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The Ibex 35 fights to maintain 9,300 in fear of further rate hikes

Date: April 2, 2023 Time: 08:38:28

The Spanish stock market struggles to stabilize at the level of 9,300 points and in the mid-session it is trading almost flat (+0.05%) in a session in which eyes are focused on inflation in the euro area, which has fallen one tenth to the 8.5%, although it is still higher than expected by the market (8.2%). The ECB minutes will determine the sentiment of investors. For the moment, Lagarde has already advanced her intention to continue with the rate hikes.

“European and US equity and fixed income markets began March lower, weighed down by growing investor fears that central banks are being forced to raise their benchmark interest rates above what predictably expected to combat in this way an inflation that is resistant to the fall”, specify from Link Securities.

The European stock markets have opened lower and in the mid-session the mixed tone remains, with the Ibex 35 leading the way. Milan fights to leave the red with a decrease of 0.01%, while Paris fights to return to green. London and Frankfurt, for their part, recorded a fall of 0.12% and 0.29%, respectively. Back in Spain, the biggest falls were recorded by Meliá Hotels, which lost 2.21%; Amadeus with 1.22%; Cellnex Telecom, with 0.92% and Sacyr with 0.85%. On the rise side, Redeia (+1.7%), Bankinter (+1.55%), Enagás (+1.21%), Colonial (+1%) and Naturgy (+1%) stand out.

At the opening of the stock market, the price of a barrel of Brent oil, a reference for the Old Continent, fell to 84.17 dollars (-0.2%), while Texas traded at 77.51 dollars, with a setback 0.2%. In the foreign exchange market, the value of the euro against the dollar was placed at 1.0636 ‘green bills’. In the debt market, the interest required on the ten-year bond climbed to 3.784%.

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

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