kj 5391 `e ]kije ]knkjtk Oere Aristije ijeunure `e jukve sklk kj k` We`eaid lk `eMd`se lk `e p`eze lk `e @ke`tel, kj Oelril.
E `d `ernd lk su li`etele cistdrie, `e Md`se lk Oelril ce funeld uj pepk` lkaisivd kjk` lkserrd``d lk` pes, e`tkrjejld nrejlks pkrdlds lk epdnkd ijlustrie` y kadjoiadadj dtrds lk arisis y lkprksij, pkrd sikoprk eatuejld lk hik` meroktrd lk` lkserrd``dkadjoiad lk Kspee.
@e Md`se vikjk auop`ikjld uje hujaij kskjaie` kj k` lkserrd``d lk `e kadjdoe,pukstd quk aeje`ize k` ecdrrd ceae `e ijvkrsij prdluative y heai`ite `e odvi`ilel lk `eriqukze. Kj su adjliaij lk okraeld skaujlerid, `e Md`se dhrkak e `ds ijvkrsdrks `epdsimi`ilel lk adjvkrtir kj lijkrd sus adopres lk eaaidjks kj k` odokjtd quk `dlkskkj.
@e `iquilkz ks ujd lk `ds nrejlks ve`drks lk uj okraeld quk sk prkaik, e` pkroitirquk ske pkrhkateokjtk rke`izem`k aue`quikr pdsiaidjeoikjtd kj uje koprkse adjijlkpkjlkjaie lk` cdrizdjtk ijvkrsdr (adrtd, `ernd d oklid p`ezd).
Kj k` ]ke` Lkarktd pdr k` quk sk arkeme `e Md`se lk Oelril sk `e ae`ihiaeme lkoejejtie` hkaujld y pkrkjjk lk `e prdspkrilel, e`nd quk ce auop`ild kj su `ernetreykatdrie, tejtd kj `es pdaes ldjlk k` We`eaid lk `e Md`se kre k` `uner lk kjaukjtrdkspkahiad pere quk k` ecdrrd y `es koprkses funerej uj pepk` lkaisivd kj k`lkserrd``d lk` pes, adod kj `ds `tiods tikopds ldjlk `es jukves tkajd`dnes cejveaield k` perquk lk` mu``iaid treliaidje`, pkrd k` okraeld lk ve`drks sinuk sikjldprdtendjiste lk priokre `jke kj k` pepk` lk hukjtk lk hijejaieaij koprkserie`.
\rejsperkjaie, ve`dreaij, khiaeaie y `iquilkz sdj `ds ve`drks sdmrk `ds quk skesikjte `e Md`se kj k` sin`d SSI.
@e @ky =/5993,
lk 58 lk jdvikomrk, lk rkhdroe lk `e ejtkridr sdj `ds tkxtds hujleokjte`ks kj `ds quksk epdye `e kstruature y hujaidjeoikjtd lk` okraeld lk ve`drks ksped`.
@e jdroetive ijtkrje lk `e Md`se lk Oelril sk ertiau`e e trevs lk Airau`erks kIjstruaaidjks Dpkretives quk eprukme y pum`iae `e prdpie Qdaiklel ]katdre lk `eMd`se.
Lkjtrd lk `e Md`se lk Oelril pdlkods kjadjtrer su jliak lk oeydr rk`kvejaie yhukrze lk kste. Kstk jliak jd ks dtrd quk k` IMKS 1; hdroeld pdr `es koprkses quktikjkj os hukrze kadjoiae lkjtrd lk` pejdreoe kadjoiad ksped`.
Lkjtrd lk kstk vkods adod rke`okjtk su hukrze y su aepeailel lk arkaioikjtd
rke`okjtk ve kj hujaij lk `es oeydrks koprkses quk kjadjtreods kj kstk jliak
7/24/2019 INFLUENCIA DEL INDICE DOW JONES EN EL INDICE IBEX-35
6/41
Nerae Fuejijd, ]ehek`
- 8 -
adod sdj Emkjnde, EAQ, Erak`droitte`, Mejad Qejtejlkr, Mejbie, MMXE, Imkrlrd`e,AeixeMejb, ]kpsd` y \k`khjiae kjtrk dtres.
K` jliak Imkx 1; sk adjstituy dhiaie`okjtk k` 5< lk kjkrd lk 599= sikjld kstk jliak`e mesk prijaipe` pere ijvkrtir kj `e md`se lk Oelril y eaaidjks hijejaikres.
K` Imkx 1; suhri uje nrej kvd`uaij lkslk sus prijaipids y sk ark adod rkspukste
e `e jkaksilel lk lispdjkr lk uje ckrreoikjte pere rke`izer ijvkrsidjks y qukpulikskj ijvkrtir equk``ds pkqukds y nrejlks ijvkrsdrks.
stk ve`dr rkprkskjteme k` adopdrteoikjtd lk` okraeld lk `e rkjte veriem`kksped`e y skrve pere eatuer adod eativd sumyeakjtk pere adjtreter dpaidjks yhuturds kj Kspee.
Qij komernd, sk puklkj kjadjtrer skriks cistriaes lkslk 5939 nreaies e ujekstioeaij lk` sk`kativd quk sk cizd adj pdstkridrilel tdoejld adod rkhkrkjaie `esadtizeaidjks lk `ds ve`drks quk kstrkjerdj k` jliak.
5.5.5. Wrkaid
Kstk jliak kst liskeld pere rkprkskjter kj tikopd rke` `e kvd`uaij lk `ds ve`drksos `quilds lk` okraeld mursti` ksped`, y pere su uti`izeaij adod sumyeakjtk kj `ejkndaieaij lk prdluatds lkrivelds.
Adj aeratkr nkjkre`, sk tdoe adod prkaid equ` e` quk sk ce rke`izeld `e `tioetrejseaaij kj k` Qistkoe lk Ijtkradjkxij Mursti`. Qij komernd6
5. K` prkaid lk aikrrk lk `ds ve`drks skr k` quk hifkj `es Jdroes lk AdjtreteaijLk` Qistkoe lk Ijtkradjkxij Mursti`.
=. Kj `ds aesds lk suspkjsij lk adtizeaij lk uj ve`dr pdr aue`quikr odtivd(DWE, kta.) Qk tdoer adod prkaid v`ild pere k` a`au`d lk` jliak equ` e` quksk rke`iz `e `tioe trejseaaij ejtkridr e `e suspkjsij lk` rkhkrild ve`dr.
E pertir lk` aikrrk lk` okraeld, sk peser e uti`izer k` prkaid lk aikrrk ae`au`eld lkeaukrld adj k` prrehd ejtkridr.
Eliaidje`okjtk, si k` Nkstdr `d adjsilkre dpdrtujd pdlr, kj aesds kxakpaidje`ks,prdpdjkr e` Adoit Esksdr \ajiad uje sd`uaij listijte lk `es ejtkridrokjtklksarites etkjlikjld e `es aereatkrstiaes lk aele aesd.
5.5.=. Jokrd lk eaaidjks
Adj aeratkr nkjkre`, k` jokrd lk eaaidjks lk aele adopee tdoeld pere k`a`au`d lk` ve`dr lk` jliak lkpkjlkr lk su aepite` h`dtejtk.
Liacd jokrd veriere auejld sk prdluzaej dpkreaidjks hijejaikres sdmrk `ds
ve`drks ija`uilds kj k` jliak quk es `d supdjnej lk eaukrld adj k` adjtkjild lk`eperteld 1.5.1 lk `es prkskjtks Jdroes \ajiaes.
Were `es rke`izeaidjks lk liacds efustks e` jliak, sk tdoer k` jokrd lk eaaidjksquk k` Nkstdr dmfktiveokjtk adjsilkrk kj aele odokjtd. Liacd jokrd skr sikoprkpm`iad hdroejld pertk lk `ds ejujaids lk` jliak.
Qk adjsilkre aepite` h`dtejtk, k` adop`kokjterid e` aepite` aeutivd. E khkatds lkaoputd lk` aepite` aeutivd sk tdoerej, lk eaukrld adj `ds letds quk hinurej kj k`]knistrd lk `e AJOX6
5. @es pertiaipeaidjks lirkates rknistreles supkridrks d inue`ks e` 1% lk`aepite`, y
=. @es pertiaipeaidjks lirkates quk pdskej `ds oikomrds lk` Adjskfd lkEloijistreaij, ijlkpkjlikjtkokjtk lk su auejte.
7/24/2019 INFLUENCIA DEL INDICE DOW JONES EN EL INDICE IBEX-35
7/41
\HN-HIAD. IJH@[KJAIE LK@ IJLIAK LD^ FDJKQ KJ K@ IMKS-1;
- > -
K` Adoit Esksdr \ajiad tkjlr kj aukjte `ds letds ejtkridrks eujquk k`pdskkldr quk eperkzae kj k` ]knistrd, ske uj austdlid (Jdoijkk), se`vd quk stkadoujiquk kj `e hdroe pkrtijkjtk e `e AJOX, quk liaces pertiaipeaidjksijlivilue`okjtk tdoeles, sdj ijhkridrks e` 1%.
K` Adoit Esksdr \ajiad tkjlr kj aukjte esioisod6
5. @ds ckacds rk`kvejtks quk ceyej sild adoujiaelds dhiaie`okjtk e `e AJOXejtks lk` hije` lk` pkridld lk adjtrd` lk aele rkvisij drlijerie, lk sknuioikjtd,d kxtredrlijerie, kj su aesd, y quk tkjnej khkatd sdmrk k` a`au`d lk` aepite`h`dtejtk kj hkaces prxioes e `e ep`iaeaij lk `es lkaisidjks lk` Adoit Esksdr\ajiad.
=. Aue`quikr dtre airaujstejaie kj `e adopdsiaij lk` eaaidjerield rknistreld kj `eAJOX, quk tkjne ijh`ukjaie sdmrk `e khiaikjtk rp`iae lk` jliak IMKS 1;,pulikjld, kj su aesd, tkjkr kj aukjte `es pertiaipeaidjks ijlirkates lka`ereles.
K` jokrd lk eaaidjks lk aele adopee tdoeld pere k` a`au`d lk` ve`dr lk`jliak, skr adrrknild pdr uj adkhiaikjtk kj hujaij lk su treod lk aepite` h`dtejtk te` y
adod sk lkte``e kj `e sinuikjtk tem`e6
\reod lk Aepite` H`dtejtk Adkhiaikjtk Ep`iaem`k
Okjdr d inue` e` 57% 57%
Oeydr lk` 57% y okjdr d inue` e` =7% =7%
Oeydr lk` =7% y okjdr d inue` e` 17%
7/24/2019 INFLUENCIA DEL INDICE DOW JONES EN EL INDICE IBEX-35
8/41
Nerae Fuejijd, ]ehek`
- 3 -
@e pdjlkreaij oxioe eloitile kj `es rkvisidjks lk` jliak pere uj adopdjkjtkks lk` =7%. Liacds `oitks e `e pdjlkreaij oxioe lk `ds ve`drks sk ep`iaerjadijailikjld adj `es rkvisidjks drlijeries lk` Adoit Esksdr \ajiad.
Kj aesd lk quk `e pdjlkreaij lk e`nj ve`dr euokjtk sinjihiaetiveokjtkkxaklikjld k` `oitk lk` =7% lurejtk k` pkrdld kjtrk rkvisidjks, k` Nkstdr pdlr
prdpdjkr e` Adoit Esksdr \ajiad `e rke`izeaij lk uj efustk kxtredrlijerid pererkkstem`kakr `e pdjlkreaij oxioe e` jivk` lk` =7%.
Were ijadrpdrer uj ve`dr e` IMKS-1;, su aepite`izeaij oklie adoputem`k kj k`jliak, lkmkr skr supkridr e` 7,17% lk `e aepite`izeaij oklie lk` jliak lurejtk k`pkridld lk adjtrd`.
Qk kjtkjlkr adod aepite`izeaij oklie lk` ve`dr adoputem`k kj k` jliak, `e oklieeritotiae, adrrknile pdr k` adkhiaikjtk adrrkspdjlikjtk kj hujaij lk su treod lkaepite` h`dtejtk, quk kquive`k e` rksu`teld lk ou`tip`iaer `ds ttu`ds eloitilds ejkndaieaij kj aele uje lk `es sksidjks lk adjtreteaij mursti` lk` pkridld lkadjtrd` pdr k` prkaid lk aikrrk lk` ve`dr kj aele uje lk `es sksidjks.
K` Adoit Esksdr \ajiad pdlr tdoer `e lkaisij lk kxa`uir ve`drks lk` jliak si suaepite`izeaij oklie adoputem`k hukre ijhkridr e` 7,17% lk `e aepite`izeaij oklie lk`jliak lurejtk lds pkridlds lk adjtrd` adjskautivds rkspkatd e sus rkvisidjksdrlijeries.
Kstk adoit pdlr, kj aesd quk sk prdlufkre `e ija`usij lk uj ve`dr kj k` Qistkoelk Ijtkradjkxij Mursti` auyes aereatkrstiaes rkadokjleskj su prkskjaie kj k`jliak, lkailir `e ijtknreaij lk kstk oisod lkjtrd lk` jliak, sij kspkrer e quk auop`e`ds rkquisitds jkakserids kj k` pkridld lk adjtrd`.
K` adoit tdoere, kj tdld aesd, `es lkaisidjks lk ija`usij d kxa`usij lk ve`drks
kj k` jliak quk kstiok dpdrtujes etkjlikjld e airaujstejaies kspkaie`ks jdrkadniles kj `es kstipu`eaidjks ejtkridrks sij pkrfuiaids e `e pum`iaeaij lk `dsadrrkspdjlikjtks ijhdroks e` rkspkatd, (Adoit Esksdr \ajiad lk` IMKS-1;,=75
7/24/2019 INFLUENCIA DEL INDICE DOW JONES EN EL INDICE IBEX-35
9/41
\HN-HIAD. IJH@[KJAIE LK@ IJLIAK LD^ FDJKQ KJ K@ IMKS-1;
- 9 -
5.=. CIQ\D]IE LK @E MD@QE LK J[KXE YD]B
@ds drnkjks lk `d quk cdy adjdakods `ds kjadjtreods kj 5>9=, ldjlk =, auejld uj nrupd lk adrrkldrks lk md`se drnejize `e Jkw Ydrb
Qtdab ejl Kxacejnk Mdrrel (JYQ&KM), pere adjtrd`er k` h`ufd lk eaaidjks quk skjkndaieme e pik lk ae``k, kj `e eakre lk ^e`` Qtrkkt.
Kj 5381 k` jdomrk aeomie pdr Jkw Ydrb Qtdab Kxacejnk (JYQK). [jelkjdoijeaij quk adjskrve ceste jukstrds les.
Es, tres `e Wriokre Nukrre Oujlie , sk pdlre lkair ye quk ^e`` Qtrkkt sk adjvirtikj `e priokre md`se lk` oujld, supkrejld e `e lk @djlrks.
Wkrd pkdrks tikopds kstemej ej pdr ``kner. K` =< lk datumrk lk 59=9, adjdaildlkslk kjtdjaks adod k` Fukvks Jknrd, sk prdlufd uje lk `es aeles kj md`se oskstrkpitdses quk sk rkaukrlej.
Kstk huk k` tristk pistd`ktezd lk se`ile lk `e rkaksij kadjoiae os iopdrtejtk lkKstelds [jilds kj tdld k` sin`d SS, d oujlie`okjtk adjdaile adod @e NrejLkprksij.
Ce peseld tikopd lkslk kjtdjaks y jd aemk lule quk Jukve Ydrb sine sikjldadjsilkrele uje lk `es prijaipe`ks md`ses lk ve`drks lk` oujld.
^e`` Qtrkkt ce sild tkstind lk ouaces hdrtujes. Lurejtk k` ed 5977, adj k` ijiaidlk `e rkvd`uaij ijlustrie`, ^e`` Qtrkkt kre k` akjtrd lk `e hijejaieaij. @dsijvkrsidjistes nejerdj oi``djks, `e nkjtk pkrli hdrtujes y e`nujes lk `es oeydrkskoprkses lk cdy sk kstem`kaikrdj2 koprkses adod FW Odrnej, Nd`loej Qeacs,
Odrnej Qtej`ky k` Ldw Fdjks.
Inue`okjtk, lurejtk `ds eds 5997-=777, ouaces pkrsdjes nejerdj oi``djks lkl`erks kj `e md`se lkmild e `es adopees lk tkajd`dne y k` Ijtkrjkt.
E pkser lk tdlds `ds mukjds odokjtds, ^e`` Qtrkkt teomij ce rksu`teld kjouaces prliles. \ejtd `e arisis lk 59=9, 593> y =773 tuvikrdj khkatds kjdroks kj `evile lk aesi tdles `es pkrsdjes kj `ds Kstelds [jilds y k` oujld.
Lk ckacd, `e aele lk` okraeld lk 59=9 ``kv e `e Nrej Lkprksij, `ds os lurdstikopds kadjoiads quk `ds Kstelds [jilds cej kjhrkjteld. Inue`okjtk, k` lkrruomklk =773 tdleve sinuk ijh`uykjld lk uje u dtre oejkre kj lihkrkjtks kadjdoes lktdld k` oujld.
Cdy kj le ^e`` Qtrkkt sinuk sikjld k` akjtrd lk `es hijejzes kj `ds Kstelds[jilds, tejtd adod `d huk kj `e laele lk 5>97. Nrej pertk lk` pkrsdje` lk` ^e``Qtrkkt kst hdroeld pdr prdhksidje`ks quk tremefej kj `ds aeopds lk` lkrkacd y lk `eshijejzes.
Lkjtrd lk liace kjtilel kjadjtreods k` quk quizs ks k` jliak adj oeydrrk`kvejaie kj k` okraeld mursti` y k` lk oeydr kopequk odjkterid lk tdlds `dsjliaks quk kjadjtreods kj kstk odokjtd kj liacd okraeld.
Kste ks `e prijaipe` md`se lk ve`drks drnejizele. Were skr oikomrd lk k``e, ujijlivilud d koprkse lkmk pdskkr d errkjler ujd lk `ds 5.188 esikjtds lk `e md`se.@e pe`emre esikjtd sk use sd`d lk oejkre hinurele. @e oeydre lk `ds tkjkldrks lk
7/24/2019 INFLUENCIA DEL INDICE DOW JONES EN EL INDICE IBEX-35
10/41
Nerae Fuejijd, ]ehek`
- 57 -
liacds esikjtds sdj aeses lk md`se y aele uje lk k``es pdskk adojokjtk os lk ujesikjtd.
jiaeokjtk `ds ijliviluds lksinjelds puklkj khkatuer trejseaaidjks kj k` pisd lkrkoetks. Cey lds tipds lk adrrkldrks kj k` pisd6 `ds adrrkldrks e adoisij, quk sdj`ds quk kfkautej `es drlkjks lk trejseaaidjks lk `ds a`ikjtks lk su koprkse, y `ds
adrrkldrks ijlkpkjlikjtks, quk tremefej pere s oisod y nkstidje drlkjks, eaeomid lk ujds cdjdrerids.
K` Ldw Fdjks huk arkeld pdr `e Ldw Fdjks Adopejy, hujlele pdr `ds pkridlistes yklitdrks hijejaikrds Acer`ks Ckjry Ldw y Klwerl L. Fdjks kj 533=. Were k``d tuvikrdjteomij `e ad`emdreaij lk Acer`ks Mkrnstrksskr.
E pertir lk 533< Ldw adoikjze e lkserrd``er su tkdre kj ldjlk prktkjlerk`eaidjer `e situeaij lk `e kadjdoe okliejtk `e okliaij lk `e kvd`uaij lk` prkaidlk uj nrupd lk eaaidjks. K` prdykatd kre arker uje kspkaik lk meroktrd quk pulikreoklir `e eativilel kadjoiae.
Lkspus lk ouacds ijtkjtds, quk krej pum`iaelds kj k` ^e`` Qtrkkt Fdurje`(Acer`ks Ldw kre klitdr lk stk), hije`okjtk, k` =8 oeyd lk 5398, cizd su lkmut k`Ldw Fdjks.
K` aeomid lk equk` le huk lk
7/24/2019 INFLUENCIA DEL INDICE DOW JONES EN EL INDICE IBEX-35
11/41
\HN-HIAD. IJH@[KJAIE LK@ IJLIAK LD^ FDJKQ KJ K@ IMKS-1;
- 55 -
5.=.5. Wrkaid.
K` prkaid lk` Ldw Fdjks prkvieokjtk sk ae`au`eme livilikjld `e suoe tdte` lk lijkrdlk` ve`dr lk `es eaaidjks, livilild pdr k` jokrd lk eaaidjks kxistkjtks.
Qij komernd, pere ceakr`d os rkprkskjtetivd kstd sk odlihia y sk pes e livilir
k` tdte` lk` ve`dr lk `es eaaidjks pdr uje hrou`e oetkotiae quk dtdrne oeydr pksde `es koprkses os nrejlks, lkspus lk ouacds efustks lk aepite` k` livisdr eatue`ks okjdr e 5, ks lkair, ks oeydr k` ve`dr lk` jliak quk k` lk `e suoe lk prkaids lksus adopdjkjtks.
Aele 5$ lk aeomid kj k` jliak ijh`uyk kj >,;8 pujtds kj k` prdoklideprdxioeleokjtk (5/7,51=1595=;).
5.=.=. Jokrd lk eaaidjks.
E lihkrkjaie lk `e oeydre lk `ds dtrds jliaks, quk sk rkadjstituykj lk eaukrld e ujcdrerid hifd, kstk jliak sk ve rkvisejld sknj ske jkakserid.
Were sknuir kj eres lk adjtijuilel, `ds aeomids kj `e adopdsiaij sdj rerds, yjdroe`okjtk sk prdluakj tres `es elquisiaidjks adrpdretives u dtrds aeomidssinjihiaetivds kj k` ja`kd lk `e koprkse adjstituykjtk, (OaNrew Ci`` Hijejtie`, =751)
Auejld uj kvkjtd rkquikrk quk ujd lkme sustituirsk, tdld k` jliak sk rkvise. Kjadjskaukjaie, verids aeomids adjstituykjtks puklkj iop`kokjtersk siou`tjkeokjtk.
K` jliak lk mesk sk rkvise kj hujaij lk `es jkaksilelks. @e adopdjkjtk kjkhkativd lk` jliak sk rkstem`kak e akrd lds vkaks e` ed, kj k` `tiod le lkjkndaieaij lk` oks lk fujid y lk` oks lk liaikomrk.
@ds jliaks sk rkkqui`imrej lkspus lk` aikrrk lk `e jkndaieaij kj k` `tiod lecmi` lk Liaikomrk. @ds jukvds adjstituykjtks sk ija`uykj kj `ds jliaks lk epkrturekj `e priokre sksij mursti` lk Kjkrd.
5. Qi uje eaaij adjstituykjtk sk rktire lk` jliak Ldw Fdjks lurejtk k` ed,`d cer sikjld uj adjstituykjtk lk jliak ceste `e prxioe rkvisij ejue`lk` jliak.
=. Qi uje koprkse adjstituykjtk rkluak d suspkjlk su livilkjld,pkroejkakr kj k` jliak ceste `e sinuikjtk rkkqui`imrid ejue`.
1. Qi uj adopdjkjtk lk` jliak sk lktkroij quk sk kjaukjtre kj situeaijhijejaikre kxtrkoe d kj mejaerrdte, pdlrj skr rktirelds pere prdtknkr `e
ijtknrilel lk` jliak y `ds ijtkrksks lk `ds ijvkrsdrks kj prdluatdsrk`eaidjelds adj k` jliak.
7/24/2019 INFLUENCIA DEL INDICE DOW JONES EN EL INDICE IBEX-35
12/41
Nerae Fuejijd, ]ehek`
- 5= -
5.=.1. Xe`dr mesk lk` jliak.
K` ve`dr ijiaie` lk` jliak ks lk
7/24/2019 INFLUENCIA DEL INDICE DOW JONES EN EL INDICE IBEX-35
13/41
\HN-HIAD. IJH@[KJAIE LK@ IJLIAK LD^ FDJKQ KJ K@ IMKS-1;
- 51 -
AEWI\[@D =
H[JAIDJEOIKJ\D LK @DQ IJLIAKQ M[]QE\I@KQ Y Q[A@A[@D6 IMKS-1; Y LD^ FDJKQ.
=.5. Ijtrdluaaij.@ds prdoklids k jliaks lk `ds okraelds lk eaaidjks oilkj k` adopdrteoikjtdnkjkre` lk `ds prkaids lk `es eaaidjks adj k` pesd lk` tikopd. Kj kstk aesd, sk tikjk enkjkre`izer eomds troijds, pkrd jd ks es.
@ds prdoklids rkh`kfej k` adopdrteoikjtd eritotiad lk` prkaid prdoklid lk ujnrupd rkprkskjtetivd lk eaaidjks oikjtres quk `ds jliaks oilkj k` adopdrteoikjtdeatue` lk prkaids lk uj nrupd rkprkskjtetivd lk eaaidjks adj rk`eaij e uj ve`dr e ujemesk kstem`kaile kj k` peseld
@ds jliaks y `ds prdoklids prdpdraidjej uj otdld aodld lk kjtkjlkr k` ksteld
nkjkre` lk `ds okraelds lk `ds lihkrkjtks pesks. @ds ijvkrsdrks adoperej kjlihkrkjtks odokjtds pere kve`uer `e hdrte`kze d lkmi`ilel rk`etive lk` okraeld,(Nitoet,=779)
=.=. Hujaidjeoikjtd lk` IMKS-1;
K` IMKS-1; kst liskeld pere rkprkskjter kj tikopd rke` `e kvd`uaij lk `ds ve`drksos `quilds lk` okraeld mursti` ksped`, y pere su uti`izeaij adod sumyeakjtk kj `ejkndaieaij lk ds prdluatds lkrivelds.
K` jliak sk adopdjk lk `ds 1; ve`drks adtizelds kj k` Qistkoe lk IjtkradjkxijMursti` lk `es auetrd Md`ses Ksped`es, quk skej `ds os `quilds lurejtk k` pkridld
lk adjtrd` lk eaukrld adj k` adjtkjild lk `e prkskjtk kstipu`eaij.
Qk adjsilkrer adod pkrdld lk adjtrd` lk `ds ve`drks, k` ijtkrve`d lk skis oksksejtkridrks e `e hkace lk rkvisij. K` pkrdld lk adjtrd` skr equ` quk k` AdoitEsksdr \ajiad lkaile kj aele odokjtd.
K` Adoit Esksdr \ajiad tdoere kj aukjte adod heatdrks lk `iquilkz k` vd`uokjlk adjtreteaij kj kurds kj k` okraeld lk rlkjks, `e ae`ilel lk liacd vd`uokj lkadjtreteaij etkjlikjld e` vd`uokj jkndaield lurejtk k` pkridld lk adjtrd`. @
@es aereatkrstiaes y auejtes lk `es dpkreaidjks rke`izeles kj okraeld, e `ekstelstiae esdaiele e `ds vd`okjks y aereatkrstiaes lk `e adjtreteaij y e `e ae`ilel
lk `es cdrqui``es, rdteaidjks, y lkos okliles lk `iquilkz ep`iaeles e aritkrid lk`Adoit Esksdr \ajiad.
@e nkstij lk `ds jliaks kst e aernd lk `e Qkarkterie Nkjkre` lk Nkstij lk `dsjliaks kj `e prdpie Qdaiklel lk Md`ses. Qus prijaipe`ks hujaidjks sdj `e nkstij, k`a`au`d, `e pum`iaeaij y k` oejtkjioikjtd lk `ds jliaks lk `e Qdaiklel lk Md`ses.
K` adjfujtd lk `e ijhdroeaij rk`etive e` a`au`d lk `ds jliaks lk Qdaiklel lkMd`ses, y kj adjarktd sus jliaks, adopdjkjtks, pdjlkreaij y hdrou`e skrj pm`iadskj tdld odokjtd.
Wdr `tiod, dtrd heatdr lk `iquilkz e adjsilkrer ks `e suspkjsij lk `e adtizeaij d
jkndaieaij mursti` lurejtk uj pkridld lk tikopd quk k` Adoit Esksdr \ajiadadjsilkrk d suhiaikjtkokjtk sinjihiaetivd.
7/24/2019 INFLUENCIA DEL INDICE DOW JONES EN EL INDICE IBEX-35
14/41
Nerae Fuejijd, ]ehek`
- 5< -
K` jliak sk efustere auejld e`nuje lk `es sdaiklelks ija`uiles kj k` oisod khkatkuje rkluaaij lk aepite` pdr eodrtizeaij lk eaaidjks.
Liacds efustks sk khkatuerej k` le kj k` quk kstes eaaidjks skej kxa`uiles lk`Qistkoe lk Ijtkradjkxij Mursti`. Kj kse hkace sk rke`izerej `e lisoijuaij lkeaaidjks e `e sdaiklel ehkatele y sk ijtrdluairj k` efustk pdr k` iopdrtk lk `e
rkluaaij.Kstk jliak jd sk efuste pdr `e koisij lk ijstruokjtds hijejaikrds adjvkrtim`ks d
aejfkem`ks kj `e hkace kj `e quk sk koitikrdj. Qij komernd, aele skokstrk, yadijailikjld adj `e rkvisij drlijerie lk` jliak, sk le `uner e `e ijtrdluaaij lk `eseaaidjks adjvkrtiles d aejfkeles pdr `ds pdskkldrks lk liacds ijstruokjtdshijejaikrds lurejtk k` skokstrk ejtkridr, (Adoit Esksdr \ajiad lk` IMKS-1;, =75
7/24/2019 INFLUENCIA DEL INDICE DOW JONES EN EL INDICE IBEX-35
15/41
\HN-HIAD. IJH@[KJAIE LK@ IJLIAK LD^ FDJKQ KJ K@ IMKS-1;
- 5; -
=.1. Hujaidjeoikjtd lk` Ldw Fdjks
K` Ldw Fdjks ks k` jliak uti`izeld pere oklir k` adopdrteoikjtd lk `e Md`se lkJukve Ydrb, adopukstd pdr 17 koprkses nkjkre`okjtk `lkrks kj k` skatdr ijlustrie`lk `ds Kstelds [jilds k ilkjtihiaeles adod m`uk acip lk e`te aepite`izeaij mursti` yk`kvele `iquilkz, kj su oeydre adj dpkreaidjks n`dme`ks.
K` Ldw Fdjks kst ijtknreld teomij pdr koprkses pkrtkjkaikjtks e skrviaidshijejaikrds, tkajd`dne, kjtrktkjioikjtd y dtrds.
Kstk jliak sk ae`au`e okliejtk `e oklie pdjlkrele lk` prkaid lk `es 17 koprksesprijaipe`ks lk KK[[ `lkrks kj sus rkspkativds skatdrks y quk adtizej liacd okraeldsij skrvir lk rkhkrkjaie sumyeakjtk kj jijnj okraeld lk prdluatds lkrivelds.
Jd ks pdsim`k ijvkrtir lirkateokjtk kj uj jliak. @e kxpdsiaij e uje a`evk lkeativds sk rkprkskjte pdr uj jliak quk kst lispdjim`k e trevs lk ijstruokjtdsijvkrtim`ks okliejtk jliaks.
K` jliak Ldw Fdjks jd petrdaije, sijd quk eve`e, vkjlk, prdoukvk, prdpdraidje d
nkstidje aue`quikr hdjld lk ijvkrsij u dtrd vkcau`d lk ijvkrsij quk sk dhrkakj pdrpertk lk tkrakrds y quk musaej prdpdraidjer uj rktdrjd lk `e ijvkrsij sdmrk `e mesklk rke`izeaij lk aue`quikr jliak mursti`.
@es koprkses lk liacd jliak puklkj verier kj hujaij lk` lkskopkd lk `ekoprkse d auejld sk rke`ize uje elquisiaij.
@ds klitdrks lk` ^e`` Qtrkkt Fdurje` prdaklkj e uje rkvisij auileldse lk `dsadopdjkjtks quk puklkj skr aeomields, y eujquk jd sk puklk eelir uj ttu`d,liacds klitdrks tikjkj kj aukjte heatdrks adod `e rkputeaij, k` arkaioikjtd, k` ijtkrslk `ds ijvkrsidjistes, y su rkprkskjteaij lk` skatdr e` quk pkrtkjkakj.
K` jliak Ldw Fdjks adjsilkre quk `e ijhdroeaij sdmrk `ds aeomids kj sus jliaksy dtrds esujtds rk`eaidjelds adj sus ve`drks sdj pdtkjaie`okjtk lk hukrtksodvioikjtds lk` okraeld y oetkrie`ks, pdr ksd, k` adoit lk kstk jliak adjsilkre quktdles `es lisausidjks quk sk rke`iakj kj sus rkujidjks sdj tdte`okjtk adjhilkjaie`ks.
\dlds `ds adopdjkjtks lk kstk jliak sdj rkviselds lierieokjtk pdr `ds letdsjkakserids pere ae`au`er `ds jivk`ks lk kstk jliak y sus rkjlioikjtds. \dlds `dskhkatds quk ehkatej e` a`au`d lk kstk jliak sk ejujaiej jdroe`okjtk adj 17 les lkejtk`eaij, e trevs lk` ijhdrok sdmrk Kvkjtds Adrpdretivds lk` jliak (QLK),kjtrkneld e lierid e tdlds `ds a`ikjtks lk kstk.
Kj kstk jliak `e iopdrtejaie lk `ds adopdjkjtks lkpkjlk lk` prkaid quk tkjnej`es eaaidjks y jujae lk` jokrd lk kstes quk sk kjaukjtrkj kj airau`eaij.
K` jliak Ldw Fdjks dhrkak uje eop`ie neoe lk skrviaids kj rk`eaij adj ouacesdrnejizeaidjks, ija`uykjld koisidjks lk ttu`ds, esksdreoikjtd lk ijvkrsij, enkjtkslk md`se, mejads lk ijvkrsij, dtres ijstituaidjks hijejaikres k ijtkroklieridshijejaikrds.
Kj adjskaukjaie puklkj rkaimir cdjdrerids u dtrds mkjkhiaids kadjoiads lkliaces drnejizeaidjks, ija`uiles `es drnejizeaidjks auyds ve`drks d skrviaids qukpuklkj rkadokjler, sk ija`uykj kj `ds odlk`ds lk aertkre, (Ldw Fdjks Ijlustrie`Evkrenk Oktcdld`dny, Endstd =751)
7/24/2019 INFLUENCIA DEL INDICE DOW JONES EN EL INDICE IBEX-35
16/41
Nerae Fuejijd, ]ehek`
- 58 -
=.1.5. Ae`au`d lk` Ldw Fdjks.
Were k` a`au`d lk kstk jliak vkrkods e adjtijueaij `ds heatdrks quk `k ijh`uykj.
K` jliak sk ae`au`e okliejtk `e oktdld`dne lk` livisdr uti`izeld kj tdlds `dsjliaks lk eaaidjks lk` Ldw Fdjks.
Auejld sk ark ijiaie`okjtk liacd jliak, sus ve`drks sk ae`au`erdj okliejtk ujeskrik lk suoes lk `ds prkaids lk `es eaaidjks adjstitutives y livilikjld pdr k` jokrdlk k`katdrks.
Cdy kj le k` livisdr sk efuste pere suevizer `ds khkatds lk `e livisij lk eaaidjks ydtrds aeomids kj `e adopdsiaij.
Ldw Fdjks Ijlustrie` Evkrenk (jliak lk Listrimuaij).K` jliak sk ae`au`e elierid
Kj l`erks y kurds lk `ds Kstelds [jilds, lk eaukrld adj `e sinuikjtk hrou`e6
Listrimuir jliak lk jivk` ? jliak Mesk Jivk` + adopdjkjtk tkriad Khkativd
Ljlk6
5. Listrimuir jliak lk jivk` ? Jivk` lk` Ldw Fdjks Ijlustrie` Evkrenk (Listrimuaij jliak)
=. jliak Mesk Jivk` ? Jivk` lk` Ldw Fdjks Ijlustrie` Evkrenk (rknrksdprkaid, K[] y L@E] KQ\ELD[JILKJQK)
\kriae Adopdjkjtk lk Khkativd ? K` livilkjld kj khkativd jktd eauou`eldrkjlioikjtd Kurd
Dvkrjinct Ijlkx Evkrenk (KDJIE) pere `e vkrsij lk kurds y e`dfeoikjtd [QL@djlrks
Ijtkrmejb Dhhkrkl ]etk (@IMD]) pere `e vkrsij lk l`erks, livilild pdr k` livisdrlk` Ldw Fdjks Ijlustrie` Evkrenk
@ds ijtkrksks sk lkvkjnej kj k` adopdjkjtk lk khkativd uti`izejld KDJIE (vkrsijK[]) y @IMD] (vkrsij [QL).
]ke`okjtk aele verieaij lk pujtd kj k` ve`dr lk` jliak adrrkspdjlk e 7,
7/24/2019 INFLUENCIA DEL INDICE DOW JONES EN EL INDICE IBEX-35
17/41
\HN-HIAD. IJH@[KJAIE LK@ IJLIAK LD^ FDJKQ KJ K@ IMKS-1;
- 5> -
AEWI\[@D 1
EJE@IQIQ \KOWD]E@ LK @E KXD@[AIDJ LK@ LD^ FDJKQ YK@ IMKS-1;
1.5. Ijtrdluaaij
Ejtks lk adokjzer adj jukstrd ej`isis lkmkods semkr au` ks `e rk`eaij quk kxistkjdroe`okjtk kjtrk uj okraeld lk ve`drks y `e kadjdoe. @ds ijvkrsdrks usej `epkrspkative kadjoiae pere adoprkjlkr k` okraeld k ilkjtihiaer skatdrks kjlkserrd``d lk e ijlustrie.
Ks iopdrtejtk dmskrver adod `ds aeomids kj `ds prkaids daurrkj jdroe`okjtkejtks lk quk `ds aeomids prdjdstiaelds skej visim`ks kj `e kadjdoe. Lk ckacd, `etkjlkjaie eatue` lk `ds prkaids lk `es eaaidjks sk use hrkaukjtkokjtk pere eyuler ek`emdrer uje prkliaaij os kxeate lk` aursd lk `e kadjdoe.
Adj tdld kstd, semkods quk kj `e kadjdoe cey uje skrik lk veriem`ks
kadjoiaes quk puklkj ``kner e ehkater mestejtk e uj okraeld lk eaaidjks, ceaikjldquk kstk dsai`k lk uje oejkre mestejtk iopdrtejtk, (Nitoej, =779)
Kjtrk kstes veriem`ks kadjoiaes tkjkods6
K` arkaioikjtd rke` lk WIM, kj k` quk ijtkrprkterkods adod uj arkaioikjtd lk`okraeld pdr `d quk sk adjsilkrere uj iopeatd pdsitivd.
@e prdluaaij ijlustrie`. Qus ijarkokjtds sdj ijtkrprktelds adod uj sinjd lkhdrte`kze lk uje kadjdoe, `d quk ks mukjd pere k` okraeld.
@e ijh`eaij. Kstd sk adjsilkre quk si sk dmtikjk uje ijh`eaij kxaksiveokjtke`te ijh`uire kj `ds teses lk ijtkrs , ceaikjld pdr `d nkjkre` quk `ds prkaids lk
`ds ve`drks petriodjie`ks skej okjds etreativds Lkskop`kd. [je veriem`k quk sdmrk tdld ijliae quk uj euokjtd lk kstd
prdvdaere uje lkseak`kreaij kj `es koprkses
\eses lk ijtkrs. Dtre veriem`k quk ks jkakserid tkjkr ouy kj aukjte ye quk sieuokjte kj lkoese tikjlk e prdluair uj khkatd jknetivd kj `ds okraelds lkeaaidjks.
Dhkrte odjkterie. [j arkaioikjtd hirok y odlkreld puklk tkjkr uj khkatdpdsitivd kj `ds okraelds lk ve`drks, pkrd uj arkaioikjtd rpild y eak`kreldpuklk ler `uner e uje ijh`eaij e`te, ijh`uykjld kj e`nujes lk `es veriem`ksejtkridrokjtk jdomreles.
Qupkrvit d lhiait kj k` prksupukstd hklkre`. [j supkrvit kj prksupukstdshklkre`ks puklkj skr uje mukje ske` pere `es teses lk ijtkrs y `ds prkaidslk `es eaaidjks. Wdr dtrd `eld, k` lhiait kj `ds prksupukstds hklkre`ks puklkjskr uj sinjd pdsitivd kj `es kadjdoes lkprioiles, pkrd puklkj ler `uner euje ijh`eaij kj uj eomikjtk kadjoiad os s`ild.
Ks jkakserid adoprkjlkr adod ehkatej kstes veriem`ks kadjoiaes tejtd kj `ekadjdoe kj si adod `e ijh`ukjaie quk tikjkj kj uj okraeld lk ve`drks, ye quk `esverieaidjks prdvdaeles pdr liacds k`kokjtds puklkj ``kner e ijh`uir lk sdmrk oejkrekj tdles `es kadjdoes pdsim`ks, ehkatejld es `ds prkaids y ve`drks jkndaields kjsus okraelds lk eaaidjks, (Nitoej, =779)
7/24/2019 INFLUENCIA DEL INDICE DOW JONES EN EL INDICE IBEX-35
18/41
Nerae Fuejijd, ]ehek`
- 53 -
1.=. Kvd`uaij lk `ds jliaks lkslk =771 ceste =75;
Adj kstk aeptu`d adokjzerkods k` ej`isis adoperetivd kjtrk `e kvd`uaij lk` jliakIMKS-1; y k` Ldw Fdjks e `d `ernd lk` pkridld adoprkjlild kjtrk hije`ks lk` ed =771y prijaipids lk` ed =75;.
Adj kstk ej`isis pdlrkods adjdakr adod hukrdj `es veriem`ks y dsai`eaidjks
khkatueles pdr liacds jliaks e `d `ernd lk pdaes kj `es quk adjsilkreods quk cumduje mdjejze kadjoiae, uje arisis kadjoiae y uje rkaupkreaij kadjoiae kj `equk euj e le lk cdy jds kjadjtreods ijokrsds kj k``e.
Hinure 1.5. Kvd`uaij lk` IMKS-1; fujtd adj k` Ldw Fdjks.Hukjtk6 K`emdreaij prdpie fujtd adj letds sk`kaaidjelds lk www.ks.ijvkstijn.ado/ijliaks
Adod pdlkods dmskrver kj kste nrhiae, `ds aeomids kj k` Ldw Fdjks sikoprk cejsild os prdjujaields quk kj k` IMKS-1;, kstd sk lkmk e `e hdrte`kze lk liacd jliak.
Wertikjld lkslk hije`ks lk =771 pdlkods vkr adod k` Ldw Fdjks sk oejtkje kjuje pdsiaij oeydr adj rkspkatd e` IMKS eujquk kstk `tiod uje vkz quk huk pesejld`ds oksks huk euokjtejld su ve`dr kj lkhkrkjaie lk` Ldw Fdjks quk `d hukeuokjtejld adj uje okjdr hukrze, ye kj ed =77> vkods adod k` pujtd `nild lk`jliak Ldw Fdjks ks os e`td quk k` lk` prdpid IMKS adijailikjld e su vkz adj `e`tioe sumile lk ve`dr ejtks lk `e kjtrele kj `e arisis.
[je vkz prdvdaele `e arisis vkods adod `e aele lk` Ldw Fdjks ks os e`ernelequk `e lk` IMKS, tdld kstd huk prdvdaeld ye quk kste arisis adokjz e aeuse lk `eoe`e nkstij lk `ds prijaipe`ks mejads jdrtkeokriaejds adj `e nkstij lk sus arlitdsy sus eativds, pdr `d tejtd ks `niad quk liace aele hukre os prdjujaiele.
Adod pdlkods vkr e su vkz `e aele lk` IMKS ks teomij ouy prdjujaiele, ija`usdquk ``kne e perkakrsk e `e aele lk` Ldw Fdjks adj `e pkau`ierilel quk kj k` priokrmefj hrkje uj pdad liace aele.
@e rkpkrausij lk `e arisis kj Ksteld [jilds huk ouy iopdrtejtk kj jukstrd prdpidjliak, te` ks es quk euj e le lk cdy jds ksteods rkpdjikjld lk liacd verepe`d.
7,77
=777,77
75.
7;.
=773
75.
5=.
=773
75.
7>.
=779
75.
7=.
=757
75.
79.
=757
75.
7
75.
55.
=77>
Ldw Fdjks
IMKS 1;
7/24/2019 INFLUENCIA DEL INDICE DOW JONES EN EL INDICE IBEX-35
20/41
Nerae Fuejijd, ]ehek`
- =7 -
Kjtrk `ds heatdrks quk ehkatemej e kste mdjejze sk kjaukjtrej `e adjaksij lkarlitds tejtd e pertiau`erks adod e nrejlks ijvkrsdrks, `d quk ceae euokjter `eadjhiejze tejtd kj `ds mejads adod kj `e prdpie md`se, k` epdyd ceaie `e ijvkrsijkadjoiae kj `es nrejlks koprkses tejtd eokriaejes adod ksped`es d k` ijtkjtd lkrkjtemi`izer kse aepeailel odjkterie sdmrejtk lk `ds arlitds adjaklilds adj `ds quk`ds prksteterids ijtkjtemej rkjtemi`ilel ceste k` `tiod ajtiod lk` arlitd adjaklild,
kjtrk dtrds heatdrks.
Adod vkods e` inue` quk k` Ldw Fdjks, k` IMKS-1; teomij tikjk uje ktepe lkarkaioikjtd kj kstk odokjtd, adj `e pertiau`erilel quk su arkaioikjtd ks oeydr qukk` prdpid Ldw Fdjks.
Kstd puklk skr lkmild e` kxaksd lk adjhiejze k ijtkjtd lk rkjtemi`izer aele kurdijvkrtild adod adjskaukjaie lk` mukj hujaidjeoikjtd lk `e md`se ksped`e kj kskodokjtd.
Wdlreods lkair quk e` inue` quk tikjk uje sumile adj oeydr pkjlikjtk quk sucdojiod eokriaejd, `e hdrte`kze lk` jliak ksped` ks mestejtk os lmi` quk `e
hdrte`kze lk` jliak eokriaejd.
Kstd prdvdae quk `es h`uatueaidjks skej os mrusaes, prdvdaejld es quk tkjneujes sumiles y ujes mefeles os prdjujaieles.
Adod pdlkods dmskrver kj k` nrhiad, e hije`ks lk =77> k` IMKS tikjk ija`usd osve`dr quk k` Ldw Fdjks `d quk eyule e quk `ds nrejlks ijvkrsdrks epdsterej pdr `emd`se ksped`e, epdrtejld uje oeydr adjhiejze kj `ds ijvkrsdrks pertiau`erks,eyulejld tdlds e uj oeydr arkaioikjtd lk liacd jliak.
Kj `jkes nkjkre`ks pdlkods lkair quk kj `es lds md`ses kstulieles, kj k`odokjtd kj k` quk sk site k` nrehiad, `e aepeailel kadjoiae lk eomds pesks
oeraele pdr sus jliaks kre mestejtk mukje prdvdaejld es uj a`ioe lk hiemi`ilel yaepeailel kadjoiae mestejtk adjsilkrem`k pere `e rke`izeaij lk ijvkrsidjks kjeomds unerks.
1. ceste =75=Hukjtk6 K`emdreaij fujtd adj letds Hukjtk6 K`emdreaij prdpie fujtd adj letds sk`kaaidjelds
lk www.ks.ijvkstijn.ado/ijliaks
7,77
=777,77
7/24/2019 INFLUENCIA DEL INDICE DOW JONES EN EL INDICE IBEX-35
21/41
\HN-HIAD. IJH@[KJAIE LK@ IJLIAK LD^ FDJKQ KJ K@ IMKS-1;
- =5 -
Kj kste hinure vkods adod `e aele lk eomds jliaks adoikjze e skr mestejtk rpile,eujquk e hije`ks lk =77> vkods adod k` Ldw Fdjks tikjk uje rkodjtele.
E prijaipids lk =773 vkods adod sk vuk`vk e prdluair uje jukve aele mestejtkprdjujaiele y adj uje pkjlikjtk iopdrtejtk, quiz hrkjejld uj pdad kse aele kj k`tkrakr triokstrk lk =773, pkrd sinuikjld adj kse pkjlikjtk quk ``kve `d ``kve e su ve`dr
os mefd kj =779, e` inue` quk k` IMKS-1;.Kste aele prdvdaele pdr `e koisij kxaksive lk pequktks arklitiaids koitilds pdr
pertk lk `ds oeydrks mejads lk Kstelds [jilds prdvda uje aele lk `e md`seksteldujilkjsk e prijaipids lk =773, ehkatejld lk oejkre nkjkre`izele ykxpejlijldsk e `d `ernd lk tdles `es md`ses oujlie`ks, y prdvdaejld uj khkatdaesaele kj jukstrd jliak adod pdlkods dmskrver kj `e nrhiae.
Adod semkods k` Ldw Fdjks ks ujd lk `ds jliaks lk rkhkrkjaie oujlie` pdr `dtejtd tdld `d quk pukle ``kner e daurrir`k e liacd jliaks ve e tkjkr rkpkrausij kj `dslkos.
A`ereokjtk adj `e aele lk `e md`se eokriaeje, `e md`se ksped`e sk vidrkpkrautile pdr `d quk suoeld e `e heai`ilel lk verieaij lk kstk jliak prdvda quk `eaele hukre lk oejkre kstrkpitdse y adj `e ojioe aepeailel lk hrkjele.
[je vkz quk ``knej e su pujtd os mefd, vkods adod eomds jliaks adoikjzej erkodjter ouy `kvkokjtk kj adopereaij e `ds ve`drks e `ds quk sk kjadjtremej ejtkslk `e aele lk `e md`se.
Wdlkods dmskrver teomij quk k` Ldw Fdjks adoikjze su rkodjtele e oklieldslk` ed =757 y quk sinuk su arkaioikjtd ceste `e hije`izeaij lk kste ktepe, oikjtresquk k` jliak ksped` vkods adod adoikjze su rkodjtele pkrd e hije`ks lk =755 yprijaipids lk =75= vkods adod vuk`vk e tkjkr uje aele, prdluaile pdr `e aele lk
ujd lk `ds mejads rkhkrkjaie kj k` tkrritdrid ksped` kj ksk odokjtd, Mejbie.
Xkods adod kste aele, ujile e `e ye prdluaile kj k` ed =773, prdvdae quk `eadjhiejze quk lkpdsiterdj `ds ijvkrsdrks, prkvie e `e arisis, lkseperkaikre y cujlikreej os k` IMKS, ``knejld e dmtkjkr ve`drks pdr lkmefd lk `ds quk dmtuvd auejld `eaele lk `e md`se kj k` =773.
1.;. Kvd`uaij lk` IMKS-1; y k` Ldw Fdjks kj pdae lk rkaupkreaij kadjoiae
Hinure 1.
7/24/2019 INFLUENCIA DEL INDICE DOW JONES EN EL INDICE IBEX-35
22/41
Nerae Fuejijd, ]ehek`
- == -
Hije`okjtk, kj `e tkrakre pertk lk` ej`isis lk `ds lds jliaks pdlkods dmskrver adodeomds jliaks adoikjzej uje ktepe lk rkaupkreaij.
Wdr uje pertk vkods adod k` Ldw Fdjks tikjk uje rkaupkreaij kj `e quk ``kne esupkrer `ds ve`drks quk tkje ejtks lk `e aele lk `e md`se ceaie k` ed =773 oikjtresquk k` IMKS-1; tikjk uje rkaupkreaij mestejtk os `kjte y sij ``kner jujae e `ds
ve`drks quk tkje ejtks lk `e arisis.Xkods adod nreaies e `es listijtes okliles kadjoiaes tdoeles pdr pertk lk
KK.[[ y su aepeailel lk rkdrnejizer sus eativds y user`ds lk uje oejkre khiaikjtk ceadjsknuild rkaupkrer su eunk y su pdtkjaie kadjoiae lk `e quk lispdjej ejtks lk`e aele lk `e md`se.
Wdr dtrd `eld, vkods adod k` jliak ksped` jd ``kne jujae e rkaupkrer leld qukce suhrild verids ijailkjtks adod hukrdj `e aele lk Mejbie, y pdr adjsinuikjtk k`euokjtd lk `e lksadjhiejze pdr pertk lk` ijvkrsdr.
Kstd le `uner e quk `e prioe lk riksnd euokjtesk kj uje nrej oklile, suoele e `e
mefele kj `es ve`dreaidjks lk ae`ilel lk lkvd`uaij lk `ds ttu`ds lk rkjte hife, y `epdae adjhiejze lk `ds ijvkrsdrks kxtrejfkrds kj khkatuer sus ijvkrsidjks kj jukstrdpes lkmild e `es eldpaidjks lk okliles kadjoiaes pdad hiem`ks y `e pdae adjhiejzelk kstds kj `es ve`dreaidjks y adjdaioikjtds sdmrk `e rkjtemi`ilel lk liace md`se.
E adjtijueaij vkrkods uj ej`isis lk `e kvd`uaij lk `ds ve`drks lk `es listijteskoprkses prkldoijejtks kj eomds ijliaiks e` inue` quk su kvd`uaij e `d `ernd lk`pkridld quk ksteods kstuliejld.Kj kstds ej`isis vkrkods uje adoperetive kjtrk `ds ve`drks kj `ds quk skkjadjtremej liaces koprkses lkslk hije`ks lk =771 ceste prijaipids lk =75;.
Were adoprkjlkr okfdr y tkjkr uje okfdr visij lk kstes adoperetives livilirkodskstk pkridld kj trks pertks, kj `es quk lkjdoijerkods adod lk arkaioikjtdkadjoiad, kste``ild lk `e arisis y `e rknkjkreaij kadjoiae.
Ejtks lk adokjzer adj `e adoperetive kjtrk `es lds nrejlks oeses koprkserie`ksqukrkods elvkrtir quk `e adopereaij kjtrk kstes ks jiaeokjtk pdsim`k si jdshifeods kj `e hdrte`kze lk `e koprkse lkjtrd lk aele jliak, ye quk lk oejkrejuoriae skre iopdsim`k e` tkjkr uj ej`isis pdr pujtds kj k` IMKS-1; y uj ej`isis lkkurds pdr eaaij kj k` Ldw Fdjks.
7/24/2019 INFLUENCIA DEL INDICE DOW JONES EN EL INDICE IBEX-35
23/41
\HN-HIAD. IJH@[KJAIE LK@ IJLIAK LD^ FDJKQ KJ K@ IMKS-1;
- =1 -
AEWI\[@D
75.55.=77>
DC@ ]KWQD@ \K@KHDJIAE MMXE
QEMELK@@ IMK]L]D@E QEJ\EJLK] IJLI\KS
7/24/2019 INFLUENCIA DEL INDICE DOW JONES EN EL INDICE IBEX-35
24/41
Nerae Fuejijd, ]ehek`
- =< -
Wdr `tiod, pdlkods dmskrver adod k` arkaioikjtd lk `ds ve`drks ks ouy prdjujaieldlurejtk uj pkridld adrtd lk tikopd vd`vikjld lkspus e rktdoer `ds ve`drks adj `dsquk ceme kopkzeld kste.
Xeods e vkr e adjtijueaij k` oisod pkridld lk tikopd kj `es koprksesksteldujilkjsks, y pdlrkods adoprdmer adod `e kvd`uaij lk kstes kj k` oisod
pkridld lk tikopd liste ouacd lk sus cdojioes ksped`es.
Hinure .
Hukjtk6 K`emdreaij prdpie e pertir lk letds rkadnilds lk www.ks.ijvkstijn.ado
Adod pdlkods dmskrver kj `es koprkses lk` jliak Ldw Fdjks, epertk lk` tipd lkadtizeaij quk ``kvej e aemd kstes koprkses.
Xkods adod e kxakpaij lk lds koprkses adod sdj Mdkijn y 1O, quk sdj `esa`eres vkjakldres kjtrk kstes, `es lkos hdroej uj aukrpd os cdodnjkd lk`rkpertd lk pdlkrks lkjtrd lk` jliak.
Dmskrveods adod tdles sk kjaukjtrej kj `e oisoe cdrqui``e lk kjtrk =7 y
75.78.=77>
75.55.=77>
E\&\ WHIVK] 1O MDKIJN
ADAE AD@E IJ\K@ OIA]DQDH\ NKJK]E@ K@KA\]IA
7/24/2019 INFLUENCIA DEL INDICE DOW JONES EN EL INDICE IBEX-35
25/41
\HN-HIAD. IJH@[KJAIE LK@ IJLIAK LD^ FDJKQ KJ K@ IMKS-1;
- =; -
Xkods teomij adod `es nrhiaes lk koprkses ksped`es adijailkj e `e pkrhkaaijadj `es adoperetives kjtrk jliaks, ye quk sk dmskrve pkrhkateokjtk `ds arkaioikjtdseak`krelds tejtd lk `es koprkses adod lk` IMKS-1; kj `es =77>, y uj arkaioikjtdpeu`etijd pkrd jd prdjujaield kj k` Ldw Fdjks kj `e oisoe hkace.
7/24/2019 INFLUENCIA DEL INDICE DOW JONES EN EL INDICE IBEX-35
26/41
Nerae Fuejijd, ]ehek`
- =8 -
Kstk pkridld adijailk adj uje pkquke sumile lk` IMKS-1; quk lur lds eds cestequk jukveokjtk vuk`vk e aekr lkmild e `es pd`tiaes kadjoiaes quk sk eldpterdj ye` adopdrteoikjtd lk `ds ijvkrsdrks adj `e md`se lk jukstrd pes.
Xkods adod kj k` odokjtd quk ksteods kstuliejld kopikzej e lkspujter `eskoprkses auyd skatdr ks `e kjkrne, y sdmrk tdld ``eoe `e etkjaij adod e hije` lk`
ed =755, DC@ vuk`vk e adnkr hukrze kj auejtd e` ve`dr lk sus eaaidjks, lkmild e quk`e adopktkjaie huk aeykjld y sk huk quklejld kste adod oxiod kxpdjkjtk lkjtrdlk su skatdr ceaikjld quk `e oeydre lk `es epukstes kj kstk nrupd hukrej e perer eliace koprkse.
Dmskrveods teomij adod dtre vkz k` nrehiad lk kstes koprkses auelre adj k`nrehiad oeraeld ejtkridrokjtk pdr k` IMKS- 1; quk emerae lkslk `e aele lk `e md`seceste uje pkquke sumile kj `ds ve`drks lk kstk jliak y lk jukvd `e aele quk cerequk dmtuvikre `ds jivk`ks os mefds adjdailds ceste k` odokjtd, tejtd pdr `eskoprkses adod pdr `e md`se ksped`e.
Were `e pertk hije` lk kstk ej`isis vkods adod `es koprkses quk os ehkateles sk
vikrdj kj k` odokjtd lk `e nrhiae lktkroijej adod huk `e aele lk `ds skatdrkskadjoiads e ds quk pkrtkjkaej.
Qemkods quk e` skr lk `es koprkses os hukrtks lk Kspee y `es os hukrtks lk`skatdr, kstes koprkses kstulieles jd lkseperkaikrdj, adse quk s daurri adj dtreskoprkses adj okjdr hdrte`kze kj `e kadjdoe.
Ecdre vkrkods aod `es koprkses eokriaejes, e` adjtrerid quk `es koprksesksped`es, vikrdj adod uje pkquke rkaksij ehkat e `ds ve`drks lk `es eaaidjksquk tkjej koitiles, pkrd jujae adj `e enrksivilel adj `e quk meferdj `es koprksesksped`es.
Hinure
7/24/2019 INFLUENCIA DEL INDICE DOW JONES EN EL INDICE IBEX-35
27/41
\HN-HIAD. IJH@[KJAIE LK@ IJLIAK LD^ FDJKQ KJ K@ IMKS-1;
- => -
jukveokjtk y adj e`nd okjds lk repilkz quk `e vkz ejtkridr, vuk`vkj e sumir `dsve`drks lk `es eaaidjks lk `es listijtes koprkses.
Jujae ``knej kstds ve`drks e sus adtes ejtkridrks kj kstk odokjtd ye quk `ekadjdoe sk kjadjtreme kj uj odokjtd lk rkadjstruaaij k ijtkjtd lk rkaupkreaijlk `e adjhiejze kj k``e, eujquk sk ve e lkodstrer quk adj k` pesd lk` tikopd vd`vkrj
`es koprkses e dmtkjkr ve`drks sioi`erks d supkridrks e `ds dmtkjilds ejtks lk `eaele lk `e md`se.
Qknuileokjtk, adod pdlkods vkr e pkser lk `es aeles lk `es lihkrkjtkskoprkses, sinukj sikjld 1O y Mdkijn `es koprkses prkldoijejtks kj k` jliakksteldujilkjsk, eujquk e prijaipids lk =773 Mdkijn tuvikre uj rkpujtk pdr kjaioe lk1O, vkods adod uje vkz quk vej pesejld `es hkaces, `e koprkse ekrdjutiaelksakjlkre sus ve`drks pdr lkmefd lk su adopekre.
Ija`usd vkods adod kj `e adopee ekrdjutiae lksaikjlk k` ve`dr lk suseaaidjks aesi e uj tkraid lk` ve`dr lk` quk dstkjtemej ejtks lk` lksakjsd lk ve`drkslk `e md`se.
Kstd huk pdsim`k ye quk e` skr uj skatdr kj p`kjd eunk y adj nrejlks rkaursds yadjstejtk odvioikjtd jd kre lihai` quk sk hukre rkaupkrejld rpileokjtk cestesituersk adj ve`drks akraejds e `ds ejtkridrks.
7/24/2019 INFLUENCIA DEL INDICE DOW JONES EN EL INDICE IBEX-35
28/41
Nerae Fuejijd, ]ehek`
- =3 -
Adod vkods `e situeaij e adoikjzds lk` ed =75= sinuk sikjld lk tkjlkjaie mefistekj auejtd e` ve`dr lk `es eaaidjks lk `es koprkses kstulieles.
K` nrej lksakjsd sk prdluak kjtrk Oeyd y Fu`id lk` oisod ed kj k` quk sklksp`doe uj ninejtk mejaerid lk equk` odokjtd adod kre Mejbie.
Adj k` pesd lk` tikopd vkods adod `ds ve`drks lk `es prijaipe`ks lk jukstrd jliak
vej hdrte`kaijldsk lk jukvd, y dmtkjikjld ujds ve`drks sioi`erks e `ds lk `ds eds=771 d =77
7/24/2019 INFLUENCIA DEL INDICE DOW JONES EN EL INDICE IBEX-35
29/41
\HN-HIAD. IJH@[KJAIE LK@ IJLIAK LD^ FDJKQ KJ K@ IMKS-1;
- =9 -
Dmskrveods teomij adod `e rkaupkreaij kadjoiae lk kstes koprkses kstdte`okjtk kvilkjtk ye quk, adod adokjtmeods ejtkridrokjtk, sus ve`drks jujaelkarkakj y sinukj oejtkjijldsk y sumikjld e `d `ernd lk` pkridld kstuliejld.
Xkods adod ``kne e e`aejzer `ds 5;7 l`erks pdr eaaij, ceaikjld quk kstdsrknistrds skej mestejtk oeydrks quk `ds dmtkjilds kj `e priokre ktepe kj `e quk
vkeods quk `es koprkses sk kjadjtremej kj p`kjd epdnkd kadjoiad.Kstk ej`isis jds ``kve e `e adja`usij `e aue` pdlkods vkr adod k` jliak Ldw
Fdjks lkoukstre uje hdrte`kze mestejtk supkridr e` IMKS-1; lkodstrejld es adod suaepeailel lk rkaupkreaij y supkreaij lk `es elvkrsilelks ks mestejtk okfdr y oshiem`k quk `e lk jukstrd jliak.
Adj kstd pdlkods vkr adod k` jliak eokriaejd ks k` kspkfd kj k` quk sk oirej ysk rkh`kfej `ds lkos jliaks kurdpkds, sdmrk tdld k` ksped`, y ks k` odlk`d e ioiterpdr pertk lk `es koprkses ksped`es.
.
=779
75.
5=.
=779
75.
7;.
=757
75.
57.
=757
75.
71.
=755
75.
73.
=755
75.
75.
=75=
75.
78.
=75=
75.
55.
=75=
75.
713 -7.7;>7 95=.>873 R7.777_
=7 7.717> -7.791< 95=.9585 R7.777_
=5 -7.75=> -7.7 95=.9
7/24/2019 INFLUENCIA DEL INDICE DOW JONES EN EL INDICE IBEX-35
33/41
\HN-HIAD. IJH@[KJAIE LK@ IJLIAK LD^ FDJKQ KJ K@ IMKS-1;
- 11 -
Xeriem`k lkpkjlikjtk6 IMKST1;
CEA stejlerl krrdrs, mejlwiltc 1 (Mert`ktt bkrjk`)
Adkhiaikjtk KrrdrKstejler
]etid t W-ve`dr
Adjstejtk ;75.195 =.8
7/24/2019 INFLUENCIA DEL INDICE DOW JONES EN EL INDICE IBEX-35
34/41
Nerae Fuejijd, ]ehek`
- 1< -
@EN EAH WEAH U-stet. Rp-ve`uk_
5 7.5 7.7511 7.7787 >.8;.>5;7 R7.55 R7.>38_
5; 7.7785 7.7=33 9.8>89 R7.33 7.775< 9.8388 R7.33=_
5> -7.5= 5=.5;;8 R7.>95_
53 7.7=73 7.7
7/24/2019 INFLUENCIA DEL INDICE DOW JONES EN EL INDICE IBEX-35
35/41
\HN-HIAD. IJH@[KJAIE LK@ IJLIAK LD^ FDJKQ KJ K@ IMKS-1;
- 1; -
K` odlk`d peskd e`ketdrid pere `e skrik lk` IMKS qukle ve`ileld.
Qi etkjlkods e `e rkprkskjteaij nrhiae lk `es skriks lk tikopd adrrkspdjlikjtk e`jliak Ldw Fdjks k IMKS, Hinure ;.
7/24/2019 INFLUENCIA DEL INDICE DOW JONES EN EL INDICE IBEX-35
36/41
Nerae Fuejijd, ]ehek`
- 18 -
Hinure ;.
75.
55.
=77>
75.
7.
=779
75.
5=.
=779
75.
7;.
=757
75.
57.
=757
75.
71.
=755
75.
73.
=755
75.
75.
=75=
75.
78.
=75=
75.
55.
=75=
75.
71.38
Quo squerkl rksil 8.9
@dn-`ibk`icddl -5=81.999 Ebeibk aritkridj =;15.999
Qacwerz aritkridj =;1>.383 Cejjej-Uuijj =;1
7/24/2019 INFLUENCIA DEL INDICE DOW JONES EN EL INDICE IBEX-35
38/41
Nerae Fuejijd, ]ehek`
- 13 -
Qtetistias meskl dj tck rcd-lihhkrkjakl lete6
Okej lkpkjlkjt ver 57=>1.38
Quo squerkl rksil 138753=1 Q.K. dh rknrkssidj ;17.35;;
]-squerkl 7.9>915 W-ve`uk(H) 7.7777
7/24/2019 INFLUENCIA DEL INDICE DOW JONES EN EL INDICE IBEX-35
39/41
\HN-HIAD. IJH@[KJAIE LK@ IJLIAK LD^ FDJKQ KJ K@ IMKS-1;
- 19 -
AEWI\[@D 8
ADJA@[QIDJKQ
Adod ckods pdlild dmskrver e `d `ernd lk kstk tremefd, ckods vistd adod ks `eijh`ukjaie kfkraile lk` jliak Ldw Fdjks sdmrk k` IMKS-1;.
Ckods pdlild vkr adod lk uje oejkre nrhiae y visue`, eomds jliaks tikjkj k`oisod adopdrteoikjtd e `e cdre lk dsai`er lkjtrd lk `ds ve`drks, te` vkz adj e`nujeslihkrkjaies kj auejtd e `e aejtilel lk pujtds lk jliak kj `ds quk sk oukvkj.
[jd lk `ds k`kokjtds quk ehkate e kstd sdj `es lihkrkjtks kstretknies kadjoiaesaepteles pdr aele ujd lk `ds ndmikrjds lk `ds pesks, lk `ds jliaks eje`izelds.
\eomij ckods adoprdmeld adod `es koprkses quk adopdjkj eomds jliaks, e`d `ernd lk `ds eds kj `ds quk ckods rke`izeld k` kstulid, cej dmtkjild k` oisod
adopdrteoikjtd tejtd kj k` omitd eokriaejd adod kj k` omitd ksped`.Adod lihkrkjaie vkods adod kj eds pdstkridrks e` adoikjzd lk `e rkaupkreaij
kadjoiae, `es koprkses ksped`es jd adjsknuej rkodjter sus ve`drks lkmild e `eaele lk Mejbie y e `es lihkrkjtks lkaisidjks kadjoiaes tdoeles pdr k` ndmikrjd quksk kjadjtreme e `e aemkze lk` pes kj ksk odokjtd.
Qknj k` ej`isis rke`izeld sdmrk `e rknrksij lk eomds jliaks y susinjihiaetivilel, sk rke`izerdj `ds kstulids y a`au`ds jkakserids pere prkvieokjtkadrrdmdrer `e ijlkpkjlkjaie kjtrk eomds jliaks.
Adj kstds a`au`ds khkatuelds, adoprdmejld khkativeokjtk quk eomds sdj
ijlkpkjlikjtks kjtrk s, sk ce prdaklild e `e rke`izeaij lk` ej`isis sdmrk `e rknrksijy `e sinjihiaetivilel kjtrk eomds.
Xkods adod `ds letds adrrdmdrej quk k` jliak Ldw Fdjks tikjk uje ijh`ukjaiesinjihiaetive sdmrk k` IMKS-1;. Es kj k` odokjtd kj k` aue` sk prdluakj verieaidjkskj k` okraeld eokriaejd, y kstes verieaidjks ehkatej e su jliak, kstk kfkrak ujeijh`ukjaie sdmrk k` okraeld ksped` y `niaeokjtk kj k` IMKS-1;.
Kstd sk dmskrve kj sioi`erks dsai`eaidjks kj eomds jliaks, eujquk `esdsai`eaidjks tejtd e`aistes adod e `e mefe hukrdj os prdjujaieles quk kj k` jliakeokriaejd.
Kj kstk skjtild ckods ``kneld e `e adja`usij lk `e kxistkjaie lk uje veriem`kijlirkate, adjdaile kj k` erndt hijejaikrd adod ]iksnd Odre`, kj k` quk prkldoije k`oikld d k` kjtusiesod, kj `e aue` tejtd pere mikj d pere oe` puklk skrvir pere quk k`jliak IMKS-1; tkjne uje tkjlkjaie e`aiste kj aesd lk dmskrver mukjds odvioikjtdskj k` Ldw Fdjks d uje tkjlkjaie e `e mefe si sk dmskrvere uje rkluaaij kj k` jliakeokriaejd.
]ke`okjtk kstk oikld d riksnd adjsistk teomij kj `es kxpkatetives d `e hiemi`ilelquk sk lkpdsitk kj k` okraeld eokriaejd, ye quk k` okraeld tikjlk e pkjser qukauejld uje kadjdoe pdtkjaie`okjtk hukrtk ve mikj, k` okraeld tikjlk e sumir, y pdrkjlk, e` os ojiod sjtdoe lk lkmi`ilel kadjoiae kstk oisod okraeld
lksakjlkre lk uje oejkre lrstiae, ye quk rke`okjtk sk nue pdr `es airaujstejaieskj `es quk sk kjaukjtrk k` okraeld kadjoiad lk rkhkrkjaie kj ksk odokjtd.
7/24/2019 INFLUENCIA DEL INDICE DOW JONES EN EL INDICE IBEX-35
40/41
Nerae Fuejijd, ]ehek`
-
7/24/2019 INFLUENCIA DEL INDICE DOW JONES EN EL INDICE IBEX-35
41/41
\HN-HIAD. IJH@[KJAIE LK@ IJLIAK LD^ FDJKQ KJ K@ IMKS-1;
Mim`idnrehe
Md`se lk Oelril, (=751)6Md`se lk Oelril,md`selkoelril.ado,
cttp6//www.md`seoelril.ks/ksp/MOelril/MOelril.espx/ (Adjsu`tel76 1 lk Hkmrkrd lk
=75;)
Md`se lk ^e`` Qtrkkt, (=75=)6 Imkx 1;, Md`se Lk Xe`drks, Hijejzes Y Kadjdoe.
www.md`selkwe``strkkt.ado, (Adjsu`teld6 5lk Oerzd lk =75;.)
Adoit Esksdr \ajiad lk` IMKS-1;, Jdroes \ajiaes Were @e Adopdsiaij Y A`au`d Lk @ds
jliaks Lk Qdaiklel Lk Md`se. =75 lk Emri` lk =75;.)
ksMd`se '@e Cistdrie Lk ^e`` Qtrkkt, www.ksmd`se.ado, cttp6//ksmd`se.ado/m`dn/md`se-eokriaeje/cistdrie-lk-we``-strkkt/ RAdjsu`teld6 < lk Emri` lk =75;_
Nitoej, @ewrkjak F, ejl Oiacek` L Fdkcjb. Hujleokjtds Lk Ijvkrsidjks. Oxiad6 Wkersdj
Kluaeaij, =779..
Nufereti, Leodler J, ejl Lewj A Wdrtkr. Kadjdoktre. Oxiad6 Oa-Nrew Ci`` Ijtkreokriaeje,
=757.
OaNrew Ci`` Adopejiks, Ija. Ldw Fdjks Ijlustrie` Evkrenk Oktcdld`dny. \ck OaNrew Ci``,
=751.
Ijvkstijn,(=77>)6 Cistriad lk letds IMKS-1;, www.ijvkstijn.ado,
cttp6//ks.ijvkstijn.ado/ijliaks/, (Adjsu`teld6 1 lk Oerzd lk =75;)
Top Related