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The Ibex 35 gains momentum and clings to 9,400 points without losing sight of China

Date: June 25, 2024 Time: 15:48:54

The opening of the financial markets in the Old Continent comes from marked apathy. The decision of the People’s Bank of China (BPC) to lower the reference interest rates to try to stimulate the economy of the Asian giant, which shows signs of stagnation in the process of reopening after the pandemic, leaves no room for surprises. The central bank continues with the planned script and reduces from 3.65% to 3.55%, the reference rate for credits (LPR) for one year, in its first movement in this sense since August .

“The truth is that more is expected from the Chinese authorities, especially with regard to fiscal stimuli, but for the moment these are being hard pressed. We understand that any movement in this regard could be the catalyst they need the European stock markets for their indices to overcome the strong resistance they face at these levels, resistance that they have been unable to overcome on several occasions so far this year,” Link Securities specifies.

In this context, the European stocks are trying to distance themselves from yesterday’s falls and after opening lower they opted for a mixed tone. Frankfurt cuts 0.34%, Paris loses 0.13%, Milan rises 0.07% and London rises 0.11%. The Madrid square, for its part, tries to rebound and rebounds 0.1% with which it clings to 9,400 points after the first few minutes of falls. In this sense, Iberdrola, one of the heavyweights in the catalyst axis index, rose 1.32%, followed by Endesa (+0.7%), Redeia (+0.59%) and Acciona Energía (+ 0.57%). On the contrary, Sacyr corrects 1.2% on the day the dividend of 0.078 euros gross per share is discounted. ArcelorMittal (-1.6%), Colonial (-1.2%) and Fluidra (-1%).

With Wall Street already operational since this afternoon, at the macroeconomic level, the German producer price index stands out, which increased last May by a rise of 1% compared to the same month of the previous year, compared to the increase of 4.1% April, which is the lowest increase since January 2021, as published by Destatis on Tuesday. The data is released after the statements made yesterday by several members of the European Central Bank (ECB), among them, those of Isabel Schnabel, who asserted that she prefers that the organization stop rather than fall short with the rise in the interest rates. The vice president of the organization, Luis de Guindos, has also warned that an economic slowdown and more interest rate rises are coming.

* 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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