The Ibex 35 accelerates at the opening and experiences a rise of 0.4%, which takes it back to 9,500 points. The day is conditioned by the monetary policy meeting of the Federal Reserve, which with the market already closed will decide its decision. The most likely scenario that the market discounts is that of a pause to execute an additional increase before the end of the year. In this context, Milan rose 0.2%, London rose 0.6% and Frankfurt accelerated 0.3%, while Paris was trading in a stalemate (-0.02%).
The end of the monetary cycle is now threatened by inflationary pressures, especially by the rise in the price of crude oil, which despite starting the session with corrections of 0.87% in the case of Brent, up to $93.52, while Texas another 0.8%, up to $89.7, remains in the area of annual maximums. Where prices have given a break has been in the United Kingdom. The British CPI fell one tenth in August to 6.7% to its lowest level since February 2022, which coincides with the start of the Ukrainian war.
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Another open front is in debt, with the interest on the ten-year Spanish bond at 3.7%. “There is some fear among investors that the Federal Reserve will be tougher today than expected by the markets, which is why many investors are choosing to reduce some risk positions,” Link Securities said. In this context, the euro advances against the dollar to 1.0680 ‘greenbacks’, so much so that in the debt market the interest required on the ten-year Spanish bond climbs to 3.795%.
Back in Spain, the stock market is trading positively. Only Rovi fell at the opening, which fell 1.4%, Endesa (-0.35%), ArcelorMittal (-0.27%), Enagás (-0.29%), Solaria (-0.43 %), Sacyr (-0.1%) and Indra (-0.14%). On the contrary, the index is boosted by IAG (+1.9%), Sabadell (+1.5%), Merlin Properties (+1%) and Colonial (+1%). The selective is also boosted by other banking stocks such as Santander (+1.1%), Unicaja Banco (+1.09%), CaixaBank (+1.01%) and Bankinter (+0.69%).