The Ibex 35 faces the week on the rise. The selected player manages to maintain the positive start of the stock market for half a session and registers an increase of 0.24%, which keeps it above 8,900 points, a level that places it at the highs of May 2022. The stock market is preparing for some days full of macroeconomic and business references in which the publication of the PMIs and Christine Lagarde’s speech stand out, after reiterating that the ECB will continue raising interest rates until inflation approaches its 2% target.
“Although the discourse that continues to be predominant among investors is that of a soft landing for the main developed economies, which would mean that the central banks, from now on, would slow down their rate hike process to end it in a few In just a few months, last week a series of somewhat worse-than-expected macroeconomic data released in the US and in Europe raised some doubts about the probability that this scenario that they had been discounting is really feasible,” they point out from Link Securities.
Analysts believe that these doubts will be cleared up in the coming weeks, with some key data such as third-quarter GDP in the US and the meetings of the Federal Reserve (Fed), the ECB and the Bank of England (BoE). The results of Tesla, Microsoft, Visa or Boeing will also be announced. In any case, this Monday’s session aims to be positive after the close of the Japanese stock market and with most of the Asian trading floors closed for the Chinese New Year celebration.
The European ones, like the Spanish market, show a prudent behavior, with Milan being the only stock market that fell, 0.37%, while London advanced 0.21%; Paris, 0.11%, and Frankfurt, 0.1%. Back in Spain, Enagás leads the increases (+2.07%), followed by BBVA (+1.63%), Sabadell (+1.53%), ArcelorMittal (+1.04%) and Colonial (+1 01%). In the opposite band are ACS (-2.14%), Cellnex Telecom, which fell 1.81% after the 10% rise last Friday, ACS (-1.63%), Meliá and Indra, which fell 0.9%.
In the raw materials market, a barrel of Brent stood at 88.28 dollars, 0.74% more, while West Texas Intermediate advanced 0.70%, up to 82.20 dollars. In the debt market, the yield in the secondary market of Spanish bonds with a maturity of 10 years climbed to 3.158%, from 3.135% at which it closed on Friday. Thus, the risk premium against its German counterparts stands at 96.2 basis points, four tenths more than on Friday. Regarding currencies, the euro cross against the dollar has maintained a positive course for the common European currency. Thus, it has reached 1.0891 dollars for each euro.
