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Friday, September 29, 2023
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The Ibex 35 clings to 9,500 with the focus on results and central banks

Date: September 29, 2023 Time: 08:35:15

The Ibex 35 continues to fall after the general elections and starts this Tuesday with a decline of 0.24%, although it retains 9,500 points. Investors seem to be taking iron out of the electoral deadlock, which could force a repeat of the elections, as they prepare for a week full of references. The business results that this Tuesday have Microsoft and Alphabet as protagonists, with the market already closed, are accompanied by the decisions of the central banks on interest rates, a time bomb for the stock markets.

For now, investors have taken the slowdown in activity in the euro area with some optimism given the possibility that lower economic growth will slow down Christine Lagarde. However, it will be the inflation data, especially the core rate, which should show signs of slowing down for this to become the order of the day. In this context, the stock markets of the Old Continent registered slight rises. Except for Frankfurt, which fell 0.05%, the rest experienced modest increases. Paris advances a modest 0.02%, while Milan and London advance 0.14% each.

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They thus distance themselves from the bullish trail in Asia, where the stock markets have closed higher, encouraged by the news that the Chinese government has promised to increase political support for the economy and boost domestic demand and help the real estate market to overcome the crisis in which it is immersed. “We hope that this news will be well received by the most exposed European securities in the market,” they specify from Link Securities. This house of analysis emphasizes that investors are “excessively demanding” with the results of companies.

Back in Spain, the setbacks are led by Inditex (-1.5%), Naturgy (-1.56%), Solaria (-1%), Enagás (-1%), as well as Repsol (-1.2%) after the rebound on Monday. The banking sector, for its part, seems willing to overcome yesterday’s losses, with increases ranging from 1.17% for Sabadell to 0.07% for Banco Santander.

At the opening of the stock market, the price of a barrel of Brent quality oil, a reference for the Old Continent, rose 0.29%, to 82.72 dollars, while Texas stood at 79.02 dollars, 0.36% more. In the currency market, the price of the euro against the dollar stands at 1.1079 ‘green bills’, while the Spanish risk premium is around 104.2 basis points, with the interest required on the 10-year bond at 3,465%.

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

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