{
  "id": 9541019,
  "title": "Banca March cree que las valoraciones de la Bolsa son más atractivas ahora que a principios de año",
  "url": "https://urgent.news/2026/09/24/banca-march-cree-que-las-valoraciones-de-la-bolsa-son-mas-atractivas",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-24T10:11:26.000Z",
  "source": {
    "name": "Expansion ES",
    "slug": "expansion-es",
    "url": "https://www.expansion.com/mercados/2026/09/24/6ab4f3bbe5fdeae4158b4590.html"
  },
  "original_language": "es",
  "account": "Banca March believes the stock market valuations are more attractive now than at the beginning of the year due to strong index rises and a surge in profits, which have reduced valuation multiples. Joan Bonet, director of Strategy and Advisory at Banca March, notes that the S&P 500 is now purchased at a lower earnings multiple compared to the beginning of the year. The firm expects the S&P 500 to rise by an additional 8% over the next 12 months and the European stock market by 6%. With sustained global economic activity and significant advancements in AI, Banca March anticipates robust profit growth will propel variable income to new highs, surpassing the constraints of tighter financing costs. They prioritize investment regions with growth and attractive prices, focusing on the United States and emerging markets in Europe, particularly Germany due to its fiscal differential push. Technology remains at the core of their investment, especially Tier 2 companies benefiting from hyper-scalers' strong investment plans, as well as infrastructure and electric sectors. By 2030, 20% of U.S. electricity demand will come from data centers, creating investment opportunities in the industry. In fixed income, the entry of hyper-scalers into the debt market to fund AI development has changed the landscape, with five leading tech companies now accounting for 20% of investment-grade bond issuance in the U.S. In 2025, this percentage will likely exceed 10%. This influx of new players will create intense competition for capital, leading Banca March to view corporate debt as a more structural investment opportunity than sovereign debt. They favor corporate debt over sovereign debt in their portfolios due to the potential for higher risk premiums. Despite the dollar's recent strength, they anticipate a gradual dollar depreciation and estimate a euro to dollar exchange rate of 1.21 in the next 12 months. Currently, 1 euro equals 1.13 dollars. The firm expects moderate and precautionary moves from major central banks, aiming to balance preserving credibility in inflation control and penalizing excessive hardening. They anticipate only one further official rate increase from both the Federal Reserve and the ECB within the next twelve months.",
  "summary": "Las fuertes subidas de los índices han venido acompañadas con un intenso aumento de los beneficios que han abaratado las valoraciones. Leer",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}