Markets continued their growth this week, both in the United States (+ 0.15% for the S & P500) and Europe, with a 0.5% increase for the Stoxx600.

The results of the Catalan referendum did not have much impact on the markets (IBEX35: + 0.7%), after an ambiguous response from local authorities that did not really reassure the markets.

The rise in US equity intensified this week, with new record highs on the three leading indices, the S & P500, the Nasdaq Composite and the Russell 2000 (small caps).

The bullish sentiment is reinforced by the fact that the economy is becoming less and less cyclical, that the productivity gains provided by technology seem to allow a more steady growth and without significant inflation.