The Ibex 35 continues to trade higher this Tuesday on its way to setting new highs since February 2020. The Spanish stock market reference rises 0.15% after the opening and exceeds the level of 9,850 points, prolonging its rally of the last week that has its revaluation so far in 2023 is around 20%. The rest of the European markets also register a mixed tone. The German Dax advanced 0.2%, the French Cac 0.1%, while the Italian Mib provided the counterpoint with a decrease of 0.1%, as did the Ftse 100 in London.
Within the Ibex 35, the most notable behavior is the decline recorded in the titles of both Acciona Energía (-3%) and its parent company Acciona (-2%). Endesa (-0.65%), Solaria (-0.6%) and Banco Santander (-0.5%) complete the top 5 falls. However, the bullish block currently surpasses those that fall. Indra, Grifols and Amadeus are in the lead with advances of more than 1%. Inditex gained 0.8% and Iberdrola 0.1%, while BBVA was still trading flat.
“Today, and in a session in which the main event is the publication this afternoon, with the European stock markets already closed, of the minutes of the meeting that was held at the beginning of November of the Federal Reserve – it is expected that they will give clues about a potential completion of the rate hike process by the institution -, we hope that the European stock markets will maintain the good tone of recent days when they open in the morning, and do so with advances, thus following in the wake left yesterday by Wall Street and this morning by the majority of the Asian stock markets,” comment the Link Gestión analysts.
In fact, Wall Street represented a comfortable rise this Monday that has returned it to the area of annual maximums and even those prior to the war in Ukraine in some indices. The Dow Jones gained 0.58%, the S&P advanced 0.74% and the Nasdaq, 1.1%, restructuring from the bearish scenario. “At the close of trading, the S&P 500 was able to emerge from the corrective phase it had entered just a few weeks ago, after rallying more than 10% from its recent low on October 27. The Nasdaq Composite, for example, For its part, not only did it reach a new annual maximum, but it was at its highest level since January 2022,” they add from Link.
The markets will be attentive to the intervention of the president of the European Central Bank (ECB), Christine Lagarde, in Germany. In the macroeconomic sphere of Spain, on Tuesday it was reported that Social Security recorded an average loss of 3,053 foreign affiliates in October, which represents a decrease of 0.1% compared to the previous month. This led to the tenth month of the year ending with 2,683,937 immigrant workers registered in the system. In addition, it was announced that the Spanish services sector will reduce its turnover by 0.9% during the month of September compared to the same period in 2022.
In the energy market, the price of Brent oil, the benchmark in Europe, fell 08%, to 81.6 dollars per barrel, while the price of West Texas (WTI) fell 0.3%, to 77.6 Dollars. Operators are awaiting the previous movements of the producing countries before the next OPEC+ meeting, which this weekend will once again discuss their quota systems to try to stop the recent drop in prices. For its part, the price of TTF gas, the reference price in Europe, remains around 46 euros/MWh.
Finally, in the foreign exchange market, the euro climbs to $1,095 in a favorable climate for the single currency. Public debt yields continue to take steps backwards. The interest on the 10-year bond in Spain stands at 3.56% while the German one for the same term is at 2.56%, which leaves the risk premium around 100 basis points. In the US, the 10-year bond is trading below 4.4%, its lowest level since November.