The Ibex 35 maintains the positive tone of the previous days and seems willing to consolidate the rebound from 9,300 points. The Spanish stock market reference starts with a rise of 0.3% on the day of the publication of the CPI for the United States for June. The forecast that the rise in prices will moderate their escalation in the US country from 4% to 3.1% and that the core will moderate three tenths to 5% drives the stock markets. Frankfurt rises 0.24%, Paris rises 0.27%, London accelerates 0.12% and Milan advances 0.45%.
In Spain it has also been known that inflation rose 0.6% in June in relation to the previous month and cut its interannual rate by 1.3 points, to 1.9%, marking its lowest level since March 2021. In this context, the European Central Bank (ECB) has already warned that it plans to increase rates at its meeting at the end of this month. In the case of the Federal Reserve it is still not so clear after the pause. At the current moment, the market gives a greater than 90% probability that the central bank will increase its benchmark interest rates by 25 basis points and a 30% probability that it will do so again before the end of the year. .
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“Regardless of what the June CPI data release this afternoon looks like, the Fed will raise rates this month. However, if the June reading surprises on the downside, expectations for a further rate hike may Once again they are reduced significantly, which should be very well received by both the bond and equity markets, markets, the latter, which we understand that yesterday they already discounted this possible scenario to some extent”, they specify from Link values
Back in Spain, the corrections come from the tourism sector. IAG cuts more than 3.5%, Meliá falls 1.5% and Amadeus loses 0.7% on the day that the dividend is discounted from its share price, including this effect, 0.9% is left. On the opposite side, Naturgy leads the rises and accelerates 2.5% the day after the board meeting was held in which it was finally not possible to appoint Ignacio Gutiérrez-Orrantia as CEO due to the counter offer he received from City. Banking is also gaining momentum thanks to the pull of Bankinter (+1.8%), Santander (+1%) and Sabadell (+0.88%).
In other markets, the price of a barrel of Brent fell 0.08%, to 79.34 dollars, while the West Texas Intermediate (WTI) eased to 74.79 dollars, 0.05% less, in the opening. Regarding debt, the yield on the Spanish bond with a ten-year maturity stands at 3.68%, 0.86% less, with the risk premium reaching 103.4 basis points, while in the market currency, the euro is exchanged at 1.1025 dollars.
