The Ibex 35 begins the session with a decrease of 0.19%, taking the index to 9,307 points. Investors are turning their attention to the Jackson Hole central bankers’ summit. After the negative close of Wall Street and the losses in the Asian stock markets today, the main European markets also begin Friday with falls. Frankfurt and Paris open with a fall of 0.2%, while Milan falls 0.1%. London starts the day unchanged.
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Today the markets are attentive to the interventions at the Jackson Hole summit by Jerome Powell, president of the United States Federal Reserve (Fed), and Christine Lagarde, president of the European Central Bank (ECB). However, Lagarde will speak after the European markets close.
“The weekly closing trend of these markets will depend entirely on how investors interpret the words of the Fed Chairman, something that we consider almost impossible to prevent given the erratic behavior that the markets have been showing in recent weeks,” comments Juan J. Fernández-Figares, managing director of Link Gestión.
Regarding macroeconomic data, the German Statistical Office confirms that the ‘European locomotive’ is coming out of the technical recession, since its GDP is no longer stagnant in the second quarter, and this trend could continue in the third quarter, according to a warning the Bundesbank, the German central bank.
In Spain, the industrial price data for July show that industrial inflation continues to fall to 8.4%, mainly due to the lower cost of electricity, accumulating five consecutive months of year-on-year falls.
At the beginning of the last session of the week, the biggest falls in the Ibex 35 were experienced by Grifols (-2.07%), IAG (-0.48%), Colonial (-0.37%) and Fluidra (-0 ,35%). On the other hand, the greatest gains in the index were recorded by Repsol (+0.69%), Santander (+0.47%), Telefónica and Redeia (+0.41% in both cases), and Sabadell (+0.27 %). BBVA cuts 0.3% after the drastic revaluation registered by its subsidiary Garanti in the last hours.
In the stock market, at the beginning of the day, the price of a barrel of Brent quality oil, used as a reference in Europe, increased by 0.4%, reaching 83.75 dollars, while Texas crude stood at 79 .47 dollars. 0.5% more. In the currency market, the price of the euro against the dollar decreases to 1.0783 dollars, and in the bond market, the yield of the 10-year Spanish bond increases to 3.559% with the risk premium of around 100 points.
