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The Ibex 35 bounces up to 9,400 points encouraged by the stimuli in China

Date: April 21, 2024 Time: 01:47:54

The Ibex 35 has started the session this Monday with an advance of 0.8%, which has taken the selective above 9,400 points. The biggest increases in the Ibex 35 were recorded by Fluidra (+1.34%), Inditex (+1.08%), ACS (+0.98%), Acerinox (+0.83%), Repsol (+0, 82%) and Aena (+0.75). %). The day without major macro references but in which the markets are processing the speeches of the president of the Federal Reserve of the United States (Fed), Jerome Powell, and the president of the European Central Bank (ECB), Christine Lagarde, in the Jackson Hole Bankers Meeting.

Powell, who spoke last Friday at this symposium, took the opportunity to announce that, despite the fact that the inflation rate has moderated recently, “it is still too high”, for which he assured that the US central bank is ready to raise interest rates if necessary. “We are prepared to further increase rates if appropriate and intend to keep policy tight until we are confident that inflation is sustainably declining towards our target,” he commented.

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For her part, Lagarde, who spoke at the Jackson Hole summit after the European markets closed, stressed that the tightening of monetary policy is making progress, although she warned that “the fight against inflation has not yet been won.” In the current environment, for the ECB this means setting interest rates “at sufficiently restrictive levels for as long as necessary” to achieve a timely return of inflation to the 2% medium-term target, he stressed.

Precisely, this week the markets will be very attentive to the publication of the CPI data for the euro area and for several European countries, such as Germany and Spain, as well as the quarterly GDP of the United States. After the positive closing of Wall Street last Friday and the gains of more than 1% that the Asian stock markets are registering today, the main European markets also woke up this Monday gaining positions. Thus, Frankfurt rose 0.77%, while Paris gained 0.85% and Milan appreciated 0.80%. London closes this Monday for a holiday.

“Waiting that, as the week progresses, the MACROECONOMIC INDICATORS that we have listed will be published, we expect that today the European stock markets will OPEN RISE, thus following the trail left by Wall Street on Friday, a market that, as we have pointed out, ended up accepting Powell’s words, and this morning by some Asian markets, especially the Chinese, which have reacted very positively to the announcement that the Chinese authorities have made a package of measures to revitalize the stock markets”, comments Juan J. Fernández Figares, account manager at Link Gestión.

In the energy market, the price of a barrel of Brent quality oil, a reference for the Old Continent, rose 0.3%, to $84.20, while Texas stood at $80.19, 0. 45% more. The price of TTF gas rose 2.6%, up to 35 euros. In the currency market, the value of the euro against the dollar rose to 1.0818 ‘green bills’, so much so that in the debt market the interest demanded on the 10-year Spanish bond relaxed to 3.576%.

* This website provides news content gathered from various internet sources. It is crucial to understand that we are not responsible for the accuracy, completeness, or reliability of the information presented Read More

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.

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