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The Ibex 35 marks a new annual high and settles at the barrier of 9,800 points

Date: February 23, 2024 Time: 12:19:28

The Ibex 35, the Spanish stock market reference, starts the week with an increase of almost 0.4%, momentum with which it is already testing the 9,800 point barrier. The rebound of the Spanish stock market benchmark contrasts with the cuts recorded by other European markets such as Frankfurt (-0.1%), London (-0.25%) and Milan (-0.22%). The selective distances itself from the Old Continent and is trading upwards in the middle of the formation of the new Spanish Government, which will maintain the 22 ministries and includes, among other developments, the promotion of the Minister of Finance, María Jesús Montero, to one of the vice presidencies.

In this context, Endesa leads the declines with a decline of 1.9% after having to supply 530 million for a lative ruling regarding the price of a Liquefied Natural Gas (LNG) supply contract. Also noteworthy are the declines in ArcelorMittal (-0.3%), Merlin (-0.17%) and Iberdrola (-0.09%). On the rise side, the rebounds are led by Cellnex (+2.98%), Indra (+1.8%), Sabadell (+1.7%) and Meliá (+1.4%).

At the opening of the market, the price of a barrel of Brent oil is above $81, up 0.69%, while that of Texas advances 0.76%, to $76.62. In the currency market, the price of the euro against the dollar rises to 1.0922 ‘greenbacks’. On the other hand, the debt continues to decline and the interest on the ten-year Spanish bond is around 3.5% with the risk premium at 3.5%, lows in more than two months.

Debt interest rates consolidate their downward trend after Moody’s maintains Italy’s investment grade rating, revising to the market’s surprise its outlook from ‘negative’ to ‘stable’ and taking a weight off its shoulders to the Executive headed by Giorgia Meloni, over whom there was the shadow of the rating agencies lowering the quality of its debt, according to analysts. In this sense, the interest on the ten-year Italian bond opens lower this Monday, to 4.3%.

With a light macroeconomic agenda, the People’s Bank of China (PBOC, central bank) stands out in terms of economic policy, which has maintained reference interest rates at 3.4% for the fourth consecutive month, meeting the expectations of the Mercado, who did not expect any change. The Asian organization undertook the last reduction in August, when the one-year reference rate was cut by ten points, going from 3.55% to the current 3.45%, a more prudent decision than analysts anticipated at the time. which pointed to a drop of 15 basis points.

* 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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