Indecision in the stock markets of the Old Continent. The hangover from the drop in inflation data to 3% in June has been followed by moderate rises in the case of the Ibex 35, which advances 0.12%, to 9,465 points. The weakness of the export data in China, with a drop of 12.4% in June, and the avalanche of macroeconomic data that is coming up cause the stock markets to activate the brake. The agenda for this Thursday includes the GDP of the United Kingdom, which experienced a decline of 0.2%, as well as the start of the meeting of the Ministers of Employment and Social Policy of the European Union (EU) in Madrid on the occasion of the Spanish presidency of the EU.
The markets are thus preparing for the results season, which will start tomorrow with the big US banks at the helm, which includes entities such as JP Morgan, Well Fargo and Citigroup. However, PepsiCo will go ahead and publish them today. On the other side of the Atlantic, the producer price index (PPI) will also be relevant, for which a moderation in year-on-year rates is expected and may restore pressure on rate hikes.
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“We have doubts that this will be the Fed’s last move, although if inflation continues in the right direction, we do not rule it out 100%. However, there are items, especially housing (accommodation), that continue to out of control and that, given the situation that the US residential sector is going through, of lack of supply, it will be difficult to control -the monthly rise in this item contributed 70% to the monthly increase in the US CPI in July ”, they point out from Link Securities.
In this context, the European stock markets are trading mixed. Milan rebounded 0.35%, Paris rose 0.21%, while Frankfurt and London lost 0.07%. Back in Spain, Naturgy maintains yesterday’s increases and rebounds by 1.1%, along with Acciona Energía (+1%), Solaria (+0.97%), Grifols (+1.16%) and Rovi (+ 0.73%). On the side of falls, Meliá (-1.17%), ACS (-1.13%), BBVA (-0.65%) and Santander (-0.59%) stand out.
In the raw materials market, the price of a barrel of Brent rises 0.29%, up to 80.34 dollars, while the West Texas Intermediate (WTI) grows up to 75.94 dollars, 0.25% more . In the debt market, the yield on the Spanish bond with a 10-year maturity stands at 3.553%, with the risk premium reaching 105.7 basis points, while in the currency market, the euro is exchanged at 1 ,1149 dollars.