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The Ibex breaks the streak of increases and loses 9,400 points due to the blow of Inditex

Date: July 12, 2024 Time: 22:25:54

The Ibex 35 ends three consecutive days on the rise. The Spanish stock market reference experienced a decline of 1%, which led it to lose 9,400 points, weighed down by Inditex, which corrected almost 4%, to 34.5 euros per share after presenting semi-annual results, in which it has returned to beat sales record and leads the declines. The Spanish park leads the setbacks in the Old Continent. Thus, Milan fell 0.8%, Paris and Frankfurt fell 0.68%, while London fell 0.26%.

This Wednesday all eyes are on the United States, where inflation data for the month of August will be published, a key figure for next week’s Federal Reserve meeting. The consensus of analysts expects a rise in the interannual rate of the CPI of four tenths, up to 3.6% due to the increase in fuel prices.

“Although this fact is not good news, what will really be analyzed in depth and will move the markets will be the behavior that the underlying CPI has had during the month,” they underline from Link Securities. This meeting will take place after the meeting of the European Central Bank (ECB) tomorrow, where they will also give their growth and inflation forecasts, and about which there is great uncertainty, since it may be the last increase announced by this monetary cycle. .

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On a macroeconomic level, the GDP of the United Kingdom was also known, which experienced a drop of 0.5% in July compared to the previous month. British activity has been weighed down by the three main economic sectors, especially services. However, in the period from May to July, the country’s economy grew by 0.2%. Within the United Kingdom, the oil company BP starts the day with a slight drop of 0.3% after the group’s CEO, Bernard Looney, has resigned with immediate effect from his position after failing to report personal relationships in the spent with company colleagues.

Back in Spain, in addition to the textile giant, the declines come from Aena (-2.1%), Grifols (-1.8%), Acciona Energía (-1.2%) and Redeia (-0. 95%), which put downward pressure on the index. On the opposite side, Solaria (+1.3%), Repsol (+0.96%) and Sabadell (+0.9%) lead the increases. In parallel, Telefónica continues to rise and registers a rise of 0.8% a week after announcing the entry of Saudi Telecom into the group’s shareholding.

In the raw materials market, oil continues to rise. The price of a barrel of Brent, a reference in Europe, is trading with a rise of 0.3% at the opening of the stock market, up to 92.36 dollars, while West Texas reaches 89.23 dollars, 0. 44% by mass. Regarding debt, the ten-year bond yield rises to 3.71% from the 3.69% it marked on Tuesday.

* This website provides news content gathered from various internet sources. It is crucial to understand that we are not responsible for the accuracy, completeness, or reliability of the information presented Read More

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.
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