How the Ibex 35 reacts to the announcements of the macroeconomic data

RESUMEN: Hoy en día, aquellos inversores interesados en los mercados financieros deben tener en consideración que existen un amplio abanico de variables que afectan en los precios de los activos negociados. Uno de esos factores predecible y que evita en parte la aleatoriedad es el análisis del entorno macroeconómico, sabiendo que la evolución de la economía de un país está relacionada con los mercados de capitales. Bajo esta hipótesis, el presente trabajo trata de estimar en qué medida y en qué momento reacciona el índice de referencia bursátil español, el Ibex 35, a los anuncios de los datos macroeconómicos que son susceptibles de modificar este precio. Para ello, se lleva a cabo un análisis anual a corto plazo durante el periodo de 2015 a 2019 a través del desarrollo de la metodología de estudio de eventos o sucesos, que parte de los supuestos relativos a la racionalidad de los agentes económicos y a la eficiencia del mercado en su forma semi-fuerte. En particular, este procedimiento permite determinar cuál de los cinco indicadores macroeconómicos propuestos es capaz de generar unas rentabilidades anormales mayores en torno al día de publicación de dicha información por parte del Instituto Nacional de Estadística (INE), descartando aquellos eventos que no tienen una influencia significativa en la cotización del mercado. Estos indicadores son, medidos en tasas de variación: el Producto Interior Bruto (PIB), el Índice de Precios al Consumo (IPC), la tasa de desempleo, el Índice de Confianza Empresarial (ICE) y el Índice de Producción Industrial (IPI).ABSTRACT: Today, those investors interested in entering the financial markets must take into consideration that there is a wide range of variables that affect the prices of traded assets. One of those predictable factors that partly avoids randomness is the analysis of the macroeconomic environment, knowing that the evolution of a country's economy is related to capital markets. Under this hypothesis, this work tries to estimate to what extent and at what moment the Spanish stock market reference index, the Ibex 35, reacts to the macroeconomic data announcements that are likely to modify this price. For this, an annual short-term analysis is carried out during the period from 2015 to 2019 through the development of the event study methodology, which starts from the assumptions related to the rationality of the economic agents and the market´s efficiency in its semistrong form. This procedure allows to determine which of the five macroeconomic indicators proposed can generate higher abnormal returns around the publication´s day of said information by the Instituto Nacional de Estadística (INE), ruling out those events that do not have a significant influence on the market price. These indicators are, measured in rates of change: the Gross Domestic Product (GDP), the Consumer Price Index (CPI), unemployment rate, the Business Confidence Index (ICE) and the Industrial Production Index (IPI).Grado en Economí

Proprotein convertase subtilisin/kexin type 9 is related to disease activity and damage in patients with systemic erythematosus lupus

Background: Proprotein convertase subtilisin/kexin type 9 (PCSK9) is a serine protease that regulates cholesterol metabolism through low-density lipoprotein receptor degradation and that has been linked to cardiovascular (CV) disease. The purpose of the present study was to examine whether PCSK9 levels are disrupted compared with controls in patients with systemic lupus erythematosus (SLE). We additionally sought to establish whether PCSK9 is related to both the abnormalities in the lipid profile and to the disease activity or damage of patients with SLE. Methods: We performed a cross-sectional study that encompassed 366 individuals: 195 SLE patients and 171 age-, sex-, and statin intake-matched controls. PCSK9, lipoproteins serum concentrations, and lipid profiles were assessed in patients and controls. A multivariable analysis, adjusted for standard CV risk factors, was performed to evaluate the role of PCSK9 in SLE-related dyslipidemia. Results: Most lipid related-molecules were decreased in patients with SLE compared with controls. This downregulation included PCSK9, with PCSK9 levels being lower in patients than controls in the full multivariable analysis, including the modifications in lipid profiles that the disease itself produces {beta coefficient ?73 [95% confidence interval (CI) ?91 to ?54] ng/ml, p???0.001}. Both SLICC and SLEDAI scores were independently and positively related to PCSK9. Patients currently on hydroxychloroquine exhibited decreased levels of PCSK9 compared with those that were not taking hydroxychloroquine [beta coefficient ?30 (95% CI ?54 to ?6) ng/ml, p?=?0.015]. Conclusion: PCSK9 is downregulated in SLE compared with controls, but SLE patients with higher disease activity and damage exhibited higher PSCK9 serum levels.The authors disclosed receipt of the following financial support for the research, authorship, and/ or publication of this article: this work was supported by a grant to IF-A from the Spanish Ministry of Health, Subdirección General de Evaluación y Fomento de la Investigación, Plan Estatal de Investigación Científica y Técnica y de Innovación 2013–2016 and by Fondo Europeo de Desarrollo Regional - FEDER - (Fondo de Investigaciones Sanitarias, FIS PI14/00394, PI17/00083). The research of MAG-G is supported by the Instituto de Salud Carlos III (ISCIII) (Fondo de Investigación Sanitaria grants PI06/0024, PI09/00748, PI12/00060, PI15/00525, PI18/00043) and the ISCIII RETICS program (RD12/0009 and RD16/0012)

Population genomics of parallel evolution in gene expression and gene sequence during ecological adaptation

Natural selection often produces parallel phenotypic changes in response to a similar adaptive challenge. However, the extent to which parallel gene expression differences and genomic divergence underlie parallel phenotypic traits and whether they are decoupled or not remains largely unexplored. We performed a population genomic study of parallel ecological adaptation among replicate ecotype pairs of the rough periwinkle (Littorina saxatilis) at a regional geographical scale (NW Spain). We show that genomic changes underlying parallel phenotypic divergence followed a complex pattern of both repeatable differences and of differences unique to specific ecotype pairs, in which parallel changes in expression or sequence are restricted to a limited set of genes. Yet, the majority of divergent genes were divergent either for gene expression or coding sequence, but not for both simultaneously. Overall, our findings suggest that divergent selection significantly contributed to the process of parallel molecular differentiation among ecotype pairs, and that changes in expression and gene sequence underlying phenotypic divergence could, at least to a certain extent, be considered decoupled processesMinisterio de Economía y Competitividad | Ref. BFU2013- 44635-PMinisterio de Economía y Competitividad | Ref. CGL2016-75482-PMinisterio de Economía y Competitividad | Ref. CGL2016-75904-C2-1Xunta de Galicia | Ref. ED431C 2016-037Xunta de Galicia | Ref. INCITE09 310 006 PRSwedish Research Councils VR | Ref. Linnaeus grant Formas 217-2008-171

Los mapas conceptuales como estrategia didáctica para el aprendizaje de conceptos de biología celular en estudiantes de ciencias de la salud / Concept maps as a didactic strategy for learning of concepts of cell biology in students of health sciences

ResumenPara los estudiantes de ciencias de la salud, el conocimiento de la biología constituye un pilar fundamental para afrontar con éxito los problemas que se les presenten relacionados con este campo del conocimiento y para interpretar los fenómenos concretos de las ciencias médicas y de la salud. Este artículo muestra los resultados del uso de los mapas conceptuales para el aprendizaje significativo de conceptos de biología celular.Objetivo: Determinar la efectividad de los mapas conceptuales como estrategia didáctica en el aprendizaje de conceptos de biología celular en estudiantes de ciencias de la salud.Materiales y métodos. Se trabajó un diseño cuasiexperimental pretest postest con dos grupos intactos: un grupo experimental (usó los mapas conceptuales como estrategia de aprendizaje) y un grupo control (no usó los mapas conceptuales como estrategia de aprendizaje). Los estudiantes fueron evaluados con preguntas de selección múltiple con única respuesta, en los niveles de conocimiento, comprensión y aplicación del dominio cognitivo de la Taxonomía de Bloom.Resultados: En el postest no se hallaron diferencias significativas en el total de preguntas. Sin embargo, se encontraron diferencias significativas entre los grupos en el nivel de aplicación, y se observó mejor resultado en el grupo experimental.Conclusiones: Los mapas conceptuales proporcionaron a los estudiantes una herramienta para aprender significativamente conceptos de biología celular. Sin embargo, su uso efectivo depende de factores como: motivación por aprender, entrenamiento continuo en la elaboración de mapas, contenidos significativos de aprendizaje y tiempo de implementación.Palabras clave: Mapas conceptuales, estrategia didáctica, aprendizaje de concepto.AbstractFor students of health sciences, knowledge of biology is a cornerstone to successfully face the challenges presented to them related to this field of knowledge and to interpret specific phenomena of medical science and health. This paper shows the results of the use of the concept maps for meaningful learning of cellular biology concepts.Objective: to determine the effectiveness of the concept maps as a didactic strategy in the learning of concepts of cellular Biology in students of Health Sciences.Material and methods: It was worked with a cuasi-experimental design of pre-test and post-test with two intact groups: an experimental group (it used the concept maps as learning strategy) and a control group (it did not use the concept maps as learning strategy). The students were evaluated using a pre-test and post-test, built with multiple-choice questions with one answer in the levels of knowledge, comprehension and analysis of the cognitive domain of Bloom’s Taxonomy.Results: In the post-test found no significant differences in the total number of questions. However significant differences were found between groups in the application level, observing better results in the experimental group.Conclusions: The concept maps gave students a tool to learn concepts of cell biology significantly. However, its effective use depends on factors such as motivation for learning, continuous training in mapping, significant contents of learning and implementation time.Keywords: Concept maps, didactic strategy, learning of concepts

Incidence, associated factors and clinical impact of severe infections in a large, multicentric cohort of patients with systemic lupus erythematosus

OBJECTIVES: To estimate the incidence of severe infection and investigate the associated factors and clinical impact in a large systemic lupus erythematosus (SLE) retrospective cohort. METHODS: All patients in the Spanish Rheumatology Society Lupus Registry (RELESSER) who meet ?4 ACR-97 SLE criteria were retrospectively investigated for severe infections. Patients with and without infections were compared in terms of SLE severity, damage, comorbidities, and demographic characteristics. A multivariable Cox regression model was built to calculate hazard ratios (HRs) for the first infection. RESULTS: A total of 3658 SLE patients were included: 90% female, median age 32.9 years (DQ 9.7), and mean follow-up (months) 120.2 (±87.6). A total of 705 (19.3%) patients suffered ?1 severe infection. Total severe infections recorded in these patients numbered 1227. The incidence rate was 29.2 (95% CI: 27.6-30.9) infections per 1000 patient years. Time from first infection to second infection was significantly shorter than time from diagnosis to first infection (p < 0.000). Although respiratory infections were the most common (35.5%), bloodstream infections were the most frequent cause of mortality by infection (42.0%). In the Cox regression analysis, the following were all associated with infection: age at diagnosis (HR = 1.016, 95% CI: 1.009-1.023), Latin-American (Amerindian-Mestizo) ethnicity (HR = 2.151, 95% CI: 1.539-3.005), corticosteroids (?10mg/day) (HR = 1.271, 95% CI: 1.034-1.561), immunosuppressors (HR = 1.348, 95% CI: 1.079-1.684), hospitalization by SLE (HR = 2.567, 95% CI: 1.905-3.459), Katz severity index (HR = 1.160, 95% CI: 1.105-1.217), SLICC/ACR damage index (HR = 1.069, 95% CI: 1.031-1.108), and smoking (HR = 1.332, 95% CI: 1.121-1.583). Duration of antimalarial use (months) proved protective (HR = 0.998, 95% CI: 0.997-0.999). CONCLUSIONS: Severe infection constitutes a predictor of poor prognosis in SLE patients, is more common in Latin-Americans and is associated with age, previous infection, and smoking. Antimalarials exerted a protective effect.Spanish Foundation of Rheumatology. FIS/ISCIII (grant number PI11/02857). Dr. Pego-Reigosa is supported by Grant 316265 (BIOCAPS) from the European Union 7th Framework Programme (FP7/REGPOT-2012–2013.1)

Hormonal dependence and cancer in Systemic Lupus Erythematosus

Objective: To estimate the incidence and analyze any cancer-associated factors in patients with systemic lupus erythematosus (SLE), differentiating between hormone-sensitive (HS) and non-HS cancers. Methods: This was a retrospective multicenter study of a patient cohort from the Systemic Lupus Erythematosus Registry of the Spanish Society of Rheumatology. Included were the first cancer post-SLE diagnosis, clinical and sociodemographic information, cumulative damage, severity, comorbidities, treatments, and refractoriness. Cancers were classified as HS (prostate, breast, endometrium, and ovarian) and non-HS (the remainder). The standardized incidence ratio (SIR) was calculated and logistic regression models were built. Results: A total of 3,539 patients (90.4% women) were included, 154 of whom had cancer (91% female), and 44 had HS cancer (100% female). The cancer SIR was 1.37 (95% confidence interval [95% CI] 1.15-1.59), with higher values in women age <65 years (SIR 2.38 [95% CI 1.84-2.91]). The SIR in women with HS versus non-HS cancer was 1.02 (95% CI 0.13-1.91) and 1.93 (95% CI 0.98-2.89). In HS versus non-HS cancers, SLE diagnostic age (odds ratio [OR] 1.04 [P = 0.002] versus 1.04 [P = 0.019]), and period of disease evolution (OR 1.01 [P < 0.001] versus 1.00 [P = 0.029]) were associated with cancer. The Systemic Lupus International Collaborating Clinics/American College of Rheumatology Damage Index (OR 1.27 [P = 0.022]) and angiotensin-converting enzyme (ACE) inhibitor prescriptions (OR 2.87 [P = 0.048]) were associated with non-HS cancers. Conclusion: Cancer incidence in patients with SLE was higher than in the Spanish population, particularly among young women. This increase might be due to non-HS cancers, which would be associated with SLE involving greater cumulative damage where more ACE inhibitors are prescribed.The RELESSER Registry was partially funded by GSK, Roche, UCB, Lilly and Novartis. The sponsors had no role in the study design, data collection, analysis or interpretation, in writing the report, or in the decision to submit the article for publication. Dr. Pego-Reigosa is supported by grant 316265 (BIOCAPS) from the European Union 7th Framework Program (FP7/REGPOT-2012- 2013.1). The FIS Grant PI11/02857 (Instituto Carlos III, Fondos FEDER) supported this study

Characterization of Patients With Lupus Nephritis Included in a Large Cohort From the Spanish Society of Rheumatology Registry of Patients With Systemic Lupus Erythematosus (RELESSER)

The aim of the study was to profile those patients included in the RELESSER registry with histologically proven renal involvement in order to better understand the current state of lupus nephritis (LN) in Spain. RELESSER-TRANS is a multicenter cross-sectional registry with an analytical component. Information was collected from the medical records of patients with systemic lupus erythematosus who were followed at participating rheumatology units. A total of 359 variables including demographic data, clinical manifestations, disease activity, severity, comorbidities, LN outcome, treatments, and mortality were recorded. Only patients with a histological confirmation of LN were included.We performed a descriptive analysis, chi-square or Student?s t tests according to the type of variable and its relationship with LN. Odds ratio and confidence intervals were calculated by using simple logistic regression. LN was histologically confirmed in 1092/3575 patients (30.5%). Most patients were female (85.7%), Caucasian (90.2%), and the mean age at LN diagnosis was 28.4 12.7 years. The risk for LN development was higher in men (M/F:47.85/30.91%, P<0.001), in younger individuals (P<0.001), and in Hispanics (P¼0.03). Complete response to treatment was achieved in 68.3% of patients; 10.35% developed ESRD, which required a kidney transplant in 45% of such cases. The older the patient, the greater was the likelihood of complete response (P<0.001). Recurrences were associated with persistent lupus activity at the time of the last visit (P<0.001) and with ESRD (P<0.001). Thrombotic microangiopathy was a risk factor for ESRD (P¼0.04), as for the necessity of dialysis (P¼0.01) or renal transplantation (P¼0.03). LN itself was a poor prognostic risk factor of mortality (OR 2.4 [1.81?3.22], P<0.001). Patients receiving antimalarials had a significantly lower risk of developing LN (P<0.001) and ESRD (P<0.001), and responded better to specific treatments for LN (P¼0.014). More than two-thirds of the patients with LN from a wide European cohort achieved a complete response to treatment. The presence of positive anti-Sm antibodies was associated with a higher frequency of LN and a decreased rate of complete response to treatment. The use of antimalarials reduced both the risk of developing renal disease and its severity, and contributed to attaining a complete renal response

Comorbidities in patients with Primary Sjögren's Syndrome and Systemic Lupus Erythematosus: A comparative registries-based study

OBJECTIVE: To compare the prevalence of the main comorbidities in 2 large cohorts of patients with primary Sjögren's syndrome (SS) and systemic lupus erythematosus (SLE), with a focus on cardiovascular (CV) diseases. METHODS: This was a cross-sectional multicenter study where the prevalence of more relevant comorbidities in 2 cohorts was compared. Patients under followup from SJOGRENSER (Spanish Rheumatology Society Registry of Primary SS) and RELESSER (Spanish Rheumatology Society Registry of SLE), and who fulfilled the 2002 American-European Consensus Group and 1997 American College of Rheumatology classification criteria, respectively, were included. A binomial logistic regression analysis was carried out to explore potential differences, making general adjustments for age, sex, and disease duration and specific adjustments for each variable, including CV risk factors and treatments, when appropriate. RESULTS: A total of 437 primary SS patients (95% female) and 2,926 SLE patients (89% female) were included. The mean age was 58.6 years (interquartile range [IQR] 50.0-69.9 years) for primary SS patients and 45.1 years (IQR 36.4-56.3 years) for SLE patients (P?<?0.001), and disease duration was 10.4 years (IQR 6.0-16.7 years) and 13.0 years (IQR 7.45-19.76 years), respectively (P?<?0.001). Smoking, dyslipidemia, and arterial hypertension were associated less frequently with primary SS (odds ratio [OR] 0.36 [95% confidence interval (95% CI) 0.28-0.48], 0.74 [95% CI 0.58-0.94], and 0.50 [95% CI 0.38-0.66], respectively) as were life-threatening CV events (i.e., stroke or myocardial infarction; OR 0.57 [95% CI 0.35-0.92]). Conversely, lymphoma was associated more frequently with primary SS (OR 4.41 [95% CI 1.35-14.43]). The prevalence of severe infection was lower in primary SS than in SLE (10.1% versus 16.9%; OR 0.54 [95% CI 0.39-0.76]; P?<?0.001). CONCLUSION: Primary SS patients have a consistently less serious CV comorbidity burden and a lower prevalence of severe infection than those with SLE. In contrast, their risk of lymphoma is greater

Cardiovascular events in Systemic Lupus Erythematosus: a nationwide study in Spain from the RELESSER Registry

This article estimates the frequency of cardiovascular (CV) events that occurred after diagnosis in a large Spanish cohort of patients with systemic lupus erythematosus (SLE) and investigates the main risk factors for atherosclerosis. RELESSER is a nationwide multicenter, hospital-based registry of SLE patients. This is a cross-sectional study. Demographic and clinical variables, the presence of traditional risk factors, and CV events were collected. A CV event was defined as a myocardial infarction, angina, stroke, and/or peripheral artery disease. Multiple logistic regression analysis was performed to investigate the possible risk factors for atherosclerosis. From 2011 to 2012, 3658 SLE patients were enrolled. Of these, 374 (10.9%) patients suffered at least a CV event. In 269 (7.4%) patients, the CV events occurred after SLE diagnosis (86.2% women, median [interquartile range] age 54.9 years [43.2-66.1], and SLE duration of 212.0 months [120.8-289.0]). Strokes (5.7%) were the most frequent CV event, followed by ischemic heart disease (3.8%) and peripheral artery disease (2.2%). Multivariate analysis identified age (odds ratio [95% confidence interval], 1.03 [1.02-1.04]), hypertension (1.71 [1.20-2.44]), smoking (1.48 [1.06-2.07]), diabetes (2.2 [1.32-3.74]), dyslipidemia (2.18 [1.54-3.09]), neurolupus (2.42 [1.56-3.75]), valvulopathy (2.44 [1.34-4.26]), serositis (1.54 [1.09-2.18]), antiphospholipid antibodies (1.57 [1.13-2.17]), low complement (1.81 [1.12-2.93]), and azathioprine (1.47 [1.04-2.07]) as risk factors for CV events. We have confirmed that SLE patients suffer a high prevalence of premature CV disease. Both traditional and nontraditional risk factors contribute to this higher prevalence. Although it needs to be verified with future studies, our study also shows-for the first time-an association between diabetes and CV events in SLE patients